Vocabulary:

relevant – directly connected with the subject; having practical value or importance

to trade – to buy or sell goods; to exchange

explicit – (of a statement, rule) clear, fully expressed; with full details

to avoid – to keep away from on purpose; the prevent from happening

to unwind – to come undone or undo

liability – smth. for which one is responsible by law

to incorporate – to make smth. larger, to include

abuse – bad or cruel treatment; wrong use

charter – a statement of principles, duties, and purposes of an organization

Exercise 1. Suggest the meaning of:

To be closely related to smth., the nature of company's business, global competitors, to renegotiate, partners' liability, solicitor, to offer shares to the public, builder, to be registered, a certificate of incorporation, corporation, at will, sole proprietor, public limited company, private limited company.

Exercise 2. Find the English equivalents for:

Анализ промышленности, следствие инноваций, товарищество, акционерное общество, затраты на заключение нового договора, быть основой (краеугольным камнем), общество с ограниченной ответственностью, совместное предприятие, временный союз, парикмахер, регистрация (оформление), учредительный документ, управлять корпорацией, корпорация закрытого типа, иностранные корпорации, власти штата (амер), поглощать, сливаться, благоприятные условия (удобства).

Exercise 3. Translate the word-combinations into Russian and give your own examples:

A)

		of incorporation
birth	certificate	goods
health	certificated	doctors
		teachers

B)

joint	stock company
	ownership
	efforts
	responsibility
	account

C)

certified copy ______________ fees ______________________

company's charters __________ deep stamps ________________

statute(s) __________________ stamp duty on capital _________

memorandum ______________

Exercise 4. Translate into English:

1. Существуют три основные формы бизнеса – единоличная собственность, партнёрство и корпорация. В США на единоличную собственность приходится более 3/4 всех предприятий, в то время как доходы её составляют менее 1/10 от всех полученных. Корпорации составляют менее 1/5 общего числа и получают 9/10 всех доходов.

2. Кооператив – это предприятие, которым владеют и которое контролируют его члены, обычно потребители или поставщики, но иногда и сами рабочие. Члены кооператива также как и в корпорации несут ограниченную ответственность в делах предприятия, но в отличие от корпорации, каждый член кооператива имеет только один голос, а доход распределяется в соответствии с той долей продаж или поставок, которую сумел осуществить каждый член кооператива, например, за год. По сравнению с корпорацией кооператив имеет налоговые преимущества и меньшее вмешательство в свои дела со стороны правительства.

3. Дочерняя компания (subsidiary) – это корпорация, контролируемая другой корпорацией, которая владеет таким пакетом акций первой, что имеет право назначать руководящий состав в дочерней корпорации. Дочерняя корпорация является одной из форм роста корпорации, наряду с внутренним ростом (internal growth), слияниями, экспансией за границу (expansion overseas), хотя в большинстве случаев скупка активов для расширения корпорации на рынке попадает под действие антитрестовских законов.

4. Корпорации должны получить регистрационные документы от властей штата, а также сертификат (свидетельство) в том штате, где они хотят функционировать. Многие крупные конкуренты на мировом уровне объединяются в альянсы, что даёт им возможность осуществлять большие бизнес проекты и лучше удовлетворять запросы потребителя.

Exercise 5. Study the features of the basic forms of business organization and fill in the table:

	Sole proprietorship	Partnership	Corporation
The level of complication
Investments
Liability
Control
Duration of business
Taxation

Part 3. Management and its functions.

Read and translate the text:

No one can predict tomorrow's economic world, but one thing is certain: it will be different from today's. In order to make the necessary adaptations to this economic world with an eye to the future, organizations must take continuous improvements now while focusing on the long-term environment. This change in emphasis requires a flexible organization totally responsive to the customer. Although a completely accurate prediction of the most important forces in tomorrow's world is not possible, certain forces seem likely to predominate. These forces are: economic pressures, global competition, people issues, and ever-advancing technology.

