Учебно-практическое пособие для III курса направление подготовки




НазваниеУчебно-практическое пособие для III курса направление подготовки
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II. Match the equivalents:

1. Business owner

a) Оборотный капитал

2. Business plan

b)Компания с ограниченной ответственностью

3. Cash

c) Капитал, вложенный в новое предприятие

4. Expansion

d) Предприниматель, идущий на риск

5. Financial projections

f) Метод бухгалтерской отчетности

6. Financial statement

g) Бизнес план

7. Fund (v) business

h) Получить ссуду

8. Get (v) a loan

i) Финансовый год

9. Limited liability company

j) Владелец бизнеса

10.operating capital

к) Финансовый отчет

11. Return

l) Единоличная корпорация

12. S- corporation

m) Предприниматель

13. Slump (n)

n) Единоличное товарищество

14. Start-up

o) Наличность

15. Unincorporated partnership

p) Ввод в действие

16. Venture capital

q) Расширение

17. Venture capitalist

r) Сезонный тренд

18. Accounting methods

s) Кредитная линия

19. Company’s assets

t) Финансовый прогноз

20. Fiscal year

u) Доход, поступления

21.Seasonal trend

v) Финансировать бизнес

22. Cost of goods sold

w) Ожидаемая прибыль

23. Anticipated income

x) Стоимость проданных товаров

24. Line of credit

y) Активы (имущество) компании

25. Entrepreneur

z) Резкий спад, снижение спроса

III. Answer the questions:

  1. What do you think you’ll need if you make up your mind to set up your own business?

  2. List the things you need to set up a corporation

  3. Think of the way to get outside capital and explain how you will attract investors.

IV. Fill in the gaps with the following words:

Corporation (2), venture capital, unincorporated firm, limited liability

  1. An Italian …………has received the commission to build the new rail road station.

  2. I hadn’t enough capital, but I was able to persuade a …………firm to invest money in my company.

  3. The principals in an…………are liable jointly and unlimitedly, personal property included, for their debts.

  4. A single shareholder, called the sole owner, is enough to establish a one-person…………company.

  5. In a…….., the shareholders liability is limited to their investment.

V. Match up these words with the definitions below:

Barriers to entry, cartel, dominant-firm oligopoly, economies of scale, monopolistic competition, monopoly, monopsony, natural monopoly, oligopoly, perfect competition

1………..exists when products are homogeneous, and there are a great many firms too small to have any influence on the market price, and firms can easily enter and exist the industry.

2. A………is a market in a particular product in which a single producer can fix an artificial price.

3.……….is the situation in which there is only one buyer.

4.A…….is an industry in which the efficient existence of more than one producer is impossible; examples include public utilities such as water, gas and electricity, where it would be inefficient to have several competing companies laying their own networks of pipes or cables.

5.………exists when many producers of slightly differentiated products are able to sell them at well above their marginal cost.

6.An……….is a concentrated market dominated by a few large suppliers. This is very frequent in manufacturing because of economies of scale and the cost barriers of entering an industry.

7………….are factors which cause the average cost of producing something to fall as output increases.

8. ………..are economic or technical factors that make it difficult or impossible for firms to enter a market or compete with existing suppliers.

9. A…………..is one in which a market leader can indicate its preferred price to smaller competitors.

10. A…………is a group of producers or sellers who fix prices and quantities in order to avoid competition and increase profits. This is illegal in many countries, most notably the USA.

VI. We generally describe the economy as consisting of three sectors:

  • the primary sector: agriculture, and the extraction of raw materials from the earth;

  • the secondary sector: manufacturing industry, in which raw materials are turned into finished products (although of course many of the people working for manufacturing companies do not actually make anything, but provide a service – administration, law, finance, marketing, selling, computing, personnel, and so on);

  • the tertiary sector: the commercial services that help industry produce and distribute goods to the final consumers, as well as activities such as education, health care, leisure, tourism, and so on.

Classify the 18 activities from the passage according to which sector they belong to:

1. advertising products

2. assembling

3. building

4. cutting metal

5. calculating prices

6. digging iron ore

7. distributing added value

8. laying cables

9. maintenance

10. marketing products

11. mining coal

12. milling metal

13. packaging products

14. pressing metal

15. pumping oil

16. smelting iron

17. transportation

18. welding metal




primary

secondary

tertiary






































VII. Translate into English:


  1. Чтобы основать свое дело, необходимо привлечь инвесторов, для чего нужно составить бизнес-план, в котором указать финансовую отчетность и прогнозы, возможные доходы и необходимый оборотный капитал. Это нужно для того, чтобы получить согласие предпринимателя инвестировать в вашу фирму.

