Berezovskaya s.n. texts in business english, Упражнения из Деловое общение и английский язык. Academy of Management and Entrepreneurship
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Berezovskaya s.n. texts in business english, Упражнения из Деловое общение и английский язык. Academy of Management and Entrepreneurship

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БЕЛОРУССКИЙ ГОСУДАРСТВЕННЫЙ ЭКОНОМИЧЕСКИЙ УНИВЕРСИТЕТ

С.Н. Березовская Е.В. Климук

Учебно-методическое пособие по деловому английскому языку для студентов заочного отделения всех экономических специальностей

TEXTS IN BUSINESS ENGLISH

Минск: БГЭУ, 2007

Авторы: Березовская С.Н., Климук Е.В.

Рецензент: Ст. преподаватель кафедры профессионально ориентированной английской речи Круталевич А.Ф..

Учебно-методическое пособие по деловому английскому языку– Мн., БГЭУ, 2007. - 43 с.

Данное учебно-методическое пособие направлено на развитие навыков чтения и говорения по деловому английскому языку.

Пособие предназначено для студентов заочного отделения всех экономических специальностей БГЭУ. Может быть использовано студентами в качестве основного или дополнительного материала.

Contents

I. The Concept of

Business

4 II.

Economics

7

III. Types of

Companies 10

IV. Careers in

Business 1

4

V. Management

19

VI. Factory

Production

24

VII. Marketing

28

VIII. Advertising

31

IX. Commerce

35

X. Finance and

Accounting. 3

9

Literature

43

I. The Concept of Business I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

exchange distribution sale profit production conversion dealership

proprietorship

partnership

обмен распределение продажа прибыль производство переработка местное представительство право собственности товарищество

corporation certificate

share stockholder shareholder expenses entity

ассоциация документ, свидетельство акция акционер владелец акций затраты экономический объект, хозяйственное подразделение

II. Match the words in the left column with the definitions in the right column.

1.business 2.profit 3.production 4.distribution 5.sale 6.surplus

a) excess of revenues over outlays and expenses in a business enterprise over a given period of time, usually a year

b) an industrial, commercial, or professional operation; purchase and sale of goods and services

c) the creation or manufacture for sale of goods and services with exchange value

d)the exchange of goods, property, or services for an agreed sum of money or credit

e) a quantity or amount in excess of what is required

f) the process of physically satisfying the demand for goods and services

III. Read the text and give the definition of business.

Business is a word that is commonly used in many languages. Traditionally, business simply meant exchange or trade for things people wanted or needed. Nowadays, the concept and activities of business have increased. One definition of business is production, distribution, and sale of goods or services for a profit. To examine this definition, let us look at its different parts.

First, production is the creation of services or processing of materials into products. Example is the conversion of iron ore into metal car parts. Next, these products need to be moved from the plant to the marketplace. This is known as

distribution. A car might be moved from a plant in Germany to a car dealership in Poland. Third is the sale of goods and services. Sale is the exchange of a product or service for money. A car is sold to someone in exchange for money.

Goods are products that people either need or want; for example, cars can be classified as goods. Services, on the other hand, are activities that a person or group perform for another person or organization. For example, an auto mechanic performs a service when he repairs a car. A barber renders a service when he cuts your hair.

Business, then, is a combination of all these activities: production, distribution, and sale. However, there is another important factor, i.e., creation of profit or economic surplus. A major goal in the functioning of any business company is making a profit. Profit is the money that remains after all the expenses are paid. Creating an economic surplus or profit is, therefore, a primary goal of business activity.

IV. Answer these questions using the active vocabulary of the text.

1. What is the traditional definition of business? 2. Is business production, distribution and sale of goods and services for a profit? 3. What is the creation of services or processing of materials into products? 4. How do we call the process of moving products from the plant to the market

place? 5. Sale is the exchange of a product or service for money, isn’t it? 6. What kind of activities are services? 7. What is a major goal of any business company? 8. What does a company get after all expenses are paid?

V. Read the text again and decide whether these statements are true (T) or false (F).

1. Business is production, distribution, and sale of goods or services for a profit. 2. Production is the exchange of a product or service for money. 3. Distribution is moving from the plant to the marketplace. 4. Sale is the creation of services or processing of materials into products. 5. Services are activities that a person or group perform for another person or organization. 6. Profit is the money that remains after all the expenses are paid.

VI. Choose Russian equivalents to the following phrases.

exchange for things a) обмен вещей; b) обмен на вещи; c) изменение вещей.

the creation of services a)оказание услуг; b)создание услуг; c)организация услуг.

the money that remains a) деньги оставленные; b) деньги, которые остаются; c) деньги, что оставят.

VII. Make an outline of the text consisting of 5-8 sentences.

VIII. Retell the text according to its outline.

II. Economics I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

allocate scarce

inputs

output

назначать; распределять недостаточный, скудный затраты (напроизводство) продукция; выпуск изделий

consumer accounting

employment

labor force increase decrease

потребитель бухгалтерское дело служба; занятие; работа (понайму) рабочая сила увеличивать уменьшать

II. Match the words in the left column with the definitions in the right column.

1.economics 2.macroeconomics 3.microeconomics 4.scarcity 5.resources 6.goods 7. employment 8. economic growth 9. price stability

a) the state achieved by monetary control, balanced budgets, etc.

b) the branch of economics concerned with particular commodities, firms, or individuals and the economic relationships between them

c) possessions and personal property d) inadequate supply e) the social science concerned with the

production and consumption of goods and services and the analysis of the commercial activities of a society

f) the work or occupation in which a person is employed

g) a source of economic wealth, esp. of a country (mineral, land, labor, etc.) or business enterprise (capital, equipment, personnel, etc.)

h) the branch of economics concerned with aggregates, such as national income, consumption, and investment

i) this period characterized by rising wages, profits, and prices, full employment, and high levels of investment, trade, and other economic activity

III. Read the text and explain the highlighted words.

Economics is the study of how society allocates scarce resources and goods. Resources are the inputs that society uses to produce output, called goods. Resources include inputs such as labor, capital, and land. Goods include products such as food, clothing, and housing as well as services such as those provided by doctors, repairmen, and police offices. These resources and goods are considered scarce because of society's tendency to demand more resources and goods than are available.

Most resources are scarce, but some are not — for example, the air we breathe. Its price is zero. It is called a free resource or good. Economics, however, is mainly concerned with scarce resources and goods, as scarcity motivated the study of how society allocates resources and goods.

The term market refers to any arrangement that allow people to trade with each other. The term market system refers to the collection of all markets, also to the relationships among these markets. The study of the market system, which is the subject of economics, is divided into two main theories; they are macroeconomics and microeconomics.

Macroeconomics The prefix macro means large, indicating that macroeconomics is concerned

with the study of the market system on a large scale. Macroeconomics considers the aggregate performance of all markets in the market system and is concerned with the choices made by the large subsectors of the economy — the household sector, which includes all consumers; the business sector, which includes all firms; and the government sector, which includes all government agencies.

Microeconomics The prefix micro means small, indicating that microeconomics is concerned

with the study of the market system on a small scale. Microeconomics considers the individual markets that make up the market

system and is concerned with the choices made by small economic units such as individual consumers, individual firms, or individual government agencies.

Economic Policy An economic policy is a course of action that is intended to influence or

control the behavior of the economy. Economic policies are normally implemented and administered by the government. The goals of economic policy consist of value judgments about what economic policy should strive to achieve. While there is some disagreement about the appropriate goals of economic policy, there are three widely accepted goals including:

1. Economic growth: It means that the incomes of all consumers and firms (after accounting for inflation) are increasing over time.

2. Full employment: It means that every member of the labor force who wants to work is able to find work.

3. Price stability: It means to prevent increases in the general price level known as inflation, as well as decreases in the general price level known as deflation.

