Английский язык. Практический курс для решения бизнес-задач Пусенкова Нина
Exercise 2*. Which of the following statements are not correct and why?
1. In civil law countries, company law consists of statute law; in common law countries it consists partly of the ordinary rules of common law and equity and partly statute law. 2. Nearly all statutory rules are intended to protect either borrowers or taxpayers. 3. An agent is a person who is employed to bring his principal into contractual relations with third parties. 4. There are two principles that emerge in bankruptcy proceedings: to free the debtor from his debts, and to enquire into the reasons for his insolvency. 5. A contract is a legally binding agreement made by two or more persons, enforceable by the courts. 6. Business law, on national and international levels, is continually evolving with new areas of law developing in relation to consumer protection, competition, and computers. 7. Administrative law is made by local authorities that define the intent of the legislative body that passed the law. 8. In the United States, federal authority covers business association, contracts, and trade secrets. 9. In order for a court to have jurisdiction, it must have both subject matter jurisdiction and personal jurisdiction.
Exercise 3*. Find terms in the text that match definitions given below and make sentences of your own with each term.
1. That division of law of a particular state, city, or country dealing with the interpretation and preservation of private and civil rights: the system of jurisprudence which juridical principles have been derived from the Roman Law and which forms the basis of the law of European countries.
2. A wrong, other than a breach of contract, such as the law requires compensation for in damages.
3. Deceit or trickery deliberately practiced in order to gain some advantage dishonestly.
4. The legal means of enforcing a right, or preventing or redressing a wrong.
5. A public officer authorized to hear and determine causes in a court of law.
6. The answer of a defendant to the plaintiff’s declaration; an answer admitting the truth of the charges, but expressing special reasons or evidence for having the case dismissed or delayed.
7. A legal agent who represents a client in legal affairs.
8. An action or a prosecution of a claim in a court of justice.
9. To prohibit the liquidation, collection, or use of assets, loans, or funds by law.
Exercise 4*. Fill in the blanks using terms given below.
Choosing your Business Structure
One of the first decisions that you will have to make as a business ….. is how the company should be structured. This decision will have long-term implications, so consult with an accountant and …… to help you select the form of ownership that is right for you. In making a choice, you will want to take into account the following:
Your ……. regarding the size and nature of your business.
The level of ……. you wish to have.
The level of ……. you are willing to deal with.
The business' vulnerability to ………
……. implications of the different ownership structures.
Expected profit (or ……) of the business.
Whether or not you need to ……. earnings into the business.
Your need for access to ……. out of the business for yourself.
Sole Proprietorships
The vast majority of …… businesses start out as sole proprietorships. These firms are owned by one person, usually the individual who has day-to-day ……… for running the business. Sole proprietors own all the ……. of the business and the profits generated by it. They also assume complete responsibility for any of its ……. or debts. In the eyes of the …… and the public, you are one and the same with the business.
Partnerships
In a partnership, two or more people …… ownership of a single business. Like ……… the law does not distinguish between the business and its owners. The partners should have a ……. agreement that sets forth how decisions will be made, profits will be shared, ……. will be resolved, how future partners will be admitted to the partnership, how partners can be …… out, and what steps will be taken to dissolve the partnership when needed. Yes, it’s hard to think about a ….. when the business is just getting started, but many partnerships split up at crisis times, and unless there is a defined process, there will be even greater problems. They also must decide up-front how much time and ……. each will contribute, etc.
Corporations
A corporation …… by the state in which it is headquartered is considered by law to be a unique ……., separate and apart from those who own it. A corporation can be taxed, it can be……, and it can enter into ……. agreements. The owners of a corporation are its …….. They elect a ……. to oversee the major ……. and decisions. The corporation has a life of its own and does not …… when ownership changes.
Subchapter S Corporations
A tax election only; this election enables the shareholder to treat the earnings and profits as …….. and have them pass through directly to their personal tax return. The catch here is that the shareholder, if working for the company, and if there is a profit, must pay him/herself wages, and must meet standards of «reasonable ……..». This can vary by geographical region as well as occupation, but the basic rule is to pay yourself what you would have to pay someone to do your job, as long as there is enough ……. If you do not do this, the …… can reclassify all of the earnings and profit as wages, and you will be liable for all of the payroll taxes on the total amount.