  2. Не забудьте также о возможных проблемах, таких как снижение спроса, что может привести к убыткам в бизнесе.

  3. При учреждении новой фирмы необходимо решить, будет ли это товарищество, единоличная корпорация или компания с ограниченной ответственностью.

  4. Так же необходимо определить, в каком экономическом секторе (первичном, вторичном или третичном) будет действовать ваше предприятие.

  5. Владелец бизнеса должен учитывать пожелание акционеров получить как можно большую прибыль.

  6. В случае недолжного управления компанией менеджмент может быть заменен на ежегодном собрании акционеров.

  7. Правительственные постановления запрещают различные монополистические объединения предпринимателей. Такие как картели и олигополии, монополии и монопсонии, однако существуют естественные монополии, деятельность которых регулируется государством.

Text B

Business plan

Vocabulary

Annual percentage rate

Годовая процентная ставка

Asset

Имущество

Balance sheet

Балансовый отчет

Bank loan

Банковская ссуда

Benefit (v) the customer

Приносить пользу потребителю

Break-even analysis

Анализ точки самоокупаемости

Break-even point

Точка самоокупаемости

Cash flow statement

Отчет о потоке наличности

Develop (v) a marketing strategy

Разрабатывать маркетинговую стратегию

Direct debit

Прямой дебет

Equipment

Оборудование

Financial management

Финансовый менеджмент

Fixed assets

Неликвидные активы

Income statement

Отчет о доходах

Interest-only payment

Выплата только процентов

Lease (rent) agreement

Договор об аренде

Legal regulations

Правовое регулирование

Market

Рынок

Operating costs

Эксплутационные расходы

Operating expenses

Операционные расходы

Pay (v) its own way

Окупаться

Plan (v) a budget

Составлять бюджет

Product

Продукт

Profitability

Доходность, рентабельность

Real value

Реальная стоимость

Road haulage

Грузовые перевозки

Security

Обеспечение

Service

Услуга

Solvent

Платежеспособный

Start-up costs

Издержки на открытые предприятия

Venture

Коммерческое предприятие

Year of operation

Год финансовой операции

  1. Read and translate this text:

Introduction

Any worthwhile endeavour requires planning. Thinking through and writing up a business plan will help you to chart a steady course for your new business.

If you don’t know where you are going, you will end up somewhere else.

The business plan is a written document that clearly defines the goals of a business and outlines the methods for achieving them. It serves as your company’s roadmap.

A business plan:

- Acts as the management and financial blueprint for a business start-up and profitable operation of a business venture.

- Explain specifically how a business will function and details how a business will be capitalized, managed and marketed.

Business description

In this section of your business plan, you should provide a detailed description of your business. In describing your business, an excellent question to ask yourself is: “What business am I is?’ Describe your products, services and market. Be sure to include a through description of what makes your business unique.

The description of your business should clearly identify goals and objectives. It should clarify why you are, or what you want to be, in business.

Products and Services

In this section of your plan, describe what you intend to sell, what it does, why buying it will benefit the customer, and what makes it unique or special.

Try to describe the benefits of your goods and services from your customer’s perspectives. Successful business owners endeavour to understand what their customers want or expect from them.

Understanding the customer is most important in winning customer satisfaction and in building profits.

Sales and Marketing

One key to successful selling is to know your customer – their likes, dislikes, needs, and expectations. By identifying these factors, you can develop a marketing strategy that will allow you to understand and fulfill their needs.

Know your competition. Consider their advertising and pricing strategies. If you understand why your competitors succeed, you can better position yourself to compete with them.

Plan your pricing strategy. Whether you price above or below your competition, first establish a policy. Then you can monitor prices and operating costs and adjust to ensure profitability.

Operating Requirements

In this section of your business plan, explain how the business will be managed on a day-to-day basis. Discuss hiring and personnel policies.

Discuss insurance, lease or rent agreements, legal regulations, and other operating requirements of doing business.

Account for any equipment necessary to produce your products or services. Describe the production process and delivery of those products and services.

Financial Management

Sound financial management is one of the best ways for your business to remain profitable and solvent.

To effectively manage your finance, plan a sound, realistic budget by determining the actual amount of money needed to open your business (start-up costs) and the amount needed to keep it open (operating costs).