Economic pressures will continue to dominate choices and decisions in public and private organizations. The demand for increasing value at a lower cost will continue into the next century. Global competition will no doubt increase among all nations. The competition for world markets and scarce natural resource will govern the new world order. People issues will undoubtedly escalate in the coming years. Labour markets will shrink at the same time the demand for people with specific education and skills increases. In addition, the demand for quality of work, life for all people will influence the future work environment. Technology will continue to grow at an astounding pace. The impact of new technology, especially, in information processing and communications, could determine supremacy.

Total Quality Management provides a flexible, responsive management approach able to act or to react to all of the forces of today's and tomorrow's economic world. TQM is the only known approach that focuses the resources of an organization on identifying and acting on the internal and external forces that will influence the world of tomorrow. It gears an organization toward continually improving quality, increasing productivity, and reducing costs to ease economic pressures. TQM focuses on total customer satisfaction through highest product and service quality at lowest life cycle costs to compete in the global environment and stresses constant training and education downsizing and decentralizing organizations using people's capabilities to add product and service value. Along with maximization of the human impact, TQM advocates the optimum use of technology to achieve a competitive advantage.

Organization for management. People generally do not live and work in isolation, they depend upon one another for many things because no man possesses an unlimited capacity for work. Brainpower, educational background, aptitude, time, place and many other factors restrict human activity. Whatever the problem is, if a man obtains the assistance that he needs, he must decide how the work is to be allocated and he must pass down to others part of the responsibility for running an agency or an enterprise. Now that he employs the services of others, so part of his control over the production process falls to others.

Division of the workload solves the problem of one man's inability to cope but it creates the problem of coordinating the activities of the people among whom the work is divided in order to avoid duplication, emission and general confusion, if specific objectives are to be achieved. The objectives of each organization determine the work to be done though such work may vary from level to level within the organization. As a result, an organization may be defined as the division of work among people whose efforts must be coordinated to achieve specific objectives. It is management that serves this purpose today. Management refers to the work of planning, organizing coordinating (directing), controlling and forecasting.

Planning implies finding the ways to achieve the optimum results with minimum losses of time and resources. Organizing serves to establish a sequence of steps in order to achieve planned targets. To organize the work management has to see to it that necessary jobs and shops are set up, adequate number of manpower is employed, sufficient machinery is supplied and installed and reasonable communication channels are used. Coordinating is aimed at achieving harmony and cooperation with outside bodies and agencies. Control means a continuous supervision and comparison of state of affairs against planned targets. Such data and information cease to be of use as soon as conflicting situation is eliminated. Forecasting is partially based on controlling data and information enabling managers to look into the future and to predict the nature of trends and the sort of things likely to happen in economy or production process.

Management can be divided into three approximate levels. The highest level problems at top management are concerned with the strategic decisions such as what business the firm is in and what should be its objectives. At middle management level problems are more tactical, concerned with, the management of operations, that is the process of ensuring that routine work of the organization is carried out effectively. Operational management involves a lot of decisions about timing and amount of resource, commitment, the level of performance expected and the organizational responsibilities involved. Decisions are committed in the form of budgets, schedules, organization charts, etc.

Management is based on information. Once the production elements have been put into operation, the manager needs to be well informed of how they are operating and what failures are to be eliminated. Management involves a set of operations such as data-collecting, data-processing and data exchange which are carried out for the purpose of decision-making. As modern organizations are of complex nature, the continuous form of data circulating between various levels of management can only be handled by computerized data-processing systems. Such systems are being introduced to minimize the manager's paperwork and to allow him to make more intelligent decisions than he was able to make before.

The first step towards computerization of management information systems (MIS) included only some operations relating to the processing of initial data, as it was very important for making decisions at various levels of management. In this way managers were freed from a burden of time consuming operations. Another step is computerization of the whole data-processing cycle along with transmitting data over long distances. As human society progresses, the flow of information is bound to grow; at the same time there will always the need for the information that must reach management in due time.