Limited Liability Company (LLC)
The LLC is a relatively new type of hybrid business structure that is now …….. in most states. It is designed to provide the …….. features of a corporation and the tax efficiencies and operational flexibility of a partnership. The owners are members, and the duration of the LLC is usually determined when the organization papers are ……. The time limit can be continued, if desired, by a vote of the members at the time of ……. LLCs must not have more than two of the four characteristics that define corporations: Limited liability to the extent of assets, ……. of life, centralization of management, and free …… of ownership interests.
Source: www.sba.gov .
Terms:
law, liabilities, transferability, IRS, profit, bought, sued, continuity, contractual, compensation, tax, breakup, limited liability, lawsuits, BoD, owner, attorney, filed, policies, tax, permissible, chartered, expiration, vision, control, structure, reinvest, cash, small, responsibilities, share, loss, proprietorships, legal, disputes, capital, entity, shareholders, dissolve, distributions, assets.
Exercise 5. You are an expert in business law and you are to advise an entrepreneur who wants to set up a software company on key legal issues of starting a new business. Invent a dialogue between these two individuals using briefing materials given below.
Four Paramount Legal Issues to Consider When Starting a Company
From business structure to taxes, there are numerous legal issues to address when starting a company, many of which can bring a promising start-up to a grinding halt if the proper steps are not taken. The following four issues most frequently cause problems.
1. Trademarks. Register your trademark. Simply reserving a domain name does not guarantee legal rights. Unregistered trademarks do not hold up well.
2. Deals with cofounders. Document all deals with cofounders in case disputes arise at a later date.
3. Employees. Consider legal issues of hiring employees. The largest area of potential liability for an entrepreneur often is employment law. Employees have many legal rights that must not be neglected.
4. Contract liability. Establish limits of liability in contracts by limiting the maximum liability to that of the contract and by excluding consequential damages.
Source: www.quickmba.com .
Exercise 6. Translate into English.
Организационные формы предпринимательской деятельности
Законодательство Соединенных Штатов Америки в части регистрации и функционирования предприятий представлено Законами о Компаниях (или их аналогами) соответствующих штатов. Основными формами ведения бизнеса являются партнерство, корпорация и компания с ограниченной ответственность (LLC).
Партнерство не является отдельным налогоплательщиком и предусматривает личную ответственность партнеров по обязательствам компании. Любые налоговые последствия переносятся на владельцев предприятия. Партнерство заполняет информационный отчет с расчетом прибылей и убытков, а затем распределяет приход, расход, доход, отчисления и т. д. в процентном соотношении между индивидуальными партнерами, которые должны включить эти статьи в свой индивидуальный налоговый отчет.
Корпорация же является юридическим лицом с ограниченной ответственностью, которое самостоятельно отвечает по своим обязательствам, а ответственность учредителей ограничена их вкладом в уставный фонд. Корпорация является самостоятельным налогоплательщиком, не зависящим от своих акционеров. При распределении дивидендов между акционерами корпоративный доход облагается повторно. Другими словами, доход корпорации подвергается федеральному налогообложению на двух уровнях: на корпоративном при взимании налога на доход корпорации, как юридического лица, и при распределении дивидендов.
LLC является смешанной формой. Так же, как и корпорация, LLC несет ответственность по своим обязательствам, ограниченную размером капитала, и управляется централизованно. От партнерства LLC получила ограниченное время жизни, передачу долей компании только при согласии других участников и, кроме того, компания не облагается федеральным налогом на прибыль корпораций. Вся полученная прибыль считается доходом учредителей, которые и платят подоходный налог по месту нахождения после распределения прибыли. Если учредителями LLC являются нерезиденты США, то подоходный налог платится только по доходам, полученным на территории США. Таким образом, LLC, зарегистрированная нерезидентами США, не должна платить налоги в США, если не извлекает доходов на их территории.
Налог на капитал взимается штатом при регистрации и в последствии – ежегодно. В каждом штате существует своя ставка налога и система расчета, основанная на минимальном размере капитала. Минимальный капитал компаний составляет, как правило, $100.00. Налог на прирост капитала отсутствует.
Выплаты в пользу данной компании со стороны американских резидентов, несмотря на то, что компания зарегистрирована в США. Что касается выплат компаниями других стран, то решение вопроса зависит от наличия договоров об избежании двойного налогообложения, их формулировок и процедуры освобождения от налога.