In this section of your business plan, you need to prepare a sales forecast, cash flow projections, projected income statements, a break-even analysis, and a balance sheet.

Unless you are thoroughly familiar with financial statements, get help in preparing your flow and income statements and your balance sheet. Your aim is to understand the financial tools well enough to gain their benefits. Your accountant can help you to accomplish this goal.

Management Profile

The most important asset your business has is its people. It is important to identify the skills you need as well as those you possess, for any skills you lack will have to be hired.

This section of your business plan identifies the owners and key employees. It discusses the skills and experience they bring to the business.

  1. Choose the right answer:

  1. Why is a business plan important?

  1. It is required by your bank

  2. It provides direction and focus for the business

  3. It is required to apply for an SBA Guaranteed Loan

  4. It acts as a blueprint for the business

  5. All of the above

  1. The Business Description section should answer the question:

  1. Who is my competition?

  2. How will my business be managed?

  3. What business am I in?

  4. What are my operating expenses?

  1. Becoming aware of the benefits of your goods and/ or service from the customer’s perspective helps to build:

  1. Company description

  2. Customer loyalty

  3. A good product price

  4. Sound financial management

  1. Identify your customers and their likes, dislikes, and expectations allows you to:

  1. Match your competition

  2. Operate your business more efficiently

  3. Anticipate business expenses

  4. Understand and fulfill customers’ needs

5.The following should be discussed in the Operating Requirements section:

  1. Insurance, lease or rent agreements and legal regulations

  2. A complete description of your products and services

  3. Your strategy

  4. The owners and key employees and their skills and experience

6 .Financial Statements are very helpful for the new business owner because:

  1. They help to employ accountants

  2. Sound financial management is one of the best ways to remain solvent

  3. They make it possible to better define your product or services

  4. They help to determine employee policies

  1. Read this letter and write an appropriate word below to fill each of the gap:

Amount, charges, confirm, credit, debit, interest, period, repayable, small, sum, terms, turnover

Dear Mr. Hans,

Get application for………..business loan. Following our meeting on 17 October, I am glad to be able to……….the Bank’s offer of a Small Business Loan on the term set out below.

……of loan: $ 15,000

……of loan: five years from 1 November 2012

Rate of ……:16,5%

Special …..: interest-only payments for first six month

Monthly payments: $231.25 until 1May 2011

Thereafter E509.03 until 1 November 2011

The enclosed leaflet gives details of some of the Bank services to new business. No bank…….No be made during the first year of operation, provided…….does not exceed $100,000 and the account remains in……………

If you will kindly check, complete and sign the acceptance form enclosed, we will arrange for the……of money shown above to be transferred to your account on 1November. The loan win be…….monthly over five years by direct ……On behalf of the Bank I should like to wish you every success in your enterprise.

Yours sincerely,

Richard Price

  1. Substitute Russian words by English equivalents:

  1. When you buy equipment for your company, it is called………. (инвестиции)

  2. All company’s property, money and investments are called……(актив)

  3. The total amount of sales of a company in a year is called……(товарооборот)

  4. Every company is interested in getting a…………….. (прибыль)

  5. …………(пассив) is the name of everything that a company owes.

  6. A company, which wants to receive investments from general public, issues……(акции)

  7. People, investing money in a company hope to get…….(дивиденды)

  8. When you are borrowing money you are often charged…….(проценты)

  9. The situation when a company has no more money or property to pay its debts, is called…..(банкротство)

Y. Match each word with the correct definition:

1. profit and loss account

2. balance sheet

3. cash budget

4. share certificate

5. tender

6. business plan

7. insurance certificate

8. letter of credit

9. contract




  1. A plan of cash income and cash spending for a specific period of time

  2. A document which represents a part of the total stock value of a company and which shows who owns it.

  3. A formal agreement to provide goods or services

  4. A formal description of income and costs for a time period that has finished

  5. A formal description of a company’s financial position at a specified moment

  6. A document which states that a named person has paid for protection against accidental loss or damage of goods or property

  7. A description of the ways a new business hopes to make money, showing possible income and expenditure.

  8. A formal letter with an offer to supply goods or services, containing a description of the project, materials, personnel, time plans, etc.

  9. An official notification from a bank that it will lend money to a customer.

YI. Translate into English:

    1. Составляя бизнес-план необходимо сделать его как можно более привлекательным для потенциальных инвесторов.

    2. При оформлении бизнес-плана нужно привести данные о рынке, на котором собирается конкурировать компания.