IV. Answer these questions using the active vocabulary of the text.

IV..1 What is the definition of economics? IV..2 Why are resources scarce? IV..3 What are the two main theories of economics? IV..4 What do they deal with? IV..5 What are the goals of economic policy? IV..6 What is inflation?

V. Read the text again and decide whether these statements are true (T) or false (F).

V..1 Economics is the study of how society allocates scarce resources and goods. V..2 Society's tendency is to demand more resources and goods than are available. V..3 The term market refers to any arrangement that allow people to trade with each other V..4 Microeconomics is concerned with the study of the market system on a large scale. V..5 Macroeconomics is concerned with the choices made by small economic units such as individual consumers, individual firms, or individual government agencies. V..6 Economic policies are normally implemented and administered by the private sector. V..7 Three widely accepted goals include labor force, inflation and the incomes of all consumers.

VI. Find Russian equivalents to the following phrases in the second column.

1.scarce resources 2.available 3.on a large scale 4.aggregate performance 5.household 6.implemented 7.value judgments 8.strive to 9.appropriate goals 10.general price level

a)в крупном масштабе b)доступный c)хозяйственный d) субъективная оценки e)недостаточные ресурсы f)общий ценовой уровень g)реализованный h) стараться, пытаться i)совокупная производительность j)соответствующие показатели

VII. Make an outline of the text consisting of 5-8 sentences.

VIII. Retell the text according to its outline.

III. Types of Companies I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

debt asserts liabilities proprietor proprietorship

pledge

долг активы пассивы собственник владение, собственность закладывать

bankruptcy enterprise joint venture

accountant entity

charter

банкротство предприятие cовместное предприятие бухгалтер экономический объект устав

II. Match the words in the left column with the definitions in the right column.

IX. sole proprietorship X. partnership XI. general partnership XII. joint venture XIII.limited company

a) It is a business in which two or more companies have invested, with the intention of working together.

b) It is the legal entity having a right to issue stock certificates.

c) It is an association of two or more people involved in business under a written partnership agreement.

D) It is used by lawyers, doctors, dentists, and chartered accountants.

e) It means going into business for oneself.

III. Read the text and say what types of businesses are described in it.

The three traditional forms of business are the sole proprietorship, the partnership, and the corporation. The sole proprietorship means going into business for oneself. All one needs is some knowledge about the business, start-up capital and knowledge of regulations. The partnership is an association of two or more people involved in business under a written partnership agreement. The corporation is the legal entity having a right to issue stock certificates. The people who own such stock certificates (or shares) are called stockholders/ shareholders. They in fact own the corporation.

Sole Proprietorship A sole proprietorship is a business owned and usually operated by a single

individual. Its major characteristic is that the owner and the business are one and the same. In other words, the revenues, expenses, assets and liabilities of the sole proprietorship are the revenues, expenses, assets, liabilities of the owner. A sole proprietorship is also referred to as the proprietorship, single proprietorship,

individual proprietorship, and individual enterprise. A sole proprietorship is the oldest and most common form of ownership.

Some examples include small retail stores, doctors' and lawyers' practices and restaurants.

A sole proprietorship is the easiest form of business to organize. The only legal requirements for starting such a business are a municipal license to operate a business and a registration license to ensure that two firms do not use the same name. The organization costs for these licenses are minimal.

A sole proprietorship can be dissolved as easily as it can be started. A sole proprietorship can terminate on the death of the owner, when a creditor files for bankruptcy, or when the owner ceases doing business.

A sole proprietorship offers the owner freedom and flexibility in making decisions. Major policies can be changed according to the owner's wishes because the firm does not operate under a rigid charter. Because there are no others to consult, the owner has absolute control over the use of the company's resources. As mentioned earlier, the financial condition of the firm is the same as the financial condition of the owner. Because of this situation, the owner is legally liable for all debts of the company. If the assets of the firm cannot cover all the liabilities, the sole proprietor must pay these debts from his or her own pocket. Some proprietors try to protect themselves by selling assets such as their houses and automobiles to their spouses. A sole proprietorship, dependent on its size and provision for succession, may have difficulty in obtaining capital because lenders are leery of giving money to only one person who is pledged to repay. A proprietorship has a limited life, being terminated on the death, bankruptcy, insanity, imprisonment, retirement, or whim of the owner.

Partnerships A partnership is an unincorporated enterprise owned by two or more

individuals. A partnership agreement, oral or written, expresses the rights and obligations of each partner. For example, one partner may have the financial resources to start the business while the other partner may possess the management skills to operate the firm. There are three types of partnerships: general partnerships, limited partnerships, and joint ventures. The most common form is the general partnership, often used by lawyers, doctors, dentists, and chartered accountants.Partnerships, like sole proprietorships, are easy to start up. Registration details vary by province, but usually entail obtaining a license and registering the company name. Partners' interests can be protected by formulation of an "Agreement of Partnership". This agreement specifies all the details of the partnership.

Complementary management skills are a major advantage of partnerships. Consequently partnerships are stronger entity and can attract new employees more easily than proprietorships.

The stronger entity also makes it easier for partnerships to raise additional capital. Lenders are often more willing to advance money to partnerships because all of the partners are subject to unlimited financial liability.

The major disadvantage of partnerships is that partners, like sole proprietors, are legally liable for all debts of the firm. In partnerships, the unlimited liability is both joint and personal. Partners are also legally responsible for actions of other

partners. Partnerships are not as easy to dissolve as sole proprietorships. Limited companies Limited companies, unlike proprietorships or partnerships, are created by law

and are separate from the people who own and manage them. Limited companies are also referred to as corporations. In limited companies, ownership is represented by shares of stock. The owners, at an annual meeting, elect a board of directors which has the responsibility of appointing company officers and setting the enterprise's objectives.

Limited companies are the least risky from an owner's point of view. Corporations can raise larger amounts of capital than proprietorships or partnerships through the addition of new investors or through better borrowing power. Limited companies do not end with the death of owners.

It is more expensive and complicated to establish corporations, proprietorships or partnerships. A charter, which requires the services of a lawyer, must be obtained through provincial governments or the federal government. In addition to legal costs, a firm is charged incorporation fees for its charter by the authorizing government.

Limited companies are subject to federal and provincial income taxes. Dividends to shareholders are also taxed on an individual basis.

With diverse ownerships, corporations do not enjoy the secrecy that proprietorships and partnerships have. A company must send each shareholder an annual report detailing the financial condition of the firm.

IV. Read the text again and answer these questions using the active vocabulary of the text.

IV..1 What are the three traditional forms of business? IV..2 What is a sole proprietorship? IV..3 What is the owner of the company legally liable for? IV..4 How do any proprietors try to protect themselves? IV..5 Why may a sole proprietorship have difficulty in obtaining capital? IV..6 What is a partnership? IV..7 What are three types of partnerships? IV..8 What is a major advantage of partnership? IV..9 Are all of the partners subject to unlimited financial liabilities? IV..10 What is the major disadvantage of partnership? IV..11 How are limited companies created? IV..12 Who is represented by shares of stock in limited companies? IV..13 Do limited companies end with the death of owners? IV..14 Is it more expensive and complicated to establish corporations? Why? IV..15 What must a company send each shareholder?

V. Decide whether these statements are true (T) or false (F).

1. The financial condition of the firm is the same as the financial condition of the owner.

2. The sole proprietor mustn’t pay debts from his or her own pockets. 3. A sole proprietorship doesn’t have any difficulty in obtaining capital.

4. A partnership is an unincorporated enterprise owned by two or more individuals. 5. There are three types of partnerships: general partnerships, limited partnerships

and joint venture. 6. Complementary management skills are a minor advantage of partnerships. 7. In partnerships the limited liabilities both joint and personal. 8. Limited companies are not created by law and are not separate from the people

who own and manage them. 9. Limited companies end with the death of owners. 10. Limited companies are subject to federal and provincial income taxes.