При регистрации LLC необходимо указать либо имена первоначальных участников (Initial Members), либо имена менеджеров компании (Members). И те, и другие могут быть как физическими лицами, так и компаниями. Все дальнейшие изменения в списке участников не регистрируются в официальных органах в большинстве штатов. В некоторых штатах имена менеджеров компании должны быть указаны в ежегодном отчете. Требуемое количество учредителей – один и более, в зависимости от штата. Учредители компании могут не назначать менеджера, а зарезервировать функции управления за собой.
Отчетность компании состоит из подачи ежегодного отчета в администрацию штата. Отчет не содержит информации о финансовой деятельности компании. Если компания пожелает стать на учет в налоговые органы США (Internal Revenue Service), то, помимо отчета штата, она должна будет ежегодно готовить отчет о полученных доходах. Постановка на учет в налоговых органах и подача отчета о доходах не меняют налогового статуса компании. Проводить ежегодный аудит не нужно.
Источник: http://www.commersant-pravo.ru/offshore4
Lesson 39
Making Presentations
Read and translate the following text.
The Art of Making Sales Presentations
How to sell what you present and to present what you sell…
A profitable sale of an excellent product and a happy Customer are important ingredients of corporate success. To close a sale, it is necessary to understand your Customer and your product, and to know how to present a product. For that, you have to master the art of sales presentations.
Mike Adams, GeoQuest Business Development Manager, and former Marketing Manager, shares his secrets of a successful presentation – Schlumberger style.
R.P.: Where can you learn to make presentations?
M.A.: Schlumberger organizes two-day courses where people study theory and practice of presentations. Then their own presentations are videotaped and discussed.
R.P.: What is the key to Schlumberger sales presentations?
M.A.: First – do not be very technical. Second – enthusiasm, enthusiasm, and nothing but enthusiasm.
You have to understand psychology of the audience. Don’t say «I»; use «you» to show that you think about your Customer rather than yourself. Integration with the audience is useful when you indicate that you are one of the guys: you also know what it is like to freeze in Siberia in winter.
You use your voice to make points and body language to communicate your message to the audience. Voice is a highlighter: do not speak at the same speed and without pauses. Eye contact is essential to scan people in the room. It leads to the art of mirroring when you react to the mental state of the audience. If they show interest – slow down and give more details, if they are getting bored – say something dramatic to wake them up.
You tell the audience what you are going to say, say it, and at the end repeat what you’ve just said.
R.P.: How do you attract your audience’s attention?
M.A.: You use a grabber. It can be a word play (you explain the difference a Schlumberger product will make) or a number play. You can tell stories: people will remember them when they forget everything else about a presentation. A whole presentation could be built around a story: how a company lost all geological data on an oil field because it did not have a data management system. Props will make your presentation more visual. Once, a presenter wanted to illustrate enhanced oil recovery: he opened a can of beer, and said «imagine that this beer can is your reservoir, and you could only produce this much (drinks about a 1/3 of the can) – does it make sense to leave so much oil in the ground?»
Dramas are very effective. During a presentation in Sochi at the GeoQuest International Forum, there were 6 people on the stage impersonating oil company’s professionals, from geologists to economists. They demonstrated how this team worked on a project with the help of specialised software.
R.P.: And what is the best way to close your presentation?
M.A. The close of sales presentation is crucial, because you want them to say «yes». You eme that your product is unique, relevant and focused on the Customer’s needs. And then you ask the audience: «What do you think?» You pause for as long as it takes them to answer you. You need to get public positive feedback. Be innocent, curious, open – and listen. If they say «I like it» then time comes for a call for action, i.e. where do we go from here?
R.P.: You describe preparation of a presentation as a very creative process. What else is needed to make it successful?
M.A.: In addition to creativity, you need some basic economics. You sell a product at a certain price, but costs for the Customer are higher, because there are expenses of its installation, training of personnel, and so on. The Customer buys a product only if its value is greater than its cost. You cannot do much about the price. So, you have to increase value for the Customer and do it during presentation. You can describe different types of value, that is business, financial and personal (i). You can remind that cost comes only once, at the beginning, and value will stay for a long time. Many presentations fail because presenters are unable to show value.
R.P.: What about questions and objections?
