11 Ab

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Contents
Unit Title Page
1 Economic Concepts 3
2 Buying and Selling 6
3 Incomes and Salaries 9
Test 1 12
4 Meetings 14
5 Economic Issues 17
6 Work in the Future 20
Test 2 23
7 The Internet 25
8 Communication 28
9 Supply and Demand 31
Test 3 34
10 Business Online 36
11 Financial Markets and Banknotes 39
12 Aspects of Stock 42
Test 4 45
Correspondence 47
Glossary 62
2
1 Economic Concepts
Exercise 1 Speaking
Read the following situation and discuss the questions.
Situation
The company you work for is planning to open a new clothes factory with the following
specifications:
• Goods should be manufactured at low costs.
• 2000 workers are needed.
• Raw material will be imported from several countries.
It is considering three countries in the Middle East as a location for the factory. You are
members of the planning committee which must choose a location for the new factory.
1 Work in small groups. Discuss the three countries and rank them in order of suitability as a
location.
2 Discuss the advantages and disadvantages of each location.
3 Decide which is the most suitable location for the new clothes factory.
Country A Country B Country C
Economy Economy Economy
• Growth rate 2% per year • Growth rate 1.5% per year • Growth rate 8% per year
• Inflation rate 5% • Inflation rate 0.5% • Inflation rate 10%
• Interest rates 10-15% • Interest rates 8-10% • Interest rates 4-6%
• Unemployment rate 25-30% • Unemployment rate 3% • Unemployment rate 12%
• The country has a lot of debt • It is a modern industrial • The currency exchange rate is
and is trying to modernise country with many unstable.
its economy. manufacturing industries.
Transport Transport Transport

• Good rail network but poor • Fully integrated road and rail • Road network needs investment
roads network
• Seaport in poor condition • No seaport • Good transport around the main
seaport
Labour Labour Labour
• Unskilled workers: a lot of • Not a lot of skilled labour • Skilled labour unavailable
training is needed available
• Wage rates: very low • Wage rates: high • Wage rates: low but rising fast
3
Exercise 2 Reading
Read the following text about taxation and answer the questions.
Governments finance most of their expenditure by taxation. If they spend more than they levy
or charge in taxes, they have to borrow money. People may pay their taxes either directly or
indirectly. The government collects the taxes from the income of individuals and businesses. Taxes
imposed on salaries and wages, sales profits, inherited money as well as on a company’s profits are
all examples of direct taxes.
On the other hand, the government levies indirect taxes on the production or sale of goods
and services. These are included in the final price paid by the purchaser. VAT and taxes that are
imposed on the retail price of goods, commodities and imported goods are a few examples of
indirect taxation.
To reduce the amount of tax that individuals and businesses have to pay, some use legal
methods to minimise their tax burden. This is called tax avoidance. This often involves using
loopholes - ways of getting around the law because of an error or a technicality in the law itself.
On the other hand, others use illegal methods such as not declaring their income or reporting it
inaccurately. This is called tax evasion and can lead to big penalties.
Questions
1 Are the following examples of direct or indirect taxes?
a company profits
b goods bought in stores
c money received from relatives after their death
d salaries and wages
e goods made in other countries
f money made by selling stocks at a profit
2 Try to guess the meaning of the following words from context.

a capital gains tax
b corporation tax
c excise tax
d income tax
e inheritance tax
f sales tax
g tariff
3 What do the words in bold refer to?
4
Unit 1
Exercise 3 Vocabulary
Match the economic terms (1-10) with their definitions (a-j).
1 interest rate a total value of goods and services produced in a country

2 exchange rate b general increase in prices
3 inflation rate c cost of borrowing money
4 labour force d price at which one currency can buy another
5 tax incentives e percentage of people without jobs
6 government bureaucracy f people working
7 GDP (gross domestic product) g low taxes to encourage business activity
8 unemployment rate h money from overseas
9 foreign investment i difference in value between a country’s imports and exports
10 balance of trade j official rules / regulations / paperwork
Exercise 4 Grammar
Read the text on page 4 again. Change the underlined sentences to questions using do /does.
Exercise 5 Writing
Write five sentences about the economic profile of your country.
5
2 Buying andSelling
A Cross the odd word out.
1 a trader b retailer c client
2 a vendor b commercial c advertisement
3 a customer b pay for c consumer
4 a buy b value c purchase
5 a shop b store c promotion
6 a outlet b price c cost
B Choose one of the words (a-c) to complete each of the sentences.

1 The should not trade any products that are poor quality.
a buyer b seller c warehouse
2 You should buy your new laptop in the . They’re selling last year’s models very
cheaply.
a sell b sold c sale
3 My customers know what they want, and they don’t like to be pressured - so I don’t need to
use any sell.
a strong b hard c heavy
4 Yes it’s very popular - in fact it’s our best design.
a selling b sold c sale
5 We don’t have an aggressive sales style. We prefer to use sell to encourage
consumers to buy our products.
a kind b nice c soft
6 I’m afraid we out of that style last week. Would you like me to order one for you?
a lost b sold c bought
6
Unit 2
Exercise 2 Situations
What would you say in the following situations?
1 You work in a shop. You see a customer who is looking for something.
Can I help you?
2 The customer likes a jacket. He thinks it’s the right size, but he is not sure.
3 You work at a take-away restaurant. Ask the caller for his name and address.
4 A customer says “Thank you”. What does the assistant say?
5 You are a customer in a shop. The assistant asks, “Can I help you?” You want to stay in the
shop, but you don’t want help.
6 You want to buy large brown envelopes. Ask about their price.
Exercise 3 Grammar
Put the adjectives in the right order to describe the nouns in bold.
1 This is a market. rewarding / money / small

2 banking is reasonably secure. private / Syrian
3 The receipt was unbelievably high. expense / white
4 The department is announcing the results. old / finance / first
5 My property has a large value. lovely / personal
6 The numbers indicate unpaid debts. red / three
7 His account allows him free access. Swiss / big
8 A bond offers secure investment. British / treasury
9 Most people trust a(n) cheque. certified / official
7
Exercise 4 Composition
Write a paragraph about ways of paying for goods and services. Use the following questions to
guide you.
1 How do you pay for things in shops?
2 How does your family pay for electricity?
3 How do most organisations pay their employees?
4 How can a company send money to another company?
5 Where do people use credit cards?
Exercise 5 Reading
Read the text and answer the following questions.
Anne is shopping because she wants to buy a new dress. She is in a shop in London and she is
looking at a long dress, a medium dress and a short one. She has got £60 in cash, and she hasn’t
got a cheque book or a credit card with her. She also needs a blouse, which costs £12. The price
of the short dress is £48. The long dress is more expensive than the other two, but Anne does not
like it. She likes the medium dress best. It costs £60, but it is in the sale, so there is a discount of
20%.
Questions
1 Anne is .
a a customer b a sales assistant
c the shop’s manager d a manufacturer
2 The long dress is .
a the cheapest b the nicest
c the most expensive d cheap enough for Anne to buy
3 Which item is in the sale?
a The blouse b The short dress
c The medium dress d The long dress
4 The price of the medium dress is .
a £60 b £48
c £40 d £38
5 The short dress is the medium dress.
a more expensive than b less expensive than
c the same price as d nicer than
6 What will Anne probably buy?
a The long dress b The medium dress and the blouse
c The short dress and the blouse d The long dress and the blouse
8
3 Incomes and
Salaries
Exercise 1 Reading
Read the following text about asking for a raise and match the titles (1-10) with their related
explanations (A-J).
Do You Dare Ask for a Raise?
So, you think you deserve a little more money for your hard day’s work? Here are 10 things to
consider:
1 Performance
2 Pay
3 Skill level
4 Reputation
5 Occupation
6 Company climate
7 Timing
8 Popping the question
9 Alternatives to raises
10 What to avoid
A If you have just completed something spectacular, this might be the perfect time to ask for a
raise.
B Be sure to equip yourself with your performance highlights written down and fully prepared by
doing the homework outlined in items 1 through 7.
C Be willing to temporarily take responsibility without money; sooner or later the compensations
will come, and this will show career progression.
D Knowing how your salary stacks up to others can help you decide if a raise is warranted and
timely. Compare your pay rate with those of your peers.
E Offer specific examples of your overall performance. Ask yourself what you have done for your
company that will put an extra value on you.
F Has your company just announced layoffs, salary freezes, or wage cuts? If so, this does not
necessarily mean you shouldn’t ask for a raise. You do, however, have to proceed with caution.
G Some jobs command a greater salary depending on years of experience.
H Don’t threaten to leave. Also, skip any reference to seniority or financial need.
I Are your skills superior to others in the same line of work? Have you exceeded expectations
through initiative or problem solving? Are your skills what set you apart?
J Take time to assess how you’re viewed by your peers. Are you the most talented software
engineer, the best sales person, the most creative producer? Do you cooperate with co-workers
to get things done?
9
Exercise 2 Word formation
Write the words in brackets in the right word form.
Great Side Jobs for Extra Cash
With growing (employ) (1) , salary cuts and the rising cost of (life)
(2) , plenty of people are seeking (add) (3) avenues to increase cash
flow. Check out these four side jobs.
E-commerce. The Internet offers a host of jobs on the side that you can do in the comfort of
your own home. The top rated and (easy) (4) among these jobs is online marketing.
You may open up a store and become a power (sell) (5) .
Handyman. When you are good at fixing things, you can make some extra money by fixing cars,
(install) (6) shelves, building fences or doing plumbing jobs.
(Teach). (7) a hobby. Whether it is dance, tennis, golf, computer skills or music,
teaching someone how to do something you are good at and love makes working a second job less
like work.
Babysitter. This job is convenient especially if you have kids. Offer to watch your friends’ and
neighbours’ kids, so they can take a (breathe) (8) , and they will love you for it.
Caring for several kids on the same night can get you extra cash.
10
Unit 3
Complete the sentences with words from the box.
bonus currency debt earn money