    3. В бизнес-плане указываются возможные издержки – на сырье, рабочую силу, продвижение и развитие, создание прототипа.

    4. Также при представлении инвесторам бизнес-плана необходимо включить в него различные финансовые документы, такие как балансовый отчет, отчет о потоке наличности, отчет о доходах.

    5. При создании малого предприятия необходимо получить ссуду в банке. При этом необходимо обговорить условия и сроки выплат и обеспечение.

    6. Одним из важных моментов является определение точки самоокупаемости и сроков, когда бизнес окупится.

    7. В бизнес-плане нужно описать, какую пользу принесет потребителю деятельность вашего коммерческого предприятия.

    8. Прежде чем начинать свое дело, следует разработать маркетинговую стратегию ваших продуктов или услуг.

    9. В бизнес-плане указываются все эксплутационные расходы, описывается арендный договор, оборудования.

    10. При создании предприятия необходимо ознакомиться с правовым регулированием различных видов бизнеса.

    11. Финансовый менеджмент компании должен обеспечивать платежеспособность предприятия.

Text C

Getting a credit

    1. Read and translate this text in a written form:

Bank Loans

A bank loan is an advance of a specified sum of money to an individual or a business (the borrower) by a commercial bank, saving bank, finance house or another financial institution (the lender). A bank loan is a form of credit which is of extended for a specified period of time, usually on fixed-rate term related to the base interest rate. The principle is usually repaid either on a regular installment basis or in full on the appoint redemption date. Alternatively, a bank loan may take the form of overdraft facilities under which the customers or borrowers can borrow as much money as they require up to a pre-arranged limit and are charged interest on outstanding balances.

In the case of business borrowers, bank loans are used to finance working capital requirements and are often renegotiated shortly before expiring, to provide the borrower with a revolving line of credit.

Depending upon the nature of the loan and of the degree of risk involved, bank loans may be unsecured or secured, the latter requiring the borrower to deposit with the bank collateral security (e.g. title deeds to a house) to cover against default on the loan. The lender may retain this security in the event of the default.

When a bank makes a loan, it is uncertain about whether the loan will be repaid. Low-risk borrowers default on their debts only for reasons beyond their control. High-risk borrowers take excessive risks with the money they borrow and frequently default on their loans. But banks have no sure way of knowing whether they are lending to a low-risk or high-risk borrower. Banks use various signals to distinguish between low-risk and high-risk borrowers and very often they ration or limit loans to amounts below those demanded.

In the case of individual borrowers banks use such signals as length of time in a job, ownership of a home, marital status, age.

If a firm is demanding a loan, the bank will use such signals as reliability of the firm, its credit worthiness, the purpose of the loan, the real value of the project, its recuperation period and many other factors, before it makes a decision if the loan should be provided.

Contents of Loan Agreements

Normally a loan agreement starts with a preamble, then very detailed articles of the agreement come, and finally a few annexes are given as a rule.

Among the articles of a standard loan agreement the following should be mentioned:

  • amount of the loan

  • use of proceeds of the loan

  • disbursement

  • repayment of principle

  • interest, commitment charge and method of payment there of

  • fees, expenses

  • taxes, duties and other levies or charges

  • payee and currency

  • remedies

  • cancellation

  • particular covenants

  • overdue payment

  • waiver

  • disclaimer

  • arbitration

  • evidence of authority

  • collateral

  • guarantee

  • representations and warranties

  • event of default

  • assignment

  • effectuation of agreement

  • severability

  • governing law

  • language

  • secrecy

  • miscellaneous

As to annexes, the following can often be attached to loan agreements:

  • confirmation of the loan by the lender

  • letter of guarantee

  • legal opinion

  • amortization schedule

  • disbursement procedure

  • payment instructions and others.