M.A.: The number of questions indicates success of your presentation. Do not be afraid of objections: they mean that the Customer is interested. To deal with them you use reframing. Usually, people object that the price of Schlumberger product is too high. You restate the objection: «Do you really think the price is too high?» without getting on the defensive and explain pitfalls of false economy – would you like to fly in a plane with inferior but cheap landing gear?
R.P.: Do you use slides during presentation?
M.A.: Not if I can avoid it. Presenters often use presentation software as a crutch – a flipchart is better because an audience likes to watch you draw and write. Make PowerPoint slides only when you cannot do without them. They must be brief – do not put more words on them than you can put on your T-shirt.
And remember, your presentation will succeed only if you truly believe that you have an excellent product to sell (and you do have!)
Source: Russian Panorama (Schlumberger Quarterly Magazine)
Lesson 40
Financial Statements
Study the following financial statements of an oil major and learn terms from the Essential Vocabulary.
Report of Independent Registered Public Accounting Firm on Consolidated Financial Statements
The Board of Directors and Stockholders
We have audited the accompanying consolidated balance sheets of XYZ Company as of December 31, 2007 and 2006, and the related consolidated statements of income, changes in common stockholders’ equity, and cash flows for each of the three years in the period ended December 31, 2007. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements. An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation.
We believe that our audits provide a reasonable basis for our opinion. In our opinion, the financial statements referred to above present fairly, in all material respects, the consolidated financial position of XYZ Company at December 31, 2007 and 2006, and the consolidated results of its operations and its cash flows for each of the three years in the period ended December 31, 2007, in conformity with U.S. generally accepted accounting principles.
We also have audited, in accordance with the standards of the Public Company Accounting Oversight Board (United States), the effectiveness of XYZ company internal control over financial reporting as of December 31, 2007, based on criteria established in Internal Control – Integrated Framework issued by the Committee of Sponsoring Organizations of the Treadway Commission and our report dated February 26, 2008 expressed an unqualified opinion thereon.
Auditor.
I. Consolidated Income Statement XYZ company
II. Consolidated Balance Sheet XYZ company
III. Consolidated Statement of Cash Flows XYZ Company
IV. Consolidated Statement of Changes in Common Stockholders’ Equity XYZ company
Essential Vocabulary
1. statement of changes in common stockholders’ equity – отчет о движении капитала акционеров за год
2. material a – зд. существенный
3. depreciation, depletion, amortization (DDA) – амортизация материальных и нематериальных активов и истощение недр
depletion n – истощение, исчерпывание
deplete v – истощать, исчерпывать
depleted a – истощенный
4. impairment n – обесценение, снижение стоимости
impair v – обесценивать, снижать стоимость, ухудшать
5. accretion n – прирост, приращение, увеличение
6. minority interest – доля меньшинства
7. cash equivalents – денежные эквиваленты
8. prepaid expense – расходы будущих периодов (заранее оплаченные расходы)
9. authorized shares – уставный капитал
10. capital in excess of par – дополнительный капитал, превышающий номинальный
11. reconciliation (reconcilement) n – урегулирование, приведение в соответствие, согласование
reconcile v– урегулировать, приводить в соответствие, согласовывать
12. dry hole costs – затраты на безуспешные геологоразведочные работы
13. advance n – аванс
14. foreign currency translation – пересчет суммы из одной валюты в другую
Exercise 1. Translate into English.
Заключение независимых аудиторов Совету директоров ОАО АВС
Мы провели аудит прилагаемого неконсолидированного бухгалтерского баланса ОАО АВС (далее Компания) по состоянию на 31 декабря 2007 г. и соответствующих неконсолидированных отчетов о прибылях и убытках, отчета о движении капитала и отчета о движении денежных средств за 2007 г. Ответственность за подготовку данной неконсолидированной финансовой отчетности несет руководство Компании. Наша ответственность заключается в выражении мнения относительно данной финансовой отчетности на основе проведенного аудита.
Мы проводили аудит в соответствии с Международными стандартами аудита. Согласно требованиям данных стандартов аудит планировался и проводился таким образом, чтобы получить разумную уверенность в том, что финансовая отчетность не содержит существенных искажений. Аудит включает проверку на выборочной основе подтверждений числовых данных и раскрытий, содержащихся в финансовой отчетности.
Кроме того, аудит включает анализ использованных принципов бухгалтерского учета и важнейших допущений, сделанных руководством, а также оценку представления финансовой отчетности в целом. Мы полагаем, что проведенный нами аудит дает достаточные основания для выражения нашего мнения.