pension rent salary side jobs taxes
unemployment benefit
1 After I lost my job, I was living on for three months. This was difficult because the
amount was much lower than the I had before.
2 I used to work as a salesperson, but I wasn’t very successful, so I didn’t much
.
3 If the company makes 10% more than last year, we’ll all get a at the end of the
year.
4 It’ll take me at least 25 years to repay the on my house.
5 Many European countries now have the same , the euro.
6 My wage isn’t very good, so I do a lot of .
7 Nearly 40% of everything I earn goes to the government as .
8 The owner has just increased the on our flat by 15%.
9 When I retire, my will be 60% of my final salary.
Exercise 4 Grammar
Rewrite the sentences using the word(s) in brackets to give the same meaning.
1 How much was it? (... you pay for it?)
2 Where were they yesterday? (... go yesterday?)
3 How was your trip? (Did ... ?)
4 How much was this shirt? (How much ... ?)
5 Did you come to his office last week? (... his office last week?)
Exercise 5 Speaking
Discuss in pairs the following questions: Do you know what the average income is in your country?
What is the average income of the job you are studying for? How important is salary in your choice
of career?
Exercise 6 Writing
Write an email to a friend in which you give him / her advice about how to save money.
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Test 1
Part One: Reading comprehension 4 Find in the text words that mean:
(35 marks) a provided
I Read the text then answer the following b accepted
questions.
c helping
Penalising Banks
d superior
Banking laws allow banks to charge for 5 Have you ever heard people complaining
services rendered, as they are categorised about bank services? Give an example.
as providers of public banking services.
Examples of services utilised by most people Part Two: Grammar and structure
are replacement for a lost ATM card or a (60 marks)
damaged ATM card, the use of cheque books,
transferring money, etc. II Fill the text with words from the list.
account cardholder cashier industry
But since the charges by banks for all these
services were approved, it is obvious that the payment signs transfers voucher
banks have taken advantage of this and started
charging for even the smallest services. Nowadays many businesses accept
(1) by credit card, especially
But the question is how much is the service businesses in the tourist (2) , such
worth? For example, I went to my bank to as hotels and travel agents. So how do credit
report my lost ATM card. The officer attending cards work? The (3)
to me made an error when punching in the (a hotel guest for example) gives his card
details of my account and could not get the to the (4) . The card has the
correction done. A senior officer attended to cardholder’s name and (5) number
the problem but still could not get it rectified. on it. The cashier uses a small machine that
I was told to come back the next day. Isn’t this (6) the name and number from
a case of disservice by the bank? I, as a the card onto a paper (7) .
customer, had to take leave from work, spend
time, waste petrol and pay parking charges all The cashier writes the date and the amount on
because of this ‘disservice’ by the bank. The the voucher, and the guest (8) it.
worst experience involving banks would be
when you take a drive through the town and
the traffic only to find the ATM ‘out of service’. III Complete the dialogue.
Port official: What’s your interest in the port, if
I may ask?
Questions Bashir: I am an economics student, and I
1 What is the main idea of the text? am doing a project on how
2 How are the two incidents described by the container ports could affect
writer dissatisfying? Explain. the economy. So I need some
up-to-date information.
3 Complete the sentences. (1) ?
a The banks provide for the following Port official: (2) .
services ... Bashir: In your opinion, what is the
b A very bad experience related to banks reason for Southampton’s success
is ... as a container port? And how
does that affect the economy?
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Port official: Southampton port plays a Part Three: Writing (25 marks)
Test 1
vital role in the economy, and
that is due to several reasons. VI Write a paragraph about buying and
(3) : it’s selling, using the following guide words.
close to important markets. If - company - want - buy goods - an order -
(4) : the supplier / if - new customer - usually - pay in
motorway is only 2.4 kilometres advance company - pay - supplier - deliver -
away from the gate of the goods / supplier - send goods - an invoice /
terminal. Finally, customer - pay - invoice - usually - 30 days
(5) .
Bashir: Thank you.
Port official: You’re welcome.
IV Choose the correct word in brackets.

1 Who (sells / does sell) the best stationery?
2 What (is / does) the sales representative do?
3 She bought (an old antique valuable /
a valuable old antique) clock.
4 He liked that (old red / red old) chair.
5 How much (did you pay / you paid) for that
shirt?
6 (Did / what did) he have a football game
yesterday?
V Correct the following sentences.

1 How much it took you to get to Aleppo?
2 Where do Peter works?

VII Imagine that you work in a furniture
store. Mr Smith has bought a table, 7
3 He lost his gardening new gloves. chairs and 4 beds. Write him an invoice.
4 Why she didn’t like the song?
5 Who do works at the grocery store?
6 His father is a Syrian talented painter.
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4 Meetings
Exercise 1 Speaking
Work in pairs. Look at the following examples of behaviour that a chairperson might have to deal
with in a meeting. Which situation(s) should the chairperson deal with most urgently? Compare
your ideas with your partner. Discuss what strategies the chairperson could use in each situation.
• A participant looks bored and is not contributing to the discussion.

• Everytime anyone makes a suggestion, one participant responds with a negative comment.
He / She says why an idea won’t work but doesn’t make any positive suggestions.
• Two participants keep having private, whispered discussions during the meeting.
• A participant doesn’t want to listen to anyone else’s ideas. He / She keeps interrupting and tries
to dominate any topic discussed.
• A participant is not very willing to give an opinion.
• A participant keeps introducing irrelevant topics to the discussion.
Exercise 2 Matching
Match each of the situations (1-4) with two of the sentences (a-h) that the chairperson uses to deal
with them.
Participants Chairperson
a We need consensus.
b You obviously feel strongly about this.
1 try to dominate c If nobody has any better ideas, how about ...?
2 do not respond d It is important we keep to the point on this.
3 respond negatively e I’d like to hear what other people think.
4 try to introduce irrelevant topics f So, how do you think we should approach this?
g We’ve got a lot to get through and time is running out.
h Thank you for your comments. We’ll take them into
consideration.
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Unit 4
Exercise 3 Grammar
Rewrite the sentences, using the word(s) in brackets to give the same meaning.
1 “I don’t like it,” she said. (She said that ...)
2 “These desks are broken,” said the angry customer. (... complained that ...)
3 “ Company profits are up,” said the director. (... announced that ...)
4 “Yes, it’s a good idea,” he said. (... agreed that ...)
5 “ I don’t know,” she said to Huda. (She told ...)
6 “They’ll probably move on the 24th,” he said. (He said that ...)
7 The manager said that he wouldn’t be at the meeting. (“...,” the manager said.)
Exercise 4 Dealing with difficult people

Look at the suggestions below for dealing with difficult situations and choose the response you
think would work best.
1 Help calm a difficult situation by acknowledging how the person feels.

a You’re obviously pretty angry about this.
b I can see that you feel strongly about this.
2 Try to find out why the person is being difficult.
a Can you explain why you feel this way?
b Why are you being unreasonable?
3 Show that you understand.
a I can sympathise with your concerns.
b I realise why you’re panicking about this.
4 Encourage quiet participants when they contribute, even if you don’t agree with their ideas.
a Thanks for your suggestion, but you really need to think it through a bit more.
b I think the basic idea is good, but perhaps we could discuss some of the details.
5 Be firm if people try to use the meeting to speak about personal grievances.
a This isn’t the best place to discuss this.
b Leave your personal differences out of this.
15
thought changed his mind decided knew

planned was surprised understood
1 He ordered blue chairs, but then he .

2 She to see Ali because she thought he was out.
3 He suddenly to go to Lattakia.
4 They a meeting with the new clients.
5 He she was coming, but he was wrong.
6 She where he worked.
7 She the question, but she didn’t know the answer.
Exercise 6 Composition
Read this dialogue from a meeting and complete the paragraph.

Mr Ali: The first item on the agenda is staff training.
Mr Walid: The sales staff are going on a training course. It is a 3-day course, but they won’t all
be out of the office at the same time. I think that training is really important.
Mr Ali: I agree.
Huda: The secretarial staff never go on courses. They need training too.
Mr Ali: You’re right. And there’s a computer course which looks very interesting. I want all
the secretarial staff to take it.
(1) Mr Walid reported .

(2) He said .
(3) Mr Ali agreed that important.
(4) Huda complained .
(5) She said .
(6) Mr Ali agreed and said and
and .
16
5 Economic Issues
A Match the economic terms (1-6) to their definitions (a-f).
1 foreign debt a the total amount of money spent by a government on
schools, roads, the army, etc.
2 public expenditure b money that a country owes to lenders abroad
3 recession c situation when a country buys more goods from other
countries than it sells to other countries
4 subsidies d situation when a country sells more goods to other
countries than it buys from other countries
5 trade deficit e money that a government pays to make something
cheaper to buy
6 trade surplus f a period when trade and business activity decrease
B Complete the sentences with an economic term from part A.

1 To help farmers, the European Union has given out millions of euros in agricultural .
2 The country was able to repay some of its loans from abroad and so reduce its .
3 Industrial production is still decreasing. It seems that the country is heading for a .
Exercise 2 Missing prepositions

Indicate where the missing prepositions belong.
1 The markets are suspicious the system’s lack of transparency, and banks have lost
some of their influence corporations. of / over
2 There is fierce competition in the growing market high-speed Internet access. for
3 Some executives involved the deal argue that authorities are intimidated by the
complexity the issue. in / of
4 They all agreed that weak management was largely to blame the downfall the
company. for / of
5 As the company had thrived rising property prices, it suffered when they began
to fall. on
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Exercise 3 Grammar
Rewrite the following as conditional sentences.
1 They are going to advertise their business through TV ads, so they can increase their sales
percentage.
2 They never listen to their customers’ comments and suggestions, so they are not able to
improve their online services.
3 We have a competitive market for Internet access because our ITs are going to deregulate our
telecommunications environment.
Exercise 4 Reading
World Trade
Trade between the countries of the world increased greatly during the 20th century. One
organisation that made this increase possible was GATT, the General Agreement on Tariffs and
Trade. From 1948 to 1995, about half the countries in the world became members of GATT.
Representative members met regularly and made many new arrangements. The aims of GATT were
to increase world trade and to arrange meetings where member countries could discuss trade
problems.
The World Trade Organisation (WTO) replaced GATT in 1995. Like GATT, it administers
international trade agreements. It also provides technical help and training for developing
countries, and it deals with trade disputes. Its headquarters are in Geneva, Switzerland.
There are about 150 member countries. If any member country has a trade dispute with
another, it can appeal to the WTO Appeals Tribunal, which is like a court whose purpose is to
settle international disputes. It must accept the decision of the tribunal. If it refuses to do this,
the WTO could call trade sanctions, which means that other countries would not trade with that
country.
Questions
1 What did GATT make possible?
2 For how many years did GATT last?
3 What was the main aim of GATT agreements?
4 The aims of the WTO are those of GATT.
a fewer than b very different from c exactly the same as d greater in number
5 The WTO helps developing countries .
a financially b to learn skills c with many problems d to win disputes
6 The Appeals Tribunal of the WTO trade disagreements.
a appeals against b accepts c makes decisions on d prevents
18
Unit 5
Exercise 5 Editing
Read this economic profile about a country. Cross out the unnecessary words.
Our country has become a completely modern market economy. It is characterised by high-tech
agriculture, the up-to-date industry and an extensive government welfare measures. Other features
include very good living and standards, as well as high dependence on their foreign trade. We
export food and the energy and have a comfortable balance of payments surplus. The government
has reduced so the formerly high unemployment rate and maintained low inflation and a stable
currency. It has also lowered income tax rates and raised environmental taxes. In this way so, it
has been able to maintain overall but tax revenues. Finally, in order to deal with long-term
demographic changes which could reduce the labour force, the government it has introduced a
number of labour market reforms.
Exercise 6 Writing
Internet Economics
It’s tough to find a place on the web where logical decision-making is not taking place. Many
sites on the Internet are free. They are designed to spread news about a person or a group. One
example is www.yale.edu. This site is designed to post news about Yale University. For every site
on the web, someone has decided that the benefits of creating the site (increased sales, greater
publicity) are greater than the costs (paying a web master to design and build the site,
maintaining the site ...).
Find at least three interesting, reputable sites on the Web. Why do you think the web masters of
these sites spent the time and money to develop them? Name three web sites with proper
addresses. Offer specific reasons why each site may have been developed.
Sites:
Reasons for development:
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6 Work in theFuture
A Complete the expressions below with words from the box.
art date (x 2) edge fashioned forward
past time times minute
1 up-to- 6 the way

