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					UNIT 7
                                          BUSINESS


SECTION A: ACCOUNTING AND FINANCE

TASK SHEET 1:

Match up the terms on the left with the definitions on the right.

1 bookkeeping                    A    calculating an individual’s or a company’s liability for tax
2 accounting                     B    writing down the details of transactions
                                      (debits and credits)
3 managerial accounting          C    keeping financial records, recording income and
                                      expenditure, valuing assets and liabilities
4 cost accounting                D    preparing budgets and other financial reports
                                      necessary for management
5 tax accounting                 E    inspection and evaluation of accounts by a
                                      second        set of accountants
6 auditing                       F    using all available accounting procedures and tricks
                                      to disguise the true financial position of a company
7 “creative accounting”          G    working out the unit cost of products, including materials,
                                      labour and all other expenses

TASK SHEET 2:

Match up these words with the definitions below:
 assets depreciation liabilities turnover creditors (GB) or accounts payable (US)
 debtors (GB) or accounts receivable (US) overheads (GB) or overhead (US)
 revenue or earnings or income shareholders (GB) or stockholders (US)
 stock (GB) or inventory (US)


   1. a company’s owners
   2. all the money received by a company during a given period
   3. all the money that a company will have to pay to someone else in the future, including taxes,
       debts, interest and mortgage payments
   4. the amount of business done by a company over a year
   5. anything owned by a business (buildings, machines, so on) that can be used to produce goods or
       pay liabilities
   6. the reduction in value of a fixed asset during the years it is in use
   7. sums of money owed by customers for goods or services purchased on credit
   8. sums of money owed by suppliers for purchases made on credit
   9. raw materials, work in progress and finished products stored ready for sale
   10. various expenses of operating a business that cannot be charged to any one product, process and
       department
TASK SHEET 3:


ACCOUNTING AND FINANCIAL STATEMENTS

Insert the words in the box above in the gaps of the following text:

         In accounting it is always assumed that a business is a “going concern” that it will
continue indefinitely into the future, which means that the current market value of its fixed assets
is irrelevant, as they are not for sale. Consequently, the most common accounting system is
historical cost accounting, which records (1) ……………… at their original purchase price,
minus accumulated depreciation charges. In times of inflation, this understates the value of
appreciating assets such as land, but overstates profits as it does not record the replacement cost
of plant or (2)…………… The value of a business’s assets under historical cost accounting –
purchase price minus (3)………………… - is known as its net book value.
         Company law specifies that (4) ……………… must be given certain financial
information. Companies generally include three financial statements in their annual reports.
         The profit and loss account (GB) or income statement (US) shows (5) ………………
and expenditure. It usually gives figures for total sales or (6) …………………, and costs and
(7)…………………….. The first figure should obviously be higher than the second, namely
there should be a profit. Part of the profit goes to the government in taxation, part is usually
distributed to shareholders as a dividend and part is retained by the company, for it to be able to
cope with possible future threats.
         The balance sheet shows a company’s financial situation on a particular date, generally
the last day of the financial year. It lists the company’s assets, its (8) ……………… and
shareholders’ funds. A business’s assets include (9) …………… and it is assumed that these will
be paid. Liabilities include (10) ……………, as these will have to be paid. Negative items on
financial statements, such as creditors, taxation and dividends paid are usually enclosed in
brackets.
         In accordance with the principle of double-entry bookkeeping (that all transactions are
entered as a credit in one account and as a debit in another), the basic accounting equation is:
                 Assets = Liabilities + Owners’ Equity
This can be rewritten as:
                 Assets – Liabilities = Owners’ Equity or Net Assets
This includes share capital (money received from the issue of shares), share premium (GB) or
paid-in surplus (US) (any money realized by selling shares at above their nominal value) and
the company’s reserves (including the year’s retained profits). Shareholders’ equity or net assets
are generally less that a company’s market capitalization (the total value of its shares at any
given moment, meaning the number of shares times their market price), because net assets do not
record items such as good will.
         The third financial statement has various names, including the source and application of
funds statement and the statement of changes in financial position. This shows the flow of
cash in and out of the business between balance sheet dates. Sources of funds include trading
profits, depreciation provisions, sales of assets, borrowing and the issuing of shares. Application
of funds includes purchases of fixed or financial assets, payment of dividends, repayment of
loans and trading losses.
TASK SHEET 4:

Match the definitions with the correct money word:

1. a fixed amount which is paid, usually monthly, to workers of higher rank                   salary
2. an amount of money which you lend to someone                                                 fare
3. a sum of money which is owed to someone                                                     taxes
4. paid while travelling, especially on public transport, buses, trains, etc.                   loan
5. paid to the government for services that the state provides                                  debt
6. paid as a punishment for breaking the law                                                    cash
7. money paid by a company or the state on your retirement                                        fee
8. money paid by the state, usually to students                                               limon
9. money paid for professional services, e.g. to a doctor                                       duty
10. money which is in the form of coins and notes, not cheques                              interest
11. an amount of money you receive, usually weekly, in return for labour or service            grant
12. money paid by divorced father to his former wife to upkeep his children                 pension
13. tax on imported articles paid to the customs                                                 fine
14. paid at a restaurant after eating                                                             bill
15. extra percentage paid on a loan                                                            wage


TASK SHEET 5:

Give the name for the following definitions:

a) money paid to authors or inventors according to the sales of their work            an a--------
b) a sum of money used to make more money from something that will increase           a m-------
     in value
c) the money which a building society or bank lends to someone to buy a house         a s----
d) the money that a person pays to an insurance company to protect against loss or    r--------
     damage
e) money, usually from a relative, to live on                                         a p------
f) an amount of money, related to the value of goods sold, which is paid to a         an o--------
     salesman for his services
g) part- payment of money which you make to stop the seller from selling his          m----------
     goods to others
h) part of the value of a company that you may buy                                    a l-----
i) money paid by divorced or separated people to support the former husband or        an I---------
     wife
j) the amount of money that goes to a shareholder                                     a d-------
k) money received from someone in his or her will                                     a d------
l) the amount of money borrowed from a bank, greater than that which is in your        c---------
     account
m) an additional payment which is a reward to those who work for a company for        a b----
     their extra work
TASK SHEET 6:

Choose the correct answer and fill in the blanks:

1. The…..of the pound has fallen recently.
   a. expense     b. price       c. value       d. worth

2. The accounts show a …..of $ 500 this month.
   a. decrease     b. deficit     c. deterioration         d. devaluation

3. The bank will require three signatures when you open an account.
   a. natural        b. sample        c. specimen       d. trial

4. I’m afraid that the bank will refuse my application for an extended ……. .
   a. balance         b. compensation c. estimate           d. overdraft

5. At this bank you can get 17%…..on your own savings.
   a. interest       b. rate          c. rent          d. salary

6. I want $ 500 worth of French francs. What is the ……rate, please?
   a. currency        b. exchange       c. market        d. money

7. Miss Positive……the bank manager that she would be able to repay the loan.
   a. assured     b. ensured        c. certified      d. insured

8. The debt should be paid……within thirty days of receiving this statement.
   a. all over       b. as a whole    c. for good        d. in full