По нашему мнению, данная неконсолидированная финансовая отчетность достоверно отражает во всех существенных отношениях неконсолидированное финансовое положение Компании по состоянию на 31 декабря 2007 г., неконсолидированные результаты ее деятельности и движение денежных средств за 2007 г. в соответствии с Международными стандартами финансовой отчетности.
I. Бухгалтерский баланс компании АВС на 31 декабря 2007 г. (млн российских рублей)
II. Отчет о прибылях и убытках за год, закончившийся 31 декабря 2007 г. (млн российских рублей)
III. Отчет о движении денежных средств за год, закончившийся 31 декабря 2007 г. (млн российских рублей)
IV. Отчет о движении капитала акционеров за год, закончившийся 31 декабря 2007 г. (млн российских рублей)
Keys to Exercises
Lesson 1
Exercise 5.levers, workforce, performance, command-and-control, delivers, environment, decision-making, delegation of authority, salary, fringe benefits, remuneration, driver, gain, adhere, assumption, job satisfaction, hygiene, extrinsic, challenging, rewards, value, needs
Lesson 2
Exercise 3.It is generally believed that stakeholders include employees, shareholders, creditors, suppliers, customers, competitors, government bodies, non-governmental organizations (particularly environmental organizations) and local communities.
Exercise 6.innovation, decision making, opportunities, founder, chains of command, channels of communication, accountable, multi-disciplined teams, associates, sponsors, objectives, skills, environment, credibility, drive, contribution, appointed, emerge, adhere, fairness, scope of responsibility, commitments, i
Lesson 3
Exercise 2.The following statements are incorrect: 3, 4, 6, 9, 10.
Exercise 5.manufacturer, designs, development, planners, engineers, showrooms, sales, focus, market share, delivering, competitive, customer, loyal, competitors, innovative, interviewed, launched, quality
Lesson 4
Exercise 4.employment, retirement, remuneration, promotions, appraisal, welfare, seniority, minority, staff, flexibility, operating costs, tasks, generalist, rotate, training, key performance indicators, recruitment, operational level, efficiency, commitment, focus, hands-on, trouble shooter, subordiante, development, decision making, embedded, values
Lesson 5
Exercise 3.Henry Ford – 5, Pavel Tretiakov – 2, Lee Iacocca – 3, Steve Jobs – 1, Vagit Alekperov – 5.
Exercise 4.CEO, transformed, market value, innovations, legacy, division, payroll, layoffs, focused, efficiency, cost structure, acquire, problem solving, differentiating, job evaluations, staff, rewarded, closing deals, leadership, reducing costs, launched, customers, suppliers base
Lesson 6
Exercise 2. value, estimate, assess, appraise, evaluate, rate
Exercise 4. execs, profits, performance, CEOs, revamped, underachieving, strategic decisions, pursue, overrated, brand, R&D team, outsourcing, price wars, value, shares, rebound, revenues, trends, shareholders, counterpart, growth, installations, approach, acquisition, shareholder value, deal, bid, competitor, fail, drive, boom, market niche, communications, failure, single-digit, stock price, stability, competition, cut costs
Lesson 7
Exercise 3.aim, target, end, task, objective, goal, mission, purpose
Exercise 4.progresses, marketing strategy, marketing mix, product awareness, branding, patents, trademarks, low penetration pricing, market share, high «skimming» pricing, development costs, selective, innovators, early adopters, communications, brand preference, features, demand, audience, diminishes, objective, maximizing, differentiate, incentives, focuses, maintain, reduce costs, loyal niche segment, discontinue, inventory
Lesson 8
Exercise 1.The following statements are not correct: 1, 2, 4, 5, 7, 9, 10.