2 a thing of the 7 out of
3 ahead of its 8 up to the
4 old- 9 at the cutting
5 state-of-the- 10 behind the
B Look at the adjectives below and arrange them under the correct column. Then combine
the adjectives with words like possibly, potentially, probably, certainly and undoubtedly in
order to describe the short and long term prospects for some industries in your country.
Example: The future of shipbuilding is potentially very bright.
bleak bright brilliant depressing dire doubtful dreadful great magnificent

marvellous promising prosperous rosy terrible uncertain worrying
very bad bad good very good
20
Unit 6
Exercise 2 Speaking
The business world has changed dramatically in recent times. In pairs, discuss which of the
following you think could happen in the next 50 years. Justify your answers.
1 People will have more leisure time.
2 Few people will have full-time jobs.
3 There will be a world stock market.
4 Cash won’t be used anymore.
5 Trade unions will disappear.
6 There will be no retirement age.
7 Countries will be run by big businesses rather than governments.
8 Fresh water will be more valuable than oil.
Exercise 3 Grammar
A Write a paragraph of six sentences comparing London and Damascus. Use these guide words.
Use and or but in the long sentences.
London - colder - Damascus
Damascus - noisier - London - night
London - expensive - Damascus
Example - many good restaurants in Damascus - cheaper
B Use three adjectives from part A in the superlative form to write three sentences about
London and Damascus.
21
Exercise 4 Reading
The Future of the Labour Market
Future labour market changes include the following:

• The rapid growth of the service-producing sector will continue: 16.6 million out of 18 million
increase in jobs projected are expected to be in the services industries.
• Of the 20 occupations with the fastest projected growth rate, half are in the health
occupations, and many are related to computer technology.
• Occupations that will have the largest increase will include those in retail trade, health
services and educational services.
• There will be a continuing decline in the total share of employment in the goods-producing
sector.
Hence, there are a number of education-related implications associated with these labour market
projections. These implications include:
• Each of the three major occupational groups (executive, administrative and managerial
occupations; professional speciality occupations; technicians) requiring the highest levels of
educational attainment is expected to continue to grow.
• Those occupational groups with the fewest educational requirements, for example, operators,
manufacturers and labourers, will experience a decline.
• Despite the general rising trend in educational requirements associated with employment,
there will still be many good jobs available for individuals without a bachelor’s degree.
Examples of these include brick layers, stonemasons, electricians, plumbers, metalworkers, data
processing repairers, electronic repairers and mobile heavy equipment mechanics.
Questions
1 Give examples from the text of: services industries, health occupations, computer technology,
educational services and retail trade.
2 Which of the changes mentioned in the text were surprising for you and which were expected?
3 Do you like the changes mentioned in the text? Why?
Exercise 5 Writing
Write a paragraph about what you think will happen in your country during the next five years with
regard to one of the following fields.
• Unemployment • Wages
• Inflation • Market regulation
22
Test 2
Part One: Reading comprehension Part Two: Grammar and structure
(35 marks) (60 marks)
I Read the text then answer the following II Complete the sentences with words from
questions. the box.
agenda competitors consumers
Most businesses use ICT (Information efficient investors machinery
and Communication Technology) in their market shares income minutes
office. The aim is to create a paperless office resources
where all information is sent and received
electronically. In the paperless office, finding 1 The manager asked the secretary to send the
information should be fast, costs should be to everyone who attended the
reduced and storage space should be minimal. meeting.
Computers would be used for word processing, 2 Sandy is discussing the with her
spreadsheets, databases, presentations, etc. manager.
These computers would be networked. Email 3 Economists study how society distributes
would be used to send messages to customers and to produce
and between employees. An Intranet would goods and services.
store important information used by the 4 Some prefer companies with
business. The business may use the Internet for relatively large .
advertising and allowing e-commerce. However, 5 Large companies are generally less likely to
health risks are unavoidable such as eye strain, be squeezed by .
neck / back strain, RSI (Repetitive Strain 6 Scandinavians are the largest of
Injury: tendon injury from using keyboards rye.
too much) and fitness problems. Finally, some 7 Developments in technology will make work
measures for accident prevention can include faster and more than it is now.
not bringing food or drink near computer 8 Our company helps organisations reduce their
equipment, not overloading electric sockets, cost of operation and support by
not leaving wires where they can be tripped 40%.
over and making sure fire extinguishers are
installed.
III Complete the dialogue.
Questions Eric: .
1 Give a title for the text. Carol: Sorry, I didn’t quite hear that.
2 Is the Internet important in an electronic Eric: Could you start collecting the information
office? How? for the ACE accounts?
3 Complete the following sentences. Carol: Of course. When do you need it by?
a The following are inevitable hazards ... Eric: .
b To prevent accidents ... Carol: Sorry the deadline for what?
4 Find the opposite of the following words in Eric: .
the text. Carol: Can I ask why the January deadline is so
a slow b increased important?
c disconnected d escapable Eric: . Broadly
speaking, the later you are, the bigger
the fine. And you could have to pay
interest too to the Tax Office.
Carol: I see. I’ll get all the expenses together
before the end of December.
23
IV Rewrite the following sentences using the VII Your company has produced a new range
words in brackets to give the same of women’s leather boots which are
meaning. going to be exported to Germany.
The German chief buyer suggests the
1 “I’m starting my holiday tomorrow.” (He following:
said ...)
Delivery time One week after receiving
2 The manager said that he won’t be in the the order
meeting. (… , said the manager). Place of delivery To individual retail
outlets around the
country
Price Knee-length boots 18000
3 Follow these rules and you’ll be OK. SYP and ankle boots
(If you ...) 11000 SYP
Colours Black, brown, green and
4 Pick those cables up or someone will trip red
over them. (If you ...) Payment 60 days after delivery
Discount 6% for orders over 200
pairs
V Choose the correct word in brackets. Returns All unsold boots
returnable up to one year
1 Which is the (cheapest / cheappest) laptop? after order
2 This box is (heavier / more heavy) than that
one.
3 Bob is (intelligenter / more intelligent) Write a reply letter. Try to negotiate the
than his brother. following points.
4 He is the (popularest / most popular) student Delivery time Four weeks after receiving
in his class. the order
Place of delivery To the retailer’s main
Part Three: Writing (25 marks) warehouses in Frankfurt
Price Knee-length boots 20000
VI Read the following situation and do the SYP and Ankle boots
task below. 13000 SYP
Your company manufactures a car which has Colours Black and brown
always been popular with older consumers and Payment 30 days after delivery
families because the brand image is safe and Discount 3% for orders over 100
reliable. For the last two years there has been a pairs
steady decline in the market. Returns Black boots only (easy to
resell)
The production manager believes that the
company should stay with its current consumers
while the sales manager suggests creating a
new brand image to appeal to another segment
of the market. The production manager has
called you to participate in the meeting that
will be held with the sales manager tomorrow
afternoon.
Write a paragraph in which you give your
own point of view.
24
7 The Internet
Exercise 1 Fill the gaps
IT website Internet online

screen pages click report
1 E-commerce means using the to buy and sell goods and services.
2 TST employed a(n) specialist to produce their new .
3 The website has a number of , which customers can see on their computer
.
4 When customers want to order something, they on the product that they want.
They can pay too.
5 The IT specialist has written a(n) about this.
1 You haven’t finished your homework because you had a problem. Tell the teacher about it.
2 Your employer wanted you to photocopy some documents. Explain why you have not done it
yet.
3 You want to check whether Mr Ali has arrived.
4 You forgot to post a letter. Somebody asks, "Have you posted the letter?"
25
Exercise 3 Rewriting sentences
Rewrite the sentences, using the word(s) in brackets to give the same meaning.
1 I’m going to phone him. (… phoned him yet.)
2 You don’t have to write the letter because I’ve done it. (I’ve …)
3 I forgot to post the letters. (… yet. I forgot.)
4 Have you sent the fax? (… yesterday?)
5 I’ll print the report now. (… yet. I’ll do it now.)
6 Did you photocopy the minutes yesterday? (… yet?)
7 You don’t need to speak to him because she has done it. (She has …)
Find 11 words related to the Internet. Look horizontally (left to right), vertically (top to bottom) and
diagonally (top left to bottom right) in this wordsearch. The clues will help you.
1 The went into the shop to buy some pens.