VI. Choose the correct variant to finish the sentence.

1. The financial condition of the firm………. . a) is the same as the financial condition of the owner. b) is better than the financial condition of the owner. c) depends on the financial condition of the shareholder. 2. Some proprietors try to protect themselves…… . a) lending assets such as their houses and automobiles to their relatives. b) selling asserts such as their houses and automobiles to their spouses. c) pledging the asserts to their relatives. 3. A partnership is an unincorporated enterprise owned……… . a) by two or more firms. b) by the members of the government. c) by two or more individuals. 4. In limited companies, ownership is represented by…….. . a) shares of stock. b) asserts. c) investors. 5. All of the partners are…….. . a) subject to limited financial liability. b) subject to unlimited financial liability. c) subject to unlimited juridical liability. 6. Limited companies are subject to …….. . a) shareholders’ income taxes. b) federal and provincial income taxes. c) to foreign investors income taxes.

VII. Make an outline of the text consisting of 5-8 sentences.

VIII. Retell the text according to its outline. IX.

IV. Careers in Business I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

accounting

data processing bookkeeper aptitude advancement goal predictable trial

бухгалтерское дело обработка данных бухгалтер пригодность продвижение задача предсказуемый испытательный

human resource

track undergo pursue boost extend requirement self-assesment competitive background

трудовые ресурсы путь испытывать преследовать поддержка простираться требование самооценка конкурентный биографические данные

II. Match the words in the left column with the definitions in the right column.

X. broad fields XI. pursue a carrier XII. requirement XIII.setting goals XIV. self-assessment XV. retention XVI.reduction XVII. career

a)self-esteem b)setting up aims c)areas of business d) to follow some steps in order to

overtake success at work e)keeping a job place f) lessening of the staff g) a path or progress through life or

history h) something demanded or imposed as an

obligation

III. Read the text and tell the difference between a career and a job.

Business is an increasingly important activity throughout the world today. Consequently, the opportunities for a business career have grown in variety and number. There are now five broad fields or areas of business that offer exciting careers: management, marketing, accounting, finance and data processing. Within each of these fields are specific jobs in which you can specialize. For example, within the field of marketing you can specialize in market research, advertising, buying, selling, or distribution. The figure below gives an idea of the general career opportunities that are available in the various fields of business

Fig. 1. Business Fields and Careers

Manageme nt

Marketing Accounting Finance Data Processing

Human resource Manageme nt

Production

General manager

Marketing manager

Chief accountant

Finance manager

Computer operator

Personnel Manager

Production manager

Executive manager

Researcher Bookkeeper Banker Computer programme r

Advertiser Financial analyst

Systems analyst

Distributor Stock Broker

PR manager Auditor Sales Manager

In choosing a business career, there are several questions you may want to ask. For instance, does the work interest you? Are there any areas of business for which you have an aptitude or special capability? What are the opportunities involved, such as demand (or need) for the job, salary, and chance for advancement? Answers to these kinds of questions and careful planning will help in choosing a suitable and successful career in business.

Kim Jackson's love of politics, hard work, and excellent research and writing skills placed her on a career track to becoming a political correspondent on Capitol Hill. When her interests and enthusiasm for the job waned, Jackson wondered if she should make a career change. Before making a major move, she discussed her concerns with her editor and a member of the human resource management office. The newspaper, which was reluctant to lose a reporter of Jackson's talents and background, provided an opportunity for her to undergo testing and experimentation in other potential areas of career interest. Eventually, a simple solution emerged: Jackson was moved to the international desk. Covering international political events renewed her enthusiasm and her years on Capitol Hill gave her special insight into U.S. reaction to global events.

What does it mean to have a career? Most people do not want to just "go to work"; they want to "pursue a career." To some people, having a career requires successful movement up the corporate ladder, marked by boosts in salary and status. To others, a career means having a profession—doctors and professors have careers, whereas secretaries and blue-collar workers have jobs. Still others will tell you that no matter what the occupation, the difference between a career and a job is about 20 hours a week—that is, people who have careers are so involved in their work that they extend beyond its requirements. For these people, it is psychological involvement in their work that defines a career.

A job is a specific task performed for an organization. A career is the sequence of jobs a person holds over a life span and the person's attitudes toward involvement

in those job experiences. A career has a long-term perspective and includes a series of jobs. Moreover, to understand careers we must look not only at people’s work histories or resumes but also at their attitudes toward their work. People may have more or less money or power, be professional or blue collar, and vary in the importance they place on the work in relation to the rest of their lives - yet all may have careers.

Career management was discussed from two perspectives: the individual who wants to have a successful career and the organization that wishes to provide career opportunities for its employees. Individual career planning normally entails five steps—self-assessment, exploring opportunities, making decisions and setting goals, action planning, and follow-up. Individual careers follow predictable stages that include exploration and trial, establishment and advancement, mid-career, and disengagement. Other issues of concern to individual career planning are mentors and coping with stress.

Productivity satisfaction, retention, and commitment of valued employees, stress reduction, and a flexible work force will help the organization remain competitive in the global economy.

IV. Answer these questions using the active vocabulary of the text.

1. What careers does business offer? 2. What questions should you answer while choosing a business carrier? 3. What will help you in choosing a suitable and successful career in business? 4. How was Jackson moved to the international desk? 5. What other examples of successful carrier paths can you give from the text? 6. What does it mean to have a career? 7. How does a carrier characterize people? 9. What is carrier management? 10. What will help the organization competitive in our global economy?

V. Read the text again and decide whether these statements are true (T) or false (F).

1. Nowadays the opportunities for a business career have declined in variety and number. 2. Kim Jackson became a political correspondent on Capitol Hill of her love politics, hard work, excellent research and writing skills. 3. The newspaper didn’t provide an opportunity for Kim Jackson to move to the international desk and she left the job. 4. Most people do not want to pursue a career; they want just to go to work. 5. The difference between a career and a job is about 20 hours a week. 6. To understand careers we must look only at people’s work histories or resumes. 7. Career management was discussed from both perspectives: the individual and the organization.

VI. Find Russian equivalents to the following phrases in the second column.

1. market research 2.Personnel Manager 3. Sales Manager 4. give one’s special insight into 5. be reluctant 6. life span 7. job experiences 8. blue collar 9. career opportunities 10. making decisions 11. action planning 12. follow-up 13. mid-career 14. commitment of valued employees 15. coping with stress 16. flexible work force

a) справляться с напряжением b) продолжительность жизни c) последующая работа (деятельность) d) начальник отдела кадров e) делающий что-л. с большой неохотой, по принуждению; сопротивляющийся f)начальник сбыта g) обязательства ценных работников h)трудовой опыт i)исследование рынка j) сeредина карьеры k) "синий воротничок", производственный рабочий l)обратить особое внимание m)возможности карьерного роста n)принятие решение o)легко приспосабливающаяся рабочая сила p)планирование действий

VII. Choose the appropriate translation of the following sentences.

1. There are now five broad fields or areas of business that offer exciting careers. a) Есть теперь пять широких полей или области бизнеса, которые предлагают захватывающие карьеры. b) В бизнесе существует пять широких областей или сфер, предлагающих захватывающую карьеру .2 To some people, having a career requires successful movement up the corporate ladder, marked by boosts in salary and status. a) Для некоторых людей карьера – это успешное продвижение вверх по корпоративной лестнице с повышением в заработке и статусе. b) Некоторым людям, имея карьеру требует успешного движения корпоративная лестница, отмеченная повышениями в заработке и статусе. 3. A career is the sequence of jobs a person holds over a life span and the person's attitudes toward involvement in those job experiences. a) Карьера – последовательность рабочих мест, занимаемых человеком в течение жизни, и его отношение к вовлеченности в рабочий процесс. b) Карьера - последовательность рабочих мест, человек держит за продолжительность жизни и отношения человека к причастности в тех опытах работы. 4. Other issues of concern to individual career planning are mentors and coping with stress. a) Другие проблемы беспокойства к индивидуальному планированию карьеры - наставники и справляющийся с напряжением. b) Другие проблемные моменты в планировании личной карьеры связаны с наставниками и преодолением стресса.

