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day. These coins came from Lydia. Lydia was located where the country called Turkey is located today. After people made coins in Lydia, people in Rome, Iran, and Greece also began making coins. Coins were very durable – they were strong and could last a long time without becoming damaged.

3.Wampum are necklaces made from beads and seashells. The beads had holes in them. People put beads on strings. American Indians used wampum for money in the 1500’s.

4.Money changes with time. No matter what it looks like, money is an idea. It is the thought that people can trade something they have for something they want. Money makes trading easier.

II.Translate paragraphs 1 and 2 of the text into Russian/Belarusian.

III.Choose the correct item to complete the sentences.

1. Before people had money, they traded…

a) crops for what they wanted. c) metal tools for what they wanted. b) animals for what they wanted. d) All of the above

5.All money is based on the idea that…

a)gold and silver are good money.

b)people can trade what they have for what they want.

c)people can trade things for animals.

d)coins are the best kind of money.

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IV. Make the words negative by using one of the following prefixes. Translate the words into Russian/Belarusian.

V. Match the words and word combinations from A with their synonyms from B.

VI. Choose the correct preposition.

1.A bank deposit is IOU money because it is a debt (in, of, from) the bank.

2.To see that society benefits (from, for, with) a medium of exchange, imagine a barter economy. 3. When the money supply increases, people have more money to spend, and demand (in, on, for) goods and services increases.

4.Monetary policy is an effective tool (for, in, at) influencing the economy in the short run. 5. Policy aimed (to, at, for) changing the level of either government spending or taxes to stimulate or slow down the economy is known as fiscal policy. 6. Banks are a fundamental component (in, for, of) the financial system, and are also active players in financial markets. 7. Discretionary fiscal policy is the deliberate use of changes (in, of, at) government spending or taxes to alter aggregate demand and stabilize the economy.

VII. Choose the correct form of the verbs in brackets.

Good morning, ladies and gentlemen. My name is Martin Winkler and I (1) (work/am working/have been working) in the R&D department here at Brymore. I (2) (work/have been working/am working) on this current project for two years now. The project team (3) (consists/is consisting/have been consist-

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ing) of myself and five engineers. At present we (4) (are testing/test/have been testing) the capacity of the prototype and we (5) (are expecting/expect/are expected) to have some results later this month.

Now to the presentation itself. I (6) (have divided/have been divided/am dividing) it into three parts. The first part (7) (covers/is covering/has been covered) the project brief. The second part (8) (is dealing/deals/has dealt) with the team, who (9) (have brought/are brought/has been bringing) special knowledge and skills to the project. And the third part (10) (is looking/looks/have looked) at the project stages. As you'll see, other companies and institutes have helped us and we are I very grateful for their assistance.

VIII. Read the sentences and choose the closest in meaning from a), b) and c).

1.Have you tried sending goods by train?

a)Have you experimented with the idea of using the train?

b)Have you attempted to send goods by train?

c)Have you studied the possibility of sending goods by train?

2.We remembered to send publicity material with the goods.

a)We did send the material and I recall sending it.

b)We told you to send the material with the goods.

c)We did not forget to send the material with the goods.

IX. Open the brackets and put the verbs in the right form (infinitive or gerund). Insert prepositions on, of, to, or for before gerund if necessary.

1. We intend to let each subsidiary (decide) for itself. 2. In the hope that my proposition will interest you, I look forward (hear) from you. 3. Would you mind (share) an office with Mr. Vile? 4. We promise (refund) dissatisfied customers within 30 days. 5. The company was punished (break) health and safety regulations. 6. Two years on, we regret (abandon) the North African market. 7. Because of the recession at home, we now rely (make) profits abroad. 8. I remember (start) work there at the age of 16. 9. He was suspected (sell) information to a rival company. 10. We would like (make) a formal agreement.

TEST II

I. Read the text and answer the questions that follow.

Banking and Monetary System of the Republic of Belarus

1. The banking system of Belarus is a two-tier system consisting of the National Bank of the Republic of Belarus and of commercial banks. The National Bank is a state agency which is independent of the government and which re-

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ports to the President of Belarus. It does not only regulate the functioning of commercial banks by decree, but also holds stakes in some banking institutions.

2.The main objectives of the National Bank are protecting the Belarusian rouble and ensuring its stability, developing and strengthening the banking system of the Republic of Belarus and ensuring efficient, reliable, and secure functioning of the payment system.

3.The National Bank performs a set of functions. It shall:

–develop the Republic of Belarus Monetary Policy Guidelines;

–issue money and National Bank securities;

–regulate money circulation;

–regulate credit relations;

–act as the lender of last resort;

–carry out foreign exchange regulation;

–serve as a central depositary of government and National Bank securities.

4.The second tier of the banking system is represented by commercial banks through which the monetary policy of Belarus is implemented. According to the current legislation the commercial banks enjoy a high degree of independence in choosing the main spheres of their activities. As regards their form, the commercial banks may be both state-owned and non-state banks set up by founders (legal and physical persons) on a share or contribution basis.

5.Banks operating in Belarus fall into two categories. The first one consists of six major banks, five of which were established on the basis of pre-existing Soviet banks: BelarusBank, Belagroprombank, Belinvestbank, BPS-Sberbank, Belvnesheconombank and PriorBank, the largest privately-owned banking institution. These banks finance state programs and account for about 90% of all assets in the Belarusian banking sector. So Belarus can be classified as a country with a high share of concentration of banking capital in the group of leading banks.