2 We the website every day.
3 Please your name and address.
4 Just on the button on the screen.
5 The IT specialist designed the .
6 What does the symbol ‘@’ stand for? .
7 It doesn’t cost anything. It’s .
8 Can I pay by card?
9 You can pay for goods .
10 What’s your address?
11 Your computer will for the information that you need.
C L I C K F C S
B U S S H A R E
O P S I N C E A
N D O T H E D R
L A F E O A I C
I T A R T M T H
N E N T E R E E
E M A I L E Y R
26
Unit 7
Exercise 5 Internet usage
How much do you know about the Internet? Read and complete the text, using words from the box.
blue chat click emails hand Internet games order page web
The Internet is all the computers that are linked together around the world. If your
computer is connected to the Internet, it can share information with millions of other computers.
For example, you can send and receive electronic letters, which are called (1) , you
can read information pages on the World Wide Web (or the (2) , for short), play
(3) with people on the other side of the world or (4) to people. You
can also (5) goods and have them delivered to your house or your business.
The World Wide Web is a part of the (6) . It is billions of information pages
written by millions of people around the world. The writers link the pages with other pages so that
you can move from one (7) to another. They use hyperlinks for this. A hyperlink
is usually a word that is coloured in (8) . If you move your mouse pointer over a
hyperlink, it will change to the shape of a (9) . If you (10) on the
hyperlink, you will go to a different page.
Exercise 6 Past participles

Choose the correct words to complete these sentences.
1 Sales have this month.

a fall b fell c fallen d falling
2 Mr Ali has to London.
a gone b grown c got d given
3 The population has a lot since last year.
a rose b risen c rode d ridden
4 Have you Huda this morning?
a see b seen c seeing d saw
5 Has anyone anything on this webpage?
a wrote b write c written d writing
Exercise 7 Adverbs
Put the adverbs in brackets in their right place in the sentences below.
1 Mr Jones has not arrived. (yet)
2 I have called the manager. (just)
3 I have tried the ADSL, but I would like to. (never)
4 Have you tried this connection? (ever)
5 She has not finished, but she has phoned me saying that she only has one
more client. (yet, just)
27
8 Communication
Complete the sentences with a word from the box.
CV e-commerce experience present job sales assistant
sales manager spreadsheet word-processing
1 A(n) sells things in a shop.

2 The job that you have now is your .
3 means using a computer to write documents.
4 Your gives details of your education, qualifications and work that you have done.
5 Buying and selling on the Internet is called .
6 Your work is the work that you have already done.
7 A(n) is responsible for the sales department.
8 A(n) is a computer program which can calculate and display financial and
numerical information.
Exercise 2 Dealing with communication breakdown

What expressions can you use on the phone in the following situations?
1 You don’t hear what someone says.
2 The person speaks too fast.
3 You don’t understand a word or expression they use.
4 You want to check the spelling of something.
5 You want more information about a subject.
6 The connection is not good, and you can’t continue the conversation.
7 You want to check the keypoints.
8 The person speaks too quietly.
28
Exercise 3 Grammar Unit 8
Write the verbs in brackets in the simple past or the present perfect.
1 Effective communication (be, never) an unessential part of a smoothly running
business organisation.
2 Yesterday, communication (involve) the transmission of information from my
company to the international office.
3 The information (be) communicated in the form of a letter written by the
president two weeks ago.
4 Although it is a modern organisation, nobody (use) multi-channel flows of
communication yet.
5 Interactions (take place) through electronic media, such as the sales website
and email communications since last September.
Exercise 4 Already, anymore, yet and still

Already is used in affirmative sentences.
Yet and anymore are used in negative sentences.
Still is used in affirmative or negative sentences.
Use still, yet, already or anymore depending on the meaning.

1 He came an hour ago. He’s here.
2 I expected him an hour ago but he hasn’t come.
3 He came yesterday and he is here today.
4 He didn’t come yesterday and he hasn’t come.
5 He came last week but he doesn’t come.
Exercise 5 Good communicators

Which words below apply to good communicators and which ones apply to bad communicators?
inhibited coherent articulate persuasive eloquent reserved hesitant

fluent focused extrovert sensitive responsive succinct
Good Communicators Bad Communicators
29
Exercise 6 Reading
Read the text then answer the following questions.
Communication - It’s Much Easier Said Than Done
Persuading staff to talk to each other should not be a problem, but internal communication
can cause huge difficulties in business. “Communication comes up in every department. The
consequences of not communicating are vast,” says Theo Theobald, co-author of Shut up and
Listen! The Truth About How to Communicate at Work.
Given today’s variety of communication tools, it seems strange that we still have trouble
communicating. But the brave new world of high-tech can create barriers - senior managers hide
behind their computers, staff use voice mail to screen calls and employees sitting next to each
other will send emails rather than speak.
Another problem is simply hitting the “reply all” button, bombarding people with useless
information and leaving them to sort it out.
Information overload also means people stop listening. But there may be a deeper reason why
a message fails to get through, according to Alex Haslam, Professor of Psychology at Exeter
University. “Everyone thinks a failure to communicate is just an individual’s error of judgement,
but it’s not about the person: it’s about the group and the group dynamics,” he says. “Just
training people to be communicators isn’t the issue.”
The problem is that employees develop loyalties that are far stronger than the need to share
information. A company is particularly at risk when it tries to save money. Individuals withdraw
into departmental loyalties out of fear. Sending such people on yet another “how to communicate”
course will be pointless. Instead, Haslam believes in the need to make sure that each group within
the organisation feels valued and respected. This can do a lot to encourage the sharing of
information. The key to communication, he says, is trust.
Questions
1 What are the consequences of high-tech problems?
2 According to the author, why do staff often receive too many emails?
3 What does the author think about sending people on communication courses?
4 The text implies that if companies try to save money, this could make some employees feel
afraid. Why?
5 Select three of the items below which, in your opinion, best contribute to improving
communication and explain why you chose them.
trust open offices voice mail email mobile phones small teams
strong corporate identity frequent meetings staff parties
30
9 Supply and Demand
Exercise 1 Looking for something ...
Complete the sentences.
1 It’s too expensive. I’m looking for something cheaper.
2 It’s too big. I’m looking for something
3 It’s too heavy. I’m looking for
4 It’s too modern. I’m looking for
5 It’s too long. I’m looking
6 It’s too boring. I’m looking
7 It’s too hard. I’m
8 It’s too uncomfortable. I’m
Exercise 2 Dialogue
Complete Della’s part in this dialogue.

Assistant: Good afternoon. Can I help you?
Della: (1)
Assistant: The chairs are over here. Do you like any of these?
Della: (2)
Assistant: That’s 85 pounds.
Della: (3)
Assistant: Well, there are some cheaper ones over here. This one is 66 pounds.
Della: (4)
Assistant: No, I’m afraid we haven’t got any green ones. We’ve only got these blue ones.
Della: (5)
Assistant: Good. How many do you want?
Della: (6)
Assistant: That will be 330 pounds.
Della: (7)
Assistant: Yes. A cheque will be fine.
31
Exercise 3 Grammar
Write five sentences about the “supply and demand” example using the simple past, the present
perfect or the past perfect.
There is an apartment building where all the apartments are identical, and each apartment has
a different owner. Suppose that a number of them might be interested in selling their apartments.
Each owner has a slightly different idea of what would be an acceptable price. No owner will
accept less than $91,000 for his or her apartment. At a price of $91,000, one owner is willing to
sell. At a price of $92,000, two owners are willing to sell. In fact, it turns out that each time the
price rises by $1,000 there is one more owner willing to sell an apartment. None would be willing
to sell at $90,000.
A Complete the sentences with a correct word from the box.
margin quantities profit loss trial order reduction
1 If you buy something for 10 and sell it for 12, you have made a .
2 If they order a large quantity, we can give them a price .
3 Sadly, the transport costs were so high that we suffered a on the sale.
4 We would like to place a of 20 of your new calculators.
5 Our profit on furniture is 20%.
6 We are sorry that we cannot give a discount for such small .
B Match the words with their definitions
1 facilitate a come together

