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ANDREI NICULESCU (Coordonator) CRISTINA CRIAN

SANDA MARCOCI CLIN VLAD

The Language of Business

Accounting Banking Finance
Workbook Second Edition

Contribuia autorilor: Andrei Niculescu: Units 2, 9, 11, 13, 15, A1 Sanda Marcoci: Units 4, 7, 10, 12, A2 Cristina Crian: Units 3, 5, 8

Clin Vlad:

Units 1, 6, 14

Descrierea CIP a Bibliotecii Naionale a Romniei The Language of Business/Accounting Banking Finance/Workbook/Second Edition Andrei Niculescu (coord.), Sanda Marcoci, Cristina Crian, Clin Vlad - Bucureti: Editura Fundaiei Romnia de Mine, 2006. 216 p., 20,5cm Bibliogr. I.S.B.N. 978-973-163-019-9 I. Niculescu Andrei (coord.) II. Crian Cristina III. Marcoci Sanda IV. Vlad Clin 811.111:336(075.33)

Editura Fundaiei Romnia de Mine, 2007

Redactor: Andreea DINU Tehnoredactor: Marilena BLAN Coperta: Marilena BLAN Bun de tipar: 14.11.2007; Coli tipar: 13,5 Format: 16/6186 Editura i Tipografia Fundaiei Romnia de Mine Splaiul Independenei nr.313, Bucureti, Sector 6, O.P. 16 Tel./Fax: 316.97.90; www.spiruharet.ro e-mail: contact@edituraromaniademaine.ro

UNIVERSITATEA SPIRU HARET Departamentul de Limbaje Specializate

ANDREI NICULESCU (Coordonator) CRISTINA CRIAN

SANDA MARCOCI CLIN VLAD

The Language of Business

Accounting Banking Finance
Workbook
Second Edition

EDITURA FUNDAIEI ROMNIA DE MINE Bucureti, 2007

CUPRINS

UNIT 1: MEETING AND GREETING PEOPLE ... UNIT 2: JOBS .. UNIT 3: SOCIALISING IN BUSINESS UNIT 4: HOBBIES AND INTERESTS .. UNIT 5: OBTAINING INFORMATION: TELEPHONING UNIT 6: HIGHER EDUCATION AND CAREERS: SPIRU HARET UNIVERSITY ... UNIT 7: EUROPEAN UNION MEMBERSHIP . UNIT 8: COMPANY ORGANISATIONAL STRUCTURES UNIT 9: ACCOUNTING . UNIT 10: BANKING ... UNIT 11: FINANCIAL ACCOUNTING UNIT 12: FILING SYSTEMS . UNIT 13: INTERNATIONAL TRADE .. UNIT 14: THE STOCK EXCHANGE ... UNIT 15: FINANCIAL MANAGEMENT .. FURTHER READINGS: FINANCE ... Bibliography .

7 16 28 41 49 59 67 76 88 100 111 124 132 143 157 166 215

UNIT 1

MEETING AND GREETING PEOPLE

INTRODUCTIONS

Im Hans Schnabl from Dsseldorf, Germany. Im a German citizen although my mother comes from Austria. I live at Number 10 Weisstrasse Street. My parents and I live in a large house. Im the only child. My family is rather small. My uncle and aunt are both clerks. My cousin is a football player. I work as a consultant in a large software company. I like playing sports, climbing mountains, reading novels and poetry and speaking English. I also like travelling both inside Germany and abroad. So far, Ive visited some Eastern and Western European countries. I also visited the USA, Canada, Japan, China and Thailand. Id like to travel all over the world. I consider that all countries are very interesting from many points of view. They really deserve to be visited. Ill tell you some more things about my family. My father is a manager at a large international company and my mother is a professor. She teaches Classical and Modern German Literature at the Dsseldorf University. We all love our jobs very much. Im Monica Angelescu from Bucharest, Romania. Im a Romanian. I live at Number 6 Iuliu Maniu Road in a block of flats at the 3rd floor, apartment no 32. My telephone number is 775 644 021. I have a large family. My dad is a businessman and my mum is a teacher. I also have two younger sisters who are pupils at an elementary school in Bucharest. My uncle is an economist, my aunt is an accountant and my cousins are both doctors. Im a student. I love speaking English and listening to English pop music, which is a great way of learning new words and every day expressions. I also like playing tennis, swimming and travelling a lot both inside Romania and abroad. I visited some Western European countries. In future, Id
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like to visit some countries from other continents, such as Canada or the USA. I know they are very interesting. Now, Id like to give you some more details about my family. My father speaks English very fluently. He wants me to speak it well enough so that I can join his company after graduating university. But Id rather work in public relations in the near future.
READING COMPREHENSION

1) Specify whether the following statements about the two above texts are True or False: a) Monica Angelescu is from Bucharest. b) She works as a consultant in a large software company. c) She likes speaking English, listening to pop music, playing tennis, swimming and travelling a lot. d) She wants to work in public relations in the near future. e) Her father doesnt want her to join his company after she graduates University. f) Hans Schnabl is from Berlin. g) He likes playing sports, climbing mountains, reading novels and poetry and speaking English. h) His father is a professor at the Dusseldorf University. i) Hans and his parents live in a small house in Dusseldorf. j) They all love their jobs very much. 2) Read these conversations and then complete with the correct forms of the verb To Be: am, are and is. Use short forms where possible, e.g. Im, youre, hes, so on. a) A: Good morning. I.(1) Jack Harrison. B: Pleased to meet you. My name.(2) Ken Robertson. b) A:..(3) you Ms. Johnson? B: Yes, I.(4). Please call me Julia. c) A: Excuse me,.(5) your name Lawson? B: No, it.(6). It.(7) Wilson. d) A:.(8) you Mr. Watson?
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B: No, I..(9). I.(10) Mr. Brown e) A:.(11) your name Richardson? B: Yes,..(12). How do you do? f) A: .(13) you Herbert Ross and Mary Palmerston from London? B: Yes, we....(14).Pleased to meet you A: Pleased to meet you, too. 3) Match the first part of the sentence in Column A with the second part of the sentence in Column B: A 1) Monica Angelescu lives in Bucharest 2) Hans Schnabl lives in Dusseldorf 3) Monica Angelescus father wants her. 4) Hans Schnabls father. 5) In future, Monica Angelescu. 6) Hans Schnabl works. Read the following interview: A: Just a few question, Mr. Olafsson. It wont take long. B: Thats fine. A: Who do you work exactly? I understand its a division of Sony. B: Yes, the full name is Sony Electronic Publishing. A: SonyElectronicPublishingAnd youre the President of the company. Excuse me, but youre very young. B: YeswellIts a very young company. A: And where do you live and work? B: In the United States. A: But youre from Iceland?
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B a) is a consultant in a large software company b) Hes from Germany c).is a manager at a large international company d) Shes from Romania e).to join his company after she graduates University f) prefers to work in public relations

B: Yes, thats right. A: And what does your company do? Do you make hi-fis? TVs? B: No, we make video games and software. A: Video games? Do you play them at home? B: No, I dont take my work home. When Im at home, I write. That takes a lot of my time. A: Thats interesting. What sort of things do you write? B: Novels and short stories, mainly. A: Is this one of your books? B: Yes, it is. A: Absolution Oh, youre names Olafsson. Let me write that in my notebook. O-L-A-F-double S-O-N. But theres one thing I dont understand. You run a big division of an international company and you write novels? How do you find the time? B: Well, I travel a lot, so I have free time to work in the evenings, in my hotel room. And at weekends, of course. 4) This is an extract from the article Miguel Martinez wrote about Olaf Olafsson. Fill in the spaces with one of the verbs: are, is, does, do, dont, isnt, write, writes, works, makes Meet sonys best selling president Sony Electronic Publishing is a division of Sony. It.(1) video games and software. The President of the division.(2) old in fact he is only 30 years old! And his name .(3) Olaf Olafsson. But.(4) you know his other job? In his free time, Olaf Olafsson.(5) novels and short stories. In his native country, Iceland, Olafssons books are best-sellers. But if you.(6) live in Iceland, dont worry! His new novel called Absolution is translated into English and German. And the books.(7) in the shops now! Olafsson is a busy man. He.(8) long hours, and he travels all over the world for Sony. So how..(9) time to write?

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I usually write for an hour or two every evening he says. And at the weekends, I often.(10) for eighteen hours, alone, on the roof of my apartment building. (Adapted from Business Basics by David Grant and Robert Mc Larty, Oxford University Press, 1995)
VOCABULARY DEVELOPMENT

1) Complete these sentences about yourself: a) I work for(company) as.(position) b) My business address is. c) My business telephone number is d) My private address is e) My private telephone number is.. 2) Translate into Romanian the following useful words and expressions: 1) Branch (noun) 2) Office 3) Excuse me 4) How do you do? 5) Im sorry 6) Please call me. 7) Pleased to meet you 8) How are you? 9) Fine, thanks 10) Not too bad 11) Id like to introduce. 12) How about some coffee? 13) Nice to meet you 14) See you later
GRAMMAR

1) Fill in the blanks with the correct article: a) My friend is.tennis player b) Mary goes to.church every Sunday
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c) He has.hour and.half for dinner d) . radio is broken. I need.screwdriver e) We never refuse to offer someone a job on .basis of.age f) Dont worry. Everybody makes.mistakes g) .visitors must be accompanied at all times. 2) Choose the right pronouns in brackets in the following sentences: a) Do you think (he/him) is stronger than I am? b) Just between you and (me/I), its (him/he) Im afraid of, not (she/her) c) Let (we/us) all go for a walk except (she/her), since (she/her) is tired d) Youre as tall as (I/me), so you can easily ride my bike, but youre much fatter than either (I/me) or my cousin, so we cant lend you a sports jacket e) How can you talk to a woman such as (she/her)? f) Help (I/me) carry (she/her), (she/ her) has fainted. 3) In the following sentences insert the missing possessive adjectives and pronouns: a) James has come to see me; .father and I were school friends. b) I see that she has lost.pencil; perhaps you can lend her c) Tell him not to forget.tickets; she mustnt forget.either d) It was a very good chocolate, but Ive eatenup; can you give me a little piece of.? e) They have two of.houses in this street, and the house on the corner is also f) This doesnt look like.notebook; it must be. * The Plural of Nouns: Model: - Regular: houses; planes, knives, watches, et - Irregular: man-men; woman- women; child- children; tooth- teeth, etc.
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- Collective nouns: family; army; police, crowd, jury, etc. e.g: My family are at the mountains (Correct) My family is at the mountain ( Incorrect) - Compound nouns: brothers- in -law, armchairs, overalls, etc. - Foreign plurals: formula- formulae; datum- data; appendixappendices, alga- algae, etc. 4) Put the words in brackets at the right plural forms: a) They have some nice (flower) in their garden. b) The (boy) are talking to their (friend). c) ( Dog) are nice and friendly (animal). d) The (dictionary) are on the (shelf). e) The (mouse) were caught by the (cat). f) She asked that her (book) should contain detailed (appendix). g) Television and (newspaper) are the mass (medium) for advertising. The Synthetic Genitive: answers the question whose? At the singular and irregular plural forms- s; e.g: the professors courses; childrens books At the regular plural forms : the students notebooks. 5) Complete the next sentences with the right form: a) Entering the room I saw that the children.. books were thrown everywhere on the floor b) This waitress.. smile is quite nice and pleasant c) I dont remember these studentsnames d) His father.. job is interesting e) The professor.. remark should be taken into account f) Today.. journey was very interesting and comfortable 6) Make questions and put the right Auxiliary Verbs using the examples below: e.g. The students/ go to courses every day? Do the students go to courses every day? Paul/ like Mathematics? Does Paul like Mathematics?
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a) b) c) d) e) f) g) h)

Mary / understand the question? it / rain a lot in autumn? Mr. White / read the newspaper on the bus? your parents / like old films? the shops / close at 9 oclock? you / attend a good University? he / know what he is doing? these magazines/ publish interesting articles?

7) Choose the correct form of the verbs in brackets according to the Subject- Predicate Concord: a) A great number of pupils (have/ has) spent their holidays in the camp b) (Is/Are) Mathematics your favourite subject? c) Several Chinese (have/ has) contributed to the success of the research d) (Was/Were) the news good? e) Fortunately all the crew members(was/were) saved f) The money (is/ are) on the table g) The local police (has/ have) helped the firemen to put out the fire h) The Romanian army (have/ has) always fought for the countrys independence i) I want to know if this species (has/ have) survived j) The great variety of fruit on display (attract/ attracts) most of the customers. 8) Put the verbs in brackets at the correct form according to the Subject- Predicate Concord: a) Either my parents or my elder brother (accompany) my younger sister to school. b) Neither Joan or her sisters (wash) the dishes after lunch. c) Crime and Punishment (rank) among the best novels of world literature.
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d) To treat them this way (be) unfair? e) Where (be) the scissors? f) These sort of mushrooms (be) not good to eat. g) The cat, together with the kittens, (be) playing in the sun. h) My father, as well as my mother, (be) eager to know you. i) John, alongside with his friends, never (miss) a basketball match. j) The principles on which he worked, as well as the way he acts, (be) appreciated by his fellow-students. 9) Write sentences using the following words and expressions of price, speed, ratio, time, so on. A couple; a dozen; half a dozen; a score (20); a gross (144); a hundred: a thousand; a lot of; a great many of; a great deal of; five pence a kilo; six pence a dozen; eighty kilometers an hour; four times a day; a pound; a metre. E.g: I saw him a couple of days ago. There are a lot of students at the University. He usually drives with eighty kilometers an hour, so on.
SPEAKING

In groups of four discuss about your name, addresses, birth place, occupations, nationality, families and relatives

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UNIT 2

JOBS

What is the employment outlook for office careers? The great influx of computers and other office technological advances has not changed the need for people with good skills. Statistics estimate a 10 percent increase in secretarial positions in the ten-year period through 2010. Managerial / administrative positions are expected to increase by more then twice that percentage. Now that you are aware of the promising outlook for office employees, you should familiarize yourself with the steps you must follow in seeking employment. If you work full time, you will spend approximately 50 percent of your waking hours at your job. Make sure, then, that the job you select will be a rewarding one to which you can give your best effort. Sources of job information newspaper advertisements: the classified section of newspapers is a major source of job openings. Two kinds of classified advertisements are listed in newspapers: signed and blind. A signed advertisement includes the name of the firm placing the advertisement. A blind advertisement does not show the firms name. In many cases only a telephone number or a post office box number is given in a blind advertisement. Private employment agencies must place signed advertisements; employment agencies; placement offices and instructors: most schools and colleges have placement counsellors that aid students in career planning; friends and relatives. The job application process Before you apply for a job with a particular company, find out all you can about the company. This information is needed for two major reasons. First, you need to know if you meet your career goals
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by working for this company. Secondly, you need to know as much about the company as possible in order to be prepared for the interview. One question often asked in the interview is Why do you want to work for this company Unless you know something about the company, you cannot satisfactorily answer this question. When a company needs to employ new people, it may decide to advertise the job or position in a newspaper. People who are interested can then apply for the job by sending in a letter of application or covering letter (US cover letter) and a curriculum vitae or CV (US resum) containing details of their education and experience. In some cases a company may prefer to do this initial selection after asking candidates to complete a standard application form. The companys human resource department will then select the applications that it considers the most suitable and prepare a shortlist of candidates or applicants who are invited to attend an interview. How to write a Letter of Application ? A letter of application should be concise and to the point. It should contain three or four paragraphs. First paragraph state your interest and purpose for writing the letter. if you know of a specific job opening, state that you are applying for it and how you learned about it. Second paragraph emphasize your qualifications. Highlight only those areas that will give you an advantage over other applicants. State what experience you have and how useful you can be to the company. create interest in your abilities and state your desire to work for that particular firm. Third paragraph request an interview. Be clear as to when and where you can be reached. If you are responding to an advertisement which asks for salary requirements, give a range instead of a specific number. How to write a CV The CV or rsum is a concise statement of your background, education, skills and experience. In writing your CV, remember that it
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is one of the tools that should help you get a job. You should present your qualifications in the best light possible. In addition to personal information such as your name, address and telephone number, other information include: your career objective education list degree, institution, major & date (suggest beginning with the highest degree and working backwards office skills and abilities work experience / work history title, employers name, dates (dates can go first if you wish; list your experience in reverse chronological order). achievements and accomplishments (if relevant to your objective) references The interview If you have done well thus far in the application process, you may get the opportunity youve been hoping for the chance to meet the employer face-to-face. Helpful hints: dress appropriately give a firm handshake maintain good eye contact try not to act nervous, display good humour show a genuine interest in what the interviewer says and be alert to all questions try to understand your prospective employers needs and show how you can fill them express yourself clearly and with a well-modulated voice. From your application, your CV, and your employment tests that may have been administered, an interviewer can determine your specific skills. What must be determined, however, is your ability to project yourself through your use of good grammar, your knowledge of current events, your interests and your attitude toward people and work in general. Commonly asked questions: regarding experience Why did you leave your previous job(s)?
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 Which duties performed in the past have you liked the best ? the least? Why? Have you had any problems with previous supervisors? regarding education: Which courses did you like the best? the least? Why? Did your grades adequately reflect your full capability? What special training have you had that is required for this position? questions you need to ask: What are the key responsibilities of the position? What factors determine promotion eligibility? Has the organisation had any layoffs or cutbacks in the last five years? Preparing for an interview takes quite a bit of work. If you believe in your ability to be a good employee, prove it in the interview.
READING COMPREHENSION

1) List sources that can be used to obtain job information. 2) Give two reasons why you need knowledge about a company before you apply for a position. 3) List five musts for writing a good letter of application. 4) What categories of information should be included on a CV? 5) Which are the main considerations in preparing for an interview? 6) What questions you need to ask in an interview?
VOCABULARY DEVELOPMENT

Synonymous pairs: o occupation ( anything one does) // profession ( requires higher education or special training) o wages ( paid weekly usually for manual or clerical work) / salary (paid monthly usually by cheque)

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1) Chose the appropriate word: a. Her main (occupation / profession) appears to be sitting in cafs and watching people go by. b. Very high (wages / salary) is / are offered for working on oil rigs or diving. c. Teachers are constantly complaining about their (wages / salaries) d. Being a truck driver is not a / an (occupation / profession) for someone who likes staying at home. e. In many countries the most lucrative (occupations / professions) are medicine and the law. f. We offer occupational / professional advice. 2) Match the job titles with the job descriptions (a-j) 1. Auditor 2. Bank manager 3. Accountant 4. Management consultant 5. Receptionist 6. Civil engineer 7. Sales representative 8. General practitioner 9. Bank teller 10.Bookkeeper a. I specialise in advising on management reporting systems. b. I obtain and record financial records. c. We build bridges. d. We examine and (usually) approve a company's financial records. e. I receive and pay out money in a bank. f. I have about 500 patients on my list. g. I visit all my clients four or five times a year to tell them about our latest products. h. I welcome and deal with people arriving in the office building. i. We are always ready to discuss lending possibilities with our clients. j. I draw up and check financial statements, calculate tax, and the unit cost of products.

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3) Match the form of revenue with the right recipient 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. commission wage salary fees royalty redundancy pay tax grant pension dividend
a. b. c. d. e. f. g. h. i. j.

retired employee shareholders sales representative government blue-collar worker student financial adviser author laid off employee white-collar worker

4) Complete the sentences by rearranging the letters in CAPITALS to form a word to do with work, as in the example. Now he works form home, he doesnt have to commute by train to and from Long Beach CMMOTUE a. In Britain, the normal working week for _________-time employees is anything up to eighteen hours a week, while people working ________-time do around thirty-eight hours. RPAT / LUFL b. I have sent an _____________ form TPLIACAIOPN c. They are ___________ off 500 workers. AYGLIN d. Her academic __________ are good but she doesnt have any previous _________. FUNALIIOQCATIS / PEEERINCEX e. He works thirty-eight hours a week but sometimes with _________ he does as many as fifty. TRVEOIME f. Nowadays many designers or IT specialists are __________ ; in other words they sell their work or services to different companies. AERLENEFC. g. Employers are interested in practical________ like word processing and fluency in foreign languages. LKILSS

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5) Whats the job? Decide which job is being referred to in the following job advertisements. Choose the job from the list. a. accountant b. clerk c. R&D Manager d. computer operator e. personnel officer f. advertising executive 1. Duties include filing, mailing, relief reception and other general office work. 2. Reporting directly to Managing Director. You will take over financial control for all aspects of daily operation. 3. You will be an essential member of an agency responsible for some of the countrys top accounts. You will be responsible for the administration of local and national promotion. 4. With particular responsibilities for recruitment and selection. Excellent communication skills needed. 5. You will be in charge of a team of highly creative individuals delivering new quality products and enhancing our existing range. 6. Some experience in C++ programming is essential but training will be given to the successful applicant.
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6) Complete the definitions by choosing the correct alternatives: 1. A manager who leaves a company earlier than planned may receive a a. pay-in b. pay-off c. pay-down 2. If you move to another company, you a. joint it b. join it c. joist it 3. If you leave a company because you want to, you a. resignate b. rescind c. resign
GRAMMAR

ADJECTIVES AND ADVERBS Revising irregular comparisons

good better the best bad worse the worst little less the least much more the most far farther the farthest ( of distance only) far further the furthest ( of distance and time) late later the latest ( the most recent) / last (the final one) old older the oldest ( of things and people) old elder the eldest ( comparisons within a family)

1) Fill in the blanks with the suitable forms of the adjectives or adverbs in brackets: a. (little) He seemed to get.and interested in the job offer. b. (much, good) The he worked the ..results he obtained. c. (soon, good) The .the rain stops the d. (few) There are .and. mistakes in your exercise. e. (strong) The wind gets .and.. f. (early, good) The we start the. g. (high, cold) The we climbed the it became.
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2) Choose the right adjective from the list given below and fill in the blanks: frightened, cold, delicious, expensive, friendly, smart, electric, fresh, helpful, attractive, correct a. The librarian proved to be very.. b. She looks quite in her new dress. c. You can eat .food in this hypermarket. d. Have you bought an.overcoat? e. The little boy was so ..that he couldnt speak a word. 3) Fill in the following sentences with the comparative or superlative adjective given in brackets: a. The bus I have come by today is much.than the one I came by yesterday (fast) b. We bought the .clothes we could find (thick). c. Tea isthan coffee in England (popular) d. What is the ..city in your country (large) Adjectival word order

opinion size/age/shape-colour- origin- pattern/material- noun

4) Decide on the correct adjective order for each of the items below: a. striped / jeans / she / is / tight / wearing b. lawyer / Armenian / clever /a / middle-aged c. a (an) / Dutch / attractive / girl / 23-year-old d. a (an) / leather / wears / he / long / coat / black e. box / silver / interesting / small / a (an) f. gingery-brown / hair / long / wavy / has / Amelia

Adverb position:
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manner place time

5) Decide on the correct adverb order a. They negotiated ( for five hours / aggressively) b. John read ( at home / very much / all day yesterday) c. My friend spoke to me ( in the street / very kindly / the day before yesterday) 6) Choose the right adjective or adverb to fill in the following sentences: a. Everybody felt..(happy, happily) b. George is the best student in class. He studies(hard, hardly) c. Jane speaks so ..that I cant understand her. (fast, fastly) d. The food smells .(nice, nicely) e. She smelled the food (careful, carefully) f. You look (sad, sadly) g. Some of us did the exercise very (good, well) h. The students worked very ..(carefully, careful) i. Yes, she said.. (soft, softly) j. Drive .! Dont walk so ..(slowly, slow) k. Business is ..(slow, slowly) l. Your can solve this problem... (easy, easily) 7) What are the possible opposites of the words hard, high and good in these phrases? a. Hard exam b. High price c. High-rise building d. Hard drugs e. High opinion f. Good performance

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8) Which collocation (word partnership) is more likely? a. b. c. d. e. big detail / great detail strong tea / powerful tea a lengthy car / a lengthy meeting strong car / powerful car broad summary / wide summary

9) What adjectives can be derived from the following? a. b. c. d. e. occupation skill manager clerk profit Expressing similarities and differences : (Affirmative and negative agreement) so do I / I did too neither do I/ I dont either etc.

10) Read the statements made by several speakers and agree with them, using so or neither. a. Our company directors have awarded themselves huge pay rises (US pay raises) b. I dont like to do overtime. . c. We went to the meeting yesterday.. d. Im tired e. I cant stand waiting in the airports. f. Ill be going to the meeting.. g. Id prefer to do it myself.. 11) Choose the correct answer (Affirmative agreement) Technically, glass is a mineral and _____________ a. Water so b. Water is so c. So is water d. So water is
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12) Suppose you are writing a cover letter to apply for a job. Pick up four adjectives that best describe you. Then write four sentences that describe your qualities. (Do not include the four adjectives in your sentences). e.g. I always think of other peoples opinions before making decisions (considerate) reliable flexible competitive determined organised balanced fluent convincing successful confident considerate sociable tidy

SPEAKING

Most people think they are overworked and underpaid. Whats your opinion?

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UNIT 3

SOCIALISING IN BUSINESS

Business people have to talk not only on the actual aspects of the business, but also in a variety of social situations, while travelling abroad or receiving visitors. At an international fair A: How do you do? My name is Charles Stevens. B: How do you do? Im Diana Nicolae. A: Nice to meet youSo, youre with. B: Sorry? Oh, you mean.Im with the Global Telecommunications. A: Oh, really! B: You seem to have heard of us. A: Sure I have. Global NetworksGlobal Mobile Phones Youre a multinational, arent you? B: Youve got it quite right. Im the Finance Manager of the Romanian Branch. A: You are?! B: Well, yes, actually. Ive been with them ever since I graduated seven years ago. A: That sounds like a perfect example of company loyalty. B: Id say so, too. And you? A: Well Ive been with mine for nearly two years now. B: What is your company, by the way? A: Oh, I work for a firm of car engine manufacturers. Best Motors Ltd., were called. We produce and install machine parts, mostly for British motorcars. Let me give you my card. B: Thank you and heres mine. A: Thank you. B: So, youre Area Sales Manager.
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A: Yes, I used to work as an editor for a racing car magazine before. I prefer what Im doing now, I must say. I meet all kinds of peopleI like thatI enjoy the driving, too. Im always happy to get out of the office. B: I take it you travel around a lot. A: Thats right. You see, were based in Bristol, but weve got branch offices all over BritainIs your head office here in Bucharest, by the way? B: Well, no actually. Were in Arad thats in western Romania - but I work in our Bucharest office. A: Thats interesting So, whats it like to be with a huge multinational? Youre pretty big, arent you? B: Well Id say so. Our branch alone has a turnover of roundabout 20m. And weve got a workforce of over1,000 A: Ah, thats a lot. B: Yes, you can call us big. A: Indeed, its really big. My companys much smaller. Our total turnovers just over 5m. B: I see. And how about your staff? A: Our staff? Yes, Id say about 80 people, maybe 90, thats fulltime staff. Were a private company, by the way. But I reckon the firm is doing quite well so I expect well go public in a year or sos time. B: Really? Thats most interesting. Were a public company, of course. We have been so for the last 10 years.
READING COMPREHENSION

A. Read the conversation again and mark the phrases used by the characters to express the aspects mentioned below: a.introducing themselves b. responding to introductions c. saying what their company is d. saying what the company's line of business is e. describing company size f. giving other details about the company g. summarising their career to date
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h. speaking of their present job/responsibilities B. Match each phrase with one of the topics given in the exercise above. There may be more than one phrase for each topic. 1. I work for Best Motors Limited. 2. I dea1 with. Customer comp1aints. 3. Im Sales Manager. 4. Im with Global Telecommunications. 5. We deal in mobile phones. 6. We employ around 300 people. 7. My company's based in 8. We produce spare parts for the car industry. 9. Ive worked for this company for 5 years. Before joining it... 10. Our head office/headquarters is in... 11. Im responsible for marketing strategies. 12. Our turnover is Sm Euro. 13. We have subsidiaries in... 14. We've got a work-force ofnearly 500.
VOCABULARY DEVELOPMENT

1. Write one or more words into each gap to complete this dialoque: Example: Pleased to meet. you. Receptionist: Good afternoon. ..1. I help you? Charles Stevens: Good afternoon. My name is Charles Stevens. Im .2 Best Motors Ltd. I ..3 an appointment with Mary Taylor at 2 oclock. Receptionist: Ah yes.Take a seat, please. Mrs Taylor.4be with you in a moment, Mr Stevens. Mrs Taylor: Good afternoon, Mr Stevens. Im Mary Taylor. Pleased to meet you. Charles Stevens:5, Mrs Taylor. Mrs Taylor: Welcome to our company..6 a good trip? Charles Stevens: Oh yes, it was fine thanks. Mrs Taylor:7. a cup of coffee before we start?
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Charles Stevens: Thanks very much, that would be nice. Mrs Taylor: .8.1 milk and sugar? Charles Stevens: Just sugar, please. 2. Choose the best word or phrase from the list below to complete the extract. Charles Stevens9for Best Motors in the Sales Department. He10in the company for three years now. He enjoys the job, although he spends11time on the road visiting customers from all over Britain. Sometimes he travels hundreds of miles in a day. Last week, he 12.more than 2,000 miles. If he 13make a long trip, he usually stays overnight in a hotel. His wife complains that he spends too 14.time at home. 9. 10. 11. 12. 13. 14. a) work a) is a) many a) drive a) would have to a) little b) works b) was b) a lot of b) drove b) will have to b) few c) is working c) has been c) few c) has driven c) had to c) short d) is worked d) had been d) quite much d) drived d) has to d) less

3. Match the following most likely conversational topics with the appropriate suggested questions: 1. the journey 2. plans 3. 4. 5. 6. a. Did you have a good flight? b. How long are you going to be here? previous visits c. Whereabouts in Britain do you live? visitors country/town d. How do you find our climate? the weather e. Is this your first visit to Romania? accommodation f. Where are you staying? g. How was your trip here? h. Have you been to Bucharest before?

i. Which part of France are you from?

j. What was the weather like when you left London?
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4. Match the questions with the appropriate reply from those listed below: 1) 2) 3) 4) 5) 6) 7) Do you have to travel a lot on business, Ann? How well do you know London, Robert? Youre from Bucharest, arent you? You live in London, dont you? Hows the hotel? Ive heard its very good. How are you enjoying your stay in London? Have you ever been to Romania?

a) Yes, thats right. Ive got a small house in the suburbs. b) Yes, its fine. Very comfortable. Great service, too. c) Not very much, a couple of times a year, mostly to Eastern Europe. d) Yes, I was on holiday near Sinaia last summer. I enjoyed it very much. e) No, I come from the north of the country, a city called Iai . f) Very much. Its a beautiful city and not at all as foggy as I imagined. g) Not at all. Its my first time here. 5. The conversation below takes place at a sales conference. Complete it with appropriate phrases from the list. A: Frank!....1! B: Hello, Pamela.2? A:..3, thanks. B:Pamela,4 Robert Smith from the European Headquarters? A:Hello!..5! C:.6! B:.7 in the new Portuguese project. A: Thats right. Well be working together on that. C: Perhaps we could meet and talk about it later. Right now ...8. A: OK...9 this afternoon? C: Yes,.10.
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a) Nice to meet you. b) Nice to meet you, too. c) How nice to see you again. d) How are you? e) Im fine. f) That would be good. g) Im afraid I have to go to a meeting. h) Maybe we could meet. i) I think you both have an interest. j) Can I introduce 6. Read these short extracts from different conversations. In each one someone is telling a visitor about their country. Which ones are talking about: 1. a festival? 2. the climate? 3. natural resources? 4. politics? 5. the economy? 6. the tax laws? 7. a local drink? 8. a national sport? 9. the currency? a. There are a hundred re to the krone and each krone is worth around l0p. b. Our biggest problem is the balance of payments. Theres a huge deficit. c. In spring, when the cherry blossoms are out, hundreds of people gather under the trees for picnics. d. You have to be careful it doesnt burn your throat. Some people put it in the deep freeze for a while, so its cold when they swallow it. e. The rate you pay depends on how much you earn. f. Weve just changed from a proportional representation system to a first past the post system. So instead of working out the total votes cast for each party, we count up the votes in each constituency and the winner is elected.
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g. You have to wrap up really warm. Minus 10 or 15 degrees is quite common, so you need a hat that covers your ears. h. You have a puck and you have to try and hit it into the other teams goal. i. There are the mountains of course. We have a few copper and tin mines, but thats all in the way of minerals. 7. Social Quiz Do you know what to say on social occasions? Choose the best word or phrase for these situations. 1. What would you say to someone on their 27th birthday? a. Congratulations. c. Joyous birthday. b. Happy birthday. d. Happy anniversary.