9. Please find enclosed our……scale for life insurance premiums.
   a. gauging        b. raising       c. sliding         d. slipping

10. Reminders must be sent out to all customers whose accounts are more than a month…… .
    a. indebted    b. overdue           c. unbalanced     d. unpaid
SECTION B: BANKING, STOCK AND SHARES, BONDS

PERSONAL BANKING

TASK SHEET 1:


Match up the following terms with the definitions on the right:


1. cash card                   A. a card which guarantees payment for goods and services
                                   purchased by the cardholder, who pays back the bank or
                                   finance company at a later date

2. cash dispenser              B. a fixed sum of money on which interest is paid, lent for a
                                   fixed period and, usually, for a specific purpose

3. credit card                 C. a loan, usually to buy property, which serves as a security
                                   for the loan

4. home banking                D. doing banking transactions by telephone or from one’s
                                   personal computer, linked to the bank via a network

5. loan                        E. one that pays interest, but usually cannot be used for paying
                                   checks and on which notice is often required to withdraw
                                   money

6. mortgage                    F. one that generally pays little or no interest, but allows the
                                   holder to withdraw his or her cash without any restrictions

7. overdraft                   G. a plastic card issued to bank customers for use in cash
                                   dispensers

8. standing order              H. an instruction to a bank to pay fixed sums of money to
                                   certain people or organizations at stated times

9. current account (GB)        I. a computerized machine that allows bank customers to
checking account (US)               withdraw money, check their balance and so on

10. deposit account (GB)       J. an arrangement by which a customer can withdraw more
time or notice account (US)        from a bank account than has been deposit in it, up to an
                                   agreed limit; interest on the debt is calculated daily
TASK SHEET 2:                              TYPES OF BANKING

    1. COMMERCIAL BANKING
Commercial or retail banks are businesses that trade in money. They receive and hold deposits, pay
money according to customers’ instructions, lend money, offer investment advice, exchange foreign
currency and so on. They make a profit from the difference (known as a spread or a margin) between the
interest rates they pay to lenders or depositors and those they charge to borrowers. Banks also create
credit, because the money they lend, from their deposits, is generally spent (either on goods or services, or
to settle debts) and in this way transferred to another bank account – often by way of a bank transfer or a
check rather than the use of notes or coins – from where it can be lent to another borrower and so on.
When lending money, bankers have to find a balance between yield and risk and between liquidity and
different maturities.

    2. INVESTMENT BANKING
Merchant banks in Britain raise funds for industry on the various financial markets, finance international
trade, issue and underwrite securities, deal with takeovers and mergers and issue government bonds. They
also generally offer stockbroking and portfolio management services to rich corporate and individual
clients. Investment banks in the USA are similar, but they can only act as intermediaries offering advisory
services and do not offer loans themselves. Investment banks make their profits from the fees and
commissions they charge for their services.

     3. UNIVERSAL BANKING
In the USA, the Glass-Steagall Act of 1934 imposed a strict separation between commercial banks and
investment banks or stockbroking firms. Yet the distinction between commercial and investment banking
has become less clear in recent years. Deregulation in the USA and Britain is leading to the creation of
“financial supermarkets”: conglomerates combining the services previously offered by banks,
stockbrokers, insurance companies, and so on. In some European countries (notably Germany, Austria
and Switzerland) there have always been universal banks combining deposit and loan banking with share
and bond dealing and investment services.

    4. INTEREST RATE
A country’s minimum interest rate is usually fixed by the central bank. This is the discount rate, at which
the central bank makes secured loans to commercial banks. Banks lend to blue chip borrowers (very safe
large companies) at the base rate or the prime rate; all other borrowers pay more, depending on their
credit standing (or credit rating or creditworthiness): the lender’s estimation of their present and future
solvency. Borrowers can usually get a lower interest rate if the loan is secured or guaranteed by some
kind of asset, known as collateral.

    5. EUROCURRENCIES
In most financial centers, there are also branches of lots of foreign banks, largely doing Eurocurrency
business. A Eurocurrency in any currency held outside its country of origin. The first significant
Eurocurrency market was for US dollars in Europe, but the name is now used for foreign currencies held
anywhere in the world (e.g. yen in the US, DM in Japan). Since the US dollar is the world’s most
important trading currency – and because the US has for many years had a huge trade deficit – there is a
market of many billions of Eurodollars, including the oil-exporting countries “petrodollars”. Although a
central bank can determine the minimum lending rate for its national currency it has no control over
foreign currencies. Furthermore, banks are not obliged to deposit any of their Eurocurrency assets at
0% interest with the central bank, which means that they can usually offer better rates to borrowers and
depositors than in the home country.
TASK SHEET 3:

Match the following definitions with the words and expressions from the previous text:

    1. to place money in a bank; or money placed in a bank                     A. solvency

    2. the money used in countries other than one’s own                        B. currencies

    3. how much money a loan pays, expressed as a percentage                   C. collateral

    4. available cash and how easily other assets                              D. deposit
    can be turned into cash

    5. the date when a loan becomes repayable                                  E. yield

    6. to guarantee to buy all the new shares that a company issues, if they   F. maturity
       can’t be sold in public

    7. when a company buys or acquires another one                             G. merger

    8. when a company combines with another one                                H. portfolio management

    9. buying and selling stocks or shares for clients                         I. takeover

    10. taking care of all a client’s investments                              J. blue chip borrowers

    11. the ending or relaxing of legal restrictions                           K. conglomerate

    12. a group of companies, operating in different fields,                   L. underwrite
    that have joined together

    13. a company considered to be without risk                                M. stock

    14. ability to pay liabilities when they become due                        N. liquidity

    15. anything that acts as a security or a guarantee for a loan             O. deregulation

TASK SHEET 4:

Match up the verbs and nouns below to make common collocations:

       charge                            advice
       do                                bonds
       exchange                          business
       issue                             currencies
       make                              deposits
       offer                             funds
       pay                               interest
       raise                             loans
       receive                           profits
       underwrite                        security issues
TASK SHEET 5:

STOCKS AND SHARES

Read the following text and answer the questions:

    1. Why do people form limited companies?
    2. Why do companies issue shares?
    3. Why do people buy the shares?

COMPANIES

Individuals and groups of people doing business as a partnership, have unlimited liability for debts, unless
they form a limited company. If the business does badly and can’t pay its debts, any creditor can have it
declared bankrupt. The unsuccessful business people may have to sell nearly all their possessions in order
to pay their debts. This is why most people doing business form limited companies. A limited company is
a legal entity separate from its owners and is only liable for the amount of capital that has been invested in
it. If a limited company goes bankrupt, it is wound up and its assets are sold, liquidated in order to pay
the debts. If the assets don’t cover the liabilities or the debts, they remain un paid. The creditors simply do
not get all their money back.
           Most companies begin as private limited companies. Their owners have to put up the capital
themselves, or borrow from friends or a bank, perhaps a bank specializing in venture capital. The
founders have to write a Memorandum of Association (GB) or a Certificate of Incorporation (US), which
states the company’s name. Its purpose, its registered office or premises and the amount of authorized
share capital. They also write Articles of Association (GB) or Bylaws (US), which set out the duties of
directors and the rights of shareholders (GB) or stockholders (US). They send these documents to the
registrar of companies.
           A successful company can apply to a stock exchange to become a public limited company (GB)
or a listed company (US). Newer and smaller companies usually join “over-the-counter” markets. Very
successful businesses can apply to be quoted or listed (i.e. to have their shares traded) on major stock
exchanges. Publicly quoted companies have to fulfill a large number of requirements, including sending
their shareholders an independently-audited report every year, containing the year’s trading results and a
statement of their financial position.
           The act of issuing shares for the first time is known as floating a company (making a flotation).
Companies generally use an investment bank to underwrite the issue, that is to guarantee to purchase all
the securities at an agreed price on a certain day, if they can’t be sold to the public.
           Companies wishing to raise more money for expansion, can sometimes issue new shares, which
are normally offered first to existing shareholders at less than their market price. This is known as a
rights issue. Companies sometimes also choose to capitalize part of their profit (turn it into capital) by
issuing new shares to shareholders rather than paying dividends. This is known as a bonus issue.
           Buying a share gives its holder part of the ownership of a company. Shares generally entitle their
owners to vote at a company’s Annual General Meeting (GB) or Annual Meeting of Stockholders (US)
and to receive a proportion of distributed profits in the form of a dividend, or to receive part of the
company’s residual value if it goes into liquidation. Shareholders can sell their shares on the secondary
market at any time, but the market price of a share – the price quoted at any given time on the stock
exchange, which reflects, more or less, how well or badly the company is doing – may differ radically
from its nominal value.
TASK SHEET 6:

Find words or expressions in the previous text, which mean the following:

   1. having a responsibility or an obligation to do something (ex. to pay a debt)

   2. a person or organization to whom money is owed (for goods or services rendered, or as
      repayment of a loan)

   3. to be insolvent (unable to pay debts)

   4. everything of value owned by a business that can be used to produce goods, pay
      liabilities…

   5. to sell all the possessions of a bankrupt business

   6. money that a company will have to pay to someone else (bills, taxes, debts, interest and
      mortgage payments…)

   7. to provide money for a company or other project

   8. money invested in a possibly risky new business

   9. the people who begin a new company

   10. the place in which a company does business: an office, shop, workshop, factory,
       warehouse…

   11. to guarantee to buy an entire new share issue, if no one else wants it

   12. a proportion of the annual profits of a limited company, paid to shareholders

ALTERNATIVE TERMINOLOGY

 Americans often talk about corporations rather than companies and about an initial public offering
 rather than a flotation.

 Another name for stocks and shares is equities because all the stocks or shares of a company – or at
 least all those of a particular category – have equal value.

 Two other terms for nominal value are face value and par value.

 Other names for a bonus issue are a scrip issue (short for “subscription certificate”) and a
 capitalization issue and in the US a stock dividend or stock split.
TASK SHEET 7:

Match the following definitions with the words from the box:

 blue chip       defensive stock     growth stock       insider share-dealing
 institutional investors       mutual fund        market-maker        portfolio
 stockbroker

   1.   a company that spreads investors’ capital over a variety of securities
   2.   an investor’s selection of securities
   3.   a person who can advise investors and buy and sell shares from them
   4.   a stock in a large company or corporation that is considered to be a secure investment
   5.   a stock – in an industry not much affected by the cyclical trends – that offers a good
        return but only a limited chance of a rise or decline in price
   6.   a stock – which usually has a high purchasing price and a low current rate of return – that
        is expected to appreciate in capital value
   7.   a wholesaler in stocks and shares who deals with brokers
   8.   financial organizations such as pension funds and insurance companies which own most
        of the shares of all leading companies (over 60% and rising)
   9.   the use of information not known to the public to make a profit out of buying or selling
        shares


TASK SHEET 8:

There is a logical connection among three of the four words in each of the following groups.
Which is the odd one out and why?

   1.   annual report – external auditors – financial statements – stockbroker
   2.   blue chip – defensive stock – growth stock – rights issue
   3.   bonus issue – dividend – over-the-counter – shareholder
   4.   creditor – market-maker – shareholder – stockbroker
   5.   debt – equity – share – stock
   6.   face value – market value – nominal value – par value
   7.   float – liquidation – share issue – underwriter
   8.   institutional investor – insurance company – liabilities – pension fund
   9.   mutual fund – portfolio – risk – underwriter
TASK SHEET 9:

Read the following text and answer the following questions:

   1. Why do most companies use a mixture of debt and equity financing?
   2. Why do governments issue bonds?

BONDS

Companies finance most of their activities by way of internally generated cash flows. If they
need more money they can either sell shares or borrow, usually by issuing bonds. More and more
companies now issue their own bonds rather than borrow from banks, because this is often
cheaper: the market may be a better judge of the firm’s creditworthiness than a bank (it may lend
money at a lower interest rate). This is evidently not a good thing for the banks, which now have
to lend large amounts of money to borrowers that are much less secure than blue chip companies.
         Bond-issuing companies are rated by private ratings companies and given an “investment
grade” according to their financial situation and performance, Aaa being the best and C the worst
(nearly bankrupt). Obviously, the higher the rating the lower the interest rate at which a company
can borrow.
         Most bonds are bearer certificates, so after being issued (on the primary market), they can
be traded on the secondary bond market until they mature. Bonds are therefore liquid, although
of course their price on the secondary market fluctuates according to changes in interest rates.
Consequently, the majority of bonds on the secondary market are traded either above or below
par. A bond’s yield at any particular time is thus its coupon (the amount of interest it pays)
expressed as a percentage of its price on the secondary market.
         For companies, the advantage of debt financing over equity financing is that bond interest
is tax deductible. In other words, a company deducts its interest payments from its profits before
paying tax, whereas dividends are paid out of already-taxed profits. Apart from this “tax shield”,
it is generally considered to be a sign of good health and anticipated higher future profits if a
company borrows. On the other hand, increasing debt increases financial risk: bond interest has
to be paid, even in a year without any profits from which to deduct it and the principal has to be
repaid when the debt matures, whereas companies are obliged to pay dividends or repay share
capital. Thus companies have a debt-equity ratio that is determined by balancing tax savings
against the risk of being declared bankrupt by creditors.
         Governments, of course, unlike companies, don’t have the option of issuing equities.
Consequently, they issue bonds when public spending exceeds receipts from income tax, VAT
and so on. Long-term government bonds are known as gilt-edged securities, or simply
gilts (GB) or Treasury Bonds (US). The British and American central banks also sell and buy
short-term (three month) Treasury Bills as a way of regulating the money supply. To reduce the
money supply, they sell these bills to commercial banks and withdraw the cash received from
circulation; to increase the money supply they buy them back, paying with newly created money
which is put into circulation in this way.
TASK SHEET 10:

Match up the words or phrases on the left with the corresponding ones on the right:

1. investors                            A. the amount of a loan
2. issuing bonds                        B. borrowing money
3. principal                            C. date at which the money will be returned
4. maturity                             D. fall in interest rates
5. pension funds                        E. keep their bonds till maturity
6. buy-and-hold investors               F. default
7. non-payment                          G. profits on the sale of assets
8. price appreciation                   H. providers of funds
9. price depreciation                   I. retirement money
10. capital gains                       J. rise in interest rates


TASK SHEET 11:

In each case, which of the three statements is TRUE?