2 real-time b physical equipment
3 refer c make easier
4 converge d the final user of a product
5 incorporate e seller
6 hardware f points to, talks about
7 software g same time, live
8 vendor h something used with hardware
9 end user i use, include
32
Unit 9
Exercise 5 Reading
Supply and Demand
Supply and demand in the market is perhaps one of the most essential concepts in economics.
Demand refers to how much of a product or service buyers want. Supply represents how much
the market can offer. The quantity supplied refers to the amount of a certain good producers are
willing to supply when receiving a certain price. The relation between price and how much of a
product or service is supplied to the market is known as the supply relationship. Price, therefore, is
a reflection of supply and demand.
The law of demand states that, if all other factors remain equal, the higher the price of a
product, the less people will demand that product. For example, imagine that a special edition
CD of your favourite band is released for 400 SYP. Because the record company’s previous analysis
showed that consumers will not demand CDs at a price higher than 400 SYP, only ten CDs were
released because the cost is too high for suppliers to produce more. If, however, the ten CDs
are demanded by 20 people, the price will subsequently rise because, according to the demand
relationship, as demand increases, so does the price. Consequently, the rise in price should cause
more CDs to be supplied as the supply relationship shows that the higher the price, the higher the
quantity supplied.
If, however, there are 30 CDs produced and demand is still at 400 SYP, the price will not be
pushed up because the supply more than satisfies the demand. In fact after the 20 consumers
have been satisfied with their CD purchases, the price of the leftover CDs may drop as CD producers
attempt to sell the remaining ten CDs. The lower price will then make the CD more available to
people who had previously decided that the cost of buying the CD at 400 SYP was too high.
Questions
1 Say if the following statements are true or false. Correct the false ones.
a Supply refers to how much of a product or service is desired by buyers.
b Supply represents how much the market can offer.
c Deciding on the price of an item is affected by supply and demand.
d To increase revenue, products should be supplied in big quantities at a high price.
e Price doesn’t increase if demand increases.
2 Rewrite the example of the CDs in your own words to show that you understand the laws of
supply and demand.
33
Test 3
Part One: Reading comprehension 4 The @ sign has been used .
(35 marks) a since 1971 b for international emails
only
I Read the text then answer the following c since 1972 d for addressing computers
questions.
How the Internet Started B Answer the following questions.
The Internet began to develop in the 1970s.
At that time, scientists had started to use 1 Why was email not used by many people in
computers, and some American scientists the 1980s?
wanted to share computer data quickly and
easily with scientists in other places. So they
worked out how to link computers over a long
distance, and in 1971 the world’s first email 2 What could people do more easily after 1991?
message was sent. It said, ‘QWERTYUIOP’ – the
letters on the top row of a computer keyboard.
A year later, the @ sign was chosen to be 3 In your opinion, which is the most important
used for all email addresses, and in 1973 a year or period in the development of the
computer connection was established between Internet? Why?
England and Norway – the first international
connection.
An email service was made available to the
public in 1974, but not many people used it
until small personal computers became common Part Two: Grammar and structure
in the 1990s. In 1991, the World Wide Web was (60 marks)
created, which made Internet access easier. Five
years later, there were ten million people using
the Internet, and by 2002 ten billion email II Fill the text with words from the list.
messages were being sent and received each
day. menu click address forget surfing typing
bookmarks GPRS access modem
Questions Go to (1) , then (2) on
Web. Click on Go to (3) .
A Choose the correct answer. Start (4) the net by (5)
1 The text is all about of the
Internet. the address of the required website.
a the advantages b the first 30 years You can also select the option (6)
c scientist’s use d recent news instead of Go to Address. This option
enables you quick (7) to certain
2 Scientists began to use computers websites which you can choose and save
1970s.
a before the b in the early yourself beforehand. Do not (8) to
c in the late d after the check if your mobile phone has (9)
which must be
3 The Internet was invented because scientists (10) enabled in order to be able to
wanted to send over long connect to the Internet.
distances.
a letters b computers quickly
c other scientists d computer data
34
Test 3
III Complete the dialogue. Part Three: Writing (25 marks)
Walid: I’ve read your CV, and I’d like to ask you VI Write a paragraph about different ways of
some questions about it. You’ve done ordering goods and services.
some telephone work before, haven’t
you?
Falleh: .
Walid: But you haven’t worked in a sales office,
have you?
Falleh: .
Walid: ?
Falleh: Yes, I have. I did a training course last
year. I learned about word-processing,
spreadsheets and e-commerce. It was
very interesting, and now I’m looking for
an opportunity to practise what I’ve
learned.
Walid: .
IV Explain the following sentences showing
how the tense used affects the meaning.
1
a He has forgotten his appointment.
b He forgets his appointments.
2
a She worked in the same bank for 16 years.
b She has worked in the same bank for 16
years. VII Write an email in which you give your
friend instructions on how to download
3 pictures on his / her mobile phone.
a They told us they didn’t advertise on TV last
year.
b They told us they had never advertised on
TV.
V Put the verb in brackets in the correct
tense.
1 I (not telephone) the company yet.
2 He (order) the stationery yesterday.
3 What time (she leave)?
4 You (spend) the money last month?
5 They (not finish). They are still working.
6 When she (send) the email?
7 She already (write) the letter.
8 We (go) to London last year.
9 He not (pay) the bill when he left.
10 I (not receive) the invoice yet.
35
10 Business Online
Exercise 1 Sales and payments
Complete the text with words from the box.
invoice order statement credits advance pro forma balance buyers
When companies buy goods, they usually send a(n) (1) to the
suppliers. If the buyers are regular customers, the suppliers send the goods and then send a(n)
(2) , which is a request for payment. The buyers do not usually pay the invoice
immediately. Usually the suppliers send a statement each month. A(n) (3) is a list of
all the invoices and payments in the previous month. On the statement, the payments are called
credits and the invoice amounts are called debits. If the total debits are more than the total
(4) , we say there is a debit balance. The buyer must pay the (5) .
Sometimes suppliers send a pro forma invoice before sending the goods. This is a quotation which
looks like the final invoice, so the (6) know the total price.
If the suppliers do not know the buyers, they often ask the buyers to pay in
(7) . The buyers pay when they place the order or they pay against a(n)
(8) invoice.
1 Mr Green is visiting your business. Invite him to have supper with you this evening.
2 A customer is waiting in your shop and needs some advice. Offer to help him.
3 You don’t know how to use the new photocopier in the office. Ask someone for help.
4 A customer did not receive an expected delivery yesterday. Phone the customer, introduce
yourself and apologise. Promise to deliver the goods this afternoon.
5 You are in another person’s office. Ask for permission to use the phone.
36
Unit 10
Exercise 3 Grammar
Rewrite the sentences, using the word(s) in brackets, to give the same meaning.
1 “It only costs 18 pounds,” she said. (She said that …)
2 “I’ll pay the bill on Thursday,” he said. (He said that …)
3 “It only took me half an hour to get to the airport,” he said. (He said that …)
4 The salesman said that his company sold office furniture. (“…,” the salesman said.)
5 Huda said that she would send the letter. (“I …,” Huda said.)
6 Salwa said that she arrived at 9 am. (“I …,” Salwa said.)
Exercise 4 Matching
Match the sentence halves.
1 We were all in agreement, a so we had to order some more.

2 You’ll need your user ID and password each time, b so we’ll have to exchange them.
3 We didn’t have any more paper in stock, c so we didn’t need to discuss the deal
4 We always order online, any further.
5 If they have an online catalogue, d which means we don’t have to queue.
6 They say some of the goods are damaged, e so you mustn’t forget them.
f we won’t have to ask them to send us
one.
Exercise 5 Writing
Write a paragraph of 7 sentences about different ways of ordering goods and services. Use the
following guiding points.
• Different ways of ordering goods and services in the past.
• Direct ordering by phone or in person, or completing an order form.
• A standing order at regular intervals.
• A new option - ordering online - advantages and disadvantages.
37
Exercise 6 Reading
Read the text and answer the questions.
Online Flight Booking
The market for online flight bookings is growing very fast, and competition is fierce. According
to market research, nearly six million people visited UK travel sites in January 2002, and sales for
the European online travel market will probably total 20 billion euros in the next three years.
So why do more and more people book their flights online? Well, it’s less time consuming than
waiting on the telephone or going to the travel agency and, thanks to clever marketing by several
travel agencies, people also believe they can save money. Online auctions are also good value for
money, where buyers make an offer for flights and compete against each other, the best offer
winning. At several sites, you can also choose to fly via a series of different airports and widen
your range of dates to get the cheapest possible ticket.
Of course, the web is not only about flights. Many sites are full travel agents offering package
holidays, hotels, car hire, money and information. Some people will always prefer face-to-face
bookings to discuss alternative dates, routes and offers. However, the advantage of online
booking is that, in addition to saving time and money, it gives a feeling of independence. The
flight is the practical part of a holiday, and the Internet is very good at practical things. The
advantages of travel sites is that you can click and fly with the minimum of complications, then
relax with the non-virtual pleasures of eating out, sightseeing and reading books on the beach.
Questions
1 Why is booking flights online becoming more popular?
2 What happens in online auctions?
3 What other holiday-related products and services are available on the Internet?
4 What are the advantages of online booking mentioned in the text?
5 Match the words / phrases in column A with their definitions in column B.
A B
1 Business-friendly services a holiday which includes travel, accommodation and meals
2 Farewatcher service b sale where buyers make offers, and the best offer gets the
product
3 Auction c in person, not via the telephone or internet
4 Package holiday d services designed for companies and employees
5 Car hire e service that monitors changes in airlines fares
6 Face-to-face f paying to use a vehicle for a specific period of time
38
11 Financial Markets
and Banknotes
First, read this short excerpt from an article about how the stock market is changing because of
some threats. Then try to guess the definition of each word.
How to Trade When Major Events Affect Financial Markets

Extra caution is suggested as well as a more gradualist approach to increasing equity
allocations than under normal circumstances. It is quite possible that the markets will become
very volatile and lead to false signals in each direction over the coming months. Although
stability may appear to be reached for many weeks, economic crises could lead the market to sink
to new lows. Uncertainty is higher, so risk is higher, and that means allocation to stocks should
stay lower until those risks recede.
1 caution a unpredictable and prone to big changes

2 gradualist b information that suggests the market will move in one direction
3 equity allocations c the act of being careful to avoid danger
4 volatile d danger
5 signals e the amount of money invested in stocks
6 sink f not knowing what will happen
7 uncertainty g go down
8 risk h slow; doing things a little bit at a time
39
Exercise 2 Grammar
Put the verbs in the gerund or in the infinitive in their right place.
know collect (x4) enjoy learn explore leave
(1) .................. world paper money takes you around the world without (2) .................. the
comfort of your home. It opens up the possibilities of (3) .................. all the different cultures,
countries, continents, getting (4) .................. the world’s famous people and (5)..................
about fauna, flora, rivers, mountains that are plentiful on seven continents of our Earth. Bank
note (6) .................. is an exciting hobby which millions of collectors around the world enjoy so
much. We will show you how (7) .................., what (8) .................. and how (9) ..................
it.
Exercise 3 Speaking
Prepare a dialogue with your group of five members talking about one of the following issues, using
some of the words in the table.
A Banknotes and banking
B Financial markets
to accept a bill after-hours trading at a premium - above par

at best at sight - on demand bank balance
bank branch bank clearance bank counter
bank credit bank deposit bank loan
bank merger bank rate rise bank sector
bank transfer banking secrecy exchange-rate fluctuations
to expire fixed exchange rate foreign bank
foreign currency foreign exchange market forward market
future transaction futures market forward transaction
to grant a loan investor issuing bank
junk bond legal interest letter of credit
40
Unit 11
Exercise 4 Reading
Beijing Residents Affected by Financial Crisis

69.6% of the respondents said they were “directly affected” by the financial crisis, according
to a specialised survey of over 2,000 respondents in 18 districts and counties in Beijing released
by the Beijing Social Facts and Public Opinion Survey Centre.
Those who believed that they were “severely” affected account for 15.7% of respondents. The
percentage of respondents who chose this option was highest in the 41 to 50-year-old age group,
reaching 22.2%. Moreover, the survey shows that those who were least affected by the financial
crisis were teachers, and those who were affected the most were “self-employed / freelance
workers.” Among the 186 “self-employed / freelance workers” surveyed, 22.6% believed the crisis
had a “major impact” on their lives.
Among households with incomes less than 10,000 Yuan per month, the lower the income of
the household, the greater the impact of the financial crisis was felt. Over 70% of households
with incomes below 2,000 Yuan per month believed that they were affected by the crisis. Among
the 55 households with incomes between 9,000 to 9,999 Yuan per month, 32 households felt that
they were affected by the financial crisis; they were the least affected group of all the households
surveyed.
The survey also shows that in 2008, the salaries of 54.9% of the respondents remained
basically unchanged, while over 26% experienced a drop in income. Salaries of civil servants were
the most stable, with 50 civil servants surveyed and 42 of them saying that their salaries basically
did not change.
Questions
1 What are the four main ideas of the text?
2 What is the meaning of the words in bold?
3 Put all the percentages in the text in the following table and indicate what they relate to.
Percentage What it relates to