2. The taxi fare is 8.30 Euro so you give the taxi driver 10 Euro. What do you say? a. The tip is yours. c. Keep the tip. b. The change is yours. d. Keep the change.

3. You didnt hear what someone said. What do you say? a. I apologize. c. I didnt hear. b. Please repeat. d. Sorry?

4. You want to attract a waiters attention in a restaurant. What do you say? a. Waiter! b. Sir! c. Over here! d. Come, please! 5. Your colleague tells you he cant come to your party . What do you say? a. How shameful! c. What a pity!
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b. I dont care. d. You dont matter.

6. Your English client says, Ill get the first round. Where are you? a. At a boxing match. c. In a pub. b. On a golf course. d. In a car.

7. The person you are playing golf with has just missed a shot. What do you say? a. Good luck. c. Bad chance. b. Bad luck. d. Sorry.

8. The person you are playing golf with has just made a good shot. What do you say? a. Good shot! c. Well shot! b. Good chance! d. Good luck!

9.You meet an old friend at a conference. She says, Lovely to see you. How are things? What do you say? a. How do you do? c. Fine, thanks. b. Very well, thank you. d. Good.

8. Match each comment with a suitable reply: 1.Weve just won that large contract with ICI. 2. Here, let me pay. 3. Our sales manager is in hospital. 4. Its not good news. They say they might have to make me redundant. 5. Im just off to my interview. 6. Im so sorry were late. 7. Do have a seat. 8. Would you mind waiting for a moment? 9. Thank you very much. 10. Its been a lovely party but Im afraid I must be going. a. Good luck! b. Its a pleasure. c. No, please, I insist. Dinner is on me.
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d. What a pity! Lovely to see you anyway. e. Congratulations! f. No, not at all. g. I am sorry. Bad luck! h. Thats all right. We havent started yet. i. Thank you. j. Oh dear! Nothing serious I hope. 9. Match the sentence on the left with the response on the right 1. Sarah is getting married in the spring, 2. Thanks for the ride. 3. How do you do? 4. Howre you doing? 5. Ill get another round of beers. 6. Thank you for a wonderful time. 7. Heres to a successful partnership! 8. We made over a million bucks in five days. 9. Youre joking! 10. Bye then. 11. Thank you very much indeed. 12. Can you speak German? 13. Do you know Mr Davis? 14. Where do you come from? 15. You havent got a light, have you? a) It was my pleasure. b) Fine, thanks. c)Wow! d) No, its true, I assure you. e) Yeah, take care. f) No, this ones on me. g) Any time. h) How do you do? i) Congratulations. j) Cheers! k) Spain l) Sorry, I dont smoke. m) Youre welcome. n) Yes, we met last week. o) Just a few words.

10. Choose one of the accompanying phrases to thank your host. Situations a) While on a business trip, some foreign friends invited your delegation over for a drink. b) A colleague has bought you coffee. c) A potential customer you have been visiting has invited you to dinner at a country club. d) You have spent ten weeks running an English course for a companys staff in Bucharest. The people have been quite friendly and invited you to a farewell reception.
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e) While in London, your business associates arranged for you to see a performance at the Albert Hall. f) The Sales Manager of a company you do business with has taken you to the theatre to see a comedy. Phrases of thanks: 1. Thank you for getting me a ticket. 2. It was most kind of you to invite us over. 3. It was very nice of you to invite me. I always enjoy a good laugh. 4. Thanks, Roy. 5. Thank you for all your hospitality. I really appreciate it. 6. Thank you very much for the meal. 11. Fill in with a necessary word/phrase to express thanks: a) Mr Smith is thanking an airline clerk for flight information for his summer holiday. Mr SmithThank you for the information. Airline Clerk:Youre b) Mr Williams is thanking an elderly lady for a lift back to his office. Mr Williams: See you tomorrow madam, and thanks for the lift. I hope it hasnt taken you out of your way. Mrs. Jones: Thats ... I live quite near anyhow. 12. Read the six expressions of thanks below and match them with one of the sentences on the right. a) Thanks for the coffee. b) I did enjoy the performance. It was really excellent. c) I think weve got all the details now. Thanks for the information. d) Thanks for everything. Youve been very helpful. e) Thank you very much for finding out about the shipping charges. 1) Thats okay/all right. 2) Youre welcome. 3) Really, it was no trouble. 4) Good. Im glad you liked it. 5) Dont mention it.

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SPEAKING

Over to you Decide which would be the most appropriate way of greeting people in each of the following situations: a. A trade delegation from Japan is visiting your company. As Public Relations Officer, you have been asked to look after them. Greet the visitors, then introduce yourself and state your position in the company. b. You have made appointments to meet a financial expert on two previous occasions, but something has always gone wrong. Finally you meet. c. Someone has just arrived in your department to do a one-week computer training course. d. You are meeting Mary Perkins, a customer from Britain, at the airport. She s going to spend a couple of days in your company. Identify yourself and your company. e. A new colleague has just arrived at the office. Greet him/her and introduce yourself and your other colleagues.
GRAMMAR

Questions Subject-Predicate Order in Questions Direct Questions Aux+Subject +verb? Indirect Questions (I wonder if/what/where) Subject+verb Indirect Questions are generally used when some sort of difficulty is involved: we dont know the person were talking to, or we need to be polite. In a series of questions, we start with an indirect question to establish politeness, then we ask direct, usually shorter questions. When a lot of questions are asked, using varied question types is advisable. Questions may be Yes/No ones (using an auxiliary as the first word, requiring a positive or negative answer), open ones (with a question word before the auxiliary), with who, what or which as
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subject (an auxiliary is not used). Tag questions are used when we expect the speaker to confirm what we are saying or when making an offer, suggestion. They are formed using an auxiliary and the pronoun referring to the subject. 1. Ask questions to the words in italics: a) We worked with an important customer. b) Im interested in the new project. c) The manager invited Michael to visit the company. d) The divisional director complimented Daniel on his organisation e) Two hundred people visited the plant. 2. Tag Questions Fill in the blanks with the right positive or negative question tag: a) You finished all your tests in time,? b) He isnt quite a nice guy, .? c) The train arrives at 6.30 p.m.,.? d) You will call me as soon as you arrive,..? e) Catherine left on a trip to Paris last summer, ..? f) Im not intruding, I hope,? g) You arent too enthusiastic about my idea,? h) Janice was going to revise the estimates,..? i) She said she would talk to Bill about it,.? j) Bill wanted to change the procedure, .? k) Lets call up a meeting on Monday morning,?
WRITING

1. Customers Personal Letters Match the type of letter with the excerpts below: 1. Congratulatory letter 2. Referral 3. Invitation 4. Thank-you letter
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a) Dear Professor Harrold, Three senior editors from Herald Business will serve on a panel at a special luncheon, June, 2nd, at noon in the Japanese suite of the Palace Hotel. Wed like you to join us. These gentlemen will be giving their informed views on the business outlook and tax reform. Ill look forward to meeting you there. Yours faithfully, Charles Sherman b) Dear Mr. Markinson, Thank you for your letter requesting information about financial planning. Im sorry to say that we have not yet added that kind of service to our firm. But I recommend you IM Consult, an organization I consider among the best in the field, highly knowledgeable in investment strategies. I suggest you give Mr. Davidson a call for the help you requested in your letter. Yours truly, Tom Beadley c) Dear Mr. Lawrence, I certainly enjoyed reading the April 21st Financial Times article on your fast-developing company. Such coverage renders the companys achievements and objectives for future products. Sincerely, .. d) Dear Mr. Atkins, I am writing to thank you for your kind hospitality during my visit to your company. I was impressed by the high quality standards that you maintain. It was thoughtful of you to give up so much of your time. You have a good range of fashion items and I am certainly hoping to be able to place an order with you in the near future.However, I must first wait for my company to finalise the purchasing plan for the next quarter. I will be in contact with you again as soon as I can. Yours sincerely, ..

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UNIT 4

HOBBIES AND INTERESTS

Hobbies are spare-time recreational activities. They have their origin in the Middle Ages, when falconry was a very popular leisure activity (what today might be called a hobby), and of all the different birds used for it, the Euroasian Hobby was perhaps the most popular. It is said that the modern use of hobby to indicate a pastime followed from this. An alternative explanation is that the usage grew from another recreational animal called hobby, which was a type of small ambling horse. A hobby-horse was a wooden or wickerwood toy made to be ridden just like the real hobby. From this derived the expression to ride ones hobby-horse, meaning to follow a favourite pastime, and in turn, hobby in the modern sense of recreation. Hobbies are practised for interest and enjoyment rather than financial reward. Examples include collecting, making different objects, sports, etc. Engaging in a hobby can lead to acquiring substantial skill, knowledge, and experience. However, personal fulfilment is the aim. Activities that are hobbies for some people are professions for others: a professional photographer may enjoy cooking as a hobby, while a professional chef might enjoy taking photographs as a hobby. Generally speaking, the person who does something for fun, not remuneration, is called an amateur (or hobbyist), as distinct from a professional. Almost no one can make a living by collecting stamps, but many find it enjoyable; so it is commonly regarded as a hobby. While some hobbies are considered by many people trivial or boring, hobbyists have found something compelling and entertaining about them.
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Pursuit of a hobby may have calming and helpful therapeutic side-effects. In some cases, however (for example in collecting), the line between a hobby and an obsession can become blurred. There is more than one recorded case of violence over things as simple as coin collecting.
(adapted from Ann Huxley,History and Present in Hobbies, Edition Laurel,1984)

Reading comprehension 1. Read the text again and specify whether the following statements are true or false: a. In the Middle Ages, falconry was a very popular leisure activity. b. The modern meaning of hobby is profession. c. Hobbies are practised for interest and enjoyment. d. We dont learn anything from having a hobby. e. A hobbyist is a person who does something for fun. f. Hobbies are boring and unimportant activities. g. Hobbies can become obsessive and lead to acts of violence. h. To ride ones hobby-horse means to ride a horse received as a gift. T/F T/F T/F T/F T/F T/F T/F T/F

2. Choose the words and phrases most similar in meaning to the following as used in the reading passage: 1.alternative: 2.enjoyment: 3.engage: 4.skill: 5. trivial: 6. compelling: 7. blurred: a. atypical a. entertainment a. participate a. aptitude a. meaningless a. necessary a. indistinct b. another b. relaxation b. commit b. ability b. frivolous b. attractive b. obscure c. optional c. satisfaction c. employ c. know-how c. unimportant c. exciting c. confused d. distinct d. gladness d. go in for d. technique d. irrelevant d. provocative d. vague

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VOCABULARY DEVELOPMENT

1. Match the words and phrases in column (A) to the right explanation in column (B), then use them to fill the blanks in the sentences below: I. (A) 1.spare time 2.leisure activity 3.ambling horse 4.side-effects 5. financial reward 6. personal fulfilment 7. make a living by 8. falconry II. (B) a. a horse walking at a slow, easy pace. b. money given for a service or merit. c. personal development d. time not needed for work; extra time e. to earn ones living by f. activity done during a time that is free from work g. the breeding and training of hawks h. secondary (usually less desirable) effects

a. They played football and considered it a......................activity. b. He decided to make miniature figures and.....................by selling them. c. They had a small..................for their daughter to learn to drive. d. She didnt expect any..................., she did it with the greatest pleasure. e. During his..................he was fond of listening to music. f. She didnt know that the medicine had................... g. The aim of hobbies is generally................................ h. Bored and without any occupation he took to...................... 2. Complete the following text with the right prepositions:

A hobby store is a place dedicated.........the selling............things that people usually employ...........their personal satisfaction. Hobby stores are particularly popular..........men and children, less so...........women, although many hobby stores today cater........womens interests, too.
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Typical items to be found.......hobby stores include airplane models, train models, ship models, house models, dolls, coins, stamps, specialty magazines and sometimes even flowers and small animals. A specific type ......a hobby store is a game store. 3. Here are some eponyms in sports, i.e. sports terms named after people. Specify to which sports they refer and complete the sentences: Tsukahara after Mitsuo Tsukahara (Japan) Axel after Axel Paulsen(Norway) Lutz after Alois Lutz (Austria)) Biellmann after Denise Biellmann (Switzerland) Davis after Dwight F. Davis Frances Pomeroy after James Naismiths daughter-in-law Frances Pomeroy Naismith(USA) a. Her...............jump made the audience applaud frentically. b. She was such a perfect gymnast that her..............vault was worth a gold medal. c. In skating contests, a..............jump and a..........spin are compulsory. d. Its the first time our basketball team has been given the.................Award. e. Being the best tennisman in the world, he won the ...........Cup. Remember: Play = refers to sports played with a ball and where teams are involved Go = refers to individual and leisure activities Do = refers to sports or activities where body movements are implied 4. Complete the following sentences with Play, Go, Do: E.g. My best friend likes Doing judo, Going skiing in winter and PLAYING bowls with his friends. a. All little girls are fond of..............ballet. b. Are you looking forward to..............fishing next weekend?
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c. He gave up...........hockey with his broken arm. d. She took to.........jogging as she was getting fat. e. I feel like..........football with my friends this weekend. f. What about.........diving, the weather is very fine. g. She put off........fitness as she was very busy. h. She preferred.........gymnastics to............snooker. 5. Fill in the blanks in the following text with the words below: Letter Manuscripts Prices Collectors Photographs Signatures Auction Signed To Pay

Today,........are prepared ........ever-increasing..........for coveted hand-written autographs and...........letters or......., not just scrawled...........on............or slips of paper. A letter written by Charles Dickens could be bought for 1 pound in 1903; today it is worth 600 at an ........
GRAMMAR

Modal verbs Can/could express present and past ability (was able to or managed to are used when speaking about more specific actions; be able to is used for infinitive, future and present perfect) 1. Use modal verbs to express ability: a. He is very persuasive, he...........make his team mates adopt his opinion. b. After a few months of training after the accident, she........skate well again. c. Youve put too much in your bag, you ...........to carry it. d. They had a very successful meeting and they..........make the Olympic Board agree to a 60% discount. e. I knew the town very well so I..........advise them what to visit. f. The injured football player.............to walk in a few weeks.

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May/might, can/could to express permission (allow or permit supply past and future tenses ; can used for permission is an informal alternative to may ; could is more polite) 2. In the following sentences, use modal verbs to express permission: a. He.............to drive the family car ever since he was sixteen. b. ........I use your phone? Mine is out of order. c. On weekdays we had to get up early but on Sundays we.......stay in bed till ten. d. I dont know what to answer. I make a suggestion? e. ........fill in this application form for me? f. ........I see your passports, please? May/might = to grant, refuse or request permission, and to express possibility in the present or future (you can, one can are also used to express possibility, but in a different way : you can = it is possible = circumstances permit) 3. Use modal verbs in the following sentences: a. Take your coat, it............rain on the sports ground. b. Candidates .........not bring textbooks into the examination room. c. I think I left my bag in your office. .....I ask your secretary to look for it for me? d. They sacrificed their lives so that we..........live free. e. You.........ski on the hils. There is enough snow. Must and have to express positive obligation (have to expresses an external obligation), neednt, dont have to express lack of obligation, and mustnt, cant, (be) not allowed to express prohibition. 4. Use modal verbs to express obligation or prohibition: a. As you are from the European Union, you.............have a visa to go to Germany. b. You.............write more than 250 words on this subject.
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c. Im sorry, but we............give the results by phone. d. Drivers wishing to hire a car............be over 21 and have a full driving licence. e. She...........leave home at 8.00 every morning at present, given her new job. f. I cant support you any longer; you............earn your own living from now on. Cant/couldnt + perfect infinitive express negative deduction and reproach; may/might + perfect infinitive express speculations about the past; must + perfect infinitive expresses affirmative deductions; neednt + perfect infinitive = a past action which was unnecessary but was performed. 5. Use modal verbs + perfect infinitive to express deductions, reproach, speculations, past unnecessary performed actions: a. He had his umbrella in the morning, but he hasnt got it now. He.......(leave) it in a shop. b. He............(escape) by this window because it is not locked. c. You..........(warn) me about his arrival. You know I dont want to see him. d. I think he swam across the river. No, he........(do) that; he cant swim. e. I spoke French very slowly. You............(speak) slowly. He speaks French fluently. f. I dont remember reading about it in the newspapers. I............(be) abroad at the time. Opinions and advice Should, ought to = advice, must =strong advice, had better = strong opinion, would rather = preference 6. Fill in the blanks with modal verbs to express opinions and advice: a. You are really ill, you.............go to the doctor. b. I..............not interrupt him while hes speaking on the phone.
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c. I cant tell you what to do, you...........speak to your boss. d. You............go and and visit your parents immediately. e. I............go abroad during my holidays than stay at home. f. You..................keep an account of all your expenses.
SPEAKING

1. Try to ascertain the difference between an interest and a hobby. 2. Speculate about going deeper into the matter, what do you think of being more scientific between an interest and a hobby, what do you think of people who go beyond all bounds in a hobby and reach the field of a profession, and give examples. 3. Speak about the closeness of art and sport and how it is revealed by the nature of the Olympic Games which, as we know, are celebrations of both sporting and artistic achievements. 4. Speak about sportsmanship and how this concept is reflected in what a journalist once said : its not that you won or lost but how you played the game. 5. Comment the creed expressed by the founder of the Modern Olympic Games, Pierre de Coubertin : The most important thing is not winning but taking part.

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Unit 5

OBTAINING INFORMATION: TELEPHONING

A: Fenton Engineering. B: Extension 273, please. A: Im afraid the lines engaged. Will you hold? B: Yes. A: The lines free now. Ill put you through. B: Thank you. C: Travel agency. B: Id like to speak to Mrs Isaacs. C: Whos calling, please? B: Jacques Duvil. C: Hold on, M Duvil. Ill get her. C: Im afraid shes in a meeting. Do you want to call back later? B: No, its urgent. Could you take a message? C: Yes, of course. B: Could you ask her to call me back? C: Does she have your number? B: No. Its Paris the code is 00 331 then the number is 45458394. Could you read that back to me? C: 00 331 45458394. B: Thats right. C: Anything else? B: No, thats all. Thank you very much. C: Youre welcome. B: Goodbye.
READING COMPREHENSION

I. Answer the following questions:

a. What exactly did each person say when answering the phone?
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b. How did the company secretary tell the caller he couldn't speak to the person he wanted? c. What did the company secretary suggest? d. What did Jacques Duvil say when he round out Mrs. Isaacs was in a meeting?
VOCABULARY DEVELOPMENT

1.Telephone language Look at these expressions which are often heard or used when telephoning. Decide which are from recorded messages and mark them with X. 1. Sorry to keep you waiting. 2. Heathrow Travel. Christine speaking. How may I help you? 3. Ill get him to call you back as soon as possible. 4. Hold on a moment and Ill put you through. 5. Could you put me through to the accounts department, please? 6. Could you speak up a little? 7. We are unable to take your call at the present time. Please leave your name and number after the tone. 8. This is the Australian Embassy visa information line. The consulate section is open every morning from 10 oclock to 13 oclock. 2. Taking someones name Write the names of the people in the blanks. 1. My names.. Ill spell that for you gee are ay aitch ay em new word aitch you gee a itch ee es. 2. My names, thats jay eh en i see ee new word why oh you en gee. 3. Which phrases are most appropriate in a telephone conversation? Mark all the acceptable ones in each set 1. a) James Watts office. Good afternoon. b) James Watts office. Can I help you? c) James Watts office. What do you want? d) James Watts office.
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2. a) Could I speak to James Watt, please? b) I must speak to James Watt. c) Give me James Watt. d) Can I speak with James Watt, please? 3. a) Hes not here. b)Who are you? c) Sorry, you cant. d) Im afraid hes not in the office at the moment. 4. a) Oh, could I leave a message then please? b) Give him a message, will you? c) Would it be possible to give him a message? d) Well, could you ask him to call me back? 5. a) Certainly. b) Yes, thats no problem. c) Whats your message? d) Whats your name? e) Yes. Whos calling please? 4. A phone conversation Number this jumbled conversation in the correct order. The first one has been done for you: Ill sign them this afternoon and send them back to you. Hello. My names Betty Green. Id like to speak to Katie Stevens, please. 1. Good morning. HMV Industries. How may I help you? Hold the line, please. Ill see if shes in. Great. Thanks a lot. (pause) Hello. Katie Stevens speaking. Betty Green and Id like to speak to Katie . Hello, this is Betty. Sorry, I didnt quite catch that. Hi, Betty. How are you doing? OK. Busy as usual. Fine, thanks. And you? Yes, they came this morning but I havent signed them yet.
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 Im just ringing to find out if youve received the copies of the contract. OK, theres no rush. 5. Complete the following conversations with phrases from the list below. Use each phrase only once a. Good morning. Could I speak to Mr Dennis please? b Lesley Lewis from RB Manufacturers. c. Oh, hello, John. How are things? . d.. Yes, hold the line and Ill put you through to him. e OK.Could you ring me back today? f. Im afraid hes out of the office at the moment. .. g Ill look it up for you... Its 01 320 6745. 1) Fine. Im phoning to ask you about the Woodrow Group. 2) Whos calling, please? 3) I cant tell you right now, but can look into it. 4) Thompson Chemicals, good morning. 5) Right. Ill ring again. Thanks a lot. 6) Im afraid I havent got Steve Lesters number. 7) Could I speak to Charles Williams?

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6. Here are some dialogues about fixing an appointment. Fill in the missing words and phrases, choosing from those listed below. (Two of the expressions are not used) 1. A: Hello. Id like to __________________ with Mrs Rush in the Personnel Department. My name is Sydney Jones. ? B: Yes, Mr Jones. Would 10.30 on Wednesday A: That ___________ thank you. 2. A:Mr Smith? This is Tom Ronalds. B:Oh, hello, Mr Ronalds. Nice to hear from you. A:______________to see if we can discuss a business proposition that I wish to make. B:I see. Can you be more specific? A:Actually, _______________ we could meet somewhere and talk about it. How about lunch today, if thats ___________________ B:Im afraid _______________ today. How about tomorrow? A:Tomorrowll be fine. Lets say 12.30 at the French restaurant, shall we? B:Yes, 12.30s OK. See you there. A:Right. ________________ seeing you. Goodbye. 3. A:Mr Russell? B:Oh, good morning, Mr Higgins. A:Im ringing _____________ tomorrow. 2.15 at your office, as arranged? B:2.15. Thats right. A:Good. See you then. Goodbye. 4. A:Hello? Mr Murray? Im ringing for Mr Durham of Durham and Associates. Hes_______________ but he wont be able to manage Wednesday afternoon. Friday afternoon instead?
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B:__________my diary. Im afraid I cant _____________. I have somecustomers visiting then.________change our meeeting to Thursday afternoon? A: Well, I think that should be all right, _______________ later on to confirm. Thank you. Goodbye. a.very sorry b.Im phoning c.make an appointment d.I cant manage e.all right with you f. Let me just get g. make it on Friday h. Perhaps we could i. would be fine Phrasal verbs 7. English has a lot of phrasal verbs verbs that are combined with prepositions to form new verbs with new meanings. Complete the sentences below with phrasal verbs. Choose a word from each column: pin on is out put off put off pencil forward draw up look in tied with bear up put through come down j. very busy k. I wonder if l. I look forward to m. see you n. to confirm our meeting o. suit you p. I give you a call q. Could I suggest r. This is Jim Higgins

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Example:Good morning. Could you put me through to extension 253, please? 1. Ive been trying to arrange a meeting with Mrs Carter for weeks but shes a difficult woman to ________________ 2. Im afraid I cant make this afternoons meeting. Something urgent has _______ 3. Shall we ____________ next Tuesday? Ill check that Im free with my secretary and give you a ring to confirm. 4.Tomorrows meeting ______________. Everyone seems to be too busy doing other things. 5. Thats settled then. I ______________to seeing you on the 15th. 6. Are you sure its convenient? I know youre very busy and I dont want to _______ you ________. 7. I think Mr Lees number has been changed. Could you ________________ me a moment and Ill find the new list. 8.We only have a few permanent staff but there are a lot of freelance designers and consultants we can ________________ if we need ideas and advice. 9. She asked me to tell you shell be late. Shes _____________ in a meeting with a client. 10. Theres an emergency at the Athens office. Youll have to ____________ your trip to the States and fly out to it instead.
GRAMMAR

The Present Tenses Present Simple vs. Present Progressive Form: Present Simple: verb+s (IIIrd ps.sg.) Present Progressive: aux. "to be + verb-ing Present Simple is used for actions and situations which are considered generally true, in order to present factual information, in
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summaries, headlines, timetables, for directions, instructions, with frequency adverbs (never, often, always, every), with a number of verbs (of perception, like and dislike, possession, being, mental states or performance ones, such as to declare, to admit, to name, to demand, to advise, to apologise). Present Progressive is used when talking about an event in progress at the moment of speaking, in order to describe ongoing projects, temporary situations, changes, arrangements and plans as well as repeated actions (with always). E.g. Our company employs over 100,000 people. I never smoke at work. The legislation comes into force on 1st January. Mr. Branwell cant see you now. He is interviewing someone. Hes working in New Zealand on a fixed-term contract. Im seeing Mr Sykes tomorrow. Im taking our client to the best restaurant in town. 1. Read the following dialogue about travel arrangements. Make any necessary changes to the verbs in brackets. Traveller: Hello, I .(need) to go to London next Friday and come back on the same day. Ive a meeting which .. (start) at 11 oclock. Agent:you..(want) to fly or take the train? Traveller: That (depend) on the price. How much .. it(cost)? Agent: The train. (be) cheaper and..(get) you right into the centre of London. It (take) just three hours. Traveller: OK, thats fine. What about times? Agent: Well, the Eurostar (leave) Paris at 7.19 and (arrive) in London at 10.13 local time. Traveller: What timeI(have to) check in? Agent: Not later than 20 minutes before departure. Traveller: OK, how. (make) a reservation?
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2. Complete this dialogue appropriately, using verbs in the present progressive. A Are you free next Wednesday? B No, sorry. Im afraid I1. A Well, I cant make it on Thursday so what about Friday? B In the morning I2... but in the afternoon I3. anything special. A Fine, thats OK by me. 3. Present simple or present progressive? Which of these ideas do you associate with the present simple and which with the present progressive ? 1. regular activities 2. temporary situations 3. fixed timetables 4. giving instructions 5. an event in progress 6.permanent and factual situations 7.a present arrangement for the future 8.mental states 9.trends and changing situations 10.doing by saying

4. Study these sentences and decide which example corresponds to each of 1-10 above. a) Im replacing Bill because hes off sick. b) The scheduled flight leaves next Monday at 8.15 from JFK. c) The technician is mending the photocopier so you cant use it right now. d) Im seeing Bill Williams tomorrow afternoon, Ive got it in my diary. e) The conference room measures 162 square metres. f ) I admit there has been a mistake. g) I understand they have gone bankrupt. h) Enter code number, select menu, press OK. i) With the Internet the world is getting smaller. j) We have a planning meeting once a month.