VIII. Make an outline of the text consisting of 5-8 sentences.

IX. Retell the text according to its outline. X.

V. Management I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

attainment implementation applicableclarification guideline

execution feedback

достижение реализация применимый выяснение руководство выполнение обратная связь

subordinate encourage guidance achievement responsibility gauging

restricting

подчинённый поощрять управление достижение ответственность измерение ограничивать

II. Match the words in the left column with the definitions in the right column.

1. Management 2. subordinate 3. staff 4. Clarification 5. Planning 6.Organizing 7. Directing 8. Controlling 9. performance

10. feedback

a) to offer or suggest (information, ideas, etc.) in reaction to an inquiry, experiment, etc.

b) the act, process, or art of performing c) under the authority or control of

another d) a group of people employed by a

company, individual, etc e) to form (parts or elements of

something) into a structured whole; coordinate

f) the technique, practice, or science of managing, controlling or dealing with

g) to regulate, conduct, or control the affairs of

h) a detailed scheme, method, etc., for attaining an objective

i) to command, direct, or rule j) making smth. clear or easy to

understand

III. Read the text and define the task and main activities of management.

It is through the process of management and the execution of work that the activities of the organization are carried out. The task of management is to get work done through other people. It is the cornerstone of the people-organization relationship. Management is essentially an integrating activity. Management is a generic term and subject to many possible interpretations. It is also frequently the subject of debate and discussion. A number of different ideas are attributed to the meaning of management and to the work of the manager. However, we are

concerned with management as: taking place within a structured work organization and with prescribed roles; directed towards the attainment of goals and objectives; achieved through the efforts of other people; and using systems and

procedures. The setting of objectives and formulation of policy take place at different

levels in an organization but as part of the same process. The board of directors, or their equivalent, establishes objectives and formulates policy for the organization as a whole. Management is responsible for the implementation of policy decisions and for the execution of work designed to meet these objectives. It is through the process of management that the efforts of members of staff are channeled, coordinated and guided towards the achievement of organizational goals and objectives. But what does the process of management involve and what activities does it encompass?

There are many ways of looking at management. One approach is to search for the common activities which are applicable to managers in all organizations. This approach gives rise to many different descriptions of management, although on closer study they often show a basic similarity. The inclusion or exclusion of a particular aspect of management tends to revolve round the use and interpretation of different terms, and the emphasis placed upon them.

Main activities of management Clarification of objectives and policy Objectives are the aims to-be achieved and the desired end results. Policy

provides guidelines for the operations of the organization and determines the course of action to follow. The clarification of objectives and policy is a prerequisite if the process of management and execution of work is to be effective. If not, the manager has no secure basis for decision-making and the management of subordinate staff.

Planning of work Planning sets out the courses of action to be followed in order to meet

objectives and achieve desired end results, for example in relation to occupancy rates, financial measures or sales performance. Good forward planning is essential if staff are to know what to do and what is expected of them, for example the timing and sequencing of operations, methods by which the operations are to be carried out and standards of performance.

Organizing The work of the establishment has to be divided among its members.

Organization provides the framework within which the process of management takes place. It makes possible the execution of work and involves the allocation of tasks and responsibilities, levels of hierarchical authority, formal relationships and coordination among individuals, groups and departments.

Directing subordinate staff It is the responsibility of managers to encourage staff to work willingly and

effectively. This is often referred to as motivation. It is certainly part of a manager's job to motivate staff and to provide them with job satisfaction, but it involves more than this. Subordinate staff also needs development and guidance. They need to be motivated to perform well in the right areas. Their efforts should be directed towards the achievement of given objectives within stated policy guidelines. The manager

has a responsibility to see that staff is effective as well as efficient in what they do. Controlling performance Control is a necessary part of the process of management. It involves gauging

the measure of success in achieving objectives and planned targets. Management control involves far more than a means of restricting behavior or the exercise of authority over others. It should not be seen therefore only in a negative sense: it can have many positive effects. Effective control systems are a means of monitoring performance and progress, providing feedback to staff and a guide to future operations and personal development. Control completes the cycle of managerial activities and is an important part of the process of management.

IV. Answer these questions using the active vocabulary of the text.

.1 What is the task of management?

.2 How can management be described?

.3 What does the process of management include?

.4 What are the approaches to management?

.5 Why is clarification of objectives so important in management?

.6 When is forward planning essential?

.7 What does the process of organizing involve?

.8 Why should staff be motivated?

.9 Name the positive and negative effects of management control.

.10 What process completes the cycle of managerial activities?

V. Read the text again and decide whether these statements are true (T) or false (F).

1. The task of management is to get work done through other people. 2. The setting of objectives and formulation of policy take place at one level in an organization but as part of the same process. 3. Policy provides guidelines for the operations of the organization and determines the course of action to follow. 4. Objectives are the subtasks to-be achieved and the desired end results. 5. Good forward planning is additional if staff is to know what not to do and what is not expected of them 6. Organization provides the area within which the process of management takes place. 7. Subordinate staff also needs development and guidance to be motivated to perform well in the right areas. 8. Effective control systems are not a means of monitoring performance and progress, providing feedback to staff and a guide to future operations and personal development.

VI. Choose the appropriate translation of the following sentences.

1. It is the cornerstone of the people-organization relationship. a) Это - краеугольный камень отношений организации людей. b) Это выступает краеугольным камнем в отношениях между людьми и

организацией. XI.The board of directors, or their equivalent, establishes objectives and formulates policy for the organization as a whole. a) Правление директоров, или их эквивалента, устанавливает цели и формулирует политику для организации в целом. b) Совет директоров, или соответствующий ему орган, устанавливает задачи и формирует политику всей организации в целом. XII. The inclusion or exclusion of a particular aspect of management tends to revolve round the use and interpretation of different terms, and the emphasis placed upon them. a) Включение или исключение специфического аспекта управления имеют тенденцию вращаться вокруг использования и интерпретации различных сроков, и акцента, помещенного в них. b) Применение или не применение определенного подхода в управлении имеет отношение к использованию и пониманию различных условий и представляемой ими важности. XIII. Planning sets out the courses of action to be followed in order to meet objectives and achieve desired end results, for example in relation to occupancy rates, financial measures or sales performance. a) Планирование излагает курсы действия, которое сопровождается, чтобы встретить цели и достигнуть желательных результатов конца, например относительно норм занятия, финансовых мер или коммерческой работы. b) Планирование определяет курс действий, которого нужно придерживаться, чтобы соответствовать целям и достичь конечных желаемых результатов; например, это имеет отношение к степени занятости, финансовым показателям или уровню продаж. XIV. It makes possible the execution of work and involves the allocation of tasks and responsibilities, levels of hierarchical authority, formal relationships and coordination among individuals, groups and departments. a) Это делает возможным выполнение работы и вовлекает распределение задач и обязанностей, уровни иерархической авторитарности, формальных отношений и координации среди индивидуумов, групп и отделов b) Это помогает осуществить выполнение работ и включает в себя распределение задач и обязанностей, уровни подчинения в иерархии, формальные отношения и координацию между людьми, группами и отделами XV. Effective control systems are a means of monitoring performance and progress, providing feedback to staff and a guide to future operations and personal development a) Эффективные системы управления - средство контроля работы и прогресса, обеспечение обратной связи, чтобы укомплектовывать и гида для будущих действий и личного развития. b) Эффективные системы контроля представляют собой средства мониторинга за эффективностью работы и прогресса, обеспечивающие обратную связь с сотрудниками и являющиеся руководством для будущих действий и персонального развития.

