Listening

Ex. 8. You are going to hear an interview with experienced management consultant Brian Fields. Brian discusses key concepts and important strategic considerations. Listen to the dialogue and answer the questions that follow.

1 What are the top mistakes people make in a negotiation?

2 What is a BATNA, or “best alternative to a negotiated agreement?”

3 What does Brian think about the idea of “win-win” negotiations?

Ex. 9. Listen and check your answers.

UNIT 6. FINANCE

Warming up

Ex. 1. Discuss the following questions.

1. Do you think finance has different meanings to different people? Explain your ideas.

2. What does the area of finance cover?

3. Would you like to work in finance? In what sphere?

Costs and Production

Warming up

Ex. 2. Read the text and discuss the following questions.

It is difficult for companies to set the price of a product. A lower price may help to increase sales, but it also reduces the profit margin. As a result, the company may have to cut costs to keep prices down. We often use graphs to show trends in prices over months or years. Studying the trends can help the company to choose the right pricing strategy for their products.

1. What kind of products and services are increasing in price at the moment? What things are getting cheaper?

2. How can the wrong pricing strategy reduce a profit margin?

3. Why do businessmen need to study the graphs?

Language input

Ex. 3. Learn the new words and word combinations. If you don’t know the meaning – consult the dictionary.

account administrative expenses assets	debit / debtor debts distribution costs	liabilities ordinary shares preference shares
bankruptcy bill of exchange bill of lading cash flow	dividend financial year fixed profit margin fixed costs	overdue payment overheads payment payment order
COD (cash on delivery) CWO (cash with order) credit / creditor	gross profit inflation (in)tangible asset	quote a price surcharge transaction
credit loan current assets deadline	interest payable invoice inventory (AmE) / stock (BrE)	turnover value added tax wages

Ex. 4. Add the missing word to the puzzle. Use the rest of new words and word combinations in your own sentences.

1. Few companies pay their shareholders a regular … .

2. Suppliers expect their … to be paid promptly.

3. The increase in … will not change our price policy.

4. Although we paid our bills regularly, we still have some outstanding … .

5. If you buy something by mail order it’s normal to pay CWO (…), rather than COD (…).

6. We were about to breach the contract with our suppliers, because the goods arrived after the … .

7. People with large incomes or … can always get credit from a bank.

Ex. 5. The following verbs can all be used to describe changes commonly represented on line graphs. Learn them and then answer the questions below.

Plummet decrease fluctuate peak rise

drop rocket increase decline level out

soar fall

1. Which 5 verbs mean “go up”?

2. Of these, which 3 mean “go up suddenly/a lot”?

3. Which 5 verbs mean “go down”?

4. Which verb means “reach its highest level”?

5. Which verb means “stay the same”?

6. Which verb means “go up and down”?

Ex. 6. Look at the different types of graphs and charts. Match them with the following labels. Compare your answers with the answers of your partners. What types have you ever used in your scientific works? For what purposes?

line graph pie chart flow chart pictogram

bar chart scatter diagram

Ex.  6. Study the following tips to describe the graphs. Use it as a plan in further graphs descriptions.:

1. Carefully analyze the table or chart before you start writing. What are the topics and the time frame? What do the numbers and labels represent?

2. Be clear about what you are describing: A number? A percentage? A price?

3. Start by describing the overall situation.

4. DO NOT describe every single detail. Find important trends. Select examples that repre­sent the overall picture.

5. Try not to keep repeating the same language and sentence structures.

6. DO NOT describe the reasons or give your opinions — stick to the facts.

7. Finish with a concluding sentence summarizing what we learn from the chart.

Ex. 7. Study the following phrases clichés which will help you to describe graphs.

Presenting visuals	As you will see from this graph ... . I'd like to show you ... . Let me draw your attention to this part of the graph. Let's look more closely at this month’s figures. Here you can see a comparison between ... .
On the line graph you will note	A strong upward trend in the sales of product A ... . Despite occasional fluctuations … . With a slight drop during the holiday season ... . With occasional variations due to … . A period of slower growth in the second half of the year.
Commenting trends	Increases: A slight / constant / marked / substantial increase in sales. An increase of about / roughly / approximately / in the region of …  %. A little over / above what we predicted … . An upward trend in the demand for... . Sales reached record levels/reached a peak in (month) … . Decreases: just under our target way below our expectations a slight / notable / significant decrease in…. a drop of about   % in ... . a slight / regular / dramatic decline / reduction in ... . Fluctuations / Variations: A slow start developed into steady progress in sales. An initial upward trend was followed by ... . We note slight fluctuations throughout the year. Normal seasonal variations are the cause of occasional downward trends. Sales have been (rather) irregular … .
Conclusions	We must focus our attention on … . What I suggest is … . Appropriate measures must be taken … . The result/outcome will be … . To conclude, I am happy/I regret to announce that … .

Ex. 8. Study the chart showing production of vehicles from 1992 to 2006. Present this graph to your colleagues. Be ready to answer questions after your presentation.