69.6 % Affected by the crisis
41
12 Aspects of Stock
Exercise 1 Reading and writing
The first step when buying stocks is to decide what company to buy stock in. You can buy stock
in any publicly held corporation, which means that the public can control the corporation. You
cannot buy stock in a privately held or closely held corporation, which are corporations that are
controlled either by a small group of individuals or by close friends and family.
When selecting a company to invest in, you should make sure they are in a solid industry
and make sure the company is strong or growing. For example, Coca Cola Enterprises is a large
company that is strong in the soft drinks industry. This would make it a good stock to invest in.
Choosing the company to invest in is no easy job, and there are many different methods people
have come up with to select one. Fundamental analysis is one method, in which you study the
company’s current management and position in the market. Technical analysis is another method
which is totally based on charts, in which you identify trends the company has and invest
accordingly.
After you decide what company to invest in, you need to find a broker. A broker is the only
person that can make an order to buy or sell stocks. There are two types of brokers that every
brokerage firm has. The first type of broker is a stockbroker who researches investments, helps
make goals and gives advice on investing. Discount brokers, on the other hand, do not offer
advice, and they do no research. They are just middle men in the transactions.
After you find a broker and buy the stocks, the broker does the rest of the work. You just have
to call him and place an order with him. The most basic order is the market order, where you just
ask the broker to buy or sell your stocks at the best price he can get his hands on. Another type of
order which takes more research and predicting on your part is a limit order. In a limit order, you
tell the broker to trade only when the stock is at a certain price or better. A stop order is an order
which can save you from extreme loss. In a stop order, you tell the broker to sell your shares if the
stock drops too low and you tell him the price not to let it drop below. In conclusion, buying and
selling stocks is a very serious business that can lead you to wealth or famine.
Questions
1 Give a title for the text.
2 Explain the words in bold using the information given in the text.
3 Summarise the steps of buying stocks in four titles and as many subtitles as needed.
4 Use five of the new words to write a short paragraph on stocks.
42
Unit 12
Exercise 2 Speaking
Read about stock trading on the Internet and prepare an oral presentation that has the following
outline.
I. Introduction
II. Purpose of stock trading
III. Trading techniques
IV. Pros and cons of stock trading
V. Conclusion
43
Exercise 3 Grammar
Find in the following text two passive sentences and write them in the active form. Then, find two
active sentences and write them in the passive form.
Features of Bonds and Shares

Predictability
The income you receive from a bond is known from the start and is usually fixed, so you can
plan your finances around it. Dividends from shares are not so predictable because they rise and
fall according to how well a company is doing.
Downside
If you invest in good corporate bonds, you can be confident that the interest payments and
capital repayment will actually be paid. The risk of default is low. If you invest in lower quality
bonds, the risks can be high. Shares can lose a large proportion of their value very quickly and,
ultimately, can be worth nothing.
Upside
If you hold bonds to maturity, you will be repaid their par value, which may be more than you
paid for them. So, it is possible to make capital gains. Shares offer better opportunities for capital
growth.
44
Test 4
Part One: Reading comprehension Part Two: Grammar and structure
(35 marks) (60 marks)
I Read the text then answer the following II Fill the text with expressions from the box.
questions.
investment institutions personal finance
Getting More Traffic
retirement income individual investments
With the right research and strategy, you can
tax benefits money managers financial markets
take your web presence to another level
regardless of your marketing budget with Most people are not very good at dealing in
Yahoo! Stores. Yahoo! Stores opened in 1998, (1) . Professional (2) ,
making it one of the oldest, fully hosted such as financial advisors and financial
e-commerce platforms available. The biggest planners, assist individuals in matters of
strength of Yahoo! Stores is its immense, stable
(3) . Mutual funds exist to assist
and reliable infrastructure. That means you
don’t have to worry about finding your own (4) , and pension funds provide
Web hosting or worrying about site outages. further services. These (5) help
Additionally, because of its long history, a people to put money in diversified portfolios
large and experienced community of freelance and, in some cases, reap some (6)
designers and developers are available to help for funding their (7) .
you customise your store. The biggest weakness
of Yahoo! Stores is also its long history. There III Complete the dialogue.
is a legacy code and a lot of features added A: What is corporate finance?
on top of other features. That means all the
B: It is an area of finance which deals with
various options and features are confusing . Its main objective
for new Yahoo! Store owners, and its admin is the maximisation of corporate value by
interface is not optimised for ease of use. .
Yahoo! Stores also uses a proprietary language
A: In other words, it is important to analyse
called RTML that is only useful for customising
that are taken in the
Yahoo! Stores. corporate sector, right?
B: Yes, that’s right. The goal of the corporate
Questions sector is also to
1 What does the title mean? which have a positive .
2 How is the title related to the main idea of IV Choose the correct word in brackets.
the text?
1 Ahmad said that Tamer (has / had) a car.
3 Do Yahoo! Stores have any drawbacks? If 2 I enjoy (to read / reading).
yes, what are they?
3 A well-planned strategy is essential before
4 Which words in the text mean: in spite of, (making / to make) any decision.
self-employed, adapt, management? 4 The US dollar (has lost / has been lost) 95%
of its value.
5 Financial markets (can divide / can be
divided) into subtypes.
45
V Correct the words in brackets.
1 What other topics will you be (cover)?
2 The client will be (provide) with the details.
3 The receptionist (say) she would give him an
answer tomorrow.
4 I can’t believe you wanted (go).
5 Network marketing is a simple business. It’s
all about (generate) leads, qualifying those
leads and then following up on them.
Part Three: Writing (25 marks)

VI Write a dialogue that is taking place
between a salesperson and a client who is
asking for information about a product
sold online. Make sure you use some of
the following functions or others: asking
for information, requesting help, giving
directions, offering to do something …
A
B
A
B
A
B
A
B
VII The following is an advertisement for a

job vacancy; read it and write an
application letter.
Transwarranty Finance Ltd
A full service investment bank headquartered

in Mumbai, India. It comprises 6 companies
out of which 2 are listed companies with
8000 shareholders around 200 offices across
India. It has 250 employees, more than 500
corporate clients and over 15000 retail clients.
We are looking for a manager in Institutional
Broking who has graduated and has 5-8 years
of experience in institutional equity sales.
Please send your résumé to: Head HR /
Transwarranty Finance Ltd / 403 Regent
Chambers Point Mumbai / 400021
46
Correspondence
Part One: Written Communication
A Revision
1 Letters 48
2 Emails 50
3 Memos and faxes 52
B Documents for accounting 54
C Job documents 56
Part Two: Oral Communication

A Revision
1 Meetings 58
2 Interviews 59
B Negotiations 60
47
Part One: Written Communication
A Revision
1 Letters
a Read and complete the information about letters.
Letters from a company or another organisation always have a printed (1)
at the top. These letters should include the date and the recipient’s address. On the other
hand, letters from a person like you or me do not usually have a printed letterhead, so you
must write your (2) at the top of the letter on the right. You must also write the
date. Moreover, letters to a company or other (3) should include the recipient’s
address on the (4) . Finally, if you are writing a letter to a friend and not about
business, write your address and the (5) , but not the (6) address.
b Say which kind of letters the following are and what language should they include: formal or
informal.
1 from a person to a bank to protest about something
2 from a dean to a student to apply for a job
3 from you to a pen-friend in Britain to invite him to visit
4 from an employee at TST UK to an employee at TST Syria
5 from someone who wants a job to TST
c Write the correct beginnings and endings to these letters.
BEGINNING ENDING
Mr N Mahrous
Purchasing Manager (a)
Fast Copy Company
Airport Road, Damascus
The Sales Manager
Best Office Supplies (b)
Al Cornish, Lattakia
Ms Huda Kassem
Best Office Supplies (c)
Baron Street, Aleppo
d Reorder the sentences to make two different letters of complaint. Write the sentence numbers in
the table on the next page.
1 As a matter of fact, the above invoice was settled on 10 October; i.e., exactly five days after
our order had been received.
2 As a result, I will have to consider changing my supplier unless you can guarantee that such
errors will not happen again in the future.
3 As usual, we paid by bank transfer.
4 Every time, those errors have had an adverse effect on our production schedules.
5 I am writing to complain about the items which are either missing or faulty in the order.
6 I am sorry to have to remind you that this is the third time we complain of such mistakes.
7 Please find enclosed a detailed list of missing and faulty items.
8 We enclose a copy of statement from our bank confirming that payment was indeed made.
9 I hope you will take the necessary action to resolve this matter speedily.
10 We would advise you to check your records carefully.
11 With reference to your reminder of 1 December, it seems to us that an error has been made.
48
TYPE OF LETTER SENTENCE NUMBER
Complaint about delivery 5
Reply to a reminder to pay 11
e Read the direct marketing letter below and cross out the one sentence which does not fit in.
MORRISON OFFICE SUPPLIES INTERNATIONAL