   1. Banks’ loan portfolios are now generally less secure than 20 years ago
         A. because bankers are becoming irresponsible.
         B. because blue chip companies are becoming irresponsible.
         C. because blue chip companies issue their own bonds, and banks that receive deposits still
              have to lend money.

   2. Bondholders can
         A. only get their money back when the bond matures.
         B. get their money back at any time.
         C. try to get their money back at any time.

   3. If interest rates
           A. rise above a bond’s coupon, the bond will probably sell at above par.
           B. fall below a bond’s coupon, the bond will probably sell at above par.
           C. rise above a bond’s coupon, its yield will normally decrease.

   4. The fiscal system in most countries makes it advantageous for companies
         A. to issue bonds rather than borrow from a bank.
         B. to issue stocks or shares rather than bonds as long as they don’t make a loss.
         C. to issue bonds rather than stocks or shares as long as they make a profit.

   5. A. Governments systematically issue bonds to finance public spending.
      B. Governments issue bonds to finance public spending when necessary.
      C. Governments or central banks regularly issue bonds to increase the money supply.
TASK SHEET 12:

Match up the expressions on the left with the definitions on the right:

1. equity financing     A. a security whose owner is not registered with the issuer
2. debt financing       B. easily sold (turned into cash)
3. bearer certificate   C. the rate of interest paid by a fixed interest security
4. liquid               D. the rate of income an investor receives taking into account a security’s
                        current price
5. par                  E. issuing bonds
6. coupon               F. issuing shares
7. yield                G. nominal or face value (100%)


TASK SHEET 13:

Choose the right word to fill in the gaps:

1) The Board of … is responsible for deciding on and controlling the strategy of a
    corporation or company.
    a) workers                 b) directors                c) control
2) Small businesses depend on investors providing … capital.
    a) venture                  b) individual              c) cooperative
3) Investors are influenced by the projected … on their capital
    a) market                   b) return                  c) rate
4) The capital needed to run a business is provided by...
    a) gain                     b) risk                    c) investment
5) Rent and rates, which do not change as turnover volume changes, make up the … costs of the
    company.
    a) fixed                    b)contribution             c) variable
6) Materials and direct labor costs, which change as turnover volume changes, make up the … costs of a
    company.
    a) fixed                     b) contribution          c) variable
7) Every company must watch its … carefully if it is to avoid bankruptcy.
    a) market managers           b) cash flow             c) production lines
8) The … account shows whether the company is profitable or not.
    a) profit and loss          b) volume                 c) shareholders
9) Banks require … to guarantee a loan.
    a) accounts                 b) shares                 c) securities
10) Insurance companies may use … to negotiate the amount of insurance to be paid.
    a) claim forms              b) tariff companies        c) insurance adjusters
SECTION C: BUSSINESS LETTERS AND IDIOMS

BUSINESS LETTERS


TASK SHEET 1:

Fill in the correct prepositions in these sentences. All are expressions which occur
frequently in business letters:

       1. We are sending samples … separate cover.

       2. We allow discounts … up to 7% … larger quantities.

       3. We look forward … meeting you … the Trade Fair.

       4. We had the pleasure … meeting you … your stand … the trade Fair.

       5. We hope this product can compete … both price and quality.

       6. I’m afraid Mr. Kelly is away … business … at the moment.

       7. Thank you … your cheque … $7648 … complete settlement … your account … date.

       8. We regret to inform you that we do not deal … recycled paper.

       9. We have taken the liberty … forwarding your enquiry … our agents in India.

       10. The form should be completed … duplicate … capitals and signed … you before you forward
           it to us.

       11. We expect all debts to be settled … full … due course.

       12. We have a good supply … wood suitable … these desks … stock … the moment.

       13. She deals … many enquiries … this sort … the course of her work.

       14. Duty has been paid … the goods and they are not liable … VAT.

       15. We are writing to inform you … a change of address of our Atlanta branch … effect …
           May 1st.
TASK SHEET 2:

Here are a number of standard sentences from business letters. Can you fill in each space
with ONE word?
In most cases there is only one possibility although sometimes two or three different words
are possible for a particular space.


   1. We …… you that any …… you …… with us will have …… prompt and careful …….
   2. In …… of the …… that we have now been …… business with you for a year, we ……
       appreciate quarterly …… of our accounts in the …….
   3. We should be …… if you would …… the …… references when ordering, as your
       Company is …… to us.
   4. Our …… for first orders are …… in advance. Delivery will be not more than three weeks
       …… receipt …… order.
   5. Our …… at the moment are limited and we are …… orders in …… rotation …… as not
       to …… our regular …….
   6. No …… you will …… your records and let us …… an …… statement in …… course.
   7. We …… be …… if you would …… your records and …… us have an amended
       statement by …….
   8. To …… our dispatch department we …… be …… if you would …… use of the enclosed
       order-forms, so that your orders …… be …… without delay.
   9. We are …… to …… this concession to assist you in extending your exports and in the
       …… that this will …… to …… orders.
   10. We agree …… this price and …… ask you to …… this letter as our official order for the
       goods in …… . …… ship …… the first …… opportunity.
   11. We …… for any …… which …… have been caused …… a result of our oversight.
   12. May we …… how …… we are …… …… to collaborating …… you …… this new
       project.
BUSINESS IDIOMS

Although there are a lots of „standard phrases‟ in business English which sometimes make is
seem rather formal, one of the most important features of the spoken English used by English
bussiness themselves, is that the opposite is true - the use of idioms is a sign of a relaxed
atmosphere and that the discussion are friendly. The standard pharases (outside official
meetings) often sound cold and unfriendly. Although a foreigner who uses idioms taking a big
risk, it can be useful to understand what your English colleague means.

Try the following. Match up the expression in list 1 with the meaning in list 2.

PRACTICE 1

       List 1                                              List 2
1. He’s got a lot on just now.                     a. argues a lot
2. He got carried away.                            b. understands very quickly
3. He’s been there donkey’s years.                c. always gets the best from a situation
4. He’s tied up at the moment.                    d. is very busy
5. He doesn’t miss a trick.                       e. needs a change
6. He’s got everything going for him.             f. is an old employee
7. He’s a bit of a lame duck.                     g. often needs help from the others
8. He’s on the ball.                              h. exaggerated what he meant
9. He’s a in a bit of a rut.                       i. can’t speak to you
10. He’s not easy to get on with.                 j. ought to succeed

PRACTICE 2

These you may hear after a bussiness meeting-perhaps at lunch or dinner.

List 1
1. Shall we wet our whistles?
2. Can I top you up?
3. One for the road?
4. Can I square up with you later?
5. Can I just spend a penny?