    1. Finish the sentences:

  1. A bank loan is an advance…………….

  2. A bank loan is a form of credit………..

  3. A bank loan may take a form…………

  4. Bank loans are used to finance……….

  5. Bank loans may be unsecured………..

    1. Match the equivalents:

      1.Loan

      a) револьверная кредитная линия

      2. To demand a loan

      b) документ, удостоверяющий право собственности

      3. To grant/to allow/to make/ to provide a loan

      c) по частям

      4. To repay a loan

      d) степень данного риска

      5. A revolving line of credit

      f) просить кредит

      6. Principle

      g) чрезмерный риск

      7. Installment

      h) выплатить кредит

      8. On an installment basis

      i) основная сумма кредита

      9. Redemption

      j) ограничивать кредитование

      10. Outstanding

      k) кредит

      11. To negotiate a loan

      l) период окупаемости

      12. Degree of risk involved

      m) давать кредит

      13. Low risk

      n) не оплатить что-либо

      14. Excessive risk/ high risk

      o) частичный взнос

      15. Title deed

      p) страховать против неплатежа

      16. To cover against default

      q) неоплаченный остаток

      17. To default on smth

      r) получить кредит

      18. To ration a loan to limit a loan

      s) погашение

      19. Recuperation period

      t) малый риск

    2. Read the dialogue between a bank manager and one of her customer:

A: We’ve been short of space for some time now and finally we’ve decided we must move to bigger premises. We’ve looked at a number of properties in the area and come down in favour of this one in the centre of town.

B: How much are they asking for it?

A: $300,000. But we think we’ll get it for $ 280,000

B: I see. That’s a major investment for a firm of your size.

A: We realize that, but we see it as a valuable resource for the business which will help us to expand, and at the same time a sound investment.

B: I understand. Are you looking for a loan to cover the total price?

A: Well, we’ve considered that. We could raise $ 50,000 by cutting back on management bonuses and one or two investment projects.

B: But ideally you’d like to borrow the full $300,000

A: That’s right

B: What sort of term were you thinking of?

A: Well, either fifteen or twenty years. Could you give me a quote for both terms?

B: Yes, just a moment…I’ll check my tables. Well over fifteen years on fully fluctuating interest it’d be $ 3,500 a month, that’s based on 2 per cent above current base rate. And over twenty years it’d be $ 3,000 a month.

A: Well either fifteen or twenty years Could you give me a quote for both terms?

B: Yes, just a moment…..I’ll check my tables. Well, over fifteen years on fully fluctuating interest it’d be $3,5000 a month, that’s based on 2 per cent above current base rate. And over twenty years it’d be $ 3,000 a month.

A: Yes, that’s roughly what we calculated. I think we’d prefer the twenty year loan.

B: Right, let’s come back to that. Have you brought some up-to-date figures for me?

A: Yes, I have. As you can see, turnover is up on last year by about 20 per cent and profits look like being even better – about 25 per cent higher than last year. That means a net profit of abound $ 30,000.

B: That sounds very healthy. Have you done any projections?

A: Yes, we have. As you know it’s difficult to forecast accurately in our line of business, but we reckon turnover should continue to increase at this sort of rate for the next five years and our margins, if anything, should get better.

B: Good, perhaps you can leave figures with me.

A: of course

B: What worries me is your cash flow-at present you’re operating at close to the limit of your $50,000 facility – in fact, sometimes you are straying the wrong side of it. Do you see any improvement in that area?

A: Well, as you know, in our line of business, we’re always going to have a cash flow problem. As we expand, it’s difficult it’s difficult to avoid pushing up the need for working capital.

B: I realize that you’re thinking of taking on an additional major drain on cash. On the present figures, you may well have problems financing the payments.

A: We are confident we can get the sales to justify this investment. Also I’m sure you’ll find the security on the building is more than enough. We’ve had the property valued and been told is worth at least $350,000. On top of that, our fixed assets stand at $ 75,000 on the last balance sheet.

B: That’s true but what worries me is your current liabilities – to the bank and also your current creditors. According to these figures, that stands at nearly $90,000

Complete the information according to the dialogue:

Reason for loan:……………………………………………………………………………..

Amount of loan:…………………………………………………………………………….

Term of loan:……………………………………………………………………………….

Interest rate:………………………………………………………………………………..

Current installment:…………………………………………………………………………

Security:……………………………………………………………………………………..

Type:……………………………………………………………………………………….

Market value:………………………………………………………………………………

Turnover:………………………………………………………………………………….

Profits:…………………………………………………………………………………….

Assets:……………………………………………………………………………………..

Liabilities:…………………………………………………………………………………

    1. Answer the questions:

  1. How could the firm raise $ 50,000 towards the cost of the property?

  2. What are the firm’s projections for turnover and profits?

  3. What is its current overdraft?

  4. Who does it owe money to?

    1. Match the words/expressions on the left with an appropriate combination on the right, to make am idiomatic phrase:

1. a short of

a) figures

2. a major drain

b) the wrong side

3. close to

c) investment

4. our line of

d) space

5. to come down

e) business

6. a firm of

f) calculation

7. to stray

g) on cash

8. up-to-date

h) in favour of

9. rough

i) the limit

10. sound

j) your size
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