6.All Belarusian banks are universal, i. e., they can make profit by rendering services to their clients and by conducting investment operations. The major part of income of the Belarusian banks is comprised of credit services. The largest Belarusian banks are not distinguished by the types of activity and their profits are rather balanced in nature. However, there are some financial institutions among small and medium banks, whose activities may be considered as highly specialized.

1.Whom does the National Bank of Belarus report to?

2.What are the main objectives of the National Bank of Belarus?

3.What basic functions does the National Bank perform?

4.What two types of commercial banks are there in Belarus from the view point of ownership?

5.What is the major part of income in Belarusian banks comprised of?

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II. Translate paragraphs 1 and 2 of the text into Russian/Belarusian.

III. Make the words negative by using one of the following prefixes. Translate the words into Russian/Belarusian.

nonre- un-

IV. Match the words and word combinations from A with their opposites from B.

V.Choose the correct preposition.

1.Money is something which is generally accepted (in, for, to) payment for goods and services and (in, for, to) settling debts. 2. The essential role of a bank is to connect those who have capital (with, to, by) those who seek capital. 3. The value of commodity money comes (with, into, from) a commodity out of which it is made. 4. Investment banks make their profits from the fees and commissions they charge (for, at, from) their services. 5. Society enforces the use of fiat money (by, through, with) making it legal tender. 6. (By, with, at) influencing the amount of real money in the economy, the central bank is able to influence aggregate demand, which in turn will influence prices. 7. IOU money is a medium of exchange based (at, on, in) the debt of a private firm or individual.

VI. Choose the correct form of the verbs in brackets:

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VII. Open the brackets and put the verbs in the right form (infinitive or gerund). Insert prepositions on, of, about or in before gerund if necessary.

1. The consultants advised the company (restructure) its middle management. 2. The company's staff were asked to avoid (speak) to journalists. 3. We are not aware (lose) any customers because of these delays. 4. Despite the mixed market research reports, we are going to carry (develop) this product. 5. The R&D department complained (lose) 10% of its budget. 6. We cannot count (remain) market leader for ever. 7. We have delayed (introduce) the product until the New Year. 8. I forgot (arrange) the meeting with the suppliers. 9. You had better (check) those figures before the meeting on Monday. 10. The company is interested (expand) into Latin American markets.

UNIT V

BUSINESS ADMINISTRATION

Section I. WORD LIST

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Section II. READING MATERIAL

TEXT A. Forms of Business Organization

Task: read the text and do the tasks that follow.

A business organization (sometimes called a business entity) is any business organization that exists as an economic unit.

A sole proprietorship is a business owned and usually operated by a single individual. The owner and the business are one and the same. The revenues, expenses, assets and liabilities of the sole proprietorship are also the revenues, expenses, assets, and liabilities of the owner.

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Advantages

A sole proprietorship is the easiest form of business to organize. It is easy to set up and dissolve it. A sole proprietor is free and flexible in making decisions. Major policies can be changed according to the owner's wishes because the firm does not operate under a rigid charter. The other advantages are complete ownership of profits and lower tax rate.

Disadvantages

The owner is legally liable for all debts of the company. The financial condition of the firm is the same as the financial condition of the owner. A proprietorship has a limited life, being terminated on the death, bankruptcy, retirement, or whim of the owner.

A general partnership is an enterprise owned by two or more individuals. A partnership agreement expresses the rights and obligations of each partner. Partnerships are common among businesses that provide professional services, for example, doctors, dentists, lawyers, accountants and other professionals. It is a good form of ownership because it helps to reduce overhead costs for each partner and to take advantage of each other’s expertise in various areas.

A limited partnership is enterprise in which one or more partners are given limited liability. There is always at least one partner with unlimited liability who takes a more active part in managing the business.

Advantages

Partnerships are easy to set up. Management skills are a major advantage of partnerships. Partnerships are a stronger entity than proprietorships: it is easier for them to attract new employees and raise additional capital. Partnerships have also higher credit standing and better prospects for growth.

Disadvantages

Partners are legally liable for all debts of the firm. This means that the partners together are responsible for all the firm's liabilities. If one of the partners cannot meet his or her share of the debts the other partner(s) must pay all debts.

Partnerships are not as easy to dissolve as sole proprietorships. Potential conflicts between partners are one of the disadvantages too.

Corporations are also limited companies. The ownership is represented by shares of stock. The owners at an annual meeting elect a board of directors which appoints company officers and sets the enterprise's objectives.

Advantages

Limited companies are the least risky from an owner's point of view. Shareholders of corporations can only lose the amount of money they have invested in company stock. It is also easy for shareholders to invest and withdraw money.

Disadvantages

Limited companies are taxed twice: on the profits they earn and on the dividends which come out of the profits. A company must send each shareholder an

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annual report about the financial condition of the firm that results in the loss of financial confidentiality.

There are other forms of business. A partnership set up to carry out a shortlived business project is called a joint venture.

A very popular and rapidly growing form of business ownership is the franchise. This is a licensing arrangement that permits an individual to own his or her own business while benefiting from the use of the trademark. In other words, a company (franchiser) sells a licence to another company (franchisee), allowing the latter to produce and sell goods and services using its trademark. A franchiser has the right to control the quality of the goods and services produced by a franchisee. A franchiser has the right to withdraw its licence.

Ex. 2. Match the Russian word combinations with their English equivalents:.

Ex. 3. Match the words from A with their antonyms in B.

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