Exercise 2.make-and-sell marketing, sense-and-respond marketing, mass marketing, customized marketing, transaction marketing, relationship marketing, mediated marketing, direct marketing, single-channel marketing, multichannel marketing, product-centric marketing, customer-centric marketing, segment marketing, niche marketing, one-to-one marketing, Web marketing, database marketing, telemarketing, experiential marketing
Exercise 3.measure, performance, apply, superior, strategic management, evaluate, industry, develop, adopt, one-off, challenge, competitive, data, references, design, implementation, objectives, scope, support, approach, identify, surveys, implement, pilot, strategies, compete, focuses, perform, achieve, ranging, misunderstanding
Lesson 9
Exercise 3. corporate strategy, core, core competence, lower cost, consolidate, adapt, skills, portfolio, primacy, corporation business units, add value, competence building, access, perceived, competitors, enhancement, focus, world leadership, identified, perform, share
Lesson 10
Exercise 5.business strategy, fragmented, player, concentrated, strategic planning, predict, goal, intelligence, range, strategy decisions, drive, response profile, offensive, defensive, estimated, leverage
Lesson 11
Exercise 2.1. focused, 2. outcome, 3. drivers, 4. implemented, 5. objective, 6. incurred, 7. link, 8. customized
Exercise 4.tools, capability, performance, defect, morale, measure, pioneered, focuses, deviations, critical, variation, stability, delivering, perfection, number, figure, eliminate, zero-defects, origin, training, responsibility, supervise, scope, goals, implement, sponsors, objectives, occurrence, data, mapped, verified, identifying, effective, controls, sustain
Lesson 12
Exercise 2. Statements 1, 4, 5, 7, 9, 10, 13 are not correct.
Exercise 3. 1. message, 2. cost of capital, 3. dividend, 4. performance, 5. peer, 6. NPV, 7. appreciation, 8. economic profit, 9. stock market
Exercise 4.corporate value, segments, worldwide, applied, goal-driven, decentralized, gaps, target, budgeted, reporting, linked, proactive, earning power, cost of capital, rate of return, profitability, benchmark, bonus, remuneration, performance, expansion, business units, withdrawal, entry, value generators, cash providers, dividend, core
Lesson 13
Exercise 2. 1. takeover; 2. outsider; 3. venture; 4. stock exchange; 5. volatility; 6. collusion; 7. bribe; 8. sophisticated
Exercise 4.balance of power, shifted, provided, independent, accounting scandal, run, destroy, consolidate, helm, appreciate, lawyers relations, shareholder value, expertise, shareholders, exercised, attitude, mentality, liability, failures, effectively, bankrupt, claims, auditors cooperation, outside, investigate, blame, motto, treatment, transactions, environment, fundamental, turnaround, corporate governance, stock options, competitive, performance, stock prices, abuses, set, fees, quality, issues, deals, regulators, micromanagement, risk averse, boards, downsizing, charge, advisors, consensus
Lesson 14
Exercise 2. 1. bankrupt, 2. auditor, 3. competitor, 4. merger, 5. scholarship, 6. commitment, 7. offset, 8. suit. 9. core, 10. provision
Exercise 5. bonuses, board, staff, competitiveness, checks and balances, fiscal, decisions, profits, corruption, hiring, human resources, recruiters, job, managers, environment, monitoring, basics, enforce, vision, units, employee-evaluation, ranking, downgrading, division, fire, rating, values, Task Force, failed, rules, demand, deal, background, trading, endorsed, consulting, hands-off, skills, executives, experience, run, financial statements
Lesson 15
Exercise 2.1. community, 2. fiduciary, 3. constituent, 4. procedure, 5. outcome, 6. expertise, 7. covenant, 8. endorse, 9. bylaw
Exercise 4.fraud, corporate governance, remuneration, stock options, executives, accounts, failed, boards, audit, auditors, credit rating, analysts, SEC, investment banks, deals, checks and balances, reporting, effectiveness, independence, chairman, conflicts of interest, issues, senior, best practice, responsibility, managing risks, accountability, embedded, quality, competence, staff, threat, malfeasance, whistleblowers, procedure, HR, mitigate, ethical, internal, domestic, operate, compliance, scope, discretion, empowerment, approach, values, scheme, principle, accountancy, focus, IT, background, expenses claims, security, controls
Lesson 16
Exercise 2.1. obligation, 2. sensitive, 3. supranational, 4. charity, 5. welfare, 6. litigation, 7. fine, 8. morale
Exercise 4.contribution, operations, employment, staff, downsizing, local content, expenditures, remuneration, statutory, allowance, bribes, corruption, facilitation, integrity, soliciting, dismissed, bidding, target, breaches, behalf, complaint, environmental, emissions, impacts, installations, certification, occupational safety, developing and emerging, competition, procedure, violate, training, completed, guilty, infringed, cartels, fines, fair trading, bids, defense, contested
Lesson 17
Exercise 2.pure competition, perfect competition, cutthroat competition, intense competition, moderate competition, weak competition, price competition, competition for customers, industry competition
Exercise 4. profitability, attractiveness, positioned, superior, leveraging, generic, business unit, low cost, profit, rivals, average, price war, matures, cost advantage, efficiencies, sustain, improves, leapfrog, targeting, segments, attributes, customers, value added, premium, incurred, suppliers, pass along, substitute, imitation, pursuing, narrow, loyalty, bargaining, target, broad-market, sub-segment, compatible, attempts, long term, «stuck in the middle»
Lesson 18
Exercise 2.The following statements are not correct: 2, 3, 5, 8, 9.