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Present Perfect Simple vs. Present Perfect Progressive Form: Present Perfect Simple: have + IIIrd forme of the verb (past participe) Present Perfect Continuous: have + been + v-ing Present perfect simple is used when describing present results of past actions, when talking about life experiences, announcing news, with expressions referring to up to now, with for and since, when referring to an event in the future after when, as soon as. Present Perfect Progressive is used when talking about actions in progress for a period until now, about the effect of recent events or about repeated actions. E.g. This is the first time we have ever received a complaint. Ive already talked to Cristopher about it. He has been manager of the company for two years. Ive been reading your proposals. Ive been trying to repair my car all afternoon. 5. Complete each of these sentences, using perfect simple or progressive the present

a) How long (you / wait)? b) I (play) tennis four times this week. c) Look outside. It (rain); the pavements still wet. d) You look tired. I (drive) all day long. e) I (know) John since we were at school together. f) The government (announce) a drop in unemployment. g) I (read) a book on negotiating skills but I dont think Ill finish it. h) He (work) as a consultant for three different firms in the same sector of activity; I think theres a conflict of interest and he should resign. i) He (work) as a consultant for three different firms in the same sector of activity, but was fired from the first two.
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UNIT 6

HIGHER EDUCATION AND CAREERS:

SPIRU HARET UNIVERSITY

Spiru Haret University-21st Century University- Established in 1991, today Spiru Haret University comprises 23 accredited faculties with over 43 specializations. Spiru Haret University has a complex structure which reflects a diversity of specializations- from law, public administration and economic studies to architecture and veterinary medicine, from philosophy, journalism, sociology and psychology to history and international relations, from mathematics and informatics to drama, music and physical education. But the most important aspect is the fact that in terms of the content of studies, teaching methodology, the Faculties of Spiru Haret University have reached European standards .Students working for their first degree at our university are called undergraduates. When they take their degree we say that they graduate and then they are called graduates. If they continue studying at Spiru Haret University, after they have graduated, they are called Post- graduates. Spiru Haret University has made investments of over one hundred million US dollars. Spiru Haret has a highly-educated staff the teaching quality at Spiru Haret relies, first of all, on the activity of highly dedicated professors with excellent methodological skills. Moreover, many of them are personalities well known nationally and internationally. Another aspect, just as important as the one mentioned above, is the fact that Spiru Haret has a permanent staff of professors, which ensures the continuity of teaching. 40 Postgraduate programmes The quality of the academic staff, as well as the results obtained in teaching activities and scientific
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research, enabled Spiru Haret University to organize Postgraduate studies beginning with the 2003-2004 academic year. The increasing number of graduates with very good results, alumni who, from one year to the next, wanted to obtain a post graduate degree, resulted also in an increased number of Postgraduate programmes. Thus, during the 2005-2006 academic year there were 40 Postgraduate programmes within the faculties of Spiru Haret University. Distance Learning the education of the future. Beyond its infrastructure, however, what makes Spiru Haret a modern university is the quality of the educational system and its orientation towards the future. Thus, besides traditional forms of teaching, Spiru Haret has also introduced distance learning. The fact that at Spiru Haret University distance learning is not a mere trifle is proven by its own TV channel. A national, cultural and academic television station that broadcasts live and recorded lectures, debates, syntheses and seminars, TVRM represents a major advantage that Spiru Haret University has in promoting distance learning, a form of attendance that has come up to a standard of EU countries.To the young people who choose to attend one of our faculties and specializations we only wish them good luck with the exams, as Spiru Haret University is a guarantee for their success in life. The long, medium and short term objectives set by Spiru Haret University and Romanias Tomorrow Foundations are meant to add new dimensions to our academic community. They regard the fulfillment of high quality cultural tasks and the improvement of a kind of educational system whose essential attributes should be modernity and competitiveness, dynamism and flexibility, so as to adequately and efficiently meet the requirements raised by the integration of Romanian higher education into the European higher education and research area.
(Adapted from Monitorul Oficial Official Bulletin, July 2002) READING COMPREHENSION

1) In pairs decide whether the following statements are True (T) or False (F): a) Today, Spiru Haret University comprises 23 accredited faculties with over 43 specializations.
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b) The University was founded in 1993. c) Spiru Haret University has a complex structure which reflects a large diversity of specializations. d) The University organizes post-graduate studies for its alumni. e) Spiru Haret University has made investments of over one hundred million pounds. f) Besides traditional forms of teaching, the University has also introduced distance learning. 2) Answer the following questions about Spiru Haret University: a) How many accredited faculties and specializations does Spiru Haret University include today? b) What specializations does the structure of the University include? c) How can you describe the academic staff of the Spiru Haret University? d) What kind of Postgraduate programmes does the University organize for its alumni? e) How many Postgraduate programmes are organized by the University in the academic year 2005-2006? f) How can you describe the distance learning promoted by the Spiru Haret University? 3) a) Match the abbreviations on the left to the full form on the right: 1) 2) 3) 4) 5) 6) B Sc BA PhD MA M Phil VIP A. Doctor of Philosophy B. Very Important Person C. Master of Arts D. Bachelor of Arts E. Master of Philosophy F. Bachelor in Science

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3) b) Can you write some more abbreviations and give their full form?
READING: HIGHER EDUCATION IN BRITAIN

There are forty-seven universities in Britain and thirty polytechnics, plus 350 colleges and institutes of higher education. Undergraduate courses normally take three years of full-time study, although a number of subjects take longer, including medicine, architecture and foreign languages (where courses include a year abroad). They lead in most cases to a Bachelors degree in Arts or Science (BA or BSc). Students of law, architecture and some other professions can take qualifications that are awarded by their own professional bodies instead of degrees. There are various postgraduate degrees, including Master of Arts or Philosophy (MA or MPhil) and Doctor of Philosophy (PhD). Universities accept students mainly on the basis of their A levels, although they may interview them as well. At present, students who have been accepted by Universities or other institutions of higher education receive a grant from their local authority, which covers the cost of the course, and may cover living expenses, books travel, although parents with higher incomes are expected to make a contribution. Before 1990 the grant was paid back, but since then a system of loans has been introduced.
(Adapted from Britain Explored, Longman, 1998)

4) Complete the chart. Then compare the educational system in UK or the USA with the educational system in Romania: UK Courses Degrees Admission Tuition fees Concern USA Romania

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GRAMMAR

Tenses- part two: Past section (past tenses simple and continuous and past perfect) Read the following model and examples: *The Past Tense Simple- an action finished in a specified past moment; e.g: I went to the University yesterday/ last week/ three days ago. Past questions and Negatives : Did you go to the University yesterday? Yes, I did/ No, I didnt (short answers) I didnt go to the University yesterday Regular Verbs: work-worked; try-tried,etc. Irregular Verbs: do-did; write-wrote, etc. 1) Use the following verbs to complete the sentences. Some of the sentences are positive statements, some are negative, and some are questions. The first sentence has been done for you. accept; complain; hire; place; realize; study; visit a) b) c) d) e) f) Oh, Im sorry to disturb you. I didnt realize you had a visitor. .you..economics when you were at the university? Last week a number of customers..about slow service .you..the Acropolis when you were in Greece? I am writing with reference to the order. I..with you last week At last years lunch party, whoyou.to do the catering?

2) Complete the following passage by putting the verbs into the Past Tense Simple. Pay attention to the Irregular Verbs. The first one has been done for you. After the second World War, Akio Morita, co-founder of Sony (1), joined (join) forces with a friend, Masaru Ibuka. Both men (2).(know) a great deal about telecommunications, so they (3).(use) all their money, about 100 pounds, and (4).(set) up a small engineering company, Tokyo Tsushin Kogyo. They (5).(find) a small broken- down building to use as a laboratory in Tokyo. There
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(6)..(be) so many holes in the roof that when it (7).(rain), they (8)..(have) to continue working under umbrellas. Their first task (9).(be) to decide what to make. They (10).(not want) to make radios because of the competition from much larger companies. Instead, they (11)..(decide) to create an entirely new product, a tape recorder. They (12)..(succeed) in making a machine, but unfortunately they (13)..(not have) any tape, and they (14).(not know) how to produce it. So they (15).(start) to experiment, and (16)(try) using a number of different materials. Finally, they (17).(make) a breakthrough. They (18).(cut) up strips of paper to make a reel, and (19).(paint) them with a magnetic material that they (20)(heat) on a frying pan in their small room. It (21).(work), and they gradually (22)(improve) the process. In 1950, they (23).(begin) trying to sell their revolutionary machine. And the rest is history!
(Adapted from Oxford Business English- Grammar& Practice by Michael Duckworth)

* The Past Tense Continuous an action taking place at a certain past moment or interrupted by another past one; Subject +was/were+ verb+ the suffix-ing; e.g.: I was working at a new project at this time yesterday; or: He was writing his essay when the phone rang. 3) Choose the correct past tense form in the following sentences: I (1) met/ was meeting an old business colleague of mine while I (2) travelled/ was travelling to New York for a conference. She (3) noticed/ was noticing me while I (4) stood/ was standing in the queue at the airport check-in desk. We decided to travel together, and while we (5) waited/ were waiting for the flight to leave, we (6) realized/ were realizing that we were going to the same conference and staying at the same hotel. We talked about old times, and while we (7) had/ were having lunch on the plane, she (8) said/ was saying that she was going to look for a new job. I didnt think of it at the time, but later on when the plane (9) came/ was coming in to the land, I suddenly (10)
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remember we had a vacancy for a lawyer. I told her about the terms and conditions, and later that evening, when we (11) had/ were having dinner, she (12) accepted/ was accepting the position.
(Adapted from Oxford Business English- Grammar& Practice by Michael Duckworth)

The Past Perfect Simple a past action before another past Subject+ Had+ Verb (3rd form) E.g.: When we arrived at the University, the courses had (already) begun. In questions: Had you seen the Dean when you were at the University? Yes, I had/ No, I hadnt (short answers) At the negative: No, I hadnt seen the Dean when I was at the University. 4) Put the verbs in brackets at the past perfect simple tense according to the following example: When he arrived at the faculty, the professor had (already) started the seminar. a) The referee didnt whistle the beginning of the game until all football players (gather). b) By the time the coach (give) us all the training instructions, the last member of the team arrived. c) After we (play) hard, we won. d) As soon as I (finish) my breakfast, I went to the stadium. e) Mother told me she (break) the new vase. f) I (invite) my friends to come for dinner. g) When they (finish) their lunch, the waitress took the dishes away. h) The course (begin) when the student arrived at the University. one;

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5) Complete the sentences by putting the verbs at the right past tense. The first example has been done for you: a) Did you manage to see the Director, or had he gone (he/ go) by the time you got there? b) I couldnt get into the office yesterday morning because I (leave) my keys at home. c) We could not call our new low-fat spread Mono, because one of our competitors (already/ choose) the name. d) I found out about the vacancy too late. When my application form arrived, they (appoint) someone else. e) By the time he sold off the shares, his original investment (grow) by 80%. f) He found his first few weeks at the new company very difficult because he (not/ study) accountancy before. g) When I got back to the office, I was surprised to hear that the manager (put) someone else in charge of my main project. h) The bank returned the cheque to me because I (not/ sign) it. 6) Complete the following sentences using past perfect according to the example: a) She found working from 9 to 5 very difficult because she had never had a full-time job before. b) The company decided to take legal action because.. c) The company was forced to pay a fine to the tax authorities because... d) My trip to the airport to collect Mr. Jones was a waste of time. When I got there I found that . e) She was not worried when the stock market fell because .... f) I went to my office as soon as I heard that. ..
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UNIT 7

EUROPEAN UNION MEMBERSHIP

The European Union (EU) is an intergovernmental and supranational union of 25 democratic member states from the European continent. The European Union was established under that name in 1992 by the Treaty of Maastricht. However many aspects of the Union existed before that date through a series of predecessor relationships, dating back to 1951. The Union nowadays has a common single market consisting of a free flow of goods, persons and capital, a customs union, a single currency managed by the European Central Bank (so far adopted by 12 of the 25 member states), a common Agricultural Policy, a common trade. The SchengenAgreement abolished passport control, and customs checks were also abolished at many of the EUs internal borders, creating a single space of mobility for EU citizens to live, travel, work and invest. Originally created by six founding states in 1952, the EU has grown to its current size of 25 member states by five successive enlargements, with the largest occurring on May 1st, 2004, when 10 new member states joined. The EU will have 27 member states when further enlargement takes place in 2007, with the addition of Romania and Bulgaria. The process of enlargement is sometimes referred to as European Integration. Romania established diplomatic ties with the EU in 1990 , and the following year a Trade and Cooperation Agreement was also signed. In 1995, the bilateral Europe Agreement entered into force. Its formal application for membership of the EU was submitted on June 22nd, 1995. The Romania EU intergovernmental meeting in Brussels on February 15, 2000, marked the official start of membership negotiations.
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At the Copenhagen Summit in December 2002, EU leaders set 2007 as the target date for Romania and Bulgaria to join the Union. In December 2004, the Brussels Council took note of Romanias progress in its accession preparations and considered that the country will be able to assume all the obligations of membership at the envisaged time of its accession, (i.e. January 2007) provided that it continues its efforts to that end and completes all necessary reforms and commitments undertaken, in particular important commitments regarding Justice, Competition and Environment. In spite of the good progress made, Bucharest must redouble its efforts to meet the accession requirements, the Brussels Council added. Meanwhile the EU Commission will continue to monitor Romanias compliance with its commitments closely.
(adapted from erban Boicescu, Business Communication, Editura Universitar, 2005, The Economist, no. 24, 2005, The Sunday Times, 4,2006) READING COMPREHENSION

1. Read the text again and specify whether the following statements are true or false: a. The European Union was formerly known as the North Atlantic Treaty Organisation (NATO). T/F b. The EU was established under that name in 1992. T/F c. There are 25 member states now in the EU. T/F d. Estonia, Latvia, Lithuania, Slovakia, Slovenia dont belong to the EU. T/F e. The candidate countries are Bulgaria, Romania, Turkey and Albania. T/F f. The free flow of goods, persons and capital; a customs union, harmonization of laws,a single currency are the major aims of the EU. T/F g. Romania submitted its formal application for membership of the EU on June 22nd, 1995. T/F h. On 15th February 2000 in Brussels, EU leaders set 2007 as the target date for Romania and Bulgaria to join the Union. T/F i. European Integration supposes the process of enlargement of the EU. T/F
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2.Choose the words or phrases most similar in meaning to the following as used in the reading passage: 1. predecessor : a. antecedent 2. currency : a. money 3. abolish : a. suppress 4. borders : a. frontier 5. found : a. establish 6. envisage : a. feature 7. commitment : a. obligation 8. comply with : a. conform to b. Forerunner b. dollars b. cancel b. boundary b. generate b. anticipate b. engagement b. go along with c. precursor c. finances c. repudiate c. threshold c. Organize c. predict c. undertaking c. shape up d. previous d. funds d. invalidate d. edge d. initiate d. consider d. vow d. agree to

VOCABULARY DEVELOPMENT

1.A. Match the words and phrases in column A to the right definitions in column B: A 1. customs union 2. bilateral agreement 3. application 4. summit 5. membership 6. to monitor B a. A meeting attended by heads of two or more countries. b. The state of being a member or the total number of members or the members of an organization collectively. c. A group of countries that have arranged to charge the same amount of duty on imported goods d. To keep watch over, to record or test or control the work e. An arrangement agreed between two persons or groups. f. making a formal request

B.....Use the words above to fill in the blanks in the following sentences: a. The two countries established a.......................on the import and export of goods.
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b. At the...................of Copenhagen in 2002, the EU leaders set the EU joining date for Romania, January 2007. c. The new organization numbers a total of 100.................. d. The EU Commission will..................Romanias compliance with its engagements. 2. The following text illustrates the way of enlarging the European Union.Fill in the blanks with the words given below: democratic level trademember adjustmentstate integrate development membership agreements To become a.of the EU, a ..must be European, .and able to fully..into the Unions activities after a short.period, necessary for attaining an equivalent ..of economic..and for building similar structures. Association agreements, free agreements, and partnership . Are forms of co-operation which can prepare a state, in time, for integration and full .
GRAMMAR

The FUTURE = WILL, LL + short infinitive 1. Match the following sentences with the equivalent functions of the Simple Future: 1. Ill answer the phone. 2. There will be probably another lecture and I expect well attend it. 3. Believe me, Ill never be late again. 4. Shall I give you a cup of tea? 5. Unless you finish your project, you wont get the money. 6. Will you please call on us on Sunday? 7. Consolidation in the technology department will create a greater demand. 8. I like this camera; Ill offer you $300 for it.
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a. prediction b. invitation c. offer of help d. polite request e. promise f. instant decision g. first conditional h. future belief

Simple present = a planned future action or series of actions, fixed timetable, programme Present continuous = a definite future arrangement with the time almost always given in the near future. 2. Use either simple present or present continuous of the verbs between brackets in the following sentences: a. Our president.....................(make) a speech on Wednesday. b. We...............(leave) here at six,...........(arrive) in London at noon, and ...........(take) a plane on to Amsterdam. c. The sales...............(start) on Monday. d. The plane for Paris............(take off) at 7.30 a.m. e. She.................(leave) at the end of the week. f. The elections..............(be held) next week. g. The last train.............(leave) at midnight. Going to expresses intentions, decisions and predictions (when there is mere physical evidence that an event will take place). 3. Use Going to and match the sentences with its functions in the following sentences: 1.As RTM bought MTS last month, there........................(be) some big changes in the company. 2.They have ordered new equipment; they ...................... (modernize) the factory. 3.The A.M.Group..............(open) a new branch this summer. 4.Ive just heard the news; we.............................(lose) this bargain. 5.They..................(offer) him a good job. 6.He wont be in the company for the next few days; he...................(visit) the new subsidiary. a. intention b. decision c. prediction
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Future continuous = will + present participle (will be doing) = an activity that will be in progress at a particular moment in the future 4. Use future continuous of the verbs in brackets: a. In spring they....................(start) the new production. b. Next year, he...............(work) in their London office. c. Where...................(live) in six months time? d. New European companies..................(invest) in our country starting from next year. e. In September.................(build) the new wing of the company. f. They........................(hold) an important meeting at the beginning of June. Future perfect = will + perfect infinitive (will have done) + in most cases, a time phrase with BY = to look back from one point in the future to an earlier period of time 5. Use future perfect of the verbs in brackets in the following sentences: a.By the time we prepare our proposal,........................(find) another partner. b. I.....................(finish) this job in twenty minutes. c. By next winter they..................(build) the new factory. d. By the end of the year they..................(manufacture) all the engines. e. 1,000 workers ..............(go) on strike by the end of the week. f. At the present rate, they...............(sell) all the cars by the end of the month. Time clauses = simple present tense or present perfect (never will) are used to refer to the future after Time words and phrases like: when, before, as soon as, after, until, till, by the time, whenever,etc.

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6. Complete each sentence 1-6 with an ending a.- f., paying attention to the use of the tense after time words: 1. When we have signed the contract 2. Ill pay you as soon as 3. One Englishman will not speak to another until 4. We will contact you as soon as 5. Please take a seat until 6. I wont come to London Remember To be (at present) + likely to/unlikely to/certain to + infinitive = refers to things that we think are probable, improbable, certain to happen in the future; Will + definitely/probably or probably/ definitely + wont or Maybe/perhaps + subject + will = show how probable or certain we believe a future event is. 7. Match the sentences in column A with the sentences in column B that are similar in meaning: A 1.We will definitely sign the contract. 2. Im quite sure they will win the deal. 3. Perhaps Ill work abroad in the next years. 4. Im confident that they will give us a pay rise. 5.Volksbank is unlikely to lower the interest rates soon. 6. I doubt very much whether well win the deal B a. Im 50% sure that Ill work abroad in the next years. b. Volksbank probably wont reduce the interest soon. c. We are certain to sign the contract. d. We are very unlikely to win the deal. e.They are certain to win the deal. f. Were almost certain to be given a pay rise.
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a. they have been/are introduced to one another. b. we get the information. c. till the bus strike is over. d. well have a party. e. I get my cheque. f. the manager is ready to see you

BUSINESS WRITING

Letter of application for a scholarship in the European Union The purpose of a LETTER OF APPLICATION is to help you obtain what you want (job,scholarship,studies).A LETTER of APPLICATION for a SCHOLARSHIP should present you to possible scholarship supporters in the best light. It should state clearly what you want (money allowance or studies), and should tell what your abilities are and what you have to offer. In writing a Letter of Application for a Scholarship you have to bear in mind that the necessary things to be known about you are: your age, your education, your domestic status(married or single), your personality (how you get along with others), your training, your experience, your abilities (what you can do),your record (what you have done), your work habits, your character, your aims and ambitions. Read the following LETTER OF APPLICATION FOR A SCHOLARSHIP in the European Union. Insert in the blank spaces the three missing paragraphs given below, in the logical order: a. I have an inquisitive and analytical mind plus enthusiasm, persistence, and the willingness to study hard. b. I am 24 years of age, unmarried, and living with my family. I am a graduate of the National Economics Institute, where I specialized in European Economy. c. I offer my qualifications and very good letters of recommendation from my instructors, in the hope you will consider me for this scholarship. Dear Mr.Bolton, The advertisement in this morningsTranscript about your funding organization, greatly appeals to me because a scholarship supporting a training programme for experts in European problems meets my deepest aspirations for the future. ................................................................................................................. .................................................................................................................
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I have always wanted to specialize in European problems and this opportunity to extra specialize as an expert and improve my knowledge of European economic institutions and intra-European relations as well as of the history and cultural development of both the continent as a whole and its regions, is crucial to me. My aims at being given the tools to work with international corporations with European ties, organizations with international tasks, and institutions developed to work across national boundaries, would be highly met by the scholarship you grant. ................................................................................................................. Looking forward to receiving a positive answer, I enclose a selfaddressed envelope to myself, hopefully you will use it to tell me when to come for an interview. Yours sincerely,
SPEAKING

1. Speak about your country after it joins the European Union. Imagine new companies, new kind of businesses. Make a company profile under the new circumstances. 2. Imagine peoples possibilities of working when Romania becomes a member of the European Union. 3. Speak about students opportunities of improving their education in countries belonging to the European Union. Write a Letter of Application for a Scholarship in a member country of the European Union.

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UNIT 8

COMPANY ORGANISATIONAL STRUCTURES

EFFICIENT MANAGEMENT STRUCTURES ARE VITAL FOR SUCCESS

The need for a solid structure within all business entities is absolutely fundamental, according to Ms Angela Tripoli, a lecturer in Business Administration at University College Dublin. Organisational structure concerns who reports to whom in the company and how different elements are grouped together. A new company cannot go forward without this and established companies must ensure their structure reflects their target markets, goals and available technology. Depending on their size and needs there are several organisational structures companies can choose from. Increasingly though, in the constantly evolving business environment, many firms are opting for a kind of hybrid of all of them. The most recognisable set up is called the functional structure where a fairly traditional chain of command (incorporating senior management, middle management and junior management) is put in place. The main benefit of this system is clear lines of communication from top to bottom but it is generally accepted that it can also be a bureaucratic set up which does not favour speedy decisionmaking. More and more companies are organising themselves along product lines where companies have separate divisions according to the product that is being worked on. In this case the focus is always on the product and how it can be improved. The importance for multinational companies of a good geographic structure, said Ms Tripoli, could be seen when a manufacturer produced an innovative rice cooker which made perfect rice - according to western standards. When they tried to sell it on the
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Asian market the product flopped because there were no country managers informing them of the changes that would need to be made in order to satisfy this more demanding market. The matrix structure first evolved during a project developed by NASA when they needed to pool together different skills from a variety of functional areas. Essentially the matrix structure organises a business into project teams, led by project leaders, to carry out certain objectives. Training is vitally important here in order to avoid conflict between the various members of the teams. During the 1980s a wave of restructuring went through industry around the globe. This process, known as delayering, saw a change in the traditional hierarchical structures with layers of middle management being removed. This development was driven by new technology and by the need to reduce costs. The overall result was organisations that were less bureaucratic. The delayering process has run its course now. Among the trends that currently influence how a company organises itself is the move towards centralisation and outsourcing. Restructuring has evolved along with a more customercentric approach that can be seen to good effect in the banks. They now categorise their customers and their complex borrowing needs into groups instead of along rigid product lines. Another development can be seen in larger companies, which are giving their employees more freedom to innovate in order to maintain a competitive edge. Ms Julia MacLauchlan, Director of Microsofts European Product Development Centre in Dublin, said the leading software company had a very flat organisational structure. There would not be more than around seven levels between the average software tester and Bill Gates, she said. Microsoft is a good example of a company that is structured along product lines. In Ireland, where 1,000 employees work on localisalion of the software for all Microsofts markets, the company is split up into seven business units. Each unit controls the localisation of their specific products while working closely with the designers in Microsofts Seattle Headquarters. It works, said Ms MacLauchlan, because everyone who works in the unit is incredibly empowered. Without a bureaucratic infrastructure people can react a lot more quickly to any challenges and work towards the companys objectives. From The Irish Times
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READING COMPREHENSION

1. Match these definitions with the four organisational structures described in the text. a. A cross-functional structure where people are organised into project teams. b. A structure rather like the army, where each person has their place in a fixed hierachy. c. A structure that enables a company to operate internationally, country by country. d. A structure organised around different products. 2. Read the text about the different ways in which companies are organised and answer these questions. a. Four main kinds of organisational structure are described in the article. What are they? b. Is one kind of organisational structure more common than the others? c. When did delayering take place? d. What were the reasons for delayering and what were the results? e. How does Julia MacLauchlan describe Microsofts organisational structure?
VOCABULARY DEVELOPMENT

Collocations 1. Match these nouns as they occur in the text. 1. product a) teams 2. target b) objectives 3. borrowing c) lines 4. project d) units 5. delayering e) company 6. country f) process 7. business g) markets
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8. software 9. company

h) needs i) managers

2. Use an appropriate phrase from Exercise A to complete each sentence. Example: Banks need to be fully aware of their customers ..borrowing needs. a) Silicon Valley is full of b) Many companies are now organised along .., in which each division is responsible for a group of products. c) A matrix organisation groups people into.. d) Some companies are divided into different., often also called profit centres. e) A multinational company will often have a number of in charge of activities in different parts of the world. Definitions 3. Match these terms with their definitions 1. business entities 2. set up 3. innovative 4. flopped 5. outsourcing 6. customercentric 7. competitive edge a) focusing on the customer rather than the product b) new, original c) companies d) something that makes you better than other companies e) did not succeed, failed f) structure g) getting external companies to do work for your company

4. Fill in with a suitable word according to the model: Example: The Finance (manage)manager. is in his office. a. Our (compete) .. have brought out a new product and it looks very good. b. After a long negotiation, we finally reached (agree).
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c. The Far East suffered from (economy) difficulties in the late1990s. d. The Z400 is our best-selling ..(produce). e. The World Bank is an international(organise) that supports development projects around the world. 5. Match these words with their definitions (aj). 1. advertisement 2. customer 3. discount 4. employer 5. loan 6. manufacturer 7. personnel 8.profit 9. research 10. supplier a) A reduction in the price offered by the seller. b) A person or company that makes goods from natural materials. c) What remains from a companys income from sales after its expenses have been deducted. d) An arrangement with a bank to borrow money with a promise to pay it back at a future date. e) A person or company who sells goods to you, usually on a regular basis. f) A buyer, client or guest. g) All the people who work for a company. h) A public notice selling goods or services. i) A person or company who provides work for others. j) Exploring a new market or developing a new product.