VII. Make an outline of the text consisting of 5-8 sentences.

VIII. Retell the text according to its outline.

VI. Factory Production

I. Translate the following words into Russian and learn them.

bring about

owe

sleek appropriate brazier glow convince incredible

осуществлять; вызывать быть должным (кому-л.); быть в долгу (передкем-л.) гладкий должный жаровня сверкать убеждать маловероятный

disarmingly gain stretching technique bountiful competent viable mahogany upsurge interpret

обезоруживающий добывать растяжение технические щедрый осведомлённый жизнеспособный красное дерево подъём объяснять

II. Match the words in the left column with the definitions in the right column.

1. production 2. contribution 3. standard of living 4. division of labor 5. production line 6. run 7. mass production 8. batch production 9. job production

a) producing of smth. individually b) something given, such as money or

ideas c) a continuous flow of producing smth. d) a level of subsistence or material

welfare of a community, class, or person e) the creation or manufacture for sale of

goods and services with exchange value f) distribution of work among workers g) the amount of work performed in a

period of time h) producing of smth. in large quantities i) creating a significant number of similar

items

III. Read the text and name three main types of production method.

Over two hundred years ago, Adam Smith introduced some ideas which were to bring about a world revolution. If we enjoy a high standard of living in modern society, we owe much to this Scottish economist and philosopher. If we enjoy driving in sleek motor cars, wearing fashionable shoes, or flying away to distant places for exciting holidays, we should perhaps give an occasional vote of thanks to the man who made it all possible.

What then was Adam Smith's contribution? Like so many ideas which have earth-shattering effects, his was a disarmingly simple notion. He watched workers practicing their craft of pin making. One man would heat the strip of metal, stretch it out, cut off an appropriate length, shape it, cool it and finally smooth and shine it.

Smith drew attention to the advantages which could be gained if these various tasks were performed by different workers. Let one be responsible for keeping the brazier glowing and preparing the metal. Another for stretching and cutting. Another for shaping. Another for finishing. He described this technique as the Division of Labor, whereby workers perform short work-cycles, repeating the same actions again and again and again. Smith convinced the world that specialization could solve the problems of poverty and want.

What was the result? The Industrial Revolution, specialization became the order of the day. Productivity was increased to an incredible degree. For Britain, where the revolution started, there was an upsurge in prosperity which made them the richest country in the nineteenth century world. British trains - and railway lines - spread out like a spider's web across the world, opening up the great continents of America, Asia, Africa and Australasia. British ships - built of iron and steel - were used to carry the new bountiful cargoes (including human beings) from every corner of the world, to every corner of the world.

The revolution is not over. It is still with us, but now it is a worldwide phenomenon. Everywhere, factories producing large numbers of more or less identical units are in continuous production. What were called mass-production lines yesterday are called robotic production lines today. If anything, the pace of change is increasing. And if these techniques have brought us prosperity, they have also brought us a trail of misery in overcrowded towns, boring jobs and, worst of all, unemployment.

There are three main types of production method: Job production In this type of production specific work is carried out for individual

customers. Job production is of the one off variety and can range from a bride's wedding dress to an ocean-going liner. Job production is usually labor intensive and requires the employment of skilled labor which is able to interpret technical instructions. If supervisors are employed they will need to be technically competent. Unit costs will always tend to be high when small numbers of individually designed items are produced.

Mass production This method of production is possible where the demand for a product is so

great that the goods can be produced in a continuous flow. Motor vehicles and food processing are among the industries which resort to mass production techniques. Once set up the production lines are not easily changed and advertising is often necessary to ensure that stocks of finished goods do not pile up in the factory. Unskilled and semi-skilled workers can be used, though the modern tendency is to use computerized robots. By using these capital-intensive methods unit costs may be substantially reduced and higher output can be obtained by running the expensive machines over two or three shifts per day.

Batch production This method falls between job and mass production. It could be described as

repeated production runs in contrast to the continuous flow or mass production technique. The orders consist of a significant number of similar items. One industry which uses this technique is the furniture industry. A batch of teak tables of a

particular design will be produced, followed perhaps by a batch of mahogany tables. Book printers also use this technique. Runs of books will depend on the size of the market, but the printers switch from the production of one book to the production of another at the end of each run.

Both labor and machines have to be more versatile than in the case of mass production, but less so than in the case of job production. The production manager will have to attempt to organize the runs so that they are as economically viable as possible, but the unit costs will tend to fall as the length of the run increases.

IV. Read the text and answer these questions.

1. Why is the name of Adam Smith remembered? 2. What technique was he responsible for introducing? 3. Why was Britain the richest country in the world in the nineteenth century? 4. What do you understand by the term «robotic production lines»? 5. Why do you think some jobs might be boring? 6. How can we blame Adam Smith for our present overcrowded towns? 7. How does large-scale production cause unemployment? 8. “We owe Adam Smith a great deal”. Do you agree? What are your views?

V. Decide whether these statements are true (T) or false (F).

1. Over three hundred years ago, Adam Smith introduced some ideas which were to bring about a world revolution. 2. Smith convinced the world that globalization could solve the problems of poverty and want. 3. Unit costs will always tend to be low when large numbers of individually designed items are produced. 4. Advertising is often necessary to ensure that stocks of finished goods do not pile up in the factory. 5. Higher output can be obtained by running the cheap machines over two or three shifts per day. 6. The orders consist of a significant number of similar items. 7. Both labour and machines have to be more versatile than in the case of mass production, but less so than in the case of job production.

VI. Find Russian equivalents to the following phrases in the second column.

1. standard of living 2. give an occasional vote 3. be responsible for 4. solve the problems 5. the order of the day 6. carried out 7. unit costs 8. demand for 9. resort to 10. unskilled and semi-skilled

a)след нищеты b) уровень жизни c) работа (машины) d)смена в cутки e) капиталоёмкий f) отдать случайный голос g) паутина h) решать проблемы i) спрос на j) квалифицированные и

11. capital-intensive 12.shifts per day 13. production runs 14. trail of misery 15. spider's web 16.draw attention to

полуквалифицированные k) быть ответственным за что-либо l) прибегнуть m) что-л. обычное, повседневное; что-л. важное в данное время n) цена на единицу продукции о) обратить внимание на p) выполнять, осуществлять

VII. Translate the following sentences using the active vocabulary from the text.

1.Высокий уровень жизни в обществе существует благодаря достижениям в области науки и техники. 2.Он обратил внимание на ежедневную работу рабочих. 3.Начальник по производству ответственен за организацию производственного процесса. 4. Цена единицы товара поднимается с увеличением спроса на нее. 5.Мы прибегли к вынужденным мерам. 6.Иметь мобильный телефон сегодня обычное дело.

VIII. Make a list of advantages and disadvantages for the manufacturer with regard to each of the methods of production.

IX. Make an outline of the text consisting of 5-8 sentences.

X. Retell the text according to its outline.

VII. Marketing I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

storage complex objective vital failure potential

сохранение комплексный цель жизненный неудача возможный

competitor charge average wholesaler retailer

promotion

конкурент запрашивать цену средний оптовый торговец розничный торговец продвижение по службе

II. Match the words in the left column with the definitions in the right column.

1. product 2. placement 3. price 4. promotion 5. manufacturer 6. wholesaler 7. retailer 8. customer

a) the process of getting the product to the customer through the channels of distribution.

b) the communication between buyer and seller

c) the sum in money or goods for which anything is or may be bought or sold

d) something produced by effort e) a person who sells to final consumers

in smaller quantities f) a person who sells goods in larger

quantities g)a person who buys goods h)a person who produces goods

III. Read the text and say what four P's imply.

Buying, selling, market research, transportation, storage, advertising - these are all parts of the complex area of business known as marketing. In simple terms, marketing means the movement of goods and services from a manufacturer to a customer in order to satisfy the customer and to achieve the company's objectives.

Marketing can be divided into four main elements that are popularly known as the four P's: product, price, placement and promotion. Each one plays a vital role in the success or failure of the marketing operation.