Exercise 4.fair, sue, media, governments, stake, major, privatization, investment, risks, players, outbid, investors, favorite, rumored, bid, backing, CEO, decision, analysts, access, replacement, alliance, know-how, equity, partnership, agreement, rights, deal, starting, stock, trading, boost, i, community, treatment, claims, majority, renationalized, stability, property, campaign, unpredictable
Lesson 19
Exercise 2.1. Seed Capital. 2. Startup. 3. First Stage. 4. Second Stage. 5. Third Stage. 6. Mezzanine Financing. 7. Private Placement. 8. Dilution. 9. Due Diligence. 10. Feasibility Study. 11. Equity Stake. 12. Sweat Equity.
Exercise 3.The following statements are not correct: 2, 3, 5, 6, 7, 9.
Exercise 4.agricultural, Apples, advantages, «science parks», attributed, institutions of higher education, hiring, faculty, recruit, cutting-edge, applications, marketplace, funds, equipment, commercialize, rent, fledgling, agglomeration, efforts, core, start up, semiconductor, revolutionized, scholars, founded, resign, manufacture, developed, pattern, outside, offshoots, government, underestimated, relocation, contractor, defence, procurement, highly qualified, rise, frontier, launched, trailblazers, communities, ventures, rewards, entrepreneurs, competing, rival, hierarchies, decentralization, autonomy, hi-tech, VC, IPO
Lesson 20
Exercise 2. repair, renew, retool, refurbish, revamp, revive, restore, refresh, refit, rehabilitate, recover, renovate, rationalize, reshape, upgrade
Exercise 3. 1. Crown Jewel. 2. Golden Parachute. 3. Greenmail. 4. Killer Bees. 5. Lobster Trap. 6. Maiden. 7. Nancy Reagan Defense. 8. Pac Man. 9. Parking. 10. Poison Pill. 11. Raider. 12. Safe Harbor. 13. Scorched Earth Defense. 14. Shark Repellents. 15. Stripper. 16. Suicide Pill. 17. White Knight.
Exercise 4. corporate finance, due diligence, shareholder value, swap, entity, «demerger», debt, acquiring, equity interest, high-yield, leveraged buyout, risk, third parties, cost of capital, borrower, shareholder’s equity, economies of scale, overlapping, capturing, cross selling, accounts, complementary, synergy, loss maker, write-offs, diversification, conservative, deliver value, downturn, portfolios, unmanageable, profile, empire building, remuneration, incentive
Lesson 21
Exercise 2.1. bull market, 2. current account, 3. default, 4. emerging markets, 5. globalization, 6. International Financial Corporation, 7. monetary policy, 8. systemic risk, 9. World Bank.
Exercise 3.
Counterparty risk – risk that a counterparty to a purchase or sale may fail to discharge his obligations.
Country (sovereign) risk – the hazard that political risk may arise in the country of operations.
Credit (repayment) risk – risk of a payer’s or a borrower’s failure to meet commitments.
Currency (exchange, trading, translation, transaction) risk – the risk, attaching to securities deals denominated in foreign currencies, that unforeseen exchange rate changes may affect balance-sheet value in the home currency or income amounts in the home currency.
Default risk – risk of a counterparty’s failure to make payments or repayments of interest or principal on the due date.
Delivery risk – risk that a party to a deal fails to make the contracted delivery.
Inflation risk – risk of devaluation of assets or incomes because of price hikes.
Interest rate risk – risk of losses because of changes in interest rates.
Liquidity risk – the risk in securities trading that the price of a security may fluctuate excessively owing to the lack of a sufficient volume of trading in the market.
Market risk – risk that an asset price drops and its owner incurs losses while selling the asset.
Operational risk – risk of careless or unprofessional actions of management resulting in losses.
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