6. Complete these sentences with an appropriate preposition: Organisational structure concerns who reportstowhom. a. Depending .its size, there are several organisational structures a company can choose from. b. Many companies are organising themselves..product lines. c. In the 1980s a wave of restructuring wentindustry. d. Delayering was driven.the need to reduce costs. e. Microsoft in Ireland is split.seven business units.
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7. A. In the following groups of sentences, the speaker is either complaining or responding to a complaint. Which is the most forceful of these complaints? a) Im sorry but Im not satisfied with this product. b) There is a small problem with this product. c) Unfortunately, we had some problems with this product. d) The product doesnt seem to work very well. B. Which is the most polite of these responses? a) Whats the problem then? b) Im very sorry to hear about your problem. c) You could be using it incorrectly. d) Its not our fault if the equipment wasnt installed correctly.
SPEAKING

Discuss these questions 1. How many different ways of organising or structuring a company can you think of? Think about departments, products and markets. 2. The functional organisational structure has clear lines of communication. In contrast, where things are organised along product lines or with a matrix structure, people often report to two people at the same time their boss is the functional structure and their manager or team leader in the other structure. What, if any, problems could you imagine in the second case? 3. Do you think people from certain cultures would favour one kind of organisational structure over another? Can you think of some other examples and give some reasons.
GRAMMAR

Direct/Indirect Speech We use indirect speech in order to report what people say or think, changing verb forms and pronouns as necessary. It is not necessary to follow the introductory verb said by that.
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Direct Speech She is getting annoyed. Ive forgotten the area code. Ive been trying to get through. Mary sent the invoice. They were driving carelessly. Dont sell yor shares yet. You can/may/must go. You could hire more temporary staff.

Indirect Speech He said that she was getting annoyed. He said that he had forgotten the area code. She said she had been trying to get through. They said Mary (had) sent them the invoice. She said they had been driving carelessly. He warned me not to sell my shares yet. She said that we could/might/had to go. She suggested hiring more temporary staff.

Certain adverbial expressions used in Direct Speech also change: Direct Speech Indirect Speech today that day yesterday the previous day/the day before tomorrow the next day; the following day last week/year the previous week/year a week ago the week before next week/year the following week/year the day before yesterday two days before now then here there this that these those 1. A. Reporting what the MD said These are some of the things that the Managing Director said at a meeting you attended recently. A colleague who was unable to attend wants you to tell her what the MD said. a. I think a joint venture is the best way to break into the Far Fast. b. We are not planning to set up a subsidiary.
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c. Weve been talking to a group of investors in Asia. d. I dont want to diversify in the immediate future. e. We shouldnt attempt to move too fast because we might get our fingers burned. f. We will be sending Stuart Campbell on a fact-finding mission. 2. News in brief Match the sentence halves in A and B. A. 1. Richard Pound, the International Olympic Committee official leading the investigation into the corruption scandal engulfing the Olympic movement, said yesterday............ 2. The director of the Office of Fair Trading said that car manufacturers.................. 3. The catering industry said that the new rules on genetically modified food.......... 4. The European Unions trade commissioner said that Britain and the US have told the United Nations B a) would be unenforceable and would put an unacceptable burden on food outlets. b) the EU was prepared to put all its tariffs on the table for negotiation in the next round of talks. c) were using recommended resale prices to mask the true selling price of vehicles. d) to exclude their citizens from UN staff beginning to return to Afghanistan. e) the IOC had been trying for years to find proof that its members took bribes from bidding cities. Reporting Questions When reporting yes/no questions, we use if or whether and make the necessary tense changes Will you be going to the reception? She asked me if/whether I would be going to the reception.
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When reporting open questions (beginning with which, what, where, why, when , how), we report them using a different word order. Where is the station? She wanted to know where the station was. When will you be leaving? He wondered when I would be leaving. Who told you? They wanted who (had) told me 3. Sentence transformation Report these yes/no questions using the words in brackets, as in the example: Do you want to call Derek? (asked) He asked me if I wanted to call Derek. 1. Have you seen Bernard yet? (asked) 2. Are you open on a Saturday? (could) 3. Did you get my message? (wondered) 4. How much time is there left? (idea) 5. Will you be taking your wife with you? (wanted to know) 4. Enquiries Maria works at an information desk in an airport. These are the answers she gave what do you think the questions were? 1. The restaurant is upstairs. 2. You can get a shuttle outside the building. 3. The duty free is on the first floor. 4. Yes, you can leave your suitcases in the left-luggage lockers over there. 5. Im sorry, I really dont know why the flight has been delayed.
BUSINESS WRITING

1. Match the beginnings of each sentence with the correct ending: 1. Thank you 2. I apologise 3. I insist
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a) for not replying to your letter before. b) on helping you to prepare the report. c) to seeing you soon.

4. They succeeded 5. We look forward

d) in getting everything ready on time. e) for sending the documents.

2. Match the elements of the following business letter with their corresponding Dames: a. COURTNEY & Co.LTD 6, Nottingham Street London Telephone: Lon 7785653 b. May 15th2006 c. Our ref.: CAlER 45-P93-29 Yourref: Gh/SD 613 d. Software Today Ltd. 3, Shepton St. Manchester e. Dear Sirs, f. Acknowledgement of letter and printed material g. Yours faithfully, h. COURTNEY & Co.LTD Per pro. John Brown Selling Manager i. We acknowledge receipt ofyour letter of May 15th 2006, and we thank you very much for the 10 copies of the magazine Software Today which are really interesting and helpful to us. We would appreciate ifyou would kindly continue to send us these magazines in the future. 1. Heading 2. Date 3. Reference 4. Inside Address 5. Salutation 6. Subject line 7. Body of the letter 8. Complimentary close 9. Signature
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3. Match the type of statement with the corresponding lines (components of the body of the letter) 1. Introductory paragraph 2. Conveying the message 3. Closing paragraph a. The subject of our letter is to notify you b. We hereby let you know c. We are in receipt of your letter dated d. Complying to your instructions e. We are unable to accept such terms f. Looking forward to receiving your answer, we remain g. We hope to receive your news h. We count on the matter being solved according to our instructions.

4. Choose the correct word or phrase to complete the following letter: Dear (Sir/ Mr. Daniels/Mr. Sales Manager)1 With (relation/reference/connection)2 to our telephone (dialogue/meeting/conversation)3 today, I am (posting/enclosing/including)4 our latest catalogue. I (am afraid/deeply regret/apologise)5 our most up-to-date price list is not yet available, but I shall send you one as soon as they are printed. I hereby wish to inform you that our products listed on pages 20 and 21 meet the most recent environmental conditions. We would be happy to supply you with any samples you may (require/pretend)6. If you have any further (questions/enquiries/doubts)7 or would like to arrange a meeting, please do not ( pause/delay/hesitate)8 to (connect/contact/correspond)9 us again. In the meantime, I (look/wait/expect)10 forward to (listening/hearing/seeing)11 from you. (Regards/ Yours sincerely/ Love from)12 J.P.Green (Enc./p.p.)13
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5. Enlarge upon a. The parts of a business letter (The heading, date, reference line, inside address, salutation, subject line, body of the letter, close, signature, enclosure). b. Types of complimentary close. c. What is the difference between letters and memos?

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UNIT 9

ACCOUNTING
FINANCIAL ACCOUNTING AND MANAGEMENT ACCOUNTING

Accounting may be defined as the process of identifying and communicating economic information to permit informed judgments and decisions by the users of the information (The American Accounting Association). In other words accounting is a language the language of business. Like all languages it has its own vocabulary, methods of expression, terminology and conventions- and because of these, its own difficulties of interpretation and understanding. When using accounting words, it is important that you understand their accounting meaning. As in any language, some accounting rules and terms have a single correct meaning, and others are like dialects in that their meaning varies with different users. Accounting is a language which pervades, in some measure, everybodys life, and hence it is a language with which everyone should have some familiarity. Accounting is usually subdivided into two areas: Financial accounting Management accounting Management accounting seeks to provide information to those in positions of authority within the organisation, ie. managers. Financial accounting, on the other hand, seeks to provide information to other interested groups, including shareholders, government, customers, suppliers of goods and services, lenders of finance and employees.

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Briefly, the major differences are as follows: Nature of the reports produced Financial accounting reports tend to be general-purpose reports available to parties that are not part of the company proper stockholders, present and future creditors, customers, suppliers, regulatory State commissions, competitors, financial analysts, and trade associations although the information is also of interest to the company's officers and managers. Such information relates to the financial position, liquidity (that is, ability to convert to cash), and profitability of an enterprise. Management accounting reports, on the other hand, are often specific-purpose reports. They are designed for a particular manager. The information is not generally disseminated outside the company. Level of detail Financial accounting reports provide users with a broad overview of the performance and position of the business for a period. As a result, summaries of information are made available and detailed information is often lost. Management accounting reports provide managers with considerable detail to help them with a particular operational decision. Regulations Financial reports, for many businesses, are subject to accounting regulations, which try to ensure they are produced according to a standardised format. Because management accounting reports are for internal use only, there are no regulations from external sources concerning the form and content of the reports. Reporting interval Financial statements are issued either at the end of an accounting period or on a quarterly basis. Management accounting reports may be produced as frequently as required by managers. In order for managers to make timely decisions, the reporting cycle is usually much shorter than for financial accounting.
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 Time horizon Financial accounting reports are backward looking. They do not incorporate expectations concerning the future. Management accounting reports, on the other hand, may provide information concerning future performance as well as past performance. Range and quality of information Management accounting prepares information for the management that is the users are inside the company, the range of information is much wider, more detailed and based on specific methods. Financial accounting reports concentrate on information that can be quantified in monetary terms. Management accounting reports may contain information of a non-financial nature. For example if management intends to put pressure on slow payers, information on the dates when sales took place and on the customers past record is required. Other examples of non-monetary data required by management might be the percentage of shipments made on time, number of customer complaints received, unfilled sales order, in other words, backlog, the estimated market share of competitors. For deciding if it is advisable to continue the output of a certain product, management might require an analysis on the breakeven point, that is the point at which revenue will equal total costs. For cost estimation managerial accounting might resort to the Cost-Volume-Profit analysis (CVP), which is an instrument for cost analysis. Financial accounting places greater emphasis on the use of objective, verifiable evidence when preparing reports. Management accounting reports may use, at times, information that is less objective and verifiable. We can see from the above that management accounting is less constrained than financial accounting. The only real test to be applied when assessing the value of the information produced for managers is weather or not it improves the quality of the decisions made.
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Most accounting reports and other detailed information are generated mainly for the companys managers so that they may be able to make decisions on future strategies for the company. Reports to management may be either summaries of past events, forecasts of the future, or a combination of the two. Preparation of these data and reports is the focus of managerial accounting, which consists mainly of the following functions: (1) budgetary planning, (2) cost and profit analysis and (3) performance evaluation and control.
READING COMPREHENSION

1. Say whether the following statements are true or false according to the text:
a. Financial

accounting reports may provide information concerning future performance as well as past performance. b. Management accounting exists in order to improve the quality of economic decisions made by users. c. Managers are interested solely in information expressed in monetary terms. d. Management accounting provides information for investment analysts, competitors, and future creditors. e. Financial accounting is less constrained than the management accounting. f. A breakeven point analysis reveals whether it is profitable to produce a certain item. g. Managers have greater control over the form and content of information provided than other user groups. h. As a rule financial statements are produced every week. i. Financial accounting provides information especially for inside users.
VOCABULARY DEVELOPMENT

2. Find in the text words/phrases that mean:

a. a quantity of goods to be sent together. b. a person or organization that provides necessary goods or

services.

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c. a committee or an organisation appointed by the government

that draws up and enforces codes of conduct for the control of certain economic issues. d. of an order or promise that has not yet been supplied or completed. e. a number of jobs waiting to be done that were not done at the proper time, resulting in a lot of extra work. f. the percentage of the total sales of a product in a particular area or country obtained by one company. g. the quantity of goods produced by a worker, a machine or an organization. h. the position where income from sales equals costs. i. money received from the sale of goods or services. 3. Match up the terms on the left with the definitions on the right A 1. managerial accounting 2. bookkeeping 3. financial accounting 4. auditing 5. creative accounting / window dressing
SPEAKING

B a) the process of using unusual but not illegal ways to change business accounts to make them look better than they really are b) the design and maintenance of the accounting system. c) daily recording of financial information d) Preparing budgets and other financial reports for decision-makers e) an official examination of a company's financial records in order to check that they are correct

Discuss in small groups on the following topics: 1. Are there any similarities between financial accounting and managerial accounting? 2. Is there any overlap between the information needs of managers and the needs of other users?
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BUSINESS WRITING

Letters of enquiry
What should you say in a letter of enquiry? 1. Say where you saw the advertisement giving reference. 2. Give some general information about your company. 3. State your general reason for writing-why you want the information. 4. Request action and further information-tell what you want. 5. Close the letter. 6. Add a formal ending: (yours faithfully)-if the salutation is Dear Sirs. (yours sincerely) if the salutation is Dear Mr/Mrs/Miss/Ms). 1. Match the sentences below with the list of functions Eg. A. We look forward to receiving your reply. = Close the letter (5) Some functions can be matched with more than one sentence. a. We look forward to receiving your reply b. Could you send us at least two samples of .. c. Please send us your latest catalogue and price list d. We are one of the largest importers of e. I would also like to know f. We have seen your advertisement in todays Capital g. We are interested in importing your range of . h. Could you please send us some samples of. i. We have read you advertisement in this months edition of. j. We are a company which specializes in / imports k. We would appreciate it if you would send us more information about. l. We have seen your new model at Bucharest International Fair m. We are interested in purchasing n. Could you tell me whether
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2. Complete the letter. Refer to the list of functions above Dear Sirs, We have_________ (1) your advertisement ______(2)Aro Vehicles _________(3) the June _______(4) of Capital We are a large company __________(5) specialises ________ (6) overland safaris for tourists and ________(7) our business is expanding rapidly, we are ________(8) in _________(9) some new vehicles. We would therefore ________(10) it if _________(11) send us your ___________(12) catalogue and price lists. We would also want to know if you are offering any trade discounts. We look forward to__________(13) from you soon. Yours ___________(14) D.Cliff Managing Director Replying to letters of enquiry How should you reply to a letter of enquiry? 1. Acknowledge the letter- thanking the potential customer for his/her interest. 2. State what action you are taking providing requested materials. 3. Answer any specific questions the enquirer asked, for example about prices and delivery. 4. Suggest alternatives (optional). 5. Suggest ways in which you could help the enquirer to make a decision to buy-selling your product. 6. Invite the enquirer to ask for further information. 7. Close the letter hoping for future business.

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3. Match the sentences in the following letter with the functions listed above. Some functions can be matched with more than one sentence Eg. C. Invite the enquirer to ask for further information. Please do not hesitate to contact us to arrange a suitable date and time for a demonstration. a. We can assure you that the MLI 2005 is one of the most outstanding machines on the market today, and our confidence in it is supported by our three-year guarantee. b. We look forward to hearing from you / receiving your order / welcoming you as our client (customer). c. Please do not hesitate to contact us to arrange a suitable date and time for a demonstration. d. .Fortunately we have produced an amazing substitute, CP Soft which has the same texture, strength and quality of leather, but is less than a quarter of the cost. e. We would like to thank you for your letter of enquiring (asking for information) about .. f. We would like to draw your attention to our offer of . g. We would like to suggest a demonstration of this model by one of our representatives h. Please find enclosed our current catalogue and price list quoting f.o.b. prices Constana. i. Our prices include insurance and delivery. j. We are sending the samples you requested under separate cover. k. We would be pleased to supply any further information you require. 4. Complete this letter. Refer to the list of functions above. Dear Mr. Cliff Thank you __________(1) your letter _________(2) 25 June enquiring ___________(3) our Aro vehicles.
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We _________ (4) pleasure ________(5) enclosing our latest brochures and price list. Please ________(6) that the prices quoted do not _____(7) insurance and delivery. As we _______(8) received a large number of _______(9) from all over East Africa in response to our advertisement , we _________(10) shipping two of our _______(11) to Nairobi, and sending out ________(12) of our most experienced ________(13). We__________(14) that you should contact Mr. Ionescu, who will be staying __________(15) the Grand Hotel, Nairobi, between 10 and 30 July, if you __________(16)like to examine and drive these vehicles. The Aro vehicles that we are sending out _______(17) special modification, carried out by ourselves, which will be of particular __________(18) to you. We look _________(19) to hearing from you. Yours _______(20) Marcel Pruteanu Sales Manager
GRAMMAR

If clause I. Zero conditional: Stating a general rule (what generally happens when something else happens): Both verbs are in the present simple tense: If you pay people peanuts you get monkeys. If you order in bulk you usually get a discount. 1. Match the first part of the sentences in column A with the right endings in column B A 1. If inflation is high 2. If a company doesnt advertise
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B a) if they work in pleasant surroundings b) people tend not to save

3. If the government lowers interest rates 4. People are more productive 5. Governments expect something in return 6. If you have an offshore bank account

c) you dont pay income tax d) if they give aid e) it makes borrowing easier f) it loses market share

II. First conditional: Speculating about the future (possible future events ) If I do an MBA Ill improve my job prospects. If our main competitor goes bankrupt we will increase our market share. 2. Put the verbs in brackets into the correct tense a. If the meeting (finish) late, I (spend) the night in Bucharest b. If you (give) us a 5% discount we ( make) a firm order of 10, 000 units. c. If you (order) now you (get) a free gift. d. If we (break) into the Bulgarian market, our turnover (increase) substantially. e. If sales (not/go) well this year, we (try to) reduce our costs. III. The second conditional ( for unlikely, imaginary situations) What would you do if you won a million dollars? If I lost my job tomorrow I would move to the country side. I wish I wasnt working next weekend. 3. Read through the following sentences. Decide whether the events in them are likely or imaginary, and put the verbs in brackets into the right tense. a. I ___________(apply) for the job if I ________(have) a degree, but unfortunately I am still an undergraduate.
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b. Im leaving now; I _______(be) back at noon if the traffic_______(not /be) too bad. c. If I __________(be) chief accountant I _______(insist) on having more staff in the accounting department. d. We _________(not/be) able to do business with you unless you ______(comply) with our ethical policy. e. If I ________(invent) a new product, I _________(patent) it immediately. f. If you _________(increase) sales by over 15% the company _______(pay) you a performance bonus. IV. The third conditional : speculating about the past (unfulfilled past conditions) If I had got up earlier, I would have caught the train They wouldnt have given me the job if the interview hadnt gone well. I wish we had advertised on TV. 4. Put the verbs into the correct form a. If the flight had been delayed, I ___________(stay) at the airport hotel. b. If I ________(know) that you are coming , I would have met you at the airport. c. If we had followed his advice, we could _________(lose) a great deal of money. d. If we ___________(offer) large quantity discounts, we might have won the order. e. If we ____________(had) the right figures, we could have avoided a costly error. f. If you___________(leave) earlier, you might have got there on time. 5. Write down what you would have done if the following things had happened What would you have done if
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a. You hadnt come to this university? b. You had lost your passport in Iraq? c. You had fallen seriously ill while you were abroad? d. You had missed your return flight ? e. A burglar had come into your room at night? 6. Choose the correct continuation for each sentence: a. I cant enter the system because I dont know the password. i. If only I would have the password ii. If only I had the password b. I wasnt taking notes, and now I cant remember what she said. i. I wish I took notes ii. I wish I had taken notes. c. I am worried about the meeting tomorrow. We need to reach an agreement. i. I wish we succeed. ii. I hope we succeed. d. I am not a good typist. i. I wish I could type better. ii. I wish I would type better. e. This is a very unusual situation i. I wish I had known what to do. ii. I wish I knew what to do. Review questions on management accounting Management accounting has been described as the eyes and ears of management. What do you think this expression means? Accounting information should be understandable. As some managers have a poor knowledge of accounting we should produce simplified financial reports to help them. To what extent do you agree with this view?

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UNIT 10

BANKING

Banking refers to the business of providing financial services to consumers and businesses. The basic services a bank provides are checking accounts, which can be used like money to make payments and purchase goods and services; savings accounts and time deposits that can be used to save money for future use; loans that consumers and businesses can use to purchase goods and services; and basic cash management services such as check cashing and foreign currency exchange. Four types of banks specialize in offering these basic banking services: commercial banks, savings and loan associations, savings banks and credit unions. A broader definition of a bank is any financial institution that receives, collects, transfers, pays, exchanges, lends, invests, or safeguards money for its customers.
ROMANIAN BANKS

Romanian Banks must extend the maturity of their mortgage loans in a bid to counteract the restrictive norms set by the central bank. These norms stipulate that the monthly instalment a borrower pays towards a mortgage loan cannot exceed 35 per cent of his or her income. Some banks are also beginning to advertise new products, such as loans for new and second-hand cars.For all types of loans, the minimum down payment one has to make is 25 per cent of the value of the goods. Last week Volksbank announced it has extended the maximum maturity of mortgage loans to 25 years.The amount one can borrow is
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unlimited however, and the bank will decide on its value after analyzing the family revenues.Housing loans provided by Volksbank in 2005 amounted to some eight million Euro. Around 40,000 people took a housing loan from our bank by December 2005, said the communication officer at Volksbank Bank. Most of the clients prefer to take a loan in foreign currency because of the lower interest, she added. At HVB someone applying for a mortgage loan must be aged between 25 and 55 and have a family income of a minimum 300 Euro.The payback period for acquiring or extending the house is between three to 20 years while for refurbishing is between three to five years.The minimum amount of the loan is 10,000 Euro. Car loans given by banks target a different customers segment than the one targeted by leasing companies. The loans we offer mostly address private individuals, while leasing addresses more the corporate segment, said the communication officer at HVB. Raiffeisen offers loans for those who want to purchase a new car, Romanian or foreign-made.The loans are given in RON, Euro or US dollars, with a maximum value of 75,000 Euro and with a reimbursement period between six months to five years.The total value of the loans taken out in 2005 increased by nine times on the previous year, said the bank. The loaning market will increase further but with a lower yearon-year percentage than the last two years. New players will come on the market such as Banca Tiriac, ABN Amro, Banca Romneasc, while the clients will search for the most convenient loans.
(adapted from BUCHAREST BUSINESS WEEK, October 2005) READING COMPREHENSION

1. Read the text again and specify whether the following statements are true or false: a. The restrictive norms set by the central bank stipulate that the monthly instalment a borrower pays towards a mortgage loan has to be more than 40 per cent of his or her income.

T/F
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b. Loans for new and second-hand cars are not granted by the Romanian Banks. c. For all types of bank loans, the minimum down payment the borrower has to make is 25 per cent of the value of the goods. d. Given the lower interest, most of the clients prefer to take a loan in foreign currency. e. The minimum amount of the loan at HVB is 20,000 Euro. f. The director of the Credit Division of Volksbank declared that the loans they offer address mostly private individuals.

T/F T/F T/F T/F T/F

2. Choose the words or phrases most similar in meaning to the following as used in the reading passage:
1. grant 2. acquire 3. reimburse 4. bid 5. observe 6. refurbish 7. target : a. allow : a. obtain : a. compensate : a. offer : a. celebrate : a. rehabilitate : a. aim b. authorize b. annex b. pay back b. present b. honour b.renovate b. purpose c. admit c. earn c. recompense c. submit c. respect c. restore c. procure d. bestow d. gain d. make up for d. propose d. commemorate d. redecorate d. get hold of

VOCABULARY DEVELOPMENT

1. Match the words in column A to their right definition in column B A 1.maturity 2.mortgage 3.instalment 4.borrower 5.down payment B a.any of the parts in which a debt is paid,over a period of time. b.to give someone a claim on (property) as security for payment of a debt or loan c.payment at the time of purchase d.date when a bill has to be paid e.the person who gets the temporary use of sth.,on the understanding that the thing received is to be returned

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6.leasing

f.a contract by which the owner of a car,a building,land,etc. allows another person to use it for a specified time, usually in return for payment.

2. Fill in the blanks with words chosen from the above ones: a. They decided to extend their house and got a ....................... loan for a period of five years. b. As he was short of money, he wasnt able to pay on the date of ............................... c. The monthly .........................they had to pay was as much as his wifes wages. d. As she was not very wealthy, she made a ..................of $50. e. They used .................contracts for all the buildings in the district. f. He wasnt the real inventor, he only was the...............of their methods. 3. Which verb refers to which nominal group to form bank collocations: 1.grant 2.pay 3.extend 4.make 5.take 6.apply for a.the maturity date b.a down payment c.an instalment d.a housing loan e.mortgage loans f.a loan

4. Match the words on the left, having to do with kinds of payments, to the explanations on the right: 1.dole 2.graft 3.alimony 4.gratuity a. money given in recognition of services rendered, a tip b. state payment to insured persons who are unable to find employment. c. money received during a certain period (esp. a year) as wages or salary,interest on investments,etc. d. an allowance payable by a man to his wife or former wife after a legal separation or divorce.
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5.income 6.interest 7.fine 8.salary 9.wages 10.pension

e. a sum of money paid as a penalty. f. money given to obtain some advantage in business or politics by bribery or unfair influence. g. fixed payment made by an employer at regular intervals,usually calculated on an annual or quarterly or monthly basis h. money paid for the use of money lent i. money paid or received for work or services, specially paid daily or weekly. j. an income consisting of a periodic payment made by the State to people who are above a certain age or widowed or to certain disabled people or by an employer to a retired employee.