The product element of marketing refers to the goods or service that a company wants to sell. This often involves research and development (R&D) of a new product, research of the potential market, testing of the product to insure quality, and then introduction to the market.

A company next considers the price to charge for its product. There are three

pricing options the company may take: above, with, or below the prices that its competitors are charging. For example, if the average price of a pair of women's leather shoes is $27, a company that charges $23 has priced below the market; a company that charges $27 has priced with the market; and a company that charges $33 has priced above the market. Most companies price with the market and sell their goods and services for average prices established by major producers in the industry. The producers who establish these prices are known as price leaders.

The third element of the marketing process - placement - involves getting the product to the customer through the channels of distribution. A common channel of distribution is: manufacturer – wholesaler – retailer – customer.

Wholesalers generally sell large quantities of a product to retailer and retailers usually sell smaller qualities to customers.

Finally, communication about the product takes place between buyer and seller. This communication between buyer and seller is known as promotion. There are two major ways promotion occurs: personal selling, as in a department store; and through as in a newspaper or magazine.

The four elements of marketing – product, place, price and promotion work together to develop a successful marketing operation.

IV. Read the text again and answer these questions using the active vocabulary of the text.

1. What are the parts of marketing? 2. What are the objectives of marketing? 3. What are the vital elements of marketing? 4. What does each element of marketing refer to? 5. What are the channels of distribution? 6. What three pricing options may the company take? 7. What helps to develop a successful marketing operation?

V. Decide whether these statements are true (T) or false (F).

1. Buying, selling, market research, transportation, storage, advertising means marketing. 2. The four P's are product, price, placement and people. 3. The product element of marketing refers just to the introduction of this product to the market. 4. Three pricing options exist above, with, or below the prices. 5. Placement - involves getting the product to the customer through the channels of diversification. 6. The communication between wholesaler and seller is known as promotion.

VI. Find Russian equivalents to the following phrases in the second column.

1.market research 2.in simple terms 3.achieve the objectives. 4.marketing operation

a)главные производители b) лидеры цен c)каналы распределения d) назначать цену

5.research and development 6.charge for 7.establish these prices 8.price leaders 9.major producers 10.channels of distribution

e) достигнуть целей f)проще говоря g)рыночная деятельность h)исследование рынка i)научно- исследовательский j)устанавливать цены

VII. Choose the appropriate translation of the following sentences.

1. Each one plays a vital role in the success or failure of the marketing operation. a) Каждый играет жизненную роль в успехе или неудаче операции маркетинга. b) Каждый выполняет важную роль в успехе или провале маркетинговой деятельности. 2. A company next considers the price to charge for its product. a) Компания затем полагает, что цена заряжаетcя для ее изделия. b) Затем компания рассматривает, какую цену установить на свою продукцию. 3. Most companies price with the market and sell their goods and services for average prices established by major producers in the industry. a) У большинства компаний цены с рынком и продает их товары и услуги за средние цены, установленные главными производителями в промышленности. b) Большинство компаний устанавливают цены согласно условиям рынка, и продают свои товары и услуги по средним ценам, установленным ведущими производителями данного вида промышленности. 4. Wholesalers generally sell large quantities of a product to retailer and retailers usually sell smaller quantities to customers. a) Оптовые торговцы вообще продают большие количества изделия розничному продавцу, и розничные продавцы обычно продают меньшие количества клиентам. b) Оптовые торговцы, главным образом, продают товар розничному продавцу в большем количестве, а розничные продавцы обычно продают его клиентам в меньшем количестве.

VIII. Make an outline of the text consisting of 5-8 sentences.

IX. Retell the text according to its outline. X.

VIII. Advertising I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

mastery promote

at a discount free of charge sample mail trap pool

мастерство способствовать продвижению товаров со скидкой бесплатный образец посылать почтой ловушкa объединять капиталы

engage

inferior distribution

advertisement enclose

commercials

persistent gullible

нанимать, быть занятым низкого качества раздача, распределение реклама прилагать, вкладывать рекламные передачи настойчивый легковерный

II. Match the words in the left column with the definitions in the right column.

1. advertising 2. discount 3. distribution 4. credit 5. commercials

a) the process of physically satisfying the demand for goods and services

b) a commercially sponsored advertisement on radio or television

c) the promotion of goods or services for sale through impersonal media, such as radio or television

d) the practice of permitting a buyer to receive goods or services before payment

e) a deduction from the full amount of a price

III. Read the text and say who made America great.

One can buy anything in America, but it takes a great deal of mastery to sell anything there. Millions of people are engaged in promoting products (goods end services). There are millions of methods to do it. The most primitive one is to deliver goods to a shop and then wait until it is sold out. In this case the main task is to get people into the shop and make them interested in what you offer.

To attract customers, some shops organize regular sales at discount prices. This does not mean that the goods sold at a discount are of an inferior quality.

Several years in a row, taking my 20-minute lunch break, I have seen free of charge distribution of goods from cigarettes to popcorn tocrackers to candies. These were samples of new goods which the producer companies wanted the customers to get acquainted with. This is one type of advertising.

Another type is showing a product in action. Once we got a call from a company selling vacuum cleaners with a suggestion that we have a look at their new model. We agreed to see it and in the evening of the same day a woman came to our place and cleaned half the house. We liked the vacuum cleaner.

Another way of advertising is the distribution of gifts. From time to time you are mailed strange notices: "Congratulations. You have wonone of the following prizes.’’ Then comes a list of prizes which may include a car, a million dollars, TV set, a camera, etc. To find out what exactly the prize is and to get it, you have to call the enclosed number: most of the mоnеу spent on the intercity сall goes to the organizers of the whole thing. You may spend $10 or more. Some of my friends called the magic number only to know they had won a оne-dollar piece out of the list. This business has nothing to do with advertising or selling it is simply a trap for the gullible.

Other gift notices are mоrе serious. Often I get invitations to visit car salons. My time to get there and test-drive anew car is сompensated by a gift, such as a portable radio, a beauty set, a turner's kit, etc.

Selling by catalogue is very popular. Every day you are mailed several catalogues. The most popular of them come in the form of colorful big booklets containing pictures of goods, their regular price, the price in the shop belonging to the firm, and the price of selling by mail. Big companies may also offer you credit on goods they sell.

The art of selling is for the persistent. Without persistent sellers America wouldn't be what it is now.

Commercials, especially television ones, are very expensive and not all companies can afford them. Usually the sellers of similar goods pool their funds to buy one ad. Often producers pay for ads.

Advertising expenditures in the US are comparable to the budgets of some countries. However, it is not for nothing that society undertakes such spending. It helps move goods more quickly and efficiently. This means that the funds spent on the manufacture of goods return to circulation more quickly which, in turn, accelerates economic growth.

IV. Read the text again and answer the following questions. 1. What is the most primitive method of promotion products? 2. What do some shops organize? 3. What kinds of advertising do you know? 4. Who can achieve the art of selling? 5. Who can afford commercials? 6. Why do the funds spent on the manufacture of goods return to circulations more quickly?

V. Decide whether these statements are true (T) or false (F).

1. It takes no efforts to sell anything in America. 2. To organize regular sales at discount prices does not mean that the goods sold at

a discount are of an inferior quality. 3. The distribution of gifts is simply a trap for the gullible.

4. Big companies may also offer you free of charge goods. 5. Advertising expenditures in the US are comparable to the budgets of a small

town.