1 Connaught Palace
Edinburgh
Mr F Potter
Futuro Office
98 Artillery Lane
Harefield, Uxbridge
Middlesex UB7 5LS
Dear Mr Potter
Thank you for doing business with us for over three years.
We continue to be one of the world’s leading business-to-business suppliers of office
products and services, and our motto continues to be ‘Our job is to make your job easier.’
Now, be prepared to be surprised about our latest additions to our wide range of products:
- Morrison’s combined PXL - 100 Laser Copier / Printer / Scanner - it does what none of the
competition is able to do in the same way
- our new collection of ‘Wizard’ office chairs
- our recently expanded collection of ‘Avalon’ seminar chairs
For more information call: FREEFONE 0800 123 9876 or visit our website:
www.morrison.co.uk
You will notice that our site has been completely redesigned to provide you with more
information and to serve you better. Let us know what you think about it. The company runs
other funds that would have competed with the joint venture. Register with our site by 1
October and win an ergonomic desk chair worth 300 pounds.
We would also like to draw your attention to our special offers for regular customers like
you:
- up to 30% discount off the normal purchase price on ALL orders placed in October
- free consultations
We look forward to continuing our business with you.
Best regards,
Frank Lindsey
Frank Lindsey
General Manager, Morrison UK
f You work for Futuro Office. Write a short reply to Morrison Office Supplies International.
- Express interest in one of the three products mentioned in their letter and request further
information.
- Enquire about the exact discount for that particular product.
- Tell them what you think about their new website.
49
2 Emails
a You are working on a new project with a colleague from another branch of your company. Read
the email from your colleague and write a reply to introduce yourself. You can write about
yourself or invent information.
- Thank her for the email.
- Say what your job title is and what you do.
- Say what you are doing at the moment.
- End the email politely.
Hi
My name is Cheung Lo and I’m looking forward to working with you on the new project.
I’m the project coordinator and I work in the Marketing department in the Hong Kong
branch.
At the moment I’m taking extra English lessons to help with our work!
Best wishes
Cheung
b Look at this email and rewrite the underlined requests and offers to make them less direct.
Include correct punctuation where necessary.
Hi
I want you to help me.
I’m preparing a report about the Art department’s budget, so check these figures for me.
Do you want me to send you a copy of the report?
Ahmed says that you are working on the design of the new logo. Show it to me before you
send it to the client. Also, phone Tarek Hamdani because he wants to see it too.
Thanks for your help.
Best Wishes
Salah
c Read the tip. Then put the lines of the informal email in the correct order.
Tip
Remember that in business correspondence, information is often presented in the following
order:
- appropriate greeting
- thanks and / or reference to previous contact
- main point
- other point(s)
- reference to future contact
- appropriate ending
50
I’m attaching the draft agenda here for your information.
Best wishes,
If there’s any point you’d like to add, please let me know.
Many thanks for your latest mail and your useful ideas about our investment
options.
Dear Rik and Sandra
Looking forward to seeing you both on 14 June.
Our investment plan will certainly be the main focus of our next meeting, which is
scheduled for 14 June.
Liu Yan
d Rewrite the email in task c to make it more formal.
Dear Rik and Sandra
e Write Rik’s reply to Liu’s email in task c. Include the points in the tip. In addition, suggest that
setting up online sales should be on the agenda and say why.
51
3 Memos and faxes
a You are the production manager for a company that makes components for the electronics
industry. Look at the memo from the CEO of the company and write a reply.
- Give reasons why productivity fell (ordered new machinery 12 weeks ago / installed
incorrectly / caused implementation delay).
- Problem solved now, possibility to increase productivity.
- Say when quality-control procedures were reviewed.
- 3 weeks ago = staff shortage = quality problems
- Say if this problem is now solved or not.
MEMO
SUBJECT: Productivity and quality-control problems
It has come to my notice that productivity has fallen in the last three months. We need to
increase it by 5% over the next quarter to be able to compete with our competitors.
In addition, we have had a number of complaints recently. Customers were returning

components because of poor quality. When did you last review your quality-control
procedures?
Please let me know your thoughts on these points.
b Write a brief memo to a subordinate to urge that a previously assigned written report be
turned in a week earlier than previously scheduled.
52
c Write a memo to your employer to point out a minor problem at your place of work, such as
inadequate lighting, the need for more storage shelves or an error in your pay cheque. Be brief
and to the point.
d Put the sentences in the following fax in the correct order.
Mr S Munroe SUN SING ADVERTISING

Phillip’s Office Supplies International 1 Palmer Street, Windsor
Level 8, 103 Berry Street NSW 2756
North Sydney NSW 2060 Tel: (02)7547 5028
Fax: (02)7547 5029
23 March 2010
Dear Mr Munroe
Our Order BG/503
As we urgently need those supplies, could you please send the correct items and pick
up the wrong ones as soon as possible.
However, you sent us toner cartridges for photocopiers instead of the laser jet ones
we had ordered.
We look forward to hearing from you.
I am writing with reference to the above order for office supplies.
In addition, three of the boxes contained different coloured paper.
This morning we ordered 5 toner cartridges (Ref. LXJ2) and 10 boxes of white A4
photocopying paper (Ref. PA4/1).
Yours sincerely
Mary Li
Mary Li
e Write a reply to the fax in task d and prepare a fax cover sheet for it.
SSA
Fax cover sheet

TO:
FROM:
DATE:
SUBJ:
53
B Documents for accounting
a The following is a sample invoice format. Imagine you are sending this invoice to a new
customer who is buying 20 computers, desks, files or printers from your company. Fill this
invoice with the missing information.
Delete This Box and

Copy and Paste Your
Logo Here [Your Company Name Goes Here] Invoice
[Input Your company’s address here - street number, city, state and zip code.] Invoice Number: [input]
[Input your company’s phone number, fax number, website and email address here.] Date: [input date]
To: For:
[Client’s Name] [Description of Project]
[Client’s Company Name] [Description of Project, Continued]
[Mailing Address] [PO Reference]
[City, State and Zip Code]
[Client’s Phone Number]
[Enter Brief Project Description Here]
For the week of: [input beginning day, date and year through ending day, date and year.]
SYP
SYP
Total SYP
b The following documents are issued to their customers when there are sale transactions. Match
the names of these accounting documents with their definitions.
1 Bills a You will get these when you make payment over the counter
to the cashier.
2 Delivery Orders b If you made a purchase of goods from a shop that has no
cash register, normally you will get these as proof of
payment.
3 Cash bills c You receive these and are asked to pay by a specified date.
4 Invoices d You receive these when you purchase physical goods.
5 Official receipts e You get these when you receive the goods that you have
ordered previously. Their function is to record the
descriptions and quantity of the goods.
54
c The following is a sample of an expense statement. Fill it using information from the following
situation and add any missing data.
Rima Hilal travelled to Aleppo for business. She stayed at the hotel for two days and spent
some money on fuel, meals and phones. The total amount she spent on this trip was 6500
SYP.
Purpose: .................................................................................................................................................
Employee Information Pay Period

Name .............................................................................................. Department ..................................... From
SSN ............................................................................................... Position ............................................ To
Employee ID ............................................................................................... Manager ............................................
Date Account Description Hotel Transport Fuel Meals Phone Entertain Misc
SYP - SYP - SYP - SYP - SYP - SYP - SYP -

Subtotal
Approved By Notes Advances
- All receipts should be attached TOTAL
d The following are the common types of documents that are used by business entities. Match the
documents with their definitions.
1 Goods Received Notes a They are used to order goods from your suppliers in
accordance with your specifications and quantity of
the goods.
2 Customer Orders b They are used to record payments made by the business
entities in chronological order, normally in respect of
cheque payments.
3 Debit Notes c They are issued to customers to inform them that their
account has been “credited” for reasons specified in it.
4 Petty Cash Vouchers d They are issued to customers to inform them that their
account has been “debited” for the reasons specified in it.
5 Payment Vouchers e They are used for the customers to fill up in ordering the
goods.
6 Purchase Orders f They are used to record payments made by the business
entities in chronological order in respect of cash.
7 Stock Cards g They are used to record receiving of goods purchased.
8 Credit Notes h They are used to monitor physical movement of stocks. For
better control purposes, they are kept and recorded by
storekeepers. 55
C Job documents
a Complete Salah’s CV with the headings from the box.
Address Achievements Email Experience Interests

Personal details Profile Qualifications References
Special skills Telephone
Curriculum Vitae
Salah Ahmed Hamdani
(1) Maysalon Street, Damascus Syria

(2) 00963 4**********
(3) s.hamdani@netvisa.pt
(4)
An Assistant Marketing Director in a medium-sized company,
Orey Tours, seeking a more challenging position with more
responsibility. Able to work on own initiative to tight
deadlines.
(5)
- Contributed to the development of a successful sales
strategy
- Coordinated the work of the sales, marketing and
advertising personnel
- Designed Excel spreadsheets for sales records
(6)
- Negotiating contracts with foreign and domestic airlines
- Working as part of a team
- Proficient user of MS Windows, MS Word, MS Excel, Quark
XPress
(7)
2001 to date Assistant Marketing Director (Vista
Tours, Damascus)
July - Sept 2000 Work placement at Syrian Airlines
(8)
1998-2000 MBA at Brendford College (UK / Distance
course)
1994-1998 BA in Economics at the Higher Institute
of Business, Syria
(9)
Date of Birth: 6 June 1975
Marital Status: Single
(10)
I play basketball in an amateur team.
(11)
Dr Ahmed Saleh Ms Celia Gutlener
Professor of Economics Director MBA Programmes
Higher Institute of Business, Syria Brenton College
Tel: 963 5 ********** 27 Burrard Street
Email: a.saleh@hotmail.com Email: cgutlener@BMBA.ac.uk
56
b Making basic errors on your CV or application letter can ruin your chances of getting a job. Find
the mistakes and correct the following sentences.
1 I hope you will be able to arrange to interview me shortly.

2 For me there are no barriers to quality.
3 I hope that you will find the time to overlook my CV.
4 For three years I was ruining the entire department.
5 I think I have excellent keybored skills.
c The following is information on Amy Smith, an accounting clerk. Rewrite the ideas presented
below in a CV format.
Seek the Challenging Position of Accounting Clerk

A highly talented Accounting Clerk with huge experience in performing various clerical and
routine accounting tasks in support of an operating unit, including posting entries,
verifying and reconciling input to financial reporting system output, processing payments,
and assisting in preparation of billings and other financial reports; responding to inquiries
and contacting other departments and vendors to resolve a variety of problems.
Professional Experience
Rainbow College, Tarrytown, NY
2000 - Present
Education
New York University, NY
Associate Degree in Accounting (2000)
Amy Smith
123 Main Street
Atlanta, Georgia 30339
Home: (555) 555-1234, Cell: (555) 555-1235, asmith@yahoo.com
Accounting Clerk
Key data and prepare batches for processing which involves sorting, alphabetising and
running tapes to verify hash counts and totals.
Prepare purchasing, travel, personnel, or related documents.
Sort documents; code, log, review for accuracy; match supporting invoices to procurement
documents; and verify invoices for payment.
Prepare routine entries and post financial transactions.
Reconcile entries and internal ledgers to financial reporting system reports.
Handle cash and cash related transactions, issue receipts, record and type money lists, and
balance cash fund.
Assist in preparation of financial statements such as billings, budgets, and cost reports.
Verify account numbers; maintain sick and annual leave and other payroll records.
Lead, guide, and train staff/student employees, interns, and volunteers performing related
work.
Participate in the recruitment of volunteers, as appropriate to the area of operation.
57
Part Two: Oral Communication
A Revision
1 Meetings
a Which of the following sentences do you agree with? Why?
1 The best number for a meeting is six people or fewer.
2 Never have food or drink during a meeting.
3 Always start and finish a meeting on time.
4 You should sit round a table when you have a meeting.
5 A meeting must always have a leader.
6 At a formal meeting, each person should speak in turn.
b Rearrange the following steps for preparing a successful meeting.