List 2
a. I’m going to the toilet.
b. Do you want a drink?
c. Do you want another drink?
d. Do you want more to drink?
e. I’ll pay my share later.
PRACTICE 3

Match up the expressions in List 1 with the meaning in List 2.

                      List 1                                              List 2
1.   He got on his high horse.                    a. insisted
2.   He called a spade a spade.                   b. was so popular he couldn’t make
                                                      a mistake
3.   He was given the red carpet treatment        c. was very well cared for
4.   He was completely our of his depth.          d. took the responsibility
5.   He was stopped in his tracks.                e. met an enexpected problem
6.   He put his head on the block.                f. was rather arogant
7.   He put his foot down.                        g. was in serious difficulties
8.   He was held his own all right.               h. said exactly what he thought
9.   He was the blue-eyed boy.                     i. wasn’t able to do what he was
                                                      supposed to do
10. He was up the creek without a paddle.         j. was very busy
11. He was up to his eyes.                         k. didn’t understand at all
12. He couldn’t cope.                              l. wasn’t able to do what he was supposed to

PRACTICE 4

          List1                                                     List 2
1. He wanted to keep out options open.       a. were short of money
2. We were on a wild goose chase.            b. tried as hard as possible
3. We sat on it for a while.                 c. waited
4. We painted the town red.                  d. hod no hope of explaining
5. We didn’t play our cards too well.        e. tried to show ourselves at out best
6. We hadn’t a leg to stand on.              f. made some mistakes negotiating
7. We pulled out all the stops.              g. were wasting out time
8. We were feeling the pinch.                 h. didn’t want to decide too early
9. We were in rather a tight corner.         i. were in difficulties
10. We were all on our mettle.               j. had rather a wild party/evening

PRACTICE 5

              List 1                                                     List 2
1.   There have been a few teething troubles.     a.   an unnoticed problem
2.   There’s been a slight hitch.                 b.   silly, meaningless arguin
3.   There’s a catch.                             c.   irrevelant talk
4.   There was a lot of hot air around.           d.   confusing argument
5.   There was a bit of a free-for-all.           e.   early problems
6.   There’s more in the pipeline.                f.   a problem
7.   There was a lot of beating about the bush.   g.   everything is not as it seems
8.   There’s more in it than meets the eye.       h.   extra bussiness in the future
PRACTICE 6
Match up the expressions in List 1 with the explanation in List 2.

             List 1                                                  List 2
1.    Can we count on it?                          a. Is there a temporary solution?
2.    Can you fill me in ?                         b. Is there a temporary solution?
3.    Can we get out of it?                        c. Is it certain?
4.    Can we find some sort of stop-gap?           d. Do you think arguing will help?
5.    Can we play it by ear?                       e. Don’t say anything yet.
6.    Can we kick up a bit of a fuss?              f. Let’s talk about the real problem.
7.    Can you tone it down a bit?                  g. Don’t be so direct!
8.    Can you keep an eye on things for us?        h. Give me the background, please.
9.    Can we get down to brass tacks?              i. Will you take care of our interest?
10.   Can we keep this under out hats for a while? j. Do we need to be prepared?

PRACTICE 7
Choose the correct explanation of the phrase in italics in each case.

1. Then we got down to the nitty gritty.          a. important business
                                                  b. small details
                                                  c. tems not on the agenda
2. I think they are trying to string us along.        a. delay things
                                                      b. lie to us
                                                      c. make us agree with them
3. It left something to be desired.               a. it was a bit unsatisfactory
                                                  b. it was very unsatisfactory
                                                  c. it was not complete
4. I’ll put in a word for you.                        a. correct what you have written
                                                      b. try to help you
                                                      c. explain what you meant
5. That puts a different complexion on things.     a. things seem better now
                                                   b. things seem worse now
                                                   c. things seem different now
6. They are bendind over backwards for us.           a. cheating us
                                                      b. trying to agree with our view
                                                      c. helping us as much as possible
7. He‟s up to something.                          a. doing something good
                                                  b. doing something bad
                                                  c. doing something I don’t know about
8. I think they are rather dragging their feet.      a. going deliberately slowly
                                                      b. going slowly
                                                      c. making it extra difficult
9. I think we can take that as read, can’t we?    a. not waste time with a document
                                                  b. assume I am right
                                                  c. agree without discussion
10. I think we were taken for a ride last time.       a. cheated
                                                      b. not given enough details
                                                    c. given special treatment (good)
PRACTICE 8

Choose the correct alternative in each of the following. All the sentences would sound quite
natural if used by a native English-speaking business man to a colleague.

   1. I wouldn’t bank on it.

a) lend money                  b) borrow money           c) rely                 d) promise

   2. You’ll have to climb down.

a) lower you price             b) make a concession      c) pay                  d) apologize

   3. When do you think they’ll cough up?

a) answer                      b) pay                    c) deliver the goods d)ring

   4. He cried off at the last moment.

a) said he couldn’t come       b) refused to apologize   c) wouldn’t pay         d) refused to
                                                                              change his mind
   5. You’ll have to knuckle down to it.

a) work hard                   b) accept the bad news    c) try harder           d) repeat it

   6. He’s not letting on at the moment.

a) saying what he thinks       b) lending money          c) paying interest      d) listening

   7. When are you going to let up?

a) collect your money          b) increase your price    c) pay                  d) relax

   8. I’d like to mull it over.

a) discuss it with others      b) think about it         c) re-read it         d) change
                                                                         some of the details
   9. The deal is just about sewn up.

a) agreed                      b) signed                 c) certain to fail      d) spoilt by
                                                                                  one person
   10. We need a day or two to size up the situation.

a) discuss            b) get all the details together    c) consider             d) prepare a
                                                                                       report
PRACTICE 9

Match each sentence a) to j) with a sentence from 1) to 10) which has a similar meaning.


a) We have to haggle.                     1) We spend a lot.
b) We have a nice little nest-egg.        2) We don’t waste money.
c) We have high expenditure.              3) We let people borrow from us.
d) We get in free.                        4) We earn according to what we sell.
e) We are in debt.                        5) We argue about the price.
f) We are very thrifty.                   6) We earn a lot.
g) We are paid on commission.             7) We don’t have to pay.
h) We want a rise.                        8) We need higher wages.
i) We lend money.                         9) We owe money.
j) We have a high income.                 10) We have some savings.
GRAMMAR SECTION: GERUNDS AND INFINITIVES

The gerund and the infinitive can function as nouns.


   -   the gerund may stand alone as the subject of a verb; the infinitive is not often used in
       this way.

e.g.: Smoking is bad for your health.
      To ease credit restrictions at this stage would be unwise.

   -   both may stand alone as the object of a verb

e.g.: I have finished working.
      I want to leave.

   -   both may function as the complement of to be:

e.g.: My worst vice is gambling.
      Her first impulse was to run away.

   -   both may be qualified by adverb:

e.g.: A teacher of foreign language must avoid speaking too quickly.
      He asked me to leave immediately.

