1. Agreement (n) – соглашение, договор
2. Anticipate (v) – предвидеть, предчувствовать, ожидать
3. Assets (n) – активы, средства, капитал, фонды
4. Audit (n) – проверка счетов, ревизия отчетности
5. Board of Directors (n) – совет директоров, правление директоров
6. Borrow (v) – брать взаймы, занимать
7. Bylaw – установленные нормы, правила внутреннего распорядка
8. Charter (n) – устав
9. Contribution (n) – содействие, вклад, взнос, сотрудничество
10. Debt (n) – долг, задолженность
11. Employee (n) – рабочий, служащий, работающий по найму
12. Entity (n) – самостоятельная компания, хозяйственная организация
13. Expand (v) – расширять, увеличивать, развивать
14. Income (n) – доход, заработок, прибыль (амер.)
15. Liability (n) – ответственность, обязательство, задолженность
16. Meet liabilities – покрыть задолженность
17. Obligation (n) – обязательство, обязанность
18. Owner (n) – владелец, собственник
19. Ownership (n) – владение, собственность
20. Partnership (n) – партнерство, товарищество, компания
21. Profit (n) – польза, выгода, pl. прибыль, доход
22. Proprietorship (n) – право собственности, собственность, sole proprietorship –
единоличное владение, индивидуальное частное предприятие
23. Regulations (n) – правила, инструкции, распоряжения
24. Stock (n) – запас, резерв, капитал, ценные бумаги
25. Stockholder (n) – акционер, владелец, держатель акций
26. Tax (n) – налог, сбор, пошлина
27. Tax Burden (n) – налоговое бремя
28. Terminate (v) – положить конец, кончаться, ограничивать
1. Match the terms with their definitions.
1. Proprietor a) people who work inside a company
2. Employees b) an owner of a business
3. Regulation c) the money or other assets received periodically or in a year from one’s business, land, work
4. Income d) prescribed rules, authoritative directions
5. Partner e) something that is owed, esp. money
6. Debt f) a person who shares or takes part with another or others esp. in a business firm with shared risks and profits
7. Stockholder g) a written constitution or description of an organization’s
functions
8. Charter h) an official examination of accounts
9. Audit i) an owner of stocks or shares
10. Corporation j) a group of people authorized to act as an individual and recognized in law as a single entity esp. in business
2. Insert the words from the box below.
| sole proprietorship, charter, assets, corporation, entity, obligation, partnership, owner, regulations, terminate |
1. The … … is the simplest type of business organization that can be formed.
2. The owner of a sole proprietorship can … the business at any time.
3. The sole proprietorship has the fewest government … to follow.
4. The life of a sole proprietorship is ended by the death or physical disability of the ….
5. Without a written agreement, the … does not really exist.
6. Each partner is responsible for the acts of the other partners, since those actions create an … for the business.
7. A corporation is a single … in the eyes of the law.
8. A public or open … offers its stock to the public.
9. This means that only the … of corporation can be taken to pay debts.
10. A corporation can only perform those activities which are stated in its ….
3. In each of the following sentences select the word or phrase that completes the statement best.
1. One advantage of the sole proprietorship form of business organization is that:
a) it is easy to raise capital
b) there is limited life of the business
c) there is no sharing of profits
2. The legal form of business organization that has only one owner is known as:
a) a stock company
b) a sole proprietorship
c) a partnership
3. The most common form of business organization for a small business is:
a) the corporation
b) the sole proprietorship
c) the partnership
4. One advantage of the corporate form of business organization is that:
a) there is unlimited liability
b) taxes are low
c) there is transfer of ownership
5. A corporation that sells stock to the public is known as:
a) private corporation
b) government corporation
c) public corporation
6. One disadvantage of the sole proprietorship form of business organization is that:
a) it is easy to raise capital
b) there is no sharing profits
c) there is unlimited liability
7. One advantage of the partnership form of business organization is that:
a) there is a sharing of responsibilities
b) there is unlimited liability
c) there is a sharing of profits
8. One disadvantage of the partnership from of business organization is that
a) there is a sharing of responsibilities
b) unlimited liability
c) ease of obtaining credit
9. A law firm might easily be organized as a …:
a) partnership, b) sole proprietorship, c) corporation
10. Two partners operating a small amusement park with high-risk should consider changing their current partnership to a …:
a) sole proprietorship
b) private corporation
c) limited partnership
4. Look through the text on the power exercised by the board in different companies and fill in the gaps with the following word combinations from the box below.
| On the contrary, as usual, for the most part, focus on, no problem, as a rule, in practice, on paper. |
… … the control of a company is divided between two bodies: the board of directors and the shareholders in general meeting. … …, the amount of power exercised by the board varies with the type of company. In small private companies the directors and the shareholders are normally the same people … ….
Thus there is … … in division of power. In large public companies, the board tends to exercise more of a supervisory role. And individual responsibility and management are delegated downward to individual professional executive directors who … … particular areas of the company.
… … the board members often receive remunerations per year since they sit on the boards of several companies. Inside directors are … … not paid for sitting on a board. Outside directors … …, are usually paid for their services. These remunerations vary between corporations, but usually consist of a yearly or monthly salary.
5. Explain the meanings of the underlined words and phrases in the following text.
Wal-Mart an American retailer has grown at an incredible rate since it was founded by Sam Walton. Walton built an empire that turned him into the wealthiest man in America. Wal-Mart has over 1.000 stores outside America. In 2002 its profits were an astonishing $ 6 billion and the company’s market value was over $ 260 billion. Wal-Mart became the biggest company in terms of sales.
The key to Walton’s success seems to lie in building a culture that is focusedon providing better value for customers than the competition. Everyone in the company is liable for upholding the core beliefs that help keep their culture alive and well. It is the cornerstone of what the company was founded on, it is its main focus. It was true many years ago and is still true.
From the very beginning Walton had three basic beliefs which continue to dominate company thinking: respect for the individual (both Associates and Customers), the highest standard of service to the Customers, a constant drive for excellence.
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