5. Use some of the above words in the following sentences: a. Being above age of working, he retired and received a................ b. As she lent so much money, the................she had to pay was considerable. c. He used substantial................to reach that position. d. Without any job, they have been living for years on a..............
GRAMMAR

The passive voice = to be + the past participle of the main verb 1. Change the following sentences as shown in the example: E.g. They have made progress. Progress has been made. a. They will develop new techniques of accounting. b. They have improved their lending methods. c. They eliminated the restrictive norms last year. d. They had identified the causes of the loss. e. They are extending the maturity date one of these days. f. They advertise new products every two months.
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2. Put the following sentences into the passive voice making all necessary changes and mentioning the agent where necessary: a. The judge gave him one month in which to pay the fine. b. They will say nothing more about the matter if somebody returns the stolen document. c. The burglars had cut an enormous hole in the steel door of the bank. d. The organizers will exhibit the objects until the end of the month. e. He has just written a special edition for the bank employees. f. Anyone with the proper knowledge can understand these instructions. g. They will have to adopt a different attitude. 3. Change the following sentences from the Passive Voice into the Active Voice: a. Last year a profit of two million pounds was made in the first six months by our bank. b. Your money could be put to better use instead of being left idle in the bank. c. He spoke for an hour, and his remarks were received by the audience with loud applause. d. Someone will have to be found to take her place. e. The matter will be dealt with in a later paragraph. f. My computer is being repaired at the moment. g. Im afraid all our copies have been sold but others have been ordered. Remember: In English, both direct and indirect object of the verb in the active voice can become subject of the passive construction. 4. Change into passive the following sentences according to the model: E.g.I showed him his mistakes. His mistakes were shown to him. He was shown his mistakes. a. They offered him a good job.
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b. They promised her immediate help. c. I paid them the money this morning. d. She will give us the answer as soon as possible. e. He owes her quite a lot of money. f. The lawyer has just given to him the details of his uncles will. Causative have The verb to have is used to show that the action is made by someone else for the person who needs a certain service. 5. Rewrite the sentences according to the model, with the proper form of the verb to have: E.g.Our door is broken, well call the carpenter to repair it. We will have our door repaired. a. The office was dark so last year we decided to put in another window. b. I cant read Chinese so that somebody had to translate my documents. c. The manager asked us to finish the report at once. d. I need to print some visiting cards till tomorrow. 6. Fill in the spaces with the correct form of the verb TO HAVE, the past participle of the verb between brackets and, where necessary, a pronoun: E.g. The room is very untidy, but we...it......next month. (redecorate) The room is very untidy, but we are having it redecorated next month. a. They cant find a house to suit them so they............one......... (build) b. My dress is too long, I must................(shorten). c. Youve spilt oil on your coat; now youll have to ......... it........(clean)
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d. They didn like the colour of the walls so they .......... them ........(paint) e. We went to a service to.............the puncture............(mend)
BUSINESS WRITING

1. Order letter The letter in which a company expresses its decision to buy, on certain terms, some specified goods, is called LETTER OF ORDER.It is usually a reply to an offer. As a rule the order is placed on an order form, which gives all the details on quantities, qualities, terms of delivery, terms of payment and prices, packing, sizes, deadlines, etc. When placing an order it is essential to be accurate and clear. Orders may be first time orders, repeat orders and trial orders (meaning that the goods are ordered subject to being accepted by the buyer after examining them. If he does not accept them he returns them to the supplier with no commitment to pay for them). Functions to be found in an order letter: acknowledge receipt of previous correspondence (offer) express your reaction to prices, discounts, etc. place the order discuss or suggest terms of payment set deadline for delivery close the letter Fill in the blanks in the following order letter with the terms mentioned below: DISCOUNT CANCEL OFFER PAYMENT ORDER FORM CATALOGUE EXPENSE CREDIT RISK SHIPMENT DELIVERY 18 September 2005 Dear Mr.Brown, Thank you for your.......... of 15 September 2005,accompanied by your latest............and price-lists as well as your quotation for one million units and a pro-forma invoice.
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Your trade..............of 12% plus your 7% quantity discount is quite satisfactory. We are therefore enclosing our........... .............. for 1 million metal paper clips with all the details containing sizes, terms of delivery, types of documents required. We agree to ................ by documentary ............to be opened at Barclays Bank,London And undertake to apply to our bank and have the credit opened within the next two weeks. ......................by 10 October 2005 is essential and we reserve the right to..................the order and return the entire....................at your entire..............and ................any time after that date. We hope that this will be the first of many orders we will be placing with you. Yours sincerely M.Smith Sales Manager Enclosure: Order form 2. Reply to an order An order that has been received by a company must be confirmed at once, especially when it can be carried out. In it you tell the buyer that the order has been received and has been put in hand. You assure him it will be executed carefully and without any delay. Sometimes the terms and conditions of the order are repeated in the confirmation. The functions of this type of letter are: acknowledge receipt of the order confirm that you are able to supply the goods and can meet the conditions of the order say what you have done and what you are going to do to implement the order close the letter
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Here is a list of some phrases to illustrate the above mentioned functions: 1. Acknowledge receipt of the order. Use phrases like : Thank you for your first time order; We want to tell you how pleased we are as it is our first dealing with you. 2. Confirm that you are able to supply the goods and meet the conditions of the order. Use phrases like: We are happy to inform you that we can meet your order immediately; We are glad to confirm that we can supply your order from stock. 3. Say what you intend to do to implement the order. Use phrases like: We are now making arrangements for the shipment of your order; We are now dealing with your order and you may expect delivery within the next 15 days; The order will be dispatched as soon as we get confirmation of the opening of the documentary credit from our bank. The following letter of confirmation of an order normally has four paragraphs. Put the paragraphs below in their right order: Dear Mr. Peters, a. We are looking forward to the safe arrival of your order and receiving further orders from you. Yours sincerely, Paul Hartley Sales Manager b. We thank you for your order of 5th May 2006 for 150 portable electric typewriters which we received today. c. The order has been put in hand and will be dispatched as soon as we receive confirmation of the opening of the documentary credit. d. We are glad to confirm that we can supply your order from stock.
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3. The turning down of an order There are different circumstances when an order cannot be carried out. Here are the functions of such type of letter: Thank the customer for the order; Say that you cannot meet the order; Suggest an alternative. Fill in the blanks in the following letter of turning down of an order, with the words listed below: Order difficulty sorry available shortage send fill Gentlemen: We are ..to have to tell you that we cannot your order for 200 pairs of black doeskin gloves. We can.you all the white, tan or yellow gloves you want; but there is a temporary..of black due towith the dyes. Thank you very much for your. which we hope youll give us an opportunity to fill when black doeskin gloves again become . Yours very truly,

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UNIT 11

FINANCIAL ACCOUNTING
FINANCIAL STATEMENTS

As we know an Accounting department systematically records, sorts and summarizes the thousands of documents representing the transactions of a business. These transactions are then compiled, classified and summarized into financial reports for a business so that a financial statement can then be prepared. Financial statements are usually prepared on a quarterly, biannual or annual basis. Most are drawn up on a yearly (fiscal) basis. Statements provided that are outside of the fiscal closing are known as interim statements. Therefore a financial statement can be defined as an accounting report that shows income and expenses for an accounting period and normally consists of a balance sheet, a profit and loss account (US income statement) and a statement of cash flows. These year-end financial statements are drawn up by most accounting professionals. Balance Sheet The purpose of a balance sheet is to show what a company is worth. It is like a snapshot of the firm's position on the last day of the financial year. It is basically concerned with the capital of the business and not with its performance. The balance sheet comprises three major components: a) the assets the entity controls (what the company owns) b) the liabilities the entity is obliged to meet (money owed for goods or services already received and c) the equity interests of the entity's owners (the asset value that actually belongs to the owner-in a corporation, this is usually divided into original capital and retained earnings)
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A balance sheet, as the name implies must balance: -sources of funds equal employment of funds. In other words: creditors equal debtors. (US accounts payable vs. accounts receivable) This can be calculated by a simple equation: assets = liabilities + owners equity /net worth or owners equity = assets - liabilities This is a basic formula that must always be true, unless some kind of fraud or serious errors have occurred. Since assets represent the way in which funds have been employed, and liabilities and net worth represent sources of funds (i.e. funds borrowed) this means that: -employment of funds = sources of funds. This balance in which for every debit there is a corresponding credit, is the basis of the accounting procedure known as double-entry book keeping Profit and Loss Account / Income Statement (US) The Profit and Loss Account presents the entity's performance during the current accounting period. It measures the profit or loss for the period. Unlike the balance sheet which is dealing with the capital of the business the P&L is basically concerned with the performance of the business. Therefore the statement will show the firm's trading position in terms of its profitability for the whole twelve months of the financial year. The components of the P&L account are: revenue / cash from sales From this must be deducted: o cost of sales (raw materials, labour costs, overheads, depreciation) What is left when these costs have been deducted are: o trading profits From these must be deducted o interest on loans This leaves: o Pre-tax profit Out of the pre-tax profit must be paid o Corporation tax
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leaving a sum available to be paid either as: o -dividends to shareholders or o -retained in the business To assess whether a gross profit or a loss has been made over a period a company needs four figures: 1. the value of the stock at the beginning of the period 2. the cost of the stock acquired during the period 3. the value of sales made during the period 4. the value of stock remaining at the end of the period (at the price it cost the company not at the price the company hopes to sell it for) The balance sheet and income statement are related to each other. Your equity on the beginning balance sheet plus the profit (or minus the loss) from the income statement equals your equity for that period. Cash Flow Statement The cash flow statement (CFS) shows how the movements in the balance sheet from the previous year to the present one have been brought about, so it ties together two consecutive year-end balance sheets, illustrating the companys ability to earn cash. It is a historic view of the flows of cash into and out of the business. Many if not most of the features are the same as in the P &L account. Both statements show income and expenses. However, the bottom line on the Profit and Loss Account is not the same as in the Net Cash Flow. But why is this ? The answer is quite simple, the figures included in each are similar but they are not identical. The main differences result from how depreciation and certain payments are recorded. For example: Income from sales is entered as it is received, not before. If a credit sale is made, the income is only entered when the actual bill is paid. In the P&L account, sales are applied to the accounting period in which the sale occurs. So a good sold in one period on credit, is entered as a sale for that period, even though the payment may not be due until the next accounting period. In the cash flow statement expenses are entered as paid. In the P&L account , provision is made in accounts for expenses incurred but not yet paid, these are known as accruals.
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Another distinction refers to depreciation. As depreciation is a paper accounting transaction, not involving actual expenditure, this is not shown. In the P&L account, depreciation is shown as a business expense. Also, capital inflows are recorded differently. If a business receives a further injection of capital that has not arisen from its trading activities then, this is shown in the cash flow statement as a type of income. The P&L account will only show an inflow of capital that has arisen as a result of trading activity.
VOCABULARY DEVELOPMENT

1) Find words/phrases in the text which have the following meanings: a. money owed by a company; a debt b. an item of value belonging to a person or a company, such as a share, a piece of land, a building or a machine, especially if it can be sold to pay a debt c. a system of recording accounts where each sale or purchase is shown as having an effect on both the DEBIT COLUMN and the CREDIT COLUMN of an account d. the amount of money put into a company by its shareholders when they buy shares and used to buy the items it needs to carry on its activities e. money received from the sale of goods or services f. a gradual loss in the value of something, such as a vehicle, a machine or any ASSET that wears out with use and age g. an amount charged for money borrowed h. an amount of money received from the sale of goods minus the cost of manufacturing or buying them i. part of the annual profit that is not paid out to shareholders as dividend, but reinvested in the company j. the profit obtained before tax has been deducted k. money taken by a government from the profits made by companies and corporations

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Quiz: How to Analyze a Balance Sheet 1) Here are a number of essential business entries used on a balance sheet. Use the words listed below to decide which type of entry fits the definition. (intangible assets dividends liabilities depreciation fixed assets distribution costs overhead variable costs advertising costs operating costs) a. Payments made to shareholders based on company profits b. Equipment and other assets which generally loses value over time c. Patents, ideas, trade marks, licenses d. Costs and money owed e. Property, equipment currently owned and not intended for sale f. Non-changing costs such as rent, lighting, heating, etc. g. Changing costs of employment, raw materials, etc. based on rate of production. h. Costs related to encouraging consumers to buy a product i. Costs related to delivering goods to points of sale j. Day to day cost of running a business 2) The opposite of accounts receivable is... a. Current Liabilities b. Long Term Debt c. Notes Payable d. Accounts Payable 3) Working Capital is... a. Current Assets Current Liabilities b. Current Liabilities c. Notes Payable d. Accounts Payable

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4) At least some of the capital surplus of any business is the result of... a. Inventory Markdowns b. Treasury Stock c. Retained Earnings d. Bank Loans 5) What is the difference between Shareholder Equity and Book Value? a. b. c. d. They are the same thing Book value excludes intangibles Shareholder Equity measures only the net assets One is an asset, the other is a liability

6) Match each of the words in brackets with the correct definitions below: (debit, teller, withdrawal, balance, deposit, credit, cash, statement (of account), cashier) a. A record of the financial transactions of a business b. Money paid into a bank c. An amount of money deducted from an account d. Money in the form of bank notes and coins e. The removal of money from an account f. A clerk who pays out and receives cash at bank g. The remaining amount of money in an account h. A machine or person who counts out money i. An amount of money in an account 7) Choose the word that best fits the context. Modify its form where necessary. Unbalance, transfer, give, balance, debit, rendered, offer, credit, settlement, nominated, keep a)Have you ________an account of expenses? b) The account doesnt __________because a credit has been wrongly entered in the books. c) Please acknowledge receipt of the enclosed cheque and ________our account accordingly. d) Please supply the goods as soon as possible and ________our account. e) Please ________me a
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detailed account of the meeting. f) Your expenses can be paid straight into a bank account _________by you. g) The deposit account ________ a high rate of interest but withdrawals require 90 days notice. h) The account was ________ on the 15th of August and is now overdue. i) We enclose a debit note showing the amount due and look forward to the _______ of your account. j) I am _________ my bank account from the city centre branch to one nearer my home. k) The account will be ______. Numeric response questions 1) If an insurance company purchased a bank with a book value of $23,487,525 for $75,387,000 in stock and cash under the purchase method, how much Goodwill would the insurance company be required to put on its balance sheet? a. $75,387,000 b. $63,028,480 c. $31,398,500 d. $51,899,475 2) If a large Jewelry store chain purchased a family owned Jewelry store for $187,400,000 and the family retained 14.387%, what is the minority interest that will be put on the balance sheet? a. $39,230,200 b. $26,961,238 c. $18,209,218 d. $14,210,094
BUSINESS WRITING

Payment Advice of payment We would like to inform you that we have arranged for a credit transfer through our bank, Banca Romneasc. The transfer is for 3,650 in payment of invoice no. Re1825. Could you confirm the transfer has been made as soon as the correspondent bank advises you?
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 Acknowledgement of payment We received an advice from our bank this morning that your transfer for invoice no. Re1825 has been credited to our account. We would like to thank you, and ask you to contact us if you need anything else. 1. Complete the following business letter choosing the appropriate word or phrase from the sample letters above. MODIFY its form where necessary. Dear Mr. Savolainen We have instructed our bank to ____________(1) for a letter of credit for 4,850.92 to be _________(2) against your __________(3) no. Gl 1538 and the proceeds will be credited to you as soon as Finish Trust receives the documents. Chasing late payments / bad debts Summarize what has happened since the payment was due. Try to make the bad debtor guilty of his / her behaviour Remind him / her of your agreement Say what action you intend to take 2. Complete the following business letter choosing the appropriate word or phrase from the list below. MODIFY its form where necessary. (remittance, undertake, cash flow, overdue, full, settle, debt, outstanding ) Dear Mr. James Re: Invoice 32448 I am writing to you once again regarding the above invoice, dated 11 January , for the exhibition equipment we supplied to you. This invoice is still ___________(1)

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According to our records, we have not yet received your ___________(2) or a reply to our previous requests for payment, dated 18 February and 15 March. Under the terms of our contract you _________(3) to settle within thirty days of receipt of our invoice. We felt, that as the owner of a small business yourself, you would appreciate the effect that late payments have on our __________ (4) and therefore, had expected to receive your remittance some time ago. However, as of today, your account is sixty days ____________(5). We will, of course, be able to recover the _____(6) through the courts, which would involve you in additional legal costs. However Im prepared to give you a final opportunity to ________ (7) your account. Unless I receive _____(8) payment within the next seven days, you will leave me no alternative but to put this matter into the hands of my solicitor. Yours sincerely, Marin Ionescu Head of Financial Dept.
GRAMMAR

Subjunctive Structure For all verbs except the past tense of be, the subjunctive is the same as the bare infinitive (infinitive without to): be (past) be (present) all other verbs (past & present) be I work I were I be you work you were you she, it work he, she, it were he, she, it be he, we were we be we work you were you be you work they were they be they work

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Use Talking about events that somebody: wants to happen hopes will happen imagines happening It may also express A demand, requirement, request or suggestion. The subjunctive is typically used after:

the verbs: ask, command, demand, insist, urge, propose, recommend, request, suggest + that the expressions: it is desirable, essential, important, necessary, vital, a good/bad idea + that if, as if, wish, suppose

In fixed expressions: Bless you ( which means: May God bless you) Long live our gracious queen (The first line of the British National Anthem) Long live the bride and groom Be that as it may Examples:

The manager insists that the main entrance be locked at night. The board of directors recommended that she join the company. It is essential that we do something about it as soon as possible. The President requests that you be present at the meeting. Romanian people demand that the troops be withdrawn She acts as if she were Queen.

The use of the subjunctive as above is more common in American English than in British English, where should + infinitive is often used:
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The manager insists that the main entrance should be locked at night. The board of directors recommended that she should join the company.

Subjunctive Quiz I 1) After each sentence, select the verb or verb string that best completes that sentence. Caution: the subjunctive form will not be the best choice in all sentences. a) Her employees treated Mrs. Ionacu as though she (is, be, were) a queen. b) It is essential that she (was / is / be) at the meeting. c) I hope that he (finish / finishes/ finished) his job on time. d) The doctors recommended that she (take / takes / took) a holiday. e) Suppose she ( is / be / were ) here. What would you say? f) I think it's an interesting fact that she (come/ comes / should come) from Estonia. g) The landlord requested that John (moves, move, will move) out of the apartment. h) We want the windows (to be / be / were) washed before Saturday. i) She says that the government (regulate/ regulates) the airline industry. I don't know if that is true. j) The office administrator demanded that the heater (repair / repairs / was repaired / be repaired) immediately. k) It is important to remember that Janine (think/ thinks) very differently from you. She may not agree to the changes you have made in the organization of the company. l) The doctor recommended that she sees / should see/ saw an eye specialist. m) The teacher insists that his students arrive / arrived / on time. n) I demand that she immediately (apologize/ apologizes) for what she just said.
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Negative, Continuous and Passive Forms of Subjunctive Examples: The company asked that employees not accept personal phone calls during business hours. The President demanded that I be allowed to take part in the negotiations. I propose that we all be waiting in Andys apartment when he gets home. 2) Subjunctive Quiz II a. The boss insisted that Mr. Predescu (be not / is not / not be) at the meeting. b. It is important that you (are / be / is ) standing there when she gets off the plane. c. We suggested that you (are / be / were) admitted to the organization. d. It is crucial that a car (is / be / were) waiting for the boss when the meeting is over. e. I suggest that you (dont take /not take / didnt take) the job without renegotiating the salary. f. Jake recommended that Susan (is / be / were) hired immediately. Financial accounting terms How many of these questions can you answer? 1. Which of the following will appear as a current asset on a balance sheet: a. Proposed dividend to shareholders b. Creditors c. Trade debtors d. Bank loans and overdrafts

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2. When Mrs. Petcu writes out a cheque for $100 and sends it to Electrica S.A., then Mrs. Petcu is known as the: a. creditor b. drawer c. payee 3. Which of the following assets are intangible? a. buildings b. machinery c. trademarks 4. An item can be reported as an asset only if it passes three of the following tests. a. item is valuable b. item is located in a building owned by the entity c. item is used by the entity d. the entity has ordered the item. e. item was acquired at a measurable cost f. item is owned or controlled by the entity. 5. Indicate whether the following statements about the BALANCE SHEET of a corporation is true or false: a. The amount reported for the paid-in-capital item is approximately the market value of the stock b. Land is reported at approximately what it is worth 6. Capital accounts represent the owner's ......... worth in the business. a. equity b. value c. net d. profit

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UNIT 12

FILING SYSTEMS

The most important rule for successful management of information is: Be Consistent. Choose a system for each kind of filing you must do and follow it religiously. If you are moving into an office where a filing system already exists, learn the rules as soon as possible. The more information passes through your office, the more you need a logical system for filing it. ALPHABETICAL FILING SYSTEMS In an alphabetical system, all information is filed in ABC order. There are several types of alphabetical systems: Alphabetical by Name is the system to use if you are managing or organizing any type of business that involve clients. You may organize your system by a persons last name, by first name of corporation, by case name, and so on. Alphabetical by Subject is useful when the information you are filing corresponds to a number of different topics. You may handle materials for several departments, or your office might deal with a number of products. Alphabetical by Location is helpful if you work with a number of branch offices or have sales regions over a broad area. You might list files alphabetically by state or region and then by city within those areas, or by city with clients or companies listed as subheadings. NUMERICAL FILING SYSTEMS Depending on the amount and type of information you need to file, you may find that filing by number makes the best sense. There are a few kinds of numerical systems: Consecutive Filing is useful when filing invoices or numbered forms of any kind. Numbers in consecutive files often begins with 0001 and range to 9999.
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 Digit Filing (Terminal Digit Filing, Middle Digit Filing) is based on six digits, and usually indicates the drawer, guide, and folder in which an item is filed. Chronological Filing is simply filing by date. This may be useful in a correspondence file or as a record of sales figures. NON-PAPER FILING SYSTEMS In theory, todays electronic offices have less and less paper to file. Materials may be filed on microforms, stored on computer or filed on optical disks. Micrographics is the process of storing photographic reductions of documents. Computer Files are part of our software. We can save files to a hard disk, a floppy disk, or a tape. Depending on the software we have, we may have the option of consolidating large amounts of information, merging files, and creating management systems. Optical Disks can store large amounts of information, both printed and graphic. A CD-ROM disk can store nearly a quarter of a million pages of text. (adapted from K.A. Zahler, Ellen Lichtenstein, 21st Century Office Assistants Manual, The Philip Lief Group, Inc.1996)
READING COMPREHENSION

1.Read the text again and specify whether the following statements are true or false: a. The more information passes through your office, the less you need a logical system for filing it. b. In an alphabetical filing system, all information is filed in ABC order. c. Alphabetical filing system by location is useful if we work with branchoffices over a broad area. d. Consecutive filing means to file documents by date. e. Non-paper filing systems suppose information stored on computer. f. A CD-ROM disk can store nearly a quarter of a million pages of text. T/F T/F T/F T/F T/F T/F
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2. Choose the words or phrases most similar in meaning to the following as used in the reading passage: 1. consistent 2. religiously 3. topic 4. amount 5. consecutive 6. management :a.homogenous :a.scrupulously :a.field :a.quantity :a.in sequence :a.administration b.persistent b.meticulously b.area b.number b.successive b.control c.uniform c.faithfully c.subject c.volume c.connected c.supervision d.steady d.rigorously d.point d.extent d.serial d.operation

VOCABULARY DEVELOPMENT

1.I. Match the words and phrases in column (A) to the right explanation in column (B), then use them to fill the blanks in the sentences below: (A) 1. filing 2. digit 3. folder 4. record 5. software 6. hardware (B) a. any numeral from 0 to 9, especially when forming part of a number b. a folding cover for loose documents c. computer programs or the tapes containing these (as distinct from hardware) d. to place in a file or preserve in written records e. the mechanical and electronic parts of a computer f. information preserved in a permanent form, especially in writing

II. a. The last two..............in a Terminal............Filing generally indicate the drawer where the documents are kept. b. Check your..............before purchasing software. c. ................systems are very important for the book keeping. d. Many companies have.................created to fit their specific accounting and financial needs. e. When he put the papers in.................he could find his documents more easily.

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GRAMMAR

GERUND = -ING verbal form = used in some particular situations: as a subject; after prepositions; after phrasal verbs; after certain verbs (deny, avoid, keep, suggest, dislike, understand, etc.) after cant phrases; after certain common phrases (its no use, to be worth, to be/get used to/accustomed to 1. Transform the verbs between brackets into subjects of the sentences: E.g....................(to fish) is a profession, and..........(to angle) is a hobby. Fishing is a profession, and angling is a hobby. a..............(to deal) with figures is not a very easy job. b..............(to give) employees higher wages helps to increase motivation. c..............(to fly) Business Class makes trips abroad less stressful. d..............(to become) a fully-qualified doctor can take about ten years. e. ...........(to find) a good job is rather difficult. f..............(to learn) foreign languages is a very pleasant pastime. 2. Use Gerund after prepositions in the following sentences: E.g. She left the room without ............(to say) good-bye. She left the room without saying good-bye. a. He left university after............(to get) a good job in a good company. b. Shes very interested in.........(to visit) foreign countries. c. He in sisted on..........(to see) her. d. I have no objection to............(to hear) the story again. e. They had a lot of difficulty in............(to find) the company. f. We managed to extend the house without..........(to take) another loan.
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3. Use Gerund after phrasal verbs (verbs + prepositions/ adverbial particles): E.g. He took to.............(garden) when he retired.# He took to gardening when he retired. a. She went on..........(work) until late in the evening. b. I have seen the film, now I am looking forward to..........(read) the book. c. They gave up........(work) inindustrial business and took to.......(farm) d. I dont care for.......(stand) here and......(wait) for them. e. Because of the strike they put off......(meet) on that day. f. They kept on.......(laugh) and.......(speak) until the end of the meeting. 4. Fill in the blanks with the verbs given below: PUNISH MEET BE LATE WAIT RESIGN TRAVEL a. He didnt want to risk........ so he left very early. b. They often try to avoid.............in the rush hours. c. He always resented..........his employees. d. They suggested...........for the manager. e. We cant understand him...........his job. f. They dont anticipate...........any opposition. Remember Gerund + cant phrases (cant help, cant bear, cant stand, cant resist, afford) : 5. Use Gerund of the verbs between brackets a. She couldn resist.................(buy) a new car. b. They cant help...........(laugh) at her story. c. He cant afford..........(miss) such an opportunity. d. I cant resist..........(help) them. e. She cant afford..........(travel) business class every time.

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Remember Gerund is used after certain common phrases, such as : its no good/use, to be worth, good at, to be/get used to/accustomed to.6...Fill in the blanks with the following verbs at gerund: Tell work buy stay leave a. Hes used to..................at night. b. Theres nothing here worth............ c. Shes accustomed to.................the office so late. d. Hes good at..............jokes at the parties. e. She got used to.................late at the company.
BUSINESS WRITING

1. In business, letters of complaint are not unusual. Their purpose is to get better goods or service, or to effect a satisfactory adjustment of some kind. You are more likely to get what you want if you are polite in your letter. Nothing is gained by being sarcastic or insulting. So just state your case, say what the trouble is and how you expect it to be corrected. Be specific and to the point, but be pleasant about it. The sequence of the paragraphs is: refer to order state reason for complaint suggest possible causes of the problem state action(s) you require the other company to take Fill in the blanks in the following letter of complaint with the words given below: error refund customers protection complaining Gentlemen, Many of our.............have been............about your ball-point pens. They are clearly not giving satisfaction, and we have had to...........the purchase price of many of them. We have had trouble only with the last ............. .The pens received before were satisfactory and we had no.............. from customers.
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complaints instructions

shipment

Please check to see if there was an.............in the making of these pens. We suggest that you check also to see if they are being packed with adequate ......................for shipping. We have 8 thousand of the pens left, and we should like you to send us a new shipment at once to replace them. We will wait for.................from you before returning the others. Sincerely yours, 2. The adjustment letters, in answer to complaints, must be written without anger or impatience, very politely, to avoid further conflicts. One of the most effective way to disarm an angry person and win him over to your way of thinking is to admit a cause for complaint. Accusations only make things worse, as a rule. But being very reasonable and understanding about the whole thing, explaining how or why it happened, often settles the trouble pleasantly, and without loss of good will. Here are the stages of a reply to a letter of complaint: acknowledge the letter apologize explain the cause of the problem action(s) taken to solve the problem end optimistically

Here are two models of letters of adjustment. After studying the writing technique of these two letters, try to answer the letter of complaint under Ex.no.1, by an adequate letter of adjustment. Dear Madam, (1)

Thank you for your very courteous letter. We are sorry the furniture arrived in poor condition. It was apparently damaged during shipment. We are sending you another table at once, doubly well-packed, this time, to make sure it reaches you safely. The driver who delivers it will pick up the damaged table.
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We hope you have not been inconvenienced and that you will enjoy your purchase for a long time to come. Sincerely yours, Dear Mr.Goodwill, (2)

Were sorry you found it necessary to return our last bill for correction. You are right about the 15% discount, of course. But the $45 is not an error; it represents charges for air-express deliveries made at your request during the month of February. Well take care that our accounting department makes no mistakes about the discount in the future. Yours very sincerely, 3. Here are some jumbled paragraphs of a letter of adjustment. Put them into the appropriate order according to the stages presented above: Dear Madam, a. However, your stationery is now ready and will be sent to you at once. You should receive it about the same time as this letter. b. We can understand your annoyance at not having received the stationery you ordered on March 3rd. c. We hope you will forgive us for the delay, and that you will thoroughly enjoy your purchase! Sincerely yours, d. Orders for printed stationery take three to four weeks for delivery; and our salesmen have been instructed to so inform customers. Apparently you were not told it would take long; and we are certainly sorry for the oversight.

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Unit 13

INTERNATIONAL TRADE
IMPORT-EXPORT

International Trade is the process of exchanging goods or services between two or more countries, involving the use of two or more currencies. The benefits derived from the development of international trade are numerous, including a wider consumer choice and higher levels of consumer satisfaction. International trade increases competition and prevents the monopolistic control of the home market by local exporters. Exporting today is a highly skilled and professional operation. Above all, the exporting results must be profitable and, accordingly, it is most desirable that the export personnel are of a high calibre, with language proficiency, adequately qualified and rewarded, to attain this objective. The export department has two main functions: marketing and shipping. The former is responsible for sales, pricing enquiries, quotations, recording and checking orders, and other marketing functions such as promotion, research, etc. whilst the latter is responsible for transportation, customs duties and the relevant documents involved, packaging, costing for distribution, etc. Overall, the export departments objective is to ensure that the export order processes smoothly from start to finish to obtain complete customer satisfaction and produce a modest profit to the company. DOCUMENTATION A typical exportimport transaction may involve some or all of the following documents and records. Quotation The quotation states: a) prices at which goods can be supplied b) special export packing, handling c) terms including discounts
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available d) cost of carriage of the goods (freight costs) e) time required for delivery f) banking charges (service fees, interest) f) period for which the price will remain valid. Where the term carriage forward is used, this means that payment for transport will be the responsibility of the consignee. Where the term carriage paid is used, this denotes the carriage charges will be paid by the sender of the goods. Pro-forma invoice similar to a sales invoice except that it is headed pro-forma. It is not a record of sales effected, but a representation of a sales invoice issued prior to the sale. As it contains all relevant details, it is used for quotations to customers and for submission to various authorities. When used as quotation the proforma invoice constitutes a binding offer of the goods covered by its price and condition shown. Purchase Order is a request by an overseas buyer to be supplied with goods or services. Export Order acceptance by which the exporter agrees to accept order only if customer will pay by confirmed letter of credit. Letter of Credit (L/C): a written undertaking from a bank, at the request of its customer, the Importer (Applicant) that it will pay the beneficiary (Exporter) so long as he meets the conditions of the credit. A Letter of Credit is also commonly referred to as a Documentary Credit. The main points: an agreement between banks (not buyer and seller). contract from buyer to seller (not the other way around) requires proof of specific acts of performance uses credit line, or ties up cash flow the wording must match exactly the terms of the credit Commercial Invoice: is an accounting document through which the Exporter claims payment from you, the Importer, for goods and services purchased. It provides details about the goods and/ or services (size, quantity, shipping marks and numbers etc.) as well as the trade terms (CIF, FOB etc.). It shows practically who shipped what to whom. Where there are several packages in one consignment the invoice is usually accompanied by a packing list.
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Packing list indicates which goods are in each carton and since the cartons are numbered this facilitates Customs inspection. The numbering in a six-carton consignment should read 1 of 6, 2 of 6, etc. Consular Invoice. This applies particularly in South America. The reason may be concerned with the countrys need to control foreign exchange to ensure that only essential goods are imported. Insurance certificate is a proof that the goods are covered for risk of damage or loss during transit and is often asked for in the documentary credit (L/C) Bill of Lading is one of the prime documents which ensures the exporter gets paid for his goods It serves three major purposes: Contract to deliver the goods; Receipt from the ocean-carrier for the goods shipped; Becomes certificate of ownership. It is a document having the force of law. House Bill (of Lading) B/L is issued for a full container load. If the load has to be broken up at destination for a number of different customers than, a house bill is issued for each consignee receiving part of the load. Certificate of Origin (c/o) is prescribed by certain countries as a condition of importation. Whether or not goods are being imported form an embargoed nation. It may be issued by the exporter himself or by a Chamber of Commerce or Consular authority, as specified. Its true function is to help identify the origin of goods for the purpose of levying duties and taxes. It has a further purpose in so far as it is often used as a means of collecting statistics. Airway bill (AWB) a receipt for dispatch of goods transported by air detailing all the information about the flight and destination. It is non-negotiable so it does not carry the same validity as a bill of lading for sea transport. Certificate of Health- Agricultural and animal products require a certificate stating that they comply with the health regulations in the importing country.
READING COMPREHENSION

1. Find words/phrases in the text which have the following meanings: a. having or requiring a particular talent or ability b. the coins and banknotes that belong to a particular country
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c. the first or first mentioned of two. d. free from disturbance or excitement, untroubled; uninterrupted, unobstructed e. the second mentioned of two; (more loosely) the last mentioned of several. f. a government order to stop trade with another country g. a condition of sale where the cost of transporting goods is paid by the receiver h. a condition of sale where the cost of transporting goods is paid by the sender i. to store, pack or move goods j. a person or an organization intended to receive goods sent k. the cost of transporting goods l. material used to wrap, contain and protect products; designing and using this material. m. an amount that must be paid when particular goods are imported into a country, or occasionally when they are exported n. a load of goods sent to supply a customer's order or to provide an agent with goods to sell for the owner o. a thing that is being carried or to be carried p. that cannot be exchanged for money except by the person whose name is written on the document. Multiple Choice Questions 1. One of the main purposes of consular invoices is to control: a. payment of Customs duties b. the issue of visas and passports c. foreign exchange d. the issue of haulage permits 2. For which one of the following countries would you expect to have to produce a Certificate of Origin as a matter of course? a. France b. Saudi Arabia c. Hungary d. Turkey
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3. Where a freight forward operating a groupage service takes small consignments from exporters and consolidates them into a full container load for a number of consignees? What documentation should he also prepare? a. bill of lading for the consignor b. house bill for the consignor c. house bill for each consignee d. bill of lading for each consignee 4. Which one of the following can be a document of title enforceable at law? a. House bill b. CMR consignment note c. Airway bill d. Bill of Lading

5. If the Romanian currency were to rise sharply against other world currencies, the probable effect on the Romanian economy would be to: a. b. c. d. make imports cheaper make exports cheaper Increase the price of products made in Romania encourage foreign tourism in Romania.