VI. Find Russian equivalents to the following phrases in the second column.

1)be engaged in 2)attract customers 3)inferior quality 4)get acquainted with 5)enclosed number 6)intercity сall 7)portable radio 8)beauty set 9)turner's kit 10)accelerate economic growth

a)привлечь покупателей b)косметический набор c)междугородний звонок d)переносное радио e)плохого качества f)быть вовлеченным g)ускорять экономический рост h)прилагаемый номер i)познакомиться J)токарный набор

VII. Choose the appropriate translation of the following sentences.

1. In this case the main task is to get people into the shop and make them interested in what you offer. a) В этом случае главной задачей является привлечь людей в магазин и заинтересовать их в том, что вы предлагаете. b) В этом случае главной задачей является получить людей в магазин и сделать их заинтересованными во что вы предлагаете. 2. These were samples of new goods which the producer companies wanted the customers to get acquainted with. а) Это образцы новых товаров, которые производительные компании хотели покупателей познакомить. b) Это были образцы новых товаров, с которыми компании- производители хотели бы познакомить потребителей. 3. Once we got a call from a company selling vacuum cleaners with a suggestion that we have a look at their new model. a) Однажды нам позвонили из одной компании, продающей пылесосы, с предложением взглянуть на их новую модель. b) Однажды мы получили звонок из компании, продающей пылесосы, с предложением, чтобы мы взглянули на их новую модель. 4. Some of my friends called the magic number only to know they had won a one- dollar piece out of the list. a) Некоторые мои друзья позвонили по волшебному номеру только узнать, что они выиграли однодолларовый кусок из списка. b) Некоторые из моих друзей звонили по магическому номеру только для того, чтобы узнать, что они выиграли однодолларовый товар из списка. 5. Without persistent sellers America wouldn't be what it is now. a) Без настойчивых продавцов Америка не будет тем, чем есть сейчас. b) Без настойчивых продавцов Америка не была бы такой, какой она является сейчас.

VIII. Make an outline of the text consisting of 5-8 sentences.

IX. Retell the text according to its outline.

IX. Commerce Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

foodstuffs transaction barter purchase commodity

branch stock ancillaries to trade

продукты сделка товарообмен покупка предмет потребления отрасль запас помощь в торговле

commerce facilities efficient merchant insurance warehousing

efficiency available

торговля возможность действенный торговец страхование хранение на складах эффективность наличный

Match the words in the left column with the definitions in the right column.

1. commerce 2. commodity 3. transaction 4. transport 5. insurance 6. export trade 7. import trade

a) goods or services sold to a foreign country or countries

b) the business or system of transporting goods

c) the activity embracing all forms of the purchase and sale of goods and services

d) the act, system, or business of providing financial protection for property, life, health

e) the act of obtaining and paying for an item or service

f) goods or services that are bought from foreign countries

g) an article of commerce

Read the text and say what two important ancillaries to commerce are.

Commerce is concerned with the distribution of commodities of all kinds – raw materials, foodstuffs, manufactured goods. Under modern conditions the business of distribution has become as complex as production.

The work of commerce can be illustrated by a simple commercial transaction. Any transaction is commercial in character if it involves exchange, whether of goods for goods, which we call barter or of goods for money.

Suppose that John Smith requires a carpet. He will seek out a shop which deals in such goods, and expect to be shown a selection of carpets from which he can make his choice. After examining them he decides to purchase one. This, the final stage in the business of distribution, enables the commodity to reach the person who actually wants it for his own use that is the consumer. This is the function of the

retail trade. Most people's commercial transactions are limited to deals with retailers. This, then, is one branch of commerce.

Many retailers obtain their stock from wholesalers. The retailer who sold a carpet to John Smith probably obtained it from a wholesale carpet merchant. This is a commercial transaction involving a retailer and a wholesaler. The wholesale trade is thus a second branch of commerce. The wholesaler in his turn bought his stock of carpets from manufacturers in Halifax or Kidderminster.

Here, then, is a third commercial transaction, this time involving a wholesaler and a manufacturer. The manufacturer bought the raw wool from which the carpet was made at a wool auction in London or Melbourne. If the wool was sold at a London auction it would be consigned to an importer in London, who would have to arrange for its warehousing between the time when it was unloaded from the ship which had bought it from Australia and the time of its sale at the wool market. At the wool auction the carpet manufacturer probably employed a specialist buying broker to act for him the importer, too would employ a selling-broker to undertake the sale. All these people are engaged in commercial occupation. The import trade forms, then, the third' branch of commerce.

Since a country cannot import goods from abroad unless it can sell some of its own products to other countries, there must also be another group of merchants- those who are engaged in the export trade, the fourth branch of commerce.

The four branches of commerce which we have considered so far are all concerned with buying and selling of goods, and so comprise different kinds of trade. The basic commercial activity, therefore, is trader but commerce embraces much more than trade. Certain other services are necessary to the carrying on of trade. The first, of these is transport. The transfer of goods from one place to another would clearly be impossible without some means of transport. Indeed the extent of both home and foreign trade depends upon the efficiency of the means of transport that are available the expansion of trade having gone hand in hand with the development of transport. Before the coming of the railway and the steamship the volume of world trade was of very email proportions compared with what it is today. Transport is vital to trade, and so it forms an important branch of commerce.

There are also two financial services which are important ancillaries to commerce: banking and insurance. Banks assist commerce by providing businessmen with convenient means of payment for both internal and international transactions. They also help merchants and others to finance the holding of stocks. Insurance relieves those engaged in all kinds of business of many of the risks associated with the movement and holding of stocks of goods. Sales are often stimulated by advertising. The expansion of trade owes a great deal to the development of efficient banking, insurance and advertising facilities. These, then, are all important commercial occupations.

The four kinds of trade, together with transport, banking, insurance and advertising, form the main divisions of commerce.

IV. Read the text again and answer the following questions.

1. What is commerce concerned with? 2. Who do most people deal with in their every day life? 3. What is a second branch of commerce? 4. What branches of commerce are connected with home and foreign markets? 5. What does the extent of both home and foreign trade depend upon? 6. How does the development of transportation influence on commerce? 7. What forms the main divisions of commerce?

V. Decide whether these statements are true (T) or false (F).

1. Any transaction is commercial in character if it involves exchange, whether of goods for goods, which we call barter or of goods for money. 2. Many retailers obtain their stock from manufactures. 3. The import trade, the export trade are the branches of commerce. 4. Commerce embraces much more than trade. 5. The expansion of trade owes a great deal to the development of manufacturing.

VI. Find Russian equivalents to the following phrases in the second column.

1.distribution of commodities 2.under modern conditions 3.in character 4.obtain their stock 5.consigned 6.undertake the sale 7.engaged in 8.commercial activity 9.carrying on of trade 10means of transport 11.home and foreign trade 12.the expansion of trade 13.hand in hand 14.advertising facilities

a)по характеру b)рекламные возможности c)распределение товаров d)отгруженный e) вместе f)получать товар g)в современных условиях h)предпринимать продажу i)торговля на внутреннем и внешнем рынке J)вовлеченный k)увеличение торговли l)вести торговлю m)коммерческая деятельность

VII. Choose the appropriate translation of the following sentences.

1. This, the final stage in the business of distribution, enables the commodity to reach the person who actually wants it for his own use that is the consumer. a) Это, заключительная стадия в бизнесе распределения, позволяет товару достигнуть человека, который фактически хочет это для его собственного использования, которое является потребителем. b) Это и есть последняя стадия в распределении, которая позволяет товару достичь того, кто действительно хочет приобрести его для собственного использования, то есть потребителя. Эта заключительная часть распределения в бизнесе помогает человеку получить товар, который действительно нужен ему для собственного потребления, т.е. покупателю. 2. At the wool auction the carpet manufacturer probably employed a specialist

buying broker to act for him the importer, too would employ a selling-broker to undertake the sale. а) На аукционе по продаже шерсти производитель ковров, вероятно, нанял специалиста-брокера по закупкам, чтобы тот представлял его со стороны импортера; он также наймет брокера по сбыту, который займется реализацией. b) На аукционе шерсти изготовитель ковра вероятно нанимал специалиста, покупающего брокеру, чтобы действовать для него импортер, также наймет брокера по продаже, чтобы предпринять продажу. 3. Since a country cannot import goods from abroad unless it can sell some of its own products to other countries, there must also be another group of merchants. a) Поскольку страна не сможет импортировать товары из-за границы до тех пор, пока ей не удастся продать часть своих собственных товаров другим странам, то должна быть еще одна группа торговцев. b) Так как страна не может импортировать товары из-за границы, если это не может продать некоторые из ее собственных изделий к другим странам, должна также быть другая группа торговцев. 4. Before the coming of the railway and the steamship the volume of world trade was of very small proportions compared with what it is today. a) Перед прибытием железной дороги и парохода объем мировой торговли имел очень маленькие размеры по сравнению с тем, чем это является сегодня b) До появления железной дороги и парохода объем мировой торговли был относительно невысоким по сравнению с сегодняшним днем.

