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Basics of Economics is a business course aimed at developing reading comprehension and speaking skills for lower intermediate to intermediate level correspondence students. It is also intended for upper secondary school students, University students, young adults, and others who have studied English for some time but who want to get some knowledge of business English.
Basics of Economics contains 10 units organized around basic business topics. The topics and vocabulary covered correspond to the Standard Syllabus for Foreign Languages taught in the Republic of Belarus.
Preface
The Concept of Business 5
Economics 9
Types of Companies 14
Careers in Business 20
V. Management 21
VI. Factory Production 33
VII. Marketing 39
VIII. Advertising 44
IX. Commerce 49
X. Finance and Accounting. 53
Reference Literature 59
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. Answer the questions using the active vocabulary of the text.
1. What is the purpose of any business?
2. What does profit mean for a company?
3. How is an economic disaster connected with profit?
4. Why are the tax authorities interested in the accounts of a business?
5. Who benefits when a business makes a profit?
6. Why is cash flow important to a business?
7. When is a firm considered insolvent?
8. How are credit ratings determined?
9. What should a salesperson do before selling goods on credit?
10. What does a credit control department do?
11. How does factoring operate?
12. 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 discount 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.
REFERENCE 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.