BUSINESS WRITING

Apology for delay in shipment 1. Complete the following business letter choosing the appropriate word or phrase from the list. MODIFY its form where necessary. Not all the words should be used. Use standard English spelling: (to allow, to want, to cause, sell, unloading, stroke, to buy, to contact, to be able to, to be, to make, to serve, to cancel, delay)

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Dear Mr. Boyanov Im sorry that we have not ____________deliver as scheduled your shipment of rugs from India. Unfortunately, the dock workers strike in Contana has prevented the ___________ of the ship. I expect that the strike will be over soon and that we can deliver your shipment within the next month. I apologize for the __________ and inconvenience this __________ you. I will notify you as soon as the strike _____ over. Yours sincerely Marin Nedelcu Shipping Dept. Apology for damaged shipment 2. Complete the following business letter choosing the appropriate word or phrase from the list. MODIFY its form where necessary. Not all the words should be used. Use standard English spelling (to order, to want, to cause, to sell, to purchase, to tell, to contact, to be able to, to be, to make, to arrive, to serve, to cancel) Dear Mr. Boyanov, Im sorry to learn about the damage to the sofa that you _________ from us last month. Our driver has determined that the damage occurred in shipment (most likely from the manufacturers warehouse to our store). Ive ordered an exact replacement from the factory, and Ive been____________that it will take four to six weeks to get here. Ill call you as soon as it_____________, and we will arrange a convenient time for delivery. I am sorry for the inconvenience this ___________you. Ill be in touch very soon. Sincerely, Bob Chamberlain Manager
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VOCABULARY DEVELOPMENT

Business idioms 1. Match the verbs on the left with the nouns on the right to form common banking collocations 1. purchase 2. open 3. earn 4. make 5. withdraw 6. pay 7. transfer 8. download a. bills b. funds c. an account d. a deposit e. financial data f. goods g. cash h. interest

2. Replace the words in italics with expressions from exercise above a. Just by using the keypad on your phone, BCRPhone Banking lets you __________________ settle invoices from wherever you are. b. The BRD Euro Account allows you to _______________ buy products in local currencies without paying any exchange rates. c. All you need is a modem or Internet connection to _______________ transfer account information onto your personal computer. d. You can __________________put money into your account by post at Bankpost branches. e. Online banking services lets you ______________ move money from one account to another quickly and easily. f. The Citicard allows you to _______________take out money from cashpoints around the word. g. With Citibank, you can______________receive a percentage on your current account balance. h. Just fill out and return the application form or call a iriac Bank representative to __________________ set up a banking arrangement.
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Banking collocations Account (bank) Adjectives: Current/ checking account; Deposit account, Savings account; joint account, open account, interest-bearing/ paying account, numbered account, healthy~ Verbs: open, have, credit, debit, add sth to, close, publish, draw on, keep, overdraw, pay sth into ~ Verbs: is in the red/black; is overdrawn/in credit Noun; holder, deficit 3. Choose the pairs of words (collocations) listed above that best fit the context a. Transilvania bank has launched a (an) .. . for small businesses and charities. It allows up to ten free withdrawals a month. b. I am not sure if the two spouses hold a with our bank. c. Business is slow, our ..is .. d. He has admitted that he has money in his .. but still he said he would not pay. 4. Choose the best verb to complete each sentence 1. The bank is charging / providing /giving/requesting/ a minimum rate of 9% for the loan. 2. They paid / awarded / gave / credited the money to his wifes account. 3. Some cash machines give / make / reveal / sell information about accounts. 4. It may be easier to refund / draw / take / remove money from your account than to pay money in. 5. She put / paid / deposited / placed the cheques in her account.

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Confusing financial terms 5. Choose the correct word to finish the phrase or question: a. I haven't got enough money for lunch. Could you borrow/lend me some? b. How much does she earn/gain in her position? c. It was a very good dinner. Can we have the account/bill please? d. We expect prices to raise / rise by at least 4 percent. e. We only exchange goods if you produce a receipt / recipe. f. He's an excellent doctor, but he doesn't charge/spend too much. 6. Complete the sentences below by inserting the right derivate of the verbs in brackets The first has been done for you : The contract is not negotiable (to negotiate) a. We charge each ..a fee of 50 to arrange a loan (borrow) b. We are looking for a ..who offers reasonable interest rates. (lend) c. I think that our..is now under control. (borrow) d. This year we will pay a of 1 RON per share (divide) e. To get the loan we had to use our brand new Toyota as ..(secure) Polysemantic words 7. How many meanings or senses do you know for the following English words? How are they translated in the different contexts presented below? Account
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Bank

Head

Share

Enterprise

Performance

Have you kept an account of expenses? Our suppliers must account for the delay. The salesman was visiting one of his most important accounts. Put it on my account. Please give me a detailed account of the meeting. I asked for the goods to be charged to my credit account. You need to take into account the quality as well as the quantity of goods produced. Exports account for 42% of sales. My salary is paid into the bank. Do you bank with Bankpost? The bank was steep and overgrown. I know I can bank on her. We need to bank that cheque today to avoid being overdrawn. I dont have a bank account yet. Have you hurt your head? Shes head of the accounting department. Ill meet you at the head of the valley. The computer company has a 25% market share. The price of shares rose today on the Stock Exchange. We are going to start up a new enterprise. She has great enterprise and is sure to make the business work. Romania is now an economy based on free enterprise. The government plans to make Giurgiu into an enterprise zone. The great majority of the companies all around the world are SMEs (small and medium sized enterprises). She was fired on account of poor performance. Care must be taken in the performance of these tasks. How can we improve our sales performance? More and more companies are adopting a system of performance-related pay. We watched a musical performance yesterday. 8. Complete the sentences below by inserting the right business idiom in brackets: (In the red, to break even, to carry over, to go over the books, to write off, to keep books) a. The new manager has no experience to . and has made many mistakes. b. After only two months the company was able to .and started to make a profit.
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c. The companys final results put it seriously . and a sharp fall in its share price has taken place. d. Our company is facing difficult times and we must . last years losses to this year. e. We hired an auditor to f. It was impossible for the bank to collect the money so they were forced to . the loan. Idiom Quiz 9. Choose an idiom to replace the expression in the brackets: a. The large drug company (took control of) the small drugstore chain. 1. took over 2. took stock of 3. turned over 4. sold out b. After the earthquake the company was forced to sell most of their merchandise (and lost much money). 1. by a long shot 2. at a loss 3. in black and white 4. in the long run c. The price of oil (reached its lowest point) in July and began to rise soon after. 1. cut corners 2. closed out 3. broke even 4. bottomed out d. We closed the store early in order to (count the number of items we had). 1. take stock 2. run short 3. buy out 4. gain ground
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UNIT14

THE STOCK EXCHANGE

Securities markets are the marketplace wherein investors can conveniently invest in stocks and bonds. They provide investors with a convenient means of disposing of their stocks and bonds as well as purchasing new ones. They operate amazingly fast- The New York Stock Exchange boasts that once the order to sell has been placed, it can take less than one minute to dispose of a stock such as IBM. Contrast this with an investment in real estate which can take months or years to dispose of- and the usefulness of securities markets is readily apparent. The most important marketplaces for the stocks of the largest corporations in the United States are the stock exchanges. A stock exchange is an organization whose members join together and provide a trading room where members can meet to buy and sell securities for their customers. Stock exchanges provide a key service: they organize all the information that exists, at any one moment, about the prices at which investors are currently willing to buy and sell particular stocks. Thus, the stock exchanges save investors and their brokers the trouble of shopping around (it should be noted that stock exchanges do not hold an inventory of stocks for sale; they are merely a place for matching a buyer and a seller) Most stocks are purchased from other investors, at prices that are determined by the ups and downs of investors enthusiasm for the stocks, as expressed through the workings of the stock exchange. The value of a stock goes up if investors are willing to pay more for it, and this gain in value goes into the pocket of the present owner of the stock not the company in which it is a share. This return on investment falls into the capital appreciation growth in the value of an investment over time. Investors base their valuation of a stock on the amount of dividends it
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pays: by watching changes in dividends, they can make assumptions about the profits the company is making, for it is out of those profits that the company pays dividends. If investors foresee that the companys earnings are likely to increase tomorrow, they will try to acquire shares in that company today, thus bidding up the price of the companys stock But there is also another very important kind of marketplace for stocks and other securities the over the counter (OTC) market. In this market there is no single trading floor where transactions occur. Instead, the market consists of a network of about 250,000 registered stock and bond representatives scattered across the country, who trade with each other by telephone or teletype. They provide stocks to their customers by holding stocks in inventory. They also stand ready to purchase stock from their customers (at a price of the dealers choosing) , and thus they are said to make a market in that stock. The New York Stock Exchange (NYSE) is the largest of the nine stock exchanges now operating in the United States. It accounts for about 81 percent of he trading on all the exchanges. The American Stock Exchange, or Amex, also located in New York City, is the next largest, handling roughly 7 percent. These two exchanges-NYSE and Amex are sometimes referred to as the national exchanges. This is because the trade primarily in stocks of companies that operate throughout the nation. Besides these two national exchanges, there are the regional exchanges of different American cities. Regional exchanges tend to trade the stock of companies that do business only in their areas. Some stocks are traded on a national exchange and on several regional exchanges as well. U.S Steel stock, for example, is traded primarily on the New York Stock Exchange, but its also available on all the regional exchanges. There are stock exchanges in all major cities of the world, including London, Paris, Hamburg, Tokyo and Toronto. The worlds oldest exchange, founded in 1611 when the Dutch East India Company sold its shares to the public, is in Amsterdam. Each of these exchanges specializes in the securities of its national companies. However, some U.S. companies that do substantial business abroad now trade on these foreign exchanges (IBM, for example, trades in
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both London and Tokyo) , and some foreign companies (Sony of Japan and Hollands Royal Dutch/ Shell) trade on U.S. exchanges. The over- the- counter (OTC) market provides a means to trade stocks not listed on the national securities exchanges. The OTC market is made up of a network of several thousand brokers. These brokers maintain contact with each other and buy and sell securities for the public. A nationwide electronic system communicates trades to the brokers. The system is known as the National Association of Securities Dealers Automated Quotation system (NASDAQpronounced nazz-dak) . Originally the over-the- counter market dealt mostly with small firms that could not qualify for listing on the national exchanges or did not want to bother with the procedures. Today, however, well-known firms such Apple, MCI, and Coors prefer to have their stock traded on the OTC market. The over- the- counter market also handles most corporate and U.S. government bonds as well as many city and state government bonds. Common stock of most insurance companies and banks as well as the stock of many smaller firms is traded over- the- counter. If you look in the Wall Street Journal under NASDAQ Bid and Ask Quotations you will see that the price of over- the-counter stocks is determined by supply and demand as reflected in bid and ask prices. There are some other types of securities, such as: stocks bonds debentures A bond is a document issued by a government or a company borrowing money from the public, stating the existence of a debt and the amount owing to the holder of the document, called a bondholder, who must use the document to obtain the repayment of the loan. There are different types of bonds like: tax-free bonds, revenue bonds, so on. A debenture is an acknowledgment of a debt, usually in a form of a deed (document under seal) by a company or public organization and secured by a trust deed protecting the rights of a debenture-holder. A debenture represents a separate debt of a fixed sum of money.
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 A debenture stock is the borrowed capital of a company or other organization, with all or some of the borrowers property promised as security by a trust deed. A debenture- stock certificate represents part of one large debt, and thus differs from a debenture. The debenture stock is usually not redeemable and is registered in the owners name. The stock holder has the right to be paid debenture interest before any dividends are paid on the equity capital (shares) . -A share is a particular separate part or portion which the capital of a company is divided, thus, e.g. a company may have a capital of 1 million pounds into two million shares of 50p each. Ownership of a share gives the owner, called a member or a shareholder, the right to receive a share in the profits of the company and to share in its management. The main clauses of shares are; ordinary shares; deferred shares; preferable shares and founders shares; but there are many variations of these. Shares can be bought and sold on a stock exchange in lots or parcels according to their price. In a limited liability company, the liability of the shareholder is limited to the amount of their share in the company. In the U.S.A, although the capital of a stock corporation, the equivalent of a company, is divided into shares, they are called stock and their holders are called stock holders. A stock is a portion of those debts of a company that consists of money lent to it. The stock can also a fixed-interest security issued by the government of a country or by a local government authority. (Adapted from Business Today by David J. Rachman& Michael H. Mescon, Fourth Edition, Random House, 1984;
READING COMPREHENSION

1) Say whether the following statements are True or False according to the text: a) OTC is a National Association of Securities Dealers Automated Quotation system; b) OTC provides a means to trade stocks not listed on the national exchanges; c) A stock exchange is an organization whose members join together and provide a trading room where members can meet to buy and sell securities for their customers;
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d) The worlds oldest exchange was founded in 1611 in London; e) NASDAQ is the National Association of Securities Dealers Automated Quotation system; f) NASDAQ cant revolutionize stock trading; g) NYSE and Amex are sometimes referred to as national American exchanges.
VOCABULARY DEVELOPMENT

1) Find in the text words/ phrases that mean: a) An organization whose members join together and provide a trading room where members can meet to buy and sell securities; b) A portion of those debts of a company that consists of money lent to it; c) The National Association of Securities Dealers Automated Quotation system; d) A document issued by a government or a company borrowing money from the public and stating the existence of a debt; e) An acknowledgment of a debt, usually in the form of a deed (document under seal) by a company or public organization; f) Two American national exchanges. 2) Explain what a stock exchange is and speak about the stock exchanges both in the world and in Romania. 3) Read and translate into Romanian the following excerpt. Identify the following words in it and give their definition in Romanian: Financial centre; City: Square Mile: Wall Street; Trade; Securities; Bonds; Commodities: Currencies; foreign exchange; forex; stock; stocks; equities; blue chip shares; blue chip stocks; blue chips. Financial centres Stock exchanges are found in financial centres. New Yorks financial centre is, of course, Wall Street and Londons is the City, also referred to as the Square Mile.
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Things traded in financial centres include: Securities: shares and bonds, investment certificates with a fixed rate of interest. Commodities such as cereals and precious metals. Currencies such as dollars, pounds, and francs on the foreign exchange or forex markets. Shares are also called stock, stocks, or equities. Blue chip shares, blue chip stocks, or blue chips are the safest share investments in leading companies. (Adapted from Key Words In Business Helping Learners with real
English by Collins Cobuild)

4) Fill in the blanks: a) The financial.of the shareholders is limited to the value of their shares; b) Shares yield a dividend,.yield an interest; c) The accountants of the company are checked every year by.;d) If you cannot attend the meeting in person, you may vote by.; e) you are hereby.that the meeting will be held on March 2nd; f) The official address of the company is that of the.Office; g) When the market price of a share is the same as the price printed on it, the share is said to be.
SPEAKING

1) Answer the following questions: a) Can you mention three legal types of firms? ;b) Can you mention two different kind of securities?; c) What is the difference between a company and a society?; d) What else can you say for to create a company?; e) What does the expression to chair a meeting mean?; f) What are the two meanings of the word a vote? (Answer in Romanian); g) Can you define bulls and bears (on the Stock Exchange)?
(Adapted from Commercial English in 40 Lessons by Michel Marcheteau, Jean Pierre Berman and Michel Savio, Editura Niculescu, 2003)

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2) Translate the following fragment into Romanian: The Bucharest Stock Exchange had previously fluctuated heavily in the first part of this year, due to investors attempting to speculate as best as they could on the upward trend on the market at the time. Things cooled down once the summer came, and now the heavy fluctuations are back.. Itis not about a trend reversal. I think it may have been about an attempt to destabilise the market. There are quite a lot of good stocks to buy in view of the medium term, and SIFs are amongst them, the trading director of one of the leading securities firms on the market said yesterday. Some of the analysts on the market say the larger fluctuations actually mean a high risk. If this is so, then the best thing investors can do is sit and wait ( From Ziarul Financiar, The English Section, November 2005) 3) Match the words from column A with the definitions from column B: A 1. Broker 2. Securities 3. Shares 4. Bond 5. Shareholder B a) An agent who is employed by his principal to buy /sell his goods or service b) Investments generally and stocks, shares and bonds which are brought as investments c) A particular part or portion into which the capital of the company is divided d) A formal document acknoledging the existence of a debt e) A holder of one or more shares in a company

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BUSINESS WRITING

Contracts In business, a contract represents a mutual understanding among two partners, concluded in a binding legal form. Here are a large variety of types of contracts: -Sales Contract (or Sale purchase Contract) Contract of Agency Leasing Contract License Contracts, so on. According to local traditions and customs, the contact in business may take different forms. In Japan, for example, a simple verbal understanding is enough to arrange a business. But, in the most cases, the businessmen prefer to conclude a contract as a written document. Such a document is always safer, in special in a situation of disagreement between the contracting parties. Whatever of its forms, the contract comes into force from legal point of view only when it bears the signatures of both seller and buyer. As a rule, the object of a Sales Contract is the transfer of property over certain goods from the seller to the buyer, at a price agreed upon by them. The Preamble of a Sales Contract commonly contains: number of contract, place and date of its conclusion, contracting parties, their names and legal addresses. A Sales Contract has different clauses, such as: the Quality, the Quantity, the Packing and Marking Clauses, the Price and Terms of Payment ones, the Insurance and the Force Majeure Clauses. In this fragment, I am going to describe these clauses briefly. Every contract of sale indicates the quantity of goods sold/bought. Commonly, the nature of goods or commercial practice in different branches determine measuring units used in a contract. Thus, quantity is expressed in units of weight, length, area/surface, volume (capacity) , number of pieces, etc. The quantity must be indicated in exact figures. It also contains precise provisions concerning quality of the goods. The quality is designated by brands, trade-marks, international and local standards, samples, so on. The goods quality is attested by a quality certificate, issued by the seller or by a quality control organization, mentioned in the contract. The Packing Clause is about
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the proper packing of the goods according to the contract. The marking of the products should be according to the buyers instructions and identical with the marking in the shipping documents. The Price Clause must show the amount of money for which an article or commodity can be bought or sold. The world prices are based on the international value of goods. They are established relying on a great volume of transactions under the law of value in force. The Payment Clause stipulates the terms of payment under which the goods are supplied. It should include elements like: place of payment, the method of settlement, the methods of payment, the currency and a bank guarantee. Finally, the Insurance and the Force Majeure Clauses refer to the safety of the transactions in case of accidents or other unpredicted situations. In the last cases, either one or both parties may be excused from performing his/ their part of agreement. A Contract of Agency is an agreement between a principal and an agent by which an agent has to sell the principals goods. A Leasing Contract is an agreement in writing by which one person gives another one the right to use his/ her property, usually for a fixed number of years, in return for either a single sum of money called a premium or a series of regular payments called rent. The person giving the lease is called lessor and the person to whom it is given is the lesee or tenant. A License Contract consists of: 1) a formal permission in writing from an authority recognized by law, to perform an act which without permission would be lawful; e.g: an import/ export/driving/ building license; 2) the usage of someones property; 3) permission given by the owner of a copyright to reproduce an article, such as a book or work of art; or by the owner of a patent, to use a process or to produce an article under license.
READING COMPREHENSION

1) Answer the following questions: a) What is a contract? b) How many types of contracts in English do you know? c) What is a sales contract?
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d) How many clauses does a sales contract have? e) Name some of these clauses of a sales contract and describe them briefly.
VOCABULARY DEVELOPMENT

1) Find in the text words/ phrases that mean: a) A mutual understanding between two partners, usually in a written form; b) The transfer of property over certain goods from the seller to the buyer; c) The first part of a sales contract; d) The different parts contained by a sales contract; e) The money expression of a goods value; f) The conditions regarding prices, discounts and payment under which the goods are supplied. 2) Match the terms on the left (A) with those on the right(B): A 1) A contract is a B a) . must show the amount of money for which an product can be bought/sold b) brands and trade-marks c) the Preamble

2) A Sales Contract refers to . 3) The first part of a Sales contract is called 4) The quality of a product is d d) the transfer of property over esignated by.. certain goods from the seller to the buyer 5) The Price Clause . e) a written understandingbetween two partners

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3) Read and translate into Romanian the following types of Agreements in business letters: I) A Covering Letter: We have set our arrangements in a formal agreement which we are enclosing, signed, with this letter. If the terms of the agreement meet with your approval we should be glad if you would return one copy duly signed to us. II) An Agency Agreements: We, the undersigned,.have appointed Mr of as our representative for.under the following conditions. a. Mrs, undertakes to obtain orders in our name and for our accountant at the prices and conditions quoted by us. b. We undertake to allow Mra commission of% on all orders transmitted by him and reimburse him for all expenses incurred c. Mr.agrees not to represent any competitive firm during the period for which this agreement remains valid III) A Collection of Royalties: An agreement made the.day of. between.(hereinafter called the Author) and the COPYRIGHT PROTECTION SOCIETY OF(hereinafter called the Society) . 1) The Author hereby appoints the Society as his/ her Sole Agent for the collection of all fees, royalties or other sums of money that may now be payable or at any time hereafter may become payable to the Author in respect of the copyright or his/her works during an agreement. 2) In consideration of the services to be rendered by the Society to the Author, The Author hereby agrees for the Society to retain as a commission a sum equivalent to% of all sums of money collected by the Society on his/ her behalf (Adapted from English For the Economists by Lavinia Croitoru Fediuc)

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SPEAKING

4) Explain the differences among the above-mentioned contracts. Can you give some other examples of different types of contracts?
GRAMMAR

Final revision The Gerund can be used as the subject of a sentence, like in the following examples: Skiing is enjoyable (general meaning) ; No smoking (prohibitions) ,so on. The gerund can be used after prepositions, such as: After swimming I felt tired. 1) Turn the following short Infinitive verbs into Gerunds in the following sentences: a) I have read the book, now I am looking forward to(see) the film. b) He took to(garden) after he retired. c) They gave up(ski) and took to.(farm) . d) I dont care for.(stand) and (watch) the football match. e) She insisted on (to see) me. f) They are good at(relate) different stories. 2) Read these sentences carefully and put the following Infinitive verbs in brackets at the right tense: a) I usually teach literature, but I (teach) grammar this year b) You (hear) from your daughter? c) I (be) in Oxford for almost a month now d) He (have) a wonderful time at that party yesterday e) When she (arrive) at the theatre, the play (begin) f) Before we (reach) the stadium, the coach (already, arrive) g) It (be) an excellent football match tomorrow evening on T.V. h) He (play) tennis with his father as soon as he (come back) from his office
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i) Before the ball, he (meet) his friends in a Romanian traditional pub called Carul cu Bere j) He (find) out that he can learn a lot just by visiting other foreign countries. 3) Use the grammatical constructions There is/ There are in different Affirmative, Interrogative and Negative sentences. 4) In the following sentences choose the best phrasal verb (verb+ preposition/ adverbial particle; e.g: to look for something; to run into somebody, so on) a) I agree, and if they criticize you at the meeting, I will back you (up; down; out; in) b) Could you ring TAROM and find (up; over; in; out) details about our next flight? c) Work is always so much better if you have a manager you (get; carry; take; hold) on with. d) Power PCs are expensive, but if you wait, prices will (back; run; turn; come) down . e) By the way, I (looked; turned; came; ran) into Mary in Los Angeles, and she sends you her regards. f) What words are you (looking; asking; waiting) for in that dictionary? 5) Put the verbs in brackets at the correct tenses. Give several variants where possible for the following If Clauses: a) If there (be) any problem, Ill contact you. b) If you (not run) , you (be) late. c) We (play) in the school yard if we (have) a longer break. d) If you (not tell) me the truth, Ill punish you. e) If foreign aid (dry up) , the situation (be desperate). f) If the weather (be) fine, we (leave) to the seaside. g) If he (wake) up early in the morning he can catch the train. h) I (speak) to him if I (see) him.

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6) Change the following sentences from Direct into Indirect Speech as in the following example. I like Economics- She said she liked Economics a) Who is the woman dressed in black? (I asked my wife) b) The conference will bring about greater international cooperation (the Prime- Minister considered) c) It is still raining (the weather report I was reading said) d) What day is it? (I asked) e) The judge will decide the case next week (Lucy rang and told me) f) I defy you to prove I have lied to you (I told him) g) Deeds are better than words when people need help (my grandparents taught me) h) Im not coming with you.and thats my last word! (Paul declared)

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UNIT 15

FINANCIAL MANAGEMENT
SOURCES OF FUNDS

Successful business needs: workforce money materials Money is needed: to pay for raw materials for making goods to meet running costs; everything from rate demands, pencils and wages to electricity bills, paper clips and petrol This is working capital needed to keep the business running. Money is also needed to keep the business in business and able to grow, in other words to: Build new factories Extend existing ones; Buy machinery, equipment and transport; To replace or renew outdated or worn out equipment This is fixed capital needed to keep the business properly equipped and able to develop. Where the money comes from depends on what it is for and how long it is needed. The four main sources are: Money earned from the sale of goods or services, retained and ploughed back into the business; Money specially set aside to replace particular items of equipment; Selling assets not essential for running the business; Borrowing from banks or shareholders.
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Working capital for day-to-day expenses is needed all the time; fixed capital is needed when major items of expenditure are planned. Thus working capital will usually be met by money retained in the business while fixed capital will largely be met by borrowing. Although customers eventually pay for the goods produced or services rendered, there may be a long time between paying for the raw material needed to make the goods and receiving payment for them. Workers have to be paid until the end of the month even if the goods they made are not sold until the following month. Meanwhile the business is out-of-pocket. The money has to come from somewhere just to keep in business. Ideally this out of pocket period will be covered by money kept in the business. If costs rise very fast, the money kept in business may not be enough to cover it so money may have to be borrowed just to keep going. This is a problem of liquidity, of not having enough cash liquid or on tap as it were, to meet immediate needs. When this happens cash may have to be borrowed to meet these immediate needs. This creates a new problem since future earnings form sales must cover the cost of borrowing the cash and paying it back over an agreed period.
SOURCES AND USES OF SHORT-TERM AND LONG-TERM FUNDS

The choice of a source of cash for borrowing will depend upon such considerations as: Interest rates; Length of loan; Repayment terms; Conditions of loan-security to back loan, etc.; Amount needed. In general, loans can be divided into short-term and long term. Short-term is usually one to five years, long-term over five years. The principal sources are as follows: Short term (1 to 5 years): Creditors; Banks; Hire Purchase; Merchant Bank or Finance House, Leasing
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Long (over 5 years): Leasing-Banks; Merchant Bank or Finance House; Retained Profits; Share Issues; Government Agencies (Finance for industry, grants, etc) An alternative way of looking at sources of finance is to consider those which are internal to the company and those which are external. Internal sources a) Long term Profits retained in the business b) Short term Cash budgets for the forthcoming year will reveal any surplus arising during the year; Dividend policy-the level of dividends could be reduced to conserve cash; Tax reserves (which do not have to be paid immediately); Within a large company or group some divisions may have surplus funds which could be transferred to meet shortages elsewhere; The time given to customers to pay for sales could be shortened; The companys debts could be sold to a factor for immediate cash at a discount, leaving the factor (a third party) to collect from the customer, The time taken to pay suppliers could be extended; Sale of surplus assets which are not required for present operations; Sale of free hold property under a sale and lease back arrangement to realize the capital value of the property. External sources a. Long term Preference shares. These shares usually have a fixed rate of dividend and their holders are paid in full before the ordinary shareholders receive anything. To persuade people to invest in preference shares the fixed interest is normally a
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little higher than that yielded by investments in Government Stock. Ordinary shares. Generally these shares carry no fixed rate of dividend and investors receive a share of the profit only after all other claims have been met. Deferred shares. Holders of deferred shares rank for dividend after the ordinary shareholders have had a percentage of the profits. Loan. Raising a fixed interest loan repayable after a period of years. Debentures. Are fixed interest security given in return for a long-term loan. Debentures are not shares and the holders are creditors, and not members of the company, like the shareholders. b. Short term Bank overdrafts; Hire Purchase; Other loans. There are various other bodies that will offer loans over short to medium term, e.g. Pension Funds, Insurance companies etc.
READING COMPREHENSION

1) Which of the following statements are true and which are false according to the reading text? Mark each answer by T or F? T. F. a. The most common type of spontaneous financing is a commercial bank loan. b. Stretching accounts payable is a cost-free method of financing a business. c. Trade credit is a system of barter or exchange of "credits" instead of cash. d. To accelerate the turnover of receivables, a firm may either shorten the discount period or increase the discount offered. e. A practical alternative in collecting past due receivables is to use the services of a collection agency.
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2) Place the following assorted items under the appropriate headings: Bank overdraft Retained profits Hire Purchase Leasing Factoring Share issues Bank loan Sale and lease back agreement Internal sources short long term term External sources short long term term

VOCABULARY DEVELOPMENT

1) Find in the text words/phrases that mean: a. A regular cost of running a business, e.g. rent, salaries, heat, light, etc. b. Unmanufactured material, material from which something is or may be made. c. An item such as land, a machine, a building or a vehicle belonging to a business and expected to last a long time. d. A written or printed list of charges or money owed for goods and services. e. The money and stock of goods held by a business and used to produce and sell more goods, i.e. to continue trading. f. To use the profits made by a business to buy new equipment, etc to improve and expand the business.