VIII. Make an outline of the text consisting of 5-8 sentences.

IX. Retell the text according to its outline.

X. Finance and Accounting I. Go through the following vocabulary notes to avoid difficulties in

understanding and find these words in the text.

profit entrust disaster debtor confront proceed insolvency account exceed

прибыль возлагать несчастье дебитор противостоять продолжать банкротство счёт превышать

clearance preferential treatment

discount monitor resort factoring ample monies

погашение обслуживание с приоритетом скидка рекомендовать обращаться факторинг изобильный денежные суммы

II. Match the words in the left column with the definitions in the right column.

1.profit 2.tax 3.transaction 4.debtor 5.creditor 6.credit 7.insolvency 8.commitment 9.invoice 10.factoring

a) a document issued by a seller to a buyer listing the goods or services supplied and stating the sum of money due

b) something that is transacted, esp a business deal or negotiation

c) a person or commercial enterprise to whom money is owed

d) a future financial obligation or contingent liability

e) a person or commercial enterprise that owes a financial obligation

f)a person who has insufficient assets to meet debts and liabilities g) the income or reward accruing to a successful entrepreneur and held to be the motivating factor of all economic activity in a capitalist economy h) the business of purchasing debts from clients at a discount and making a profit from their collection

i) the sum of money that a bank makes available to a client in excess of any deposit

j) a compulsory financial contribution imposed by a government to raise revenue, levied on the income or property of persons or organizations, on the production costs or sales prices of goods and services,

etc

III. Read the text and say why the business managers need to keep a record of their transactions.

The purpose of any business is to make a profit. Profit is not a dirty word. It simply means that the resources which have been entrusted to us have been used effectively. The more effectively the resources have been used, the more profit will be made. If all the businesses in a country were making a loss there would be an economic disaster. The government taxes business profits and uses the proceeds to pay for free education, the National Health Service, unemployment pay, old age pensions and national defense among other things. So one of the reasons the business managers need to keep a record of their transactions is to allow the Inspector of Taxes to calculate how much tax is due. However, there are other reasons why the business managers want to keep financial records. They want to know whether the policies they are applying are proving to be successful or otherwise. They want to know whether modifications are called for. They also want to know who owes them money (debtors) and to whom they owe money (creditors). They want to make sure they collect all the monies which are due to them, and they also want to make sure they are not suddenly confronted by a creditor they had forgotten about.

Apart from retail business the majority of sales are for credit. When manufacturers sell goods to their retail customers, the retailers will not be expected to pay for them until they have had a chance to sell them to the public. That is the way business normally operates. By giving their customers, say, two months' credit, the manufacturers are giving them ample time to raise the funds from the proceeds of the sale.

The manufacturers' suppliers - the people who provide them with the raw materials - will in turn give the manufacturers time to raise the funds. A considerable degree of interdependency is thus developed. The cash flow - payments in and out - are vital to a business. An adequate supply of working capital is essential if insolvency is to be avoided. A firm is said to be insolvent when it is unable to meet its financial commitments.

Since almost all of the business conducted between firms is on a credit basis, credit control becomes significant. Specific credit limits will be allocated to each customer. Thus a new customer, John Turner, might be allowed to have an outstanding account of £5,000 for three months, while Evelyn Corbett, who has been a satisfactory customer for more than a year, has a limit of twice that amount.

Before any order is passed through to the Dispatch Department in the factory, it will be checked against the customer and the credit rating. The salespeople are not allowed to give customers credit when these limits would be exceeded, unless there is a special clearance from the Sales Manager.

The drive for increased sales will make the large influential customer particularly attractive and for this reason they are likely to receive preferential treatment when credit ratings are determined.

Firms may attempt to reduce the risk of loss through bad debts by a variety of devices. They usually offer cash discounts for prompt payment and often operate a

credit control department to monitor the granting of credit and the collection of debts. It is also possible to resort to a practice known as factoring (or invoice discounting) whereby specialist companies are approached with a view to their purchasing the book debts at a discount. They will collect the debts and keep any accounting records required.

IV. Read the text again and answer the questions using the active vocabulary of the text.

1. Why are the tax authorities interested in the accounts of a business? 2. Who benefits when a business makes a profit? 3. Why is cash flow important to a business? 4. How are credit ratings determined? 5. What should a salesperson do before selling goods on credit? 6. What does a credit control department do? 7. How does factoring operate? 8. Why do you think a sales manager and a credit control manager might

sometimes come into conflict?

V. Read the text and say whether these statements are true (T) or false (F).

1. The more effectively the resources have been used, the less profit will be made. 2. A firm is said to be insolvent when it is unable to meet its financial commitments. 3. So one of the reasons the business managers need to keep a record of their

transactions is to hide them from the Inspector of Taxes. 4. The salespeople are allowed to give customers credit when these limits would

be exceeded, unless there is a special clearance from the Sales Manager. 5. Companies don’t usually offer cash discounts for prompt payment. 6. A firm is said to be insolvent when it is unable to meet its financial commitments.

VI. Find Russian equivalents to the following phrases in the second column.

1.make a profit 2.make a loss 3.free education 4.health service 5.old age pension 6.national defence 7.month's credit 8.cash flow 9.financial commitment 10.outstanding account 11.credit rating 12.cash discounts 13.accounting records

a)скидка за наличный расчет b)получать прибыль c)здравоохранение d)бухгалтерский учет e)бесплатное образование f)неоплаченный счёт g)потерпеть убыток h)пенсия по старости i)оценка кредитоспособности j)финансовое обязательство k)национальная оборона l)кредит на месяц m)движение денежной наличности

VII. Choose the appropriate translation of the following sentences.

1. They want to know whether the policies they are applying are proving to be successful or otherwise. a) Они хотят знать, являются ли применяемые ими стратегии успешными или нет. b) Они хотят знать, доказывается ли политика, которую они применяют, успешная или иначе. 2. By giving their customers, say, two months' credit, the manufacturers are giving them ample time to raise the funds from the proceeds of the sale. а) Давая их клиентам, скажем, кредиту двух месяцев, изготовители дают им вполне достаточное время, чтобы поднять фонды от доходов продажи b) Предоставляя своим клиентам, скажем, двухмесячный кредит, производители выделяют вполне достаточно времени для того, чтобы собрать средства от продаж. 3 The cash flow - payments in and out - are vital to a business. a) Движение денег – входящие и исходящие платежи – является жизненно важным для каждой компании. b) Наличный поток - платежи в и - являются жизненными для бизнеса. 4. Firms may attempt to reduce the risk of loss through bad debts by a variety of devices. a) Фирмы могут пытаться уменьшать риск потери через безнадежные долги разнообразием устройств. b) Фирмы могут использовать разные способы, пытаясь снизить риск, связанный с убытками из-за невозвращенных долгов.

VIII. Make an outline of the text consisting of 5-8 sentences.

IX. Retell the text according to its outline.

LITERATURE

1. Adrian Wallwork. Business Options. Oxford University Press, 2001. 2. David Cotton, Sue Robbins. Business Class. Longman, 2006. 3. Leo Jones. Richard Alexander. New International Business English. Cambridge University Press., 1996. 4. Leo Jones. New Progress to First Certificate. Cambridge University Press, 1997. 5. Michael McCarty, Felicity O’Dell. English in Use. Cambridge University Press, 1994.

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