   -   both may be followed by a direct or an indirect object:

e.g.: Closing the factory leads to social unrest. (direct object)
      He hates speaking to strangers. (indirect object)
      To leave the door unlocked means to invite burglars in. (direct object)
      The manager wants to speak to you. (indirect object)
GERUNDS

   A. Common verbs often followed by gerunds; verbs marked with * can also be followed
      by that + clause:

*appreciate, avoid, contemplate, delay, *deny, detest, dislike, endure, enjoy, escape, excuse,
face, *fancy, finish, involve, *mention, mind, miss, postpone, practise, resent, risk, suggest, burst
out, it‟s no good/ use, feel like, give up, keep on, leave off, put off, can‟t stand, spend/ waste time

   B. Verbs followed by prepositions + gerund (including their adjectival forms):

absorbed in smth; be engrossed in smth; specialize in smth; succeed in smth; apologize for smth;
blame someone for smth; pay for; accuse someone of smth; remind someone of smth; suspect
someone of smth; charge someone with smth; concern with smth; deal with smth; suffer from
smth; decide on smth; insist on smth (someone doing smth); insure smth against smth; protest
against smth; be concerned about smth; dream about smth; hint at smth; marvel at smth; be used
to smth.

   C. Prepositions following adjectives and nouns + gerund:

OF: afraid of, aware of, capable of
AT: good at, surprised at,
WITH: obsessed with, pleased with
ON: keen on, an authority (expert) on, ban on
TO: addicted to, grateful to, immune to, prone to, a solution to, a threat to, an alternative to
BY: bored by, distressed by, surprised by
IN: experienced in, interested in
FOR: thankful for, credit for, desire for, responsibility for
OVER: be in dispute over smth


   D. Phrasal verbs + gerunds:

break down, break off (stop talking), give up, put off, get round to (find tome to …), end up,
feel up to (feel capable of doing smth), put oneself out (take the trouble to help someone)
INFINITIVES

   A. Common verbs often followed by infinitive with to; verbs marked * can also be
      followed by that + clause:

*agree, *appear, *arrange, attempt, ask, choose, dare, *decide, *demand, deserve, *expect, fail,
grow, hasten, *happen, *hope, hurry, *learn, long, manage, neglect, offer, pay, *plan, *pledge,
*pretend, *promise, refuse, *resolve, seek, *seem, struggle, *swear, *threaten, *vow, want,
*wish

   B. Common verbs often followed by infinitive without to ; verbs marked * can also be
      followed by that + clause:

help, make, let, *feel, *hear, *notice, watch, *observe, *perceive, *se, *sense



GERUNDS OR INFINITIVES


Verbs followed by either –ing or infinitive with to:


   1. Can’t bear, hate, like, love, prefer
       Like to usually refers to habitual preferences: We like to go out to lunch on Sunday.
       Not like to means think it wrong to: I don’t like to disturb colleagues at home.


   2. Forget, remember
     With to both verbs refer to an obligation: I had to phone the office but I forgot to do it.
     With –ing both verbs refer to past events: I don‟t remember learning to walk.
     Both can be followed by that + clause: I remembered that I had to pay the phone bill.


   3. Try
     With to refers to something attempted, which might fail or succeed: I tried to warn
       him, but it was too late.
     With –ing this refers to making an experiment, or to a new experience:
       Have you tried windsurfing? It‟s great!
       Try taking an aspirin. You‟ll feel better.
4. Go on
  With –ing this refers to the continuing of an action: She went on working even though it
    was late.
  With to this refers to the continuation of a speech: The Prime Minister went on to praise
    the Chancellor. This means: The Prime Minister continued his speech by praising the
    Chancellor.


5. Mean
  With the meaning intend, this is followed by to: Sorry, I meant to tell you about the
    party.
  With –ing and an impersonal subject, this refers to what is involved: If we catch the
    early train, it will mean getting up at 6.00.
  That + clause is possible when meaning is being explained: This means that you have
    to report to the police station.


6. Regret
  With to this refers to the speaker’s regrets about what is going to be said. It often occurs
    in formal statements of this kind: We regret to inform you that your application has
    been unsuccessful.
  With –ing this refers to a regret about the past: I regret saying that to him.
  That + clause is also possible: We regret that we didn’t tell her earlier.


7. Stop
  With to this refers to an intention: Jane stopped to check the oil level in the engine.
  With –ing this refers to the ending of an activity: The baby stopped waking up during
    the night now.


8. Hear, see, watch
  When followed by infinitive without to, the action is complete: We watched all the cars
    cross the finishing line.
  With –ing, the action is still in progress: I heard someone coming up the stairs.
EXERCISE 1:

Put the verbs in brackets into their correct form (Gerund or Infinitive):

   1.    Have you ever watched people (try) (catch) fish?
   2.    If you dislike (peel) potatoes, try (hold) them under water while (do) so.
   3.    There’ll be an opportunity (ask) questions before (leave) the classroom after (hear) the lecture.
   4.    His plans are well worth (listen to) in spite of (they, sound) so unpractical.
   5.    I hoped (arrange) (come) early (help) you (put) the room in order before the guests’ (come).
   6.    I know you will pardon (I, say) so, but you keep (give) us to many difficult words (spell) in
         English.
   7.    I’ve had a lot of occasions (complain) of (he, come) late.
   8.    It’s silly (risk) (get) your feet frost-bitten.
   9.    Stop (make) a fool of yourself by (keep on) (repeat) the same stupid idea.
   10.   I remember (allow) them (play) in my garden without first (ask) for permission.
   11.   I must remember (remind) my mother that the garden needs (water).
   12.   We mustn’t risk (be) late for the theatre. I put off (go) last week and I don’t want (miss) (see) the
         play.
   13.   I appreciate (you, not want) (mention) (he, have) been an alcoholic before (come) to work for us.
   14.   Is it any use (I, ask) you (insist) on (Tom, be) present without (wait) for any further invitation?
   15.   He recollects (his uncle, say) that if a job was worth (do) at all is was worth (do) well.
   16.   She likes (read) detective stories so I can’t understand (she, be) unable to resist (look at) the end
         of the book first.
   17.   I don’t mind (your children, play) in the garden, but I won’t have (they, walk) over my roses.
   18.   Don’t (keep) (I, wait) long before (answer) the phone.
   19.   I advise you (wait) before (decide) (accept) the offer.
   20.   Is (boil) or (fry) the best way of (cook) this fish?
   21.   I should like (watch) these workers (fix) the engine for a few minutes before (go) any further.
   22.   Did you forget (remind) Tom (ask) his friend (pay back) the money he owes us?
   23.   Please (begin) (eat) mow without (wait) for the other guests. There’s no (tell) when they’ll
         manage (get) here.
   24.   I can see (him, begin) (smile), so it is no use (he, pretend) (be) asleep.
   25.   Do you remember (I, ask) you (lend) me a dictionary?
   26.   Try (persuade) Mary (be) more reasonable.
   27.   If you don’t enjoy (eat) sour lemons, try (put) sugar on them after (peel) them.
   28.   I’m surprised at (you, have) to work so late. Just imagine (I, do) the same! No, it doesn’t bear
         (think about).
   29.   A child can’t learn (spell) without (be) helped.
   30.   On (hear) my girl-friend Margot (speak), everybody took her (be) a French.
   31.   I dislike (be) looked at while (attempt) (learn) (swim).
   32.   They refused (allow)us (go in) without (sign) the paper.
   33.   Forgive (I, ring) you up so late, but I couldn’t allow your birthday (pass) without (congratulate)
         you.
   34.   “Did you remember (post) my letter on your way home?” “I remember (go) into the post-office
         for some stamps, but even then I’m afraid I forgot (post) it.”
EXERCISE 2:

Show the differences in meaning between the sentences in pairs:

   a) Sorry , I meant to tell you about the party.
      If we catch the early train, it will mean getting up at 6.00.
   b) I heard someone coming up the stairs.
      I heard you enter the room.
   c) I had to phone the office but I forgot to do it.
      I forgot telling him the news.
   d) I can’t help to clean the place up.
      I can’t help falling asleep.
   e) He said he would like to go to the museum, but he didn’t have enough money.
      He said he liked going to the museum, but he didn’t have enough money.
   f) I remember telling him that there was no bus on Sundays.
      I remembered to tell him that there was no bus on Sundays.
   g) He couldn’t stop saying thank you for all his brother had done.
      He couldn’t stop to say thank you for all his brother had done.
   h) He was used to getting up early.
      He used to get up early.
   i) Why don’t you try to hire a car?
      Why don’t you try hiring a car?
   j) I regret to say that you’ll be held responsible.
      I regret saying that you’d be held responsible.

EXERCISE 3:

Fill in the blanks with a gerund or an infinitive:

   1.    The man was last seen …… (board) a train at Huston.
   2.    Everyone assumed what he said …… (be) based on facts.
   3.    The teacher caught the pupil …… (cheat).
   4.    I vaguely remember …… (tell) him something like that.
   5.    The new committee member did not venture …… (speak) at his first meeting.
   6.    He remembered ….. (pass) on most of the information, but omitted …… (mention) one or two of
         the most important facts.
   7.    The reporters asked many questions which the freed man declined …… (answer).
   8.    He left me ….. (sit) in the restaurant alone.
   9.    The Company saw its market ….. (disappear) and took immediate steps to develop new products.
   10.   Having mentioned the main problem, he went on …… (talk) of other, less important matters.
   11.   He dared …… (call) me a fool to my face.
   12.   Unreliable delivery dates are one of the most important obstacles to…… (increase) our exports.
   13.   By selling council houses, we are able to devote more money to ….. (build) fresh properties.
EXERCISE 4:

Complete each sentence using either an infinitive construction or a gerund construction.

   1.    I strongly resent your…..
   2.    Will the new job involve your ……?
   3.    The question is whether anyone will volunteer ……
   4.    Surely you will never consent ……
   5.    We tried to delay his……., our main concern being to prevent him ……
   6.    It would be unwise to defer ……
   7.    I hesitated ……, since I didn’t know him very well.
   8.    He is the most competent man ……
   9.    His plans are well worth …… even though they sound so unpractical.
   10.   How can we be sure of his …..?

EXERCISE 5:

Rewrite each sentence, beginning as shown, so that the meaning stays the same:

   1. I went to the hairdresser; I wanted her to cut and style my hair.
       I went to the hairdresser ………………………………………
   2. Actually, she succeeded in getting the loan at last.
       Actually, she …………………………………….
   3. “Never cross the street without looking at the traffic lights”, mother advised her son.
       Mother advised ……………………………………………………………………….
   4. They repaired my gar at the garage.
       I ……………………………………
   5. Don’t try to drive it; the engine is out of order.
       It’s no use ……………………………………
   6. The President is just going to sign the treaty.
       The President is on …………………………
   7. We couldn’t continue our journey because of the storm.
       The storm ………………………………………………
   8. I advise you to teach him a lesson.
       It’s time ………………………….
   9. Alice has said that I am responsible for the stain in the carpet.
       Alice has accused …………………………………………….
   10. The prisoner claimed that he had not murdered the old woman.
       The prisoner denied ……………………………………………
   11. I can hardly wait to get some rest.
       I’m looking ………………………
   12. Could you manage to make her accept my proposal?
       Could you succeed ………………………………….
   13. She pushed the door ajar so that she might get some fresh air.
       She pushed the door ajar ……………………………………
   14. According to his arrangement , a bonus will be given to each of us.
       He has arranged ……………………………………………………
   15. I’m doing more work than I bargained for.
       I didn’t expect ……………………………
   16. Sally was rude but Anne got her revenge.
       Anne paid ………………………………
   17. The full truth is only just beginning to sink in.
       I’m only just beginning ………………………
   18. I bet you wouldn’t ask your father to join the meeting!
       I dare …………………………………………………
   19. If you work for this company, you have to travel a lot!
       Working for this company involves …………………..
   20. We haven’t seen one another for a long time.
       We stopped ………………………………..

EXERCISE 6:

Choose the most suitable words underlined;

   a)    You are perfectly capable for/ of making your own bed, I would have thought!
   b)    I am surprised at/ by your forgetting about our annual meeting.
   c)    The union and the management are in collaboration/ dispute over working conditions.
   d)    It seems to be your boss who is under/ at fault in this case.
   e)    When David started to speak/ speaking everyone fell about in laughter/ laughing.
   f)    I told her off/ told off her for leaving the office unlocked.
   g)    It’s time you got/ set about organizing your revision programme.
   h)    Half the meeting was left/ given over to reading the minutes.
   i)    Closing the factories means putting/ to put people out of work.
   j)    Your calling/ call on us just at this time is most inconvenient.

EXERCISE 7:

Fill in the blanks with one of the phrasal verbs from the box. Choose the most appropriate
form for every context:

 bring up           get on with           go on       keep on            give up       take on
      take to          cut down              go through with                 shut down


   1.    She …… riding because she wanted to lose weight.
   2.    At the last committee meeting, the treasurer …… the question of raising the annual subscription.
   3.    How are you …… your new project?
   4.    He …… going for a walk every night before he went to bed.
   5.    He wanted to talk to me but I …… working and refused to listen.
   6.    He began by describing the route and …… to tell us what the trip would probably cost.
   7.    After his fourth attempt he …… trying to pass the examination.
   8.    You would recover your sense of taste if you …… smoking altogether.
   9.    Several gambling clubs have been …… recently for breaking the regulations.
   10.   The Government won’t …… this new legislation if public feeling is against it.
EXERCISE 8:

Complete the sentences below with a suitable form of the verbs in brackets:

   1. My father (remember/ spend) long happy hours on the beach when he was a child.
       ………………………………………………………………………………………..
   2. We (regret/ say) that you have not won a prize in our competition.
       ……………………………………………………………………..
   3. Your football boots (need/ clean) before the next match.
       …………………………………………………………..
   4. You (not need/ explain) the situation to me because I understand perfectly.
       ……………………………………………………………………………….
   5. John (try/ remember) his boss’ address, but it had completely gone out of his mind.
       ………………………………………………………………………………………..
   6. (Try/ not make) elementary grammar mistakes when you are writing a composition.
       ………………………………………………………………………………………..
   7. Please (remember/ phone) home and tell them I’ll be late.
       ……………………………………………………………
   8. My sister (regret/ not work) harder when she started University.
       ………………………………………………………………….
   9. The technician (try/ fiddle) with knobs, but the machine still wouldn’t work.
       ………………………………………………………………………………..
   10. The matter (need/ look) into.
       ……………………………..
BASIC VOCABULARY:

a buck (fam. US) – un dolar
a quid (fam. UK) – o liră sterlină
account - cont
account for (to) - a reprezenta, a explica
accountancy - contabilitate
accountant – contabil
actuarial - notarial, contabil
actuary - notar, contabil
agenda – o ordine de zi
allotted share capital - capital social autorizat
annual report - raport anual de activitate
arrears – datorii, restanţe, arierate
assets - activ (al unei firme)
audit - revizie contabilă
auditor - revizor contabil
authorised share capital - capital social autorizat
authorised share capital - capital social autorizat
bad debt – o creanţă neplătită
balance - sold
balance – un sold
balance of account – un sold de cont
balance sheet - bilanţ
bank - bancă
bear – un speculator la bursă (care mizează pe scăderea cursului)
bid – o ofertă de cumpărare
bill - trată, factură
bill of exchange - trată, scrisoare de schimb
bill of landing - conosament
blank cheque – un cec în alb
blue chips – acţiuni ale marilor companii
bounded cheque – un cec refuzat
building rate – o bancă populară de economii pentru cumpărarea de locuinţe
bull – un speculator la bursă (care mizează pe creşterea cursului)
called up share capital - capital social atras
capital - capital
cash point – un aparat distribuitor de bancnote
central bank - bancă centrală
cheque book - un carnet de cecuri
company, corporation (US) – o societate comercială
composite rate – o rată compusă
concern – o firmă, un concern
confirming bank - bancă confirmatoare
cost - cost
cost - effective - rentabil
cost effective – rentabil, care îşi merită preţul
cost efficient - rentabil
costing - estimare (a preţului)
cost-sharing - participare la cheltuieli
council tax – impozitele locale
credit card – o carte de credit
creditor – un creditor
current account - cont curent
current account deficit – un deficit al balanţei de plăţi curente
current assets - active (mijoace) circulante
deposit account - cont de depuneri
dip – o scădere, o descreştere
direct debit – debitare directă
direct debit - virament automat
dirt cheap - foarte ieftin
divident – divident
downturn, downswing – un regres
draft – o retragere
dud/ rubber cheque – un cec fără acoperire
equities – acţiuni ordinare
expenses – cheltuieli, plăţi
extravagant, profligate – cheltuitor, risipitor
firm, bussiness – o firmă, o afacere
fixed assets - active (mijloace) fixe
flat rate – rată uniformă
front company – o societate paravan
funds - fonduri
general meeting – o adunare generală
gilt-edged securities – valori/titluri fără risc (obligaţiuni de stat)
godsend – o mană cerească
hand currency – o valută forte
headoffice, headquarters – sediul social
holding company – un holding
income tax – impozit pe venit
inheritance tax – drepturi de succesiune
interest – dobândă
internal audit - revizie contabilă internă
investor - investitor
issued share capital - capital social emis
issuing bank - bancă emitentă
joint stock company – societate pe acţiuni
joint venture – o societate pe acţiuni
junk bonds – obligaţiuni fără valoare
limited partnership – o societate în comandită simplă
loan – un împrumut
loan shark – un cămătar
merchant bank – o bancă comercială
monetary - monetar
money spinner – o mină de aur
money supply – masă monetară
mortgage – o ipotecă
multinational – o campanie multinaţională
operating costs - costuri de exploatare
outstanding balance - sold debitor
overdue – scadent, întârziat de mult
parent company – o companie mamă
partner – un asociat, un partener
partnership – o societate de persoane
pay to - a plăti
pay roll - stat de plată
PAYE pay as you earn - impozite reţinute la sursă
payment – o plată, un vărsământ
payment against payment - contra cost
phantom profit - profit fantomă
portfolio – un portofoliu (de valori)
preference dividend - dividend preferenţial
pre-paid - plătit în avans
private company – o societate cu răspundere limitată
profit to - a profita
profit making - realizare de profit
profitability – rentabilitate
profit-sharring - participare la profit
public company – o societate anonimă
public expenditure – cheltuieli publice
redeem (to) - a rambursa, a onora, a amortiza
redeemable - rambursabil, amortizal
redemption date - dată de rambursare
repayment – rambursare
retained profit - profit nedistribuit
savings - economii
set back – o cădere, o involuţie, un regres
settlement – o reglare, plată a unui cont
share premium account - primă de          emisiune
sight bill - trată la vedere
sister company – o societate din acelaşi grup
slump – o scădere masivă
spending - cheltuieli
spot market - piaţa tranzacţiilor la termen
stake, holding – o participare la capital
statement of account – un extras de cont
stock market – o piaţă bursieră
takeover – o preluare
tangibile assets - active corporale
tax collector – un perceptor
tax evasion – evaziune fiscală
tax heaven – un paradis fiscal
tax relief – o degrevare de impozit
taxation – impozitare, taxare
taxpayer – un contribuabil
the Balance of Payments – balanţa de plăţi
the Balance of Trade – balanţa comercială
the base rate – rată de bază
the discount rate – rată de scont
the exchange rate – rată de schimb
the Gross Domestic Product – Produsul Intern Brut
the Gross National Product – Produsul Naţional Brut
the lending date – rată de împrumut
the Mercantile Exchange – Bursa de Mărfuri
to be in the black - a fi creditor
to be in the red – a fi descoperit, în deficit
to bid for – a face o ofertă pentru
to borrow – a împrumuta de la cineva
to break even – a regla conturile
to cap taxes – a fixa un plafon pentru impozite
to collect – a încasa
to default – a nu onora
to dip – a scădea, a descreşte
to draw money – a retrage, a scoate bani
to establish – a fonda, a întemeia
to file an account - a depune documentele de constituire a societăţii
to file for bankruptcy ,to file – a-şi depune bilanţul, a cere falimentul
to flourish – a prospera
to go belly up (US) – a da faliment
to hedge – a se acoperi (risc)
to invest – a investi
to lend – a împrumuta cuiva
to manage, to run – a conduce, a gestiona
to overdraw – a depăşi contul în bancă, a semna un cec fără acoperire
to owe money – a datora bani
to pay back, to repay – a rambursa
to pay money in/into - a vărsa bani în
to pay money off - a fi valabil/plătitor, a rambursa o datorie
to plummet – a merge foarte prost, a avea greutăţi mari
to raise profit - profit
to save – a economisi
to set up – a organiza, a înfiinţa
to settle – a echilibra un cont
to shoot up – a creşte vertiginos
to slacken, to slow down – a încetini, a frâna
to slump – a scădea masiv
to squander – a irosi, a risipi, a delapida
to take-over – a prelua
to take-over bid – o ofertă publică de preluare
to tax – a impune taxe, a impozita
to undertake – a întreprinde
turnover – cifră de afaceri
undertaking- o operaţiune întreprinsă
upturn, upswing – o redresare, o ascensiune
windfall – chilipir

				
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