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g. An item of value belonging to a person or a company, such as a share, a piece of land, a building or a machine, especially if it can be sold to pay a debt. h. Having no money available; out of funds. i. Made readily available in large quantities. j. An act of repaying someone or something; payment back of money. 2) Look at the words in the box. Refer to the text to see how they are used. Then match the words with their correct definitions. overdraft retained profits security sale and lease back agreement shortage savings interest factor leasing return on capital hire-purchase

a. An arrangement whereby property, machinery, etc is sold and then taken back on a lease. b. A situation where there is not enough of something. c. A debt with a bank arising from drawing more from an account than the account holds; banks authorization for an account-holder to incur such a debt. d. The cost of borrowing money expressed as a percentage of the capital borrowed. e. Part of the annual profit that is not paid out to shareholders as dividend, but reinvested in the company. f. A way of buying goods where the buyer takes the goods and pays for them in regular instalments over a fixed period of time. The goods can be reclaimed if the payments are not made, but at the end of the fixed period or after a certain number of payments the goods legally belong to the buyer. g. Property or an item of financial value (an ASSET) that can be claimed by a person, bank or other organization if a loan is not repaid. h. To grant or obtain the use of property, land, machinery etc for a fixed period.
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i. A person who buys the right to manage the debts of a /(an export) company by paying for goods as soon as they are supplied, charging the company a fee, and collecting payment from the customers. j. Sums of money saved on a regular basis, often by means of economizing. k. The profits of a business shown as a percentage of total assets less total liabilities. Collocations / word partnerships MONEY Our investment will still make money. He could raise enough money from the sale of those assets. Money market rates strengthened as a result of the election. The big question is how much money you can make out of this business. This CD provides unbeatable value for money. Most manufacturers usually provide a money back guarantee. Ive just run out of money and Im going to withdraw $100 from my bank account.
GRAMMAR Prepositions The increase in salaries is around 4%. (in + noun) There was an increase of 5%. (of + number) Inflation has increased to 6%. (movement) Inflation now stands at 6%. (no movement) Income tax has gone up from 25% to 30%. (the total increase is 10%.) Income tax has gone up by 25% to 30%. (the total increase is 30%)

1) Complete the sentences with the correct prepositions a. Sales have increased 25% over the last three months. b. The decrease . Profits is due to the bad market.
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c. The rise consumer prices could lead to the fall of the government. d. The FT index went up five points . 3850, a rise . over 3%. e. When the index was .. 3000 our shares were worth 3.20 each. f. Weve seen a fall .. prices recently. 2) Choose the right preposition a. We set . The Bucharest office ten years ago. b. I am quite happy to listen .. what you have to say. c. There is absolutely no way we can make a deal .. them. d. She found the 100 .. accident. e. We are not interested . your service. Review questions on sources of funds: 1. Which one of the following would be classed as a source of long-term funds for a company? a. An issue of ordinary shares b. Trade creditors c. Bank overdraft d. Factoring 2. Which of the following would be treated as short-term fund by a company? a. Ordinary shares b. Debenture stock c. Tax provisions d. Preference shares

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3. Which of the following could be used as a short term means to improve cash flow in a business? a. A new issue of debentures b. A new issue of preference shares c. Taking out a mortgage on firms depot d. Debt factoring
WRITING

Write a 100-word paragraph to compare and contrast the sources and uses of long term funds
SPEAKING

Discuss in small groups on the following topic: A dry-cleaning company which is a private limited company wishes to employ additional labour for a short-term contract with the US Air force based in Koglniceanu, Constana county. This entails outlay of approximately $15,000. How might it reasonably try to raise the extra money?

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Further Readings

FINANCE
TWO MAJOR FINANCIAL SCANDALS

Recently, several major American companies have been forced to reveal involvement in some major financial irregularities. Some companies dont record their losses, or record them as loans to specially created subsidiaries. Other companies record normal expenses as capital expenses, and remove them from the profit-andloss account. In some cases, important flows of finance are simply not recorded at all, and just disappear from the balance sheets. Other accounting discrepancies include understanding of interest payments, fictitious investments, and simply taking cash out of employees pensions and social security funds. These are not small amounts of money. They often involve several billions of dollars. Many financial experts also say that these cases are not mistakes, but practices that have been occurring for years. The biggest and most public scandal of recent times was that concerning the energy trading multinational giant Enron. Enron admitted to improperly inflating earnings and hiding debt through a complex system. The company later went bankrupt, and hundreds of people lost their jobs. WorldCom, like Enron, was a symbol of American capitalism in the past decade, with enormous success in the stock market. WorldCom has now admitted that $3.8 billion of operating costs were treated as capital spending, forcing it to restate results for 2001 and the first quarter of 2002. With so many losses, WorldCom had to file for bankruptcy and default on its $35 billion debt. WorldCom and Enron were only tow examples of what could be a major crisis for
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corporate America. Many financial analysts agree that corporations have to clean up their act and start behaving more ethically with their finances. Can business meet that challenge?
(taken from the vocabulary section in www.onestopenglish.com. 2002) READING COMPREHENSION

True or False ? (according to the text) 1) In order to avoid paying taxes some companies dont record their profits. 2) Some expenses are removed from the profit and loss account. 3) Companies are used to taking cash out of their accounts in order to pay employees pensions.
VOCABULARY DEVELOPMENT

1) Find the words in the text with the following definitions a. To fail to pay money that you owe: _______________ b. Money that a person, company, etc. loses when it spends more than it earns: _________ c. An amount of money that a person, business, or country borrows, especially from a bank:___________ d. A situation in which the rules have been broken: __________ e. A company that is owned by a larger company: ___________ f. An amount of money that you owe: ________________ g. A document that shows how much money, for example money used for buying property or stock in a company: ___________ h. An amount of money you spend in order to buy or do something:__________ i. A written statement showing the value of a company at a particular time:_____ j. An amount of money that you collect , save or invest: ______ k. Money that a company spends on things such as equipment and buildings that it needs to operate as a business: ________ l. The usual expenses involved in running a business but not including the costs of producing the goods to be sold ______
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m. A company in this situation has admitted that they have no money and cannot pay what they owe:_________________ 2) What word(s) goes in the blanks? Choose from the words in the box Go take out a take a default on a be in expenses pay off a be file for loss

a. Bankrupt. b. Loan c. Capital d. Make a e. Allpaid f. Debt g. Bankruptcy 3) Choose the right word from the list to complete each sentence (overdraft facility loans bonds standing order pension) a. We offer __________________ for buying cars and homes. b. To help a customer cover expenses without any worries, we recommend a/an _________________. c. We can manage investments such as shares, real estate and ___________. d. For retirement planning we have got excellent ____________ accounts available. e. A customer can arrange a/an _____________to have transfers made on a set timetable.

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4) Make word partnerships to name typical banking products and services. The words can be used more than once currency internet cheque banking machine/dispenser/point safe box foreign deposit cards cash book credit

SPEAKING & WRITING

Banking products and services 1) A new customer would like to meet with you about doing business with your bank. Use the practice below to help you prepare a talk about your banks products and services. Your bank features basic accounts for customers. Write 1-2 characteristics for each type of account. current account ________________________________________________________ ________________________________________________________ deposit account ________________________________________________________ ________________________________________________________ money market account ________________________________________________________ _______________________________________________________ Types of property The two kinds of property are real and personal. Real property, according to English legal tradition, is the land and anything firmly attached to it, such as buildings and the permanent fixtures of those buildings, and the minerals beneath the surface of the land. Personal property is anything that can be owned other than real property. Personal property can be divided into tangible and intangible property. Tangible property exists physically; an example is a book. Intangible personal property has no physical existence but nevertheless can be legally owned; an example is patent rights.
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Certain items, such as the atmosphere and the high seas, are viewed as neither real nor personal property. British and American English widely used terms in the area of finance BRITISH authorized share capital company creditors current account debtors gilt / gilt-edged securities overheads profit and loss account property quoted company share shareholder shareholders equity stock trade union AMERICAN authorized capital stock corporation accounts payable checking account accounts receivable treasury bonds overhead income statement real estate listed company stock stockholder stockholders equity inventory labor union Romanian equivalent capital social subscris firm / societate/companie conturi creditoare cont curent conturi debitoare obligaiuni de stat costuri administrative, de regie contul de profit i pierdere proprietate (cldiri, i sau terenuri) companie cotat la burs aciune acionar capitalul acionarilor stocuri sindicat

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Annex A: Common Abbreviations and Acronyms

A ACC. CUR. sau A/C: account current A/cs Pay sau A/cs pay: accounts payable A/cs Rec. sau A/cs rec: accounts receivable ACV: actual cash value adv. pmt. : advance payment A.O.: accountant officer ARR : accounting rate of return AS sau A.S.: account sales ASAP sau a.s.a.p. as soon as possible ATM: automatic telling machine attn.: attention / for the attention of B B&B sau b.and b.: bed and breakfast BBA: Bachelor of Business Administration BC sau B.C. : before Christ B/E sau b/e: Bill of exchange bldg. sau Bldg. : building B.L. sau B/L : bill of lading b.o sau b/o: back order B.O.M. Stock: beginning-of-the month inventory BRE: Business Reply Envelope BSC business service center C cc carbon copies C& F: cost and freight ( a shipping term)
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CEO Chief Executive Officer c/f: carried forward ch.fwd: charges forward C.I.A.: cash in advance; C.I.F.: cost-insurance-freight (a shipping term) Co : company C.O.D.: cash /collect on delivery CPA certified public accountant C/T: cable transfer CV: curriculum vitae C.W.O.: cash with order D D/A (en.) 1. deposit account 2. Documents against acceptance
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DAP: Documents against payment DB: day book dba: doing business as DD: direct debit deb: 1. debenture 2. debit disc.: (en) discount dft: draft DN: debit note DPS: dividend per share d/s sau d.s.: days after sight E EFTPOS: electronic funds transfer at point of sale eg: for example enc enclosure

EPOS: electronic point of sale eps: earnings per share ERM: exchange rate mechanism ext extension F FIFO: first in, first out; F.O.B.: free on board; f.o.c.: free of charge FMCG: fast moving consumer goods; G GATT: general agreement on tariffs and trade; GDP: gross domestic product GMT: Greenwich Mean Time GNP: gross national product;

H HO sau H.O.: (en.) 1.head office 2. Home Office HP: 1.hire purchase 2. horsepower HQ: headquarters ; HRM: human resource management I IBRD: the International Bank for Reconstruction and Development I/F: insufficient funds ILO: the International Labour Organization IMF: the International Monetary Fund in: inch inc: incorporated inv. sau invt.: inventory
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IOU: I owe you IRS: Internal Revenue Service ISE: international stock exchange IT: information technology J JA: joint account JFK: John Fitzgerald Kennedy or airport K KK: Kabushiki Kaisha (Japanese : joint stock company) L LAN: local area network LBO: leveraged buyout; L/C sau LC: letter of credit LCE: London Commodity Exchange
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L&D: 1. loans and discounts 2. loss and damage l.d.c.: long-distance call LIBOR: London Inter-Bank Offered Rate LIFO: last in, first out Llds: Lloyds London FOX: London Futures and Options Exchange Ltd: limited M MBA: Master of Business Administration MBO: 1. a management buyout 2. management by objectives MD: managing director MEP: Member of the European Parliament;

MDSG: merchandising MIS: management information system Mr: the title used for a man Mrs: the title used for a married woman Ms: the title used for a married or unmarried woman M.Sc. sau MSc: Master of Science M.Sc. Econ.: Master of Science in Economy mph: miles per hour N n/a sau n.a.: not applicable NAG sau n.a.g.: net annual gain NASDAQ: National Association of Dealers in Securities Automated Quotation

NAV: net asset value NBV: net book value n.c.v sau NCV: no commercial value nil: no number or amount NNP: net national product No.: number NPV: net present value NYSE: New York Stock Exchange O OD sau O/D: overdraft OH sau O/H: overhead o/s.: 1. (accounting) outstanding; 2. (commerce) out of stock P PA: 1. (banking) personal account 2. (commerce) personal assistant
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3. (law) power of attorney 4. (insurance) particular average p.a.: per annum PAC sau P&C.: put and call (option to sell or buy stock) PAYE: (tax) Pay As You Earn payt: payment pc sau p.c.: percent PCB sau p/cb: petty cash book PER: price-earnings ratio per cent: in or for every hundred PIN: personal identification number P/L sau p.l.: partial loss p.m. sau pm: after noon P/N: promissory note POS: point of sale
176

Q qr: quarter qty: quantity qtly. sau Qtly: quarterly quot.: quotation R R: ratio R&D sau R and D: research and development re: with reference to ref: reference rep: representative Rev. a/c: revenue account ROA received on account RORO: roll-on roll-off RPI: retail price index

S Sav.: savings SE: single entry (accounting) S.E.C. sau SEC: Securities and Exchange Commission T TB: trial balance tba: 1. to be agreed 2. to be advised 3. to be announced Tessa: tax-exempt special savings account T/O sau TO: turnover TPI: tax and price index TSE: Tokyo Stock Exchange TT: telegraphic transfer TU: trade union

U unp. sau unpd.: unpaid USM: unlisted securities market USP: unique selling proposition U/W sau UW: underwriter V vac.: 1. vacant 2. vacation VAT: value added tax W W: wire WAN: wide area network WB: 1.way-bill 2. World Bank w.c.: without charge wkds: weekdays wkly: weekly
177

WO: work order w/o: without wpm sau w.p.m.: words per minute wt.: weight X x sau xtn.: extension Y Y: yen yr: 1. year 2. your Yrs. yours Z Z: (en) zero ZEG: zero economic growth

178

ANEX B GLOSSARY account accounting a record of the money that a business receives or pays out recording the past growth or decline of the business, analyzing these results and suggesting the ways in which the business may grow in the future expert who is familiar with the methodology of finance and the fundamentals of fiscal and business administration and who analyzes and interprets business transactions accounts recording money owed to an payable organization or person for things or services purchased by credit accounts the claims against customers that owe money conturi special price adjustments for certain customers the things of value owned by the company, including cash, securities, property a review of the financial records of an organization shows what the business owns and what it owes to its creditors and to its owners on the last day of the accounting period factory worker one who enters data in financial books a period of optimism,high economic activity and relatively low unemployment cont contabilitate

accountant

economist, contabil

accounts

conturi creditoare

receivable allowances assets audit balance sheet blue-collar bookkeeper boom

debitoare rabaturi active audit bilan muncitor ntr-o fabric contabil apogeu, avnt
179

brand brand competition bribe branch budget budget competition

ATM

chief accounting officer cash flow capital capital expenditure clearance sale commercial consignment consumer goods
180

a name used to identify the maker or distributor of a good or their trademark products that perform the same function and compete against each other money that is paid secretly and dishonestly to obtain someones help an office or shop that is connected to a larger company an amount of money set aside for a special purpose the broadest form of competition; included in this category is anything that the consumers might want to spend their available money on cash dispenser/ an automatic machine for supplying cash to cardholders,installed outside banks to provide round-the-clock service controller responsible for maintaining the records of the companys operations, interprets the results of the operations, plans and recommends future actions the movement of cash in and out of a business money used to start a business money spent on buildings, equipment,etc selling items at lower prices in order to reduce stocks advertising run on TV a quantity of goods delivered at the same time goods purchased by members of the public

marc concuren direct mit sucursal buget concurenta prin buget

bancomat

contabil-ef

fluxul de trezorerie capital cheltuieli de capital vnzare cu pre redus; solduri reclama TV transport, livrare bunuri de larg consum

current account

CEO cyberstore CPA current assets current ratio client deposit account discount domestic/ home trade expenses efficient effective flexitime

a bank account on which deposits do not necessarily earn interest,withdrawals can be made,however,at any time,even by cheque (Chief Executive Officer) the head of a company online store Chartered Accountant (in U.K.) Certified Public Accountant (in U.S.A) circulating(floating) assets:stocks,debtors and cash at the bank measures the current assets against current liabilities someone who receives a service a bank account which pays interest,but notice is required for withdrawals and cheques cannot be used for making payments out of it a reduction in price allowed to customers referring to the home market costs incurred in connection with the earning of revenue working well and quickly,producing a good result in the minimum time producing the result that you want a system in which people who work in a company do a fixed number of hours each week, but can also choose what time they start or finish work within certain limits

cont curent

director general magazin virtual contabil autorizat fondurile active coeficient de lichiditate client cont la termen reducere comer interior cheltuieli eficient, competent eficace, apt program de lucru flexibil

181

foreign/ overseas trade gross profit gross domestic product headquarters holding company income interest rate joint venture ledger letter of credit liabilities long-term liabilities manufacture r materials market economy minority interests mortgage
182

flow of goods and services across national frontiers turnover minus direct costs one of the main measures of economic activity;it measures activities located in the country regardless of their ownership the main office of a company company controlling shares in a company receipts from sales or payments of interest and dividends the percentage a bank pays to depositors for the amount in deposit a co-operative operation between two companies, sharing expertise, resources, etc detailed listing of all accounts of an organization a bank document arranging a payment for goods debts owed to creditors, wages or salaries owed to employees or taxes that have not been paid yet debts extending over a long time

comer exterior profitul brut produs intern brut sediul central compania mam venit, profit rata dobnzii societate mixt cartea mare, registru scrisoare de credit pasive

datorii pe termen lung a person or company that makes goods productor from raw industrial an economy where the market is economie relatively free de pia money owed to minority shareholders in dobnzi the companys subsidiaries and datorate associated companies acionarilor minoritari loan with properties and securities to be ipoteca paid

notes payable notes receivable net(opp. gross) operating profit outcome outlet output overdraft

promissory notes with the current assets(on a balance sheet) promissory notes with the current liabilities (on a balance sheet) after everything is taken away (opposite gross) gross profit minus operating expenses consequence a place where sth. can be sold quantity of goods produced arrangement with your bank by which you can withdraw more money than you have in your account buying more items than you can afford administrative costs and rates (power,water,etc) the highest point of a fluctuation

overspending overheads peak

placement planned economy price range promotion publicity; pay-roll records patents

supplying goods to retailers economic system in which economic decisions are made by centralized planners the area of variation of prices for a particular product to reach a higher rank companys employees and how much they earn exclusive right given to an inventor to produce

efecte de pltit efecte de primit net (op. brut) profit din exploatare rezultat vad comercial, debueu producie mprumut prin descoperire de cont cheltuiala peste buget cheltuieli de ntreinere punctul maxim al unui ciclu de afaceri distribuie economie planificat gama de preturi publicitate, promovare statele de plata brevete de invenie
183

premises plant assets prepaid insurance prosperity receipts recession recovery retailing profit and loss account purchases budget purchase book quick ratio record of cash recruit refund
184

buildings, offices, property land,buildings and store equipment insurance paid in advance period of relatively rapid growth of output an amount of money received over a period by an organization; a written acknowledgement of this period of relative stagnation or decline period of relatively rapid growth of output the sale of goods in small quantities to the public income statement;summarizes the profitability of the company by balancing revenue against epenses the budget for the goods that the business will have to buy first in order to sell register where purchases are recorded measures current assets,from which are deducted the stocks against current liabilities register where cash is recorded to employ or take on new staff to pay back money spent

proprietate, cldirile firmei active imobilizate asigurri pltite in avans cretere, expansiune ncasri, chitane recesiune redresare vnzare cu amnuntul contul de profit si pierdere buget de cumprri registru de cumprri rat rapid registru de cas a recruta a restitui

Revenue (=turnover) share premium staff stake subsidiary survey stocks trade trial balance white-collar worker wholesale

any increase in the owners equity resulting from the operation of the business measures the current assets against current liabilities the people who work for a company, its personnel, its employees a number of shares in a company a company that is controlled by another company research undertaken among consumers inventories(USA), goods stored ready for sale buying and selling the test that determines whether the total of debits equals the total of credits a clerical worker in an office buying and selling in large quantities

cifr de afaceri, venitul mare prima de capital personal participaie sucursala studiu de pia stocuri comer balana de verificare funcionar vnzare en gros

185

Answer key UNIT 1: MEETING AND GREETING PEOPLE

READING COMPREHENSION:

1) a-T; b-F; c-T; d-T; e-F; f-F; g-T; h- F; i-T; j-T. 2) a. A: am; B: is; b. A: are; B: am: c. A: is; B: isnt; is; d. A: Are; B: am not; am; e. A: Is; B: it is; f. A: Are; B: are. 3) 1-d; 2-b; 3-e; 4-a; 5-f; 6-a. Reading 4) (1) makes; (2) isnt; (3) is: (4) do; (5) writes; (6) dont; (7) are; (8) works; (9) does; (10) write.
GRAMMAR:

1) a) a; b) Zero article; c) an; a; d) the; a; e) the; Zero article; f) Zero article; g) the. 2) a) he; b) me; him; her; c) us; her; she; d) I; me; e) her; f) me; her; she. 3) a) his; b) her; yours; c) his; hers; d) it; yours; e) their; theirs; f) my; yours 4) flowers; b) boys; friends; c) Dogs; animals; d) dictionaries; shelves; e) mice; cats; f) books; appendices; g) newspapers; media. 5) a) s; b) s; c) ; d) s; e) s; f) s. 6) a) Does Mary understand?; b) Does it rain?; c) Does Mr. White read? ; d) Do your parents like?; e) Do the shops close? f) Do you attend..?; g) Does he know?; h) Do these magazines publish? 7) a) have; b) Is; c) have; d) was; e) were; f) is; g) have; h) have; i) has; j) attracts. 8) a) accompanies; b) wash; c) ranks; d) is; e) are f) are g) is; h) is; i) misses; j) are.
186

Answer key UNIT 2: JOBS

VOCABULARY DEVELOPMENT

1. a. occupation; b. wages; c. salaries; d. occupation; e. professions; f. professional. 2. 1D; 2I; 3J; 4A; 5H; 6C; 7G; 8F; 9E; 10B. 3. 1C; 2E; 3J; 4G; 5H; 6I; 7D; 8F; 9A; 10B. 4. a. PART-TIME .. FULL-TIME; b. APPLICATION; c. LAYING OFF; d. QUALIFICATIONS EXPERIENCE; e. OVERTIME; f. FREELANCE; g. SKILLS. 5. a2; b1; c5; d6; e4; f3. 6. 1 b. ; 2. b; 3 c.
GRAMMAR

1) a. Less and less.; b. The more..the better; c. The sooner..better; d. Fewer and fewer; e. Stronger and stronger; f. The earlierthe better; g. The higher the colder. 2) a. friendly; b. attractive; c. delicious; d. expensive; e. frightened. 3) a. faster; b. thickest; c. more popular; d. largest. 4) a. She is wearing tight striped jeans. b. A clever middle-aged Armenian lawyer. c. An attractive 23-year-old Dutch girl. d. He wears a long black leather coat.
187

e. An interesting small silver box. f. Amelia has long wavy gingery-brown hair 5) a. They negotiated aggressively for five hours b. John read very much at home all day yesterday c. My friend spoke to me very kindly in the street the day before yesterday 6) a. happy; b. hard ; c. fast; d. nice; e. carefully; f. sad; g. well; h. carefully; i. softly; j.slow slowly; k. slow; l. easily. 7) a. Easy b.low c.low-rise d.soft e.low; f. poor. 8) a. great detail; b. strong tea; c. lengthy meeting; d. powerful car; e. e. broad summary. 9) a. occupational b. skilful c. managerial d. clerical e. profitable. 10) a. So have ours; b. Neither do I; c. So did we/I; d. So am I; e. Neither can I; f. So shall I; g. So would I 11) ANS: c

188

Answer Key UNIT 3: SOCIALISING IN BUSINESS

VOCABULARY DEVELOPMENT

1. Can/may; 2. from/with; 3. have; 4.will; 5. Pleased to meet you/ Nice to meet you/ How do you do; 6. Did you have; 7.would you like; 8. Do you take/Would you like. 2. 9.b, 10.c, 11.b, 12.b, 13.b, 14.d, 15.a 3. 1.a, g, 2.b, 3.e, h, 4.c, i, 5. d, j, 6.f 4. 1.c, 2.g, 3.e, 4.a, 5.b, 6.f, 7.d 5. 1.c, 2.d, 3.e, 4.j, 5.a, 6.b, 7.i, 8.g, 9.h, 10.f 6. 1.c, 2.g, 3.i, 4.f, 5.b, 6.e, 7.d, 8.h, 9.a 7. 1.b, 2.d, 3.d, 4.a, 5.c, 6.c, 7.b, 8.a, 9. c 8.1-e, 2-c, 3-j, 4-g, 5-a, 6-h, 7-i, 8-f, 9-b, 10-d 9. 1-e, 2-c, 3-j, 4-g, 5-a, 6-h, 7-i, 8-f, 9-b, 10-d 10. a-2, b-4, c-6, d-5, e-1, f-3 11. a- welcome, b-okay/all right 12. a - 2/5, b-4, c-5, d-1/2/5, e-1/3/5
GRAMAR

a. Who did we work with? b. What are you interested in? c. Who invited Michael to visit the company? / Who did the manager invite to visit the company? d. Which director complimented Daniel? e. How many people visited the plant? 2. a-didnt you, b-is he, c-doesnt it, d-wont you, e-didnt she, f-am I, g-are you, h- wasnt she, i- didnt she, j-didnt he, k-shall we. 3. 1.c, 2.b, 3.a

189

Answer key UNIT 4: HOBBIES AND INTERESTS

READING COMPREHENSION

1. 2.

a-true, b-false, c-true, d-false, e-true, f-false, g-true, h-false. 1b, 2a, 3d, 4a, 5c, 6b, 7c.

VOCABULARY DEVELOPMENT

1. I. 1d, 2f, 3a, 4h, 5b, 6c, 7e, 8g. II.a-leisure, b-make a living, c-ambling horse, d-financial reward, e-spare time, f-side-effects, g-personal fulfillment, h-falconry. 2. to, of, for, with, with, to, at, of. 3. a-Axel, b-Tsukahara, c-Lutz, Biellman, d-Frances Pomeroy Award, e-Davis. 4. a-doing, b-going, c-playing, d-doing, e-playing, f-going, gdoing, h-doing, playing. 5. collectors, to pay, prices, signed, manuscripts, signatures, photographs, letter, auction.
GRAMMAR

1.-------a-can, b-could, c-wont be, d-managed to, e-was able to, f-will be able to 2. ------a-has been allowed, b-may, c-could, d-may, e-can/could, f-may 3. -----a-may, b-may, c-may, d-might, e-can 4. -----a-dont have to, b-need not, c-cant, d-must, e-has to, fmust/will have to 5. ----- a-must have left, b-may/might have escaped, c-could have warned, d-cant/couldnt have done, e-neednt have spoken, f-must have been ----- a-must, b-Id better, c-should, d-ought to, e-would rather, f-should
190

Answer Key UNIT 5: OBTAINING INFORMATION: TELEPHONING

VOCABULARY DEVELOPMENT

1. Numbers 7 and 8 are recorded messages. 2. 1. Graham Hughes, 2. Janice Young. 3. 1. a,b,d; 2. a,d; 3. d; 4. a,c,d; 5. a,b,e. 4. line 1 in the exercise is actually line 14, 2-2, 3-1, 4-5, 5-15, 6-6, 7-4, 8-7, 9-3, 10-8, 11-10, 12-9, 13-12, 14-11, 15-13. 5. 1.c, 2.b, 3.e, 4.a, 5.f, 6.g, 7.d. 6. 1.c,o,i; 2.b,k,e,d,l; 3. r,n; 4.a,q,f, g, h, p. 7. 1. pin down; 2.come up; 3. pencil in; 4. is off; 5. look forward; 6. put out; 7.bear with; 8 draw on; 9. tied up; 10. put off.
GRAMMAR

1. 1. need; 2. starts; 3. Do want; 4. depends; 5. doescost; 6. is, 7. gets; 8. takes; 9. leaves; 10. arrives; 11. do...have to; 12. domake. 2. 1.m visiting our London office; 2.m seeing a new customer; 3m not doing anything special. 3. 1.PS; 2.PP; 3. PS; 4.PS; 5.PP; 6.PS; 7.PP; 8.PS; 9.PP;10.PS. 4. a.2; b.3/6; c.5; d.7; e.6; f.10; g.8; h.4; i.9; j.1. 5. a. have you been waiting, b. have (ve) played, c. has (s) been raining, d. have been driving, e.have known, f. has announced, g. have been reading, h. has been working, i.has worked.

191

Answer Key UNIT 6: HIGHER EDUCATION AND CAREERS:

SPIRU HARET UNIVERSITY READING COMPREHENSION

1) a) T; b) F; c) T; d) T; e) F; f) T. 3a)1-F; 2-D; 3-A; 4-C; 5-E; 6-B

GRAMMAR

1) b) Did. study.?; c) complained; d) Didvisit?; e) placed; f) didhire? 2) (2) knew; (3) used; (4) set up; (5) found; (6) were; (7) rained; (8) had; (9) was; (10) didnt want; (11) decided; (12) succeeded; (13) didnt have; (14) didnt know; (15) started; (16) tried; (17) made; (18) cut; (19) painted;( 20) heated; (21) worked;( 22) improved; (23) began. 3) (1) met; (2) was travelling; (3) noticed; (4) was standing; (5) were waiting; (6) realized; (7) were having; (8) said: (9) was coming; (10) remembered; (11) were having; (12) accepted. 4) a) had gathered: b) had given; c) had played; d) had finished; e) had broken; f) had invited; g) had finished; h) had begun. 5) a) had he gone?; b) had left; c) had already chosen; d) had appointed; e) had grown; f) hadnt studied g) had put; h) hadnt signed.

192

Answer key UNIT 7: EUROPEAN UNION MEMBERSHIP

READING COMPREHENSION

a-false, b-true, c-true, d-false, e-false, f-true, g-true, h-false, i-true. 1d, 2a, 3b, 4a, 5a, 6d, 7b, 8a.
VOCABULARY DEVELOPMENT

1. A-----1c, 2e, 3f, 4a, 5b, 6d B-----a-bilateral agreement, b-summit, c-membership, d-monitor. 2. member, state, democratic, integrate, adjustment, level, development, trade, agreements, membership.
GRAMMAR

1..1c, 2a, 3e, 4b, 5g, 6d, 7f, 8h. 2...a-is making, b-leave, arrive, take, c-are starting, d-takes off, e-is leaving, f-are being held, g-leaves. 3..1c, 2b, 3a, 4c, 5a, 6b. 4..a-will be starting, b-will be working, c-will she be living, d-will be investing, e-will be building, f-will be holding. 5.a-will have found, b-will have finished, c-will have built, d-will have manufactured, e-will have gone, f-will have sold. 6.1d, 2e, 3a, 4b, 5f, 6c. 7.1c, 2e, 3a, 4f, 5b, 6d.
BUSINESS WRITING

b., a., c.

193

Answer Key UNIT 8: COMPANY ORGANISATIONAL STRUCTURES

READING COMPREHENSION

1. a. matrix; b. functional; c. geographic; d. product lines. 2. a. Functional structure, Organisation along product lines, Geographic structure, Matrix structure. b. Yes, the functional structure. c. During the 1980s. d. Reduce costs and take advantage of new technology. e. A flat organisational structure.
VOCABULARY DEVELOPMENT

1. 1.c; 2.g; 3.h; 4.a; 5.f; 6.i; 7.d; 8.e; 9.b. 2. a.software companies; b. product lines; c. project teams; d. business units; e. country managers. 3. 1.c; 2.f; 3.b; 4.e; 5.g; 6.a; 7.d. 4. a.competitors; b. agreement; c.economic; d product; e. organisation. 5. 1.h, 2.f, 3.a, 4.i, 5.d, 6.b, 7.g, 8. c, 9.j, 10.e. 6. a. on; b.along; c. through; d.by; e.up into. 7. A. a; B. b
GRAMMAR

1. a. He said (that) he thought a joint venture was the best way to break into the Far East. b. He said (that) he was/we were not planning to set up a subsidiary. c. He said (that) he had been talking to a group of investors in Asia. d. He said he didnt want to diversify in the immediate future. e. He said we shouldnt attempt to move too fast because we might get our fingers burned. f. He said he would be sending Stuart Campbell on a factfinding mission.
194

2. e; 2.c; 3.a; 4.b . 3. 1. She asked me if I had seen Bernard yet. 2. Could you tell me if you are open on a Saturday? 3. He wondered if/whether I had got his message. 4. Have you got any idea how much time there is left? 5. She wanted to know if/whether he would be taking his wife with him. 4. 1. Someone asked her where the restaurant was. 2. Someone asked her where you can get a shuttle. 3. Someone asked her where the duty free was. 4. Someone asked her where they could leave their suitcases. 5. Someone asked her why the flight had been delayed. 1. A. 1.e, 2.a, 3.b, 4.d, 5.c 2. 1.a.b,c; 2.d, e, h; 3.f, g
BUSINNES WRITING

1. 1.e, 2.a, 3.b, 4.d, 5.c. 2. a.1, b.2, c.3, d.4, e.5, f.6, g.8, h.9, i.7. 3. 1.a.b,c; 2.d, e, h; 3.f, g 4. 1. Mr. Daniels; 2. reference; 3. conversation; 4. enclosing 5. am afraid; 6. require; 7. questions; 8. hesitate; 9. contact; 10. look; 11. hearing; 12. Yours sincerely; 13. Enc.

195

Answer key UNIT 9: ACCOUNTING

READING COMPREHENSION

1) a) F; b) T; c) F; d) F; e) F; f) T; g) T; h) F; i) F.
VOCABULARY DEVELOPMENT

2) a) shipment; b) supplier; c) regulatory state commission; d) unfilled sales order; e) backlog; f) market share; g) output; h) breakeven point; i) revenue. 3) 1 d; 2c; 3b; 4e; 5a.
BUSINESS WRITING

Letters of enquiry 1) a. 5; b. 4; c. 4; d. 2; e. 4; f. 1; g. 3; h. 4; i. 1; j. 2; k. 4; l. 1; m. 3; n. 4. 2) Dear Sirs, We have seen (1) your advertisement of (2)Aro Vehicles in (3) the June issue (4) of Capital We are a large company which (5) specialises in (6) overland safaris for tourists and since (7) our business is expanding rapidly, we are interested (8) in purchasing (9) some new vehicles. We would therefore appreciate (10) it if you could (11) send us your latest (12) catalogue and price lists. We would also want to know if you are offering any trade discounts. We look forward to hearing (13) from you soon. Yours faithfully (14) D.Cliff Managing Director Replying to letters of enquiry
196

3) a. 5; b. 7; c. 6; d. 4; e. 1; f. 3; g. 5; h. 2; i. 3; j. 2; k. 6. 4) Dear Mr. Cliff, Thank you for (1) your letter of (2) 25 June enquiring about (3) our Aro vehicles. We have (4) pleasure in (5) enclosing our latest brochures and price list. Please note (6) that the prices quoted do not include (7) insurance and delivery. As we have (8) received a large number of enquires (9) from all over East Africa in response to our advertisement, we are (10) shipping two of our Aro vehicles /models (11) to Nairobi, and sending out one (12) of our most experienced technicians / engineers (13). We suggest (14) that you should contact Mr. Ionescu, who will be staying at (15) the Grand Hotel, Nairobi, between 10 and 30 July, if you would (16) like to examine and drive these vehicles. The Aro vehicles that we are sending out underwent 17) special modifications, carried out by ourselves, which will be of particular interest (18) to you. We look forward (19) to hearing from you. Yours sincerely (20)
GRAMMAR

If clause I. Zero conditional: 1) 1b; 2f; 3e; 4a; 5d; 6c 2) a. If the meeting finishes late, I will spend the night in Bucharest. b. If you give us a 5% discount we will make a firm order of 10, 000 units. c. If you order now you ll get a free gift. d. If we break into the Bulgarian market, our turnover will increase substantially. e. If sales dont go well this year, well try to reduce our costs.
197

3) a. I would apply for the job if I had a degree, but unfortunately I am still an undergraduate. b. Im leaving now; Ill be back at noon if the traffic is not too bad. c. If I were chief accountant I would insist on having more staff in the accounting department. d. We wont be able to do business with you unless you comply with our ethical policy. e. If I invented a new product, I would patent it immediately. f. If you increase sales by over 15% the company will pay you a performance bonus. 4) a. If the flight had been delayed, I would have stayed at the airport hotel. b. If I had known that you are coming, I would have met you at the airport. c. If we had followed his advice, we could have lost a great deal of money. d. If we had offered large quantity discounts, we might have won the order. e. If we had had the right figures, we could have avoided a costly error. f. If you had left earlier, you might have got there on time. 6) a. ii; b.ii; c. ii; d. i; e. ii.

198

Answer key UNIT 10: BANKING

READING COMPREHENSION

1. a-false, b-false, c-true, d-true, e-false, f-true. 2. 1a, 2a, 3d, 4a, 5c, 6d, 7a, 8b.
VOCABULARY DEVELOPMENT

1. 1d, 2b, 3a, 4e, 5c, 6f. 2. a-mortgage, b-maturity, c-instalment, d-down payment, e-leasing, f-borrower. 3. 1e, 2c, 3a, 4b, 5d, 6e. 4. 1b, 2f, 3d, 4a, 5c, 6h, 7e, 8g, 9i, 10j. 5. a-pension, b-interest, c-graft, 4-dole.
GRAMMAR

1. a-will be developed, b-have been improved, c-were eliminated, d-had been identified, e-is being extended, f-are advertised. 2. a-was given, b-will be said, c-had been cut, d-will be exhibited, e-has just been written, f-can be understood, g-will have to be adopted. 3. a-made, b-could put, leaving it, c-received, d-will have to find, e-will deal with, f-are repairing, g-have sold, have ordered. 4. a-a good job was offered, he was offered, b-immediate help was promised, she was promised, c-money was paid, they were paid, d-the answer will be given, we will be given, e-money is owed, she is owed, f-details were given, he was given. 5. a-we had another window put in, b-I had my documents translated, c-he wanted to have the report finished, d-Ill have my visiting cards printed. 6. a-are having one built, b-have it shortened, c-have it cleaned, d-had them painted, e-to have the puncture mended.
BUSINESS WRITING

1. offer, catalogue, discount, order form, payment, credit, delivery, cancel, shipment, risk, expense. 2. b, d, c, a. sorry, fill, send, shortage, difficulty, order, available.
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Answer key UNIT 11: FINANCIAL ACCOUNTING

VOCABULARY DEVELOPMENT

1) a. liabilities; b. assets; c. double-entry book keeping; d. equity; e. revenue; f. depreciation; g. interest; i. (trading) profit; j. retained profits / earnings; k. pre-tax profit; l. corporation / income tax. Quiz: How to Analyze a Balance Sheet 1) a. dividends; b. depreciation; c. intangible assets; d. liabilities; e. fixed assets; f. overhead; g. variable costs; h. advertising costs; i. distribution costs; j. operating costs; 2) (Accounts Payable) 3) (Current assets Current Liabilities) 4) (Retained Earnings) 5) (Book value excludes intangibles) 6) a. statement (of account); b. deposit; c. debit; d. cash; e. withdrawal; f. cashier; g. balance; h. teller; i. credit. 7) Have you KEPT an account of expenses? b) The account doesnt BALANCE because a credit has been wrongly entered in the books. c) Please acknowledge receipt of the enclosed cheque and CREDIT our account accordingly. d) Please supply the goods as soon as possible and DEBIT our account. e) Please GIVE me a detailed account of the meeting. f) Your expenses can be paid straight into a bank account NOMINATED by you. g) The deposit account OFFERS a high rate of interest but withdrawals require 90 days notice. h) The account was RENDERED on the 15th of August and is now overdue. i) We enclose a debit note showing the amount due and look forward to the SETTLEMENT of your account. j) I am TRANSFERRING my
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bank account from the city centre branch to one nearer my home. k) The account will be UNBALANCED. Numeric response questions 1) D. 2) B.
BUSINESS WRITING

1. Dear Mr. Savolainen We have instructed our bank to ARRANGE (1) for a letter of credit for 4,850.92 to be PAID (2) against your INVOICE (3) no. Gl 1538 and the proceeds will be credited to you as soon as Finish Trust receives the documents. 2. Dear Mr. James Re: Invoice 32448 I am writing to you once again regarding the above invoice, dated 11 January, for the exhibition equipment we supplied to you. This invoice is still OUTSTANDING (1) According to our records, we have not yet received your REMITTANCE (2) or a reply to our previous requests for payment, dated 18 February and 15 March. Under the terms of our contract you UNDERTOOK (3) to settle within thirty days of receipt of our invoice. We felt, that as the owner of a small business yourself, you would appreciate the effect that late payments have on our CASH FLOW (4) and therefore, had expected to receive your remittance some time ago. However, as of today, your account is sixty days OVERDUE (5) We will, of course, be able to recover the DEBT (6) through the courts, which would involve you in additional legal costs. However Im prepared to give you a final opportunity to SETTLE (7) your
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account. Unless I receive FULL (8) payment within the next seven days, you will leave me no alternative but to put this matter into the hands of my solicitor.
GRAMMAR

Subjunctive Quiz I 1. a) Her employees treated Mrs. Ionacu as though she were a queen. b) It is essential that she be at the meeting c) I hope that he finishes his job on time d) The doctors recommended that she take a holiday e) Suppose she were here. What would you say? f) I think it's an interesting fact that she comes from Estonia. g) The landlord requested that John move out of the apartment h) We want the windows to be washed before Saturday. i) She says that the government regulates the airline industry. I don't know if that is true. j) The office administrator demanded that the heater be repaired immediately. k) It is important to remember that Janine thinks very differently from you. She may not agree to the changes you have made in the organization of the company. l) The doctor recommended that she should see an eye specialist. m) The teacher insists that his students arrive on time I demand that she immediately apologize for what she just said Subjunctive Quiz II 2. a) The boss insisted that Mr. Predescu not be at the meeting. b) It is important that you be standing there when she gets off the plane. c) We suggested that you be admitted to the organization.
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d) It is crucial that a car be waiting for the boss when the meeting is over. e) I suggest that you not take the job without renegotiating the salary. f) Jake recommended that Susan be hired immediately. Financial accounting terms How many of these questions can you answer? 1. 2. 3. 4. 5. 6. C C C A; E; F a. F; b. F C

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Answer key UNIT 12: FILING SYSTEMS

READING COMPREHENSION

1. a-false, b-true, c-true, d-false, e-false, f-true. 2. 1b, 2a, 3c, 4b, 5b, 6b.
VOCABULARY DEVELOPMENT

I. 1d, 2a, 3b, 4f, 5c, 6e. II. a-digits, digit, b-hardware, c-filing, d-software, e-folders.
GRAMMAR

1..a-dealing, b-giving, c-flying, d-becoming, e-finding, f-learning. 2..a-getting, b-visiting, c-seeing, d-hearing, e-finding, f-taking. 3.a-working, b-reading, c-working, d-standing, waiting, e-meeting, f-laughing, speaking. 4.a-being late, b-travelling, c-punishing, d-waiting, e-resigning, f-meeting. 5.a-buying, b-laughing, c-missing, d-helping, e-travelling. 6.a-working, b-buying, c-leaving, d-telling, e-staying.
BUSINESS WRITING

1. customers, complaining, refund, shipment, complaints, error, protection, instructions. 2. b, d, a, c.

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Answer key UNIT 13: INTERNATIONAL TRADE

READING COMPREHENSION

1. a. skilled; b. currency; c. the former; d. smoothly; e. the latter; f. embargo; g. carriage forward; h. carriage paid; i. handling; j. consignee; k. freight (cost); l. packaging; m. customs duties; n. consignment; o. load; p. non-negotiable. Multiple Choice Questions 1. C: foreign exchange 2. B: Saudi Arabia 3. C: a house bill for each consignee 4. D: Bill of Lading 5. A: Make imports cheaper
BUSINESS WRITING

Apology for delay in shipment 1. Dear Mr. Boyanov Im sorry that we have not BEEN ABLE TO deliver as scheduled your shipment of rugs from India. Unfortunately, the dock workers strike in Contana has prevented the UNLOADING of the ship. I expect that the strike will be over soon and that we can deliver your shipment within the next month. I apologize for the DELAY and inconvenience this HAS CAUSED you. I will notify you as soon as the strike IS over. Yours sincerely Marin Nedelcu

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Apology for damaged shipment 1. Complete the following business letter choosing the appropriate word or phrase from the list. MODIFY its form where necessary. Not all the words should be used. Use standard English spelling (to order, to want, to cause, to sell, to purchase, to tell, to contact, to be able to, to be, to make, to arrive, to serve, to cancel) Dear Mr. Boyanov Im sorry to learn about the damage to the sofa that you PURCHASED from us last month. Our driver has determined that the damage occurred in shipment (most likely from the manufacturers warehouse to our store). Ive ordered an exact replacement from the factory, and Ive been TOLD that it will take four to six weeks to get here. Ill call you as soon as it ARRIVES, and we will arrange a convenient time for delivery. I am sorry for the inconvenience this HAS CAUSED you. Ill be in touch very soon. Sincerely, Bob Chamberlain Manager Vocabulary development Business idioms 1) 1F; 2C; 3H; 4D; 5G; 6A; 7B; 8E 2) a. Just by using the keypad on your phone, BCRPhone Banking lets you PAY BILLS from wherever you are. b. The BRD Euro Account allows you to PURCHASE GOODS in local currencies without paying any exchange rates. c. All you need is a modem or Internet connection to DOWNLOAD FINANCIAL DATA onto your personal computer.
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d. You can MAKE A DEPOSIT by post at Bankpost branches e. On line banking services lets you TRANSFER FUNDS from one account to another quickly and easily. f. The Citicard allows you to WITHRAW CASH from cashpoints around the word. g. With Citibank, you can EARN INTEREST on your current account balance. h. Just fill out and return the application form or call a iriac Bank representative to OPEN AN ACCOUNT. Banking collocations 3) a. Transilvania bank has launched an INTEREST BEARING ACCOUNT for small businesses and charities. It allows up to ten free withdrawals a month. b. I am not sure if the two spouses hold a JOINT ACCOUNT with our bank. c. Business is slow, our CURRENT / CHEKING ACCOUNT is IN THE RED d. He has admitted that he has money in his SAVINGS ACCOUNT but still he said he would not pay. 4) a. The bank is CHARGING a minimum rate of 9% for the loan. b. They CREDITED the money to his wifes account. c. Some cash machines REVEAL information about accounts. d. It may be easier to DRAW money from your account than to pay money in. e. She DEPOSITED the cheques in her account. Confusing financial terms 5) a. I haven't got enough money for lunch. Could you lend me some? b. How much does she earn in her position?
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c. It was a very good dinner. Can we have the bill please? d. We expect prices to rise by at least 4 percent. e. We only exchange goods if you produce a receipt. f. He's an excellent doctor, but he doesn't charge too much. 6) The first has been done for you: The contract is not negotiable (to negotiate) g. We charge each BORROWER a fee of 50 to arrange a loan h. We are looking for a LENDER who offers reasonable interest rates. i. I think that our BORROWING. is now under control. j. This year we will pay a DIVIDEND of 1 RON per share k. To get the loan we had to use our brand new Toyota as SECURITY Polysemantic words 7) inei/ai inut evidena vreunui cont de cheltuieli? Furnizorii notri trebuie s rspund pentru ntrziere. Agentul comercial fcea o vizit unui beneficiar/ client important. Trece-o n contul meu. V rog dai-mi un raport detaliat al edinei. Am cerut ca mrfurile s fie achitate din contul meu de credit. Trebuie s inei cont att de calitatea ct i de cantitatea mrfurilor produse. Exporturile reprezint 42% din vnzri. Salariul meu este achitat n banc. i ii banii la Bankpost/ Lucrezi cu Bankpost? rmul era abrupt .. tiu c pot s m bizui pe ea. Trebuie s depunem acel cec la banc pentru a evita... Nu am un cont bancar nc. V-ai lovit la cap? Ea este efa compartimentului contabilitate. Ne ntlnim la captul vii. Compania de calculatoare are o segment de pia de 25%. Preul aciunilor a crescut azi la Bursa de valori. Vom nfiina o nou ntreprindere. Ea are spirit ntreprinztor. Romnia este acum o economie bazat pe libera iniiativ. Guvernul plnuiete s transforme Giurgiu ntr-o zon de. Marea majoritate a companiilor din lume sunt ntreprinderi mici i mijlocii. (IMM-uri)
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Ea a fost concediat pentru rezultate slabe /prestaie necorespunztoare. Trebuie s se aib grij n ndeplinirea acestei sarcini. Cum putem s mbuntim activitatea de vnzare? Din ce n ce mai multe companii adopt un sistem de plat bazat pe realizri. Ieri am urmrit un spectacol muzical. 8) a. Keep books. b. Break even. c. In the red. d. Carry over. e. Go over the books f. Write off. Idiom Quiz 9) a. 1: took over; b. 2: at a loss; c. 4: bottomed out; d. 1: take stock.

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Answer key UNIT 14: THE STOCK EXCHANGE

READING COMPREHENSION

1) F; 2) F; 3) T; 40 F; 5) T; 6) T; 7) T
VOCABULARY DEVELOPMENT

1) a) a stock exchange; b) share; c) NASDAQ; d) bond; e) debenture; f) NYSE and Amex 4) a) liabilities; b) bonds; c) auditors; d) proxy; e) notified; f) registered; g) at par
SPEAKING

1) a) One-man business; partnerships; companies; b) shares and bonds; c) society is a non-profit association; d) to set; to form; to found; to float; to launch a company; e) to preside over a meeting; f) a) un vot; b) o opinie; g) Bulls are spectaculators who expect a rise, bears are spectaculators who play for a fall. 3) 1-a; 2-b; 3-c;4-d 5-e
BUSINESS WRITING (contracts) VOCABULARY DEVELOPMENT

1) a) a contract; b) a sales contract; c) the Preamble; d) Clauses; e) price; f) The Payment Clause 2) 1-e; 2-d ;3-c; 4 b; 5-a.
GRAMMAR

1) a) seeing; b) gardening; c) skiing; d) standing; watching; e) seeing; f) relating; 2) a) am teaching; b) Did you hear; c) I have been; d) arrived; had begun; e) reached; had already arrived; f) will play; g) will be; h) will play; comes back; i) had met; j) found out;
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4) a) back you up; b) find out; c) get on; d) come down; e) ran into; f) looking for; 5) a) is ;b) dont run; youll; c) will play; have; d) dont tell me; e) had dried up; would be desperate; f) is; will leave; g) wakes; h) Ill speak; see; 6) a) who the woman in black was; b) .the conference would bring about greater international cooperation; c) it was still raining; d) what day it was; e) the judge would decide the case the next month; f) I defied him to prove that he had lied to you; g) deeds were better than words when people needed help; h) he wasnt coming with him and that was his final word.

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Answer key UNIT 15: FINANCIAL MANAGEMENT Reading comprehension 1) a. F; b. T; c. T; d. T; e. T. 2) Internal sources short term long term Sale and lease retained profits back agreement factoring External sources short term long term bank overdraft share issues hire purchase bank loan Leasing

VOCABULARY DEVELOPMENT

3) a. running costs; b. raw material; c. fixed capital; d. items of expenditures; e. working capital; f. money retained in the business / retained profits; g. asset; h. out of pocket; i. on tap; j. repayment. 4) a. sale and lease back agreement; b. shortage; c. overdraft; d. return on capital; e. retained profits; f. hire-purchase; g. security; h. leasing; i. factor; j. savings; k. interest; GRAMMAR 1. a. by b. in c. in d. to, of e. at f. in 2. a. up b. to c. with d. by e. in Review questions on sources of funds: 1. a; 2. c; 3. d.

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WRITING Write a 100-word paragraph to compare and contrast the sources and uses of long term funds Speaking Discuss in small groups on the following topic: A dry-cleaning company which is a private limited company wishes to employ additional labour for a short-term contract with the US Air force based in Koglniceanu, Constana county. This entails outlay of approximately $15,000. How might it reasonably try to raise the extra money?

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Answer key FURTHER READING FINANCE

READING COMPREHENSION

1) F 2 ) T 3) F
VOCABULARY DEVELOPMENT

1) a. DEFAULT ON; b. LOSS; c. LOAN; d. IRREGULARITIES; e. SUBSIDIARY; f. DEBT; g. PROFIT AND LOSS ACCOUNT; h. INVESTMENT; i. BALANCE SHEET; j. FUND; k. CAPITAL EXPENSE; l. OPERATING COSTS; m. BANKRUPT. 2) a. GO/ BE bankrupt; b. TAKE OUT A loan / DEFAULT ON a loan; c. Capital EXPENSES; d. Make a LOSS / TAKE A LOSS/ RUN AT A LOSS; e. All EXPENSES paid; f. TO BE IN debt / PAY OFF a debt; g. FILE FOR bankruptcy; 3) a. loans; b. overdraft facility; c. bonds; d. pension; e. standing order. 5) Cash machine/dispenser/point Cheque book Internet banking Credit cards Foreign currency Safe banking Deposit box /Safe deposit box Cash book

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1. Anthony, R.N., Essentials of Accounting, Addison-Wesley Publishing Company, Inc., Reading, Massachusetts, 1999 (reprinted). 2. Boicescu, S., Business Communication, Ed. Universitaria, Bucureti, 2005. 3. Duckworth, M., Oxford Business English Grammar & Practice, Oxford University Press 2000. 4. Eichler, L.,Correct Letter Writing, Bantam Books, N.Y.,1993. 5. Emerson, J., Business Grammar Builder, Macmillan, 1998. 6. English for Business and Administration, edited by The British Council, Bucharest, Prosper, Cavaliotti Publishing, 2000. 7. Flinders S., Test your Business English-Intermediate, (ESP) Penguin Books, London, 1997. 8. Hollett, V., Business Objectives Workbook, Oxford University Press, 1992. 9. Hollett, V., Business Opportunities Workbook, Oxford University Press, 1994. 10. Huxley,A., History and Present in Hobbies, Ed.Laurel,1984 11. Marcheteau M., Berman JP., Savio M., Engleza comercial n 40 lecii, Editura Niculescu, Bucureti, 2003. 12. McLarty R., Grant D., Business Basics.- Beginning - PreIntermediate, Oxford University Press, Oxford 1995. 13. Milea, C., English for Banking, editura All Educational, Bucureti 1999. 14. Rachman J.D., Mescon M., Business Today, Random House 1984. 15. Smith, T., Market Leader Test File, Pearson Education Limited, 2000.
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16. tefan R., Pricope M., Beldea E., Go ahead-English course for Business Studies, ed. Fundaiei Romnia de Mine, 2001. 17. tefan R., Marcoci S., Vasilescu R., Beldea E., Come along, Editura Fundaiei Romnia de Mine, Bucureti 2002. 18. Tuck, A., Oxford Dictionary of Business English, Oxford University Press, 1993. 19. Turcu, F., Engleza de afaceri n economia de pia, Bucureti, Ed. Uranus, 1999. 20. Turcu, F., Nstsescu Violeta, Engleza de afaceri, curs intensiv, editura Uranus, 1999. 21. Vasilescu R., Dumbrvescu D., Niculescu A., Burcea R., Dicionar explicativ poliglot de termeni economici, Editura Fundaiei Romnia de Mine, 2006. 22. Zahler, K.A., Lichtenstein,E., 21st Century Office Assistant's Manual, Philip Lief Group, 1996. 23. www.onestopenglish.com

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