- Assemble visual aids such as charts, handouts or slides. ......
- Start off the meeting with straightforward, easily resolved issues. ......
- Follow up: Circulate copies of the minutes after the meeting. ......
- Circulate the agenda in advance to allow attendees to prepare. ......
- Set definite starting and stopping times. ......
- Allocate a specific amount of time for each issue. ......
- Prepare an agenda. ......
- Determine who needs to attend. Try keeping the number of attendees small. ......
- Start the meeting at the designated time, regardless of whether everyone is present. ......
- Decide whether you really need to call a meeting. ......
- Postpone discussion until the end of the meeting if debate on an issue runs overtime. ......
c Read and annotate the following meeting agenda using the words in the box.
topic detail for each heading meeting end time meeting location
the main topic participants topic headings meeting start time
the time each topic is expected to last
Internet Marketing Association Meeting Agenda

Start at 10:00 am in Board Room
Opening Remarks President 5 min
Membership Report Hussein 20 min
-intramural report
-new member program intro
Financial Report Nada 7 min
-status of budget
-house bill status
Rush Report Ghassan 8 min
-status of current efforts
-status of next term plans
Guest Speaker Community Relations 15 min
End at 10:55 am
58
2 Interviews
a The two lists below show the recruitment process from the viewpoint of the applicants and the
HR team. Complete the lists with one of the following words.
deadline train appointment computer

application checkout conduct interview
backgrounds screen files system
Applicants The HR team

1 set up a(n) 1 fix a(n) to complete each phase
2 have staff confirm 2 design a computer
3 enter data on a(n) terminal 3 all applications
4 complete the 4 hiring managers
5 a job advertisement 5 interviews with candidates
6 meet a(n) 6 check candidates’
b Work in groups. You are members of the HR team that is responsible for the recruitment drive
at your company. You have been asked to design the list of questions for the interview that will
be used by all the hiring managers. This interview will last a maximum of 30 minutes and will
contain six questions. Prepare the list of questions that you will give to the HR managers.
c Practise asking and answering other groups’ questions by roleplaying an interview.
59
B Negotiations
a Put the sentences of the following negotiation into a suitable sequence.
Right, let’s get started, shall we? If we buy 100 ‘Hit’ and 200 ‘Tournament’ tennis rackets,
what discount can you offer us?
All right, we’ll agree to that. Now, if we place an order this week, will you be able to deliver
the goods within two weeks?
Fine. That’s it, then. I think we’ve covered everything.
Mmm, let me think about that. If we agree to let you pay by letter of credit, then you’ll
have to pay within 30 days, and you’ll have to cover insurance as well.
On an order of that size, and since it’s your first order with us, we can offer 5% discount.
But then we can offer 10% off all quoted prices for further orders above 6000 euros.
Well, we’d prefer to pay by letter of credit.
Certainly. And as regards payment, we would expect you to pay by bank transfer as soon as
the goods have been dispatched.
b In negotiations, it is often desirable to use diplomatic language. Rewrite the following

sentences so that they are more diplomatic.
1 There’s no way we can invest in your project in its present form.
2 We must talk about start-up costs first.
3 We definitely won’t lower our interest rate.
4 You must try to bring another backer.
5 Your interest rate is far too high.
c Which of the following do you think are good ways of dealing with conflict in a negotiation?
Discuss.
1 Avoid eye contact. 6 Say ‘I see what you mean.’

2 Smile a lot. 7 Find out why the other side is unhappy.
3 Sit back and appear relaxed. 8 Focus on the issues, not on personalities.
4 Stop the discussion and come back to it later. 9 Say something humorous.
5 Say nothing for a long time. 10 Speak calmly and slowly.
d Match the following negotiation techniques to their definitions.
1 Open questions a say what you are going to do before you do it.
2 Closed questions b modify language so that it does not appear too aggressive.
3 Softening phrases c gather information and explore the opposite person’s views.
4 Signalling phrases d check understanding and ask for precise information.
5 Summarising phrases e go over the points covered to highlight when agreement is
60 reached.
e Read the following expressions and match each one to the correct technique listed in task d.
1 Could I ask you what other people are providing finance for you?
2 Have you approached any other bank, if I may ask?
3 I’d like to make a suggestion. Why don’t you revise your business plan?
4 Good. Could I ask what sort of repayment terms you have in mind?
5 Let me rephrase what you’ve just said. The 250 thousand would be for working capital.
6 We seem to be getting somewhere now. Let me sum up what we’ve agreed on so far.
f Which of these negotiating tips do you agree with? Explain why.
1 In the early stages, you need to ask the other side a lot of questions.
2 Always interrupt if you don’t understand something.
3 Never make a concession for free. Always get something in return.
4 Use simple, direct language and be open about your aims.
5 Signal what you are going to do, for example, say, “I’d just like to clarify that.”
6 Summarise often so that everyone is clear when you reach agreement.
7 Adapt your language so that you don’t appear aggressive.
8 Talk about your emotions and how you are feeling.
g Decide whether the following sentences are examples of calming people down or creating
solutions. Put each sentence under the correct heading.
1 Look Tracy, I understand what you’re saying, but it just isn’t possible anymore.
2 We’ve got to do something about it. Ok, how about this? What if we keep five spaces for
staff, and it’s first come, first served.
3 There is another possibility. How about if the staff park their cars in the car park near the
station.
4 Ok, Tracy. What if we could help towards the cost? We will be able to pay, say, 30%.
Calming down Creating solutions
61
Glossary
A array noun an impressive display bank counter noun a long
or range of a particular type flat-topped fixture in a bank
abolition noun when a law or a of thing: There is a vast array across which business is
system is officially ended: The of literature on the topic of conducted with customers:
abolition of the death penalty is computer assisted learning. Sir, you can wait at the bank
the right thing to do. counter number 2.
articulate adjective having or
above par expression a stock showing the ability to speak bank credit noun the borrowing
or bond whose market price is fluently and coherently: His capacity provided to an
higher than its face value: A father is a highly articulate individual by the banking system
fixed-income security is likely to speaker. in the form of credit: This bank
sell above par if market rates of credit report provides an accurate
interest have declined. at a premium expression above
the usual or nominal price: representation of our brand that
advertisement noun a Books with pristine dustjackets lenders understand.
notice or announcement in a are less common and sell at a bank merger noun the
public medium promoting a premium. combination of two or more
product, service or event or banks: The bank merger is going
publicising a job vacancy: We at best expression a customer
order to buy a security at the to affect his business positively.
received only two replies to our
advertisement. best rate possible: At best you bank run noun a series of
can buy his share for $7000. unexpected cash withdrawals:
advertiser noun the person Modern economies use several
or company that uses auction noun a public sale in
which goods or property are sold methods to prevent bank runs
advertisement to promote a across the whole economy.
product, service or event: The to the highest bidder: The books
advertiser paid 10,000 SYP to are expected to fetch a six-figure bank transfer noun a method
promote this new brand. sum at tomorrow’s auction. of transferring money from one
person to another: At the end of
advocate verb publicly the order process, select the bank
recommend or support: They B transfer option.
advocated strict adherence to
their principles. backer noun a person, bargain verb negotiate the terms
institution or country that and conditions of a transaction:
agenda noun a list of items of supports something, esp. He bargained with the city
business to be considered and financially: 3.3 million SYP were council to rent the stadium.
discussed at a meeting: The provided by the project’s backers.
question of home violence had bargain noun a thing bought
been removed from the agenda. balance of payment noun or offered for sale more cheaply
the difference in total value than is usual or expected: The
annual account noun it between payments into and out secondhand table was a real
accounts for the property and of a country: A country will have bargain.
debts of the business per year: a negative balance of payments
Many annual accounts can be if the net of the current account bid noun an offer to do work or
accessed online. and the capital account is a supply goods at a stated price:
deficit. We’ve made a bid of nearly £400
appeal verb make a serious or million for the company.
urgent request, typically to the balance of trade noun the
public: Police are appealing for difference in value between a
information about the incident. country’s imports and exports:
A positive balance of trade is
known as a trade surplus.
62
bombard verb assail (someone) certificate noun 1 an official company profits noun gains
persistently, as with questions, document that states that a that a company makes: This
criticisms or information: fact or facts are true. His birth company’s profits have increased
They will be bombarded with certificate indicates that he was by 15% this year.
complaints. born before the war. 2 an official compensation noun the money
bond noun an insurance policy paper stating that you have received by an employee from
held by a company, which completed a course of study or an employer as a salary: She
protects against losses resulting passed an examination: He held received compensation from
from bankruptcy or misconduct several valuable certificates. the government for the damage
by employees: My father put chair verb act as chairperson caused to her property.
all his money into stock market of an organisation, meeting or competitiveness noun the
bonds. public event: The inquiry was ability of a company, country or
bondholder noun an individual chaired by a judge. product to compete with others:
or institution that owns bonds chairman noun a person, esp. New machinery has enhanced
in a corporation: If a company a man, designated to preside the company’s productivity and
goes bankrupt, its bondholders over a meeting: Mr Smith was competitiveness.
will often receive some money appointed chairman of the competitor noun an
back. education committee. organisation or country that
book verb reserve a place in charge verb demand (an amount) is engaged in commercial or
advance: He had booked a table as a price from someone for economic competition with
at the restaurant. a service rendered or goods others: Last year they sold twice
borrower noun someone who has supplied: The restaurant charged as many computers as their
borrowed money and has not yet $15 for dinner. competitors.
paid it all back: Most borrowers city tax noun tax approved by comprehensive adjective
pay 7% interest. the city council: You should complete: We offer our customers
brokerage noun the business or subscribe for future email alerts a comprehensive range of
service of acting as a broker: He regarding city tax. financial products.
works for a brokerage firm. cognitive science noun the concession noun a thing that
business cycle noun a cycle study of mind or thought: There is granted, esp. in response to
or series of cycles of economic are several approaches to the demands: The strikers returned
expansion and contraction: In study of cognitive science. to work having won some
recent years, economic theory collateral noun something concessions.
has moved towards the study of pledged as security for conduct verb organise and carry
economic fluctuation rather than repayment of a loan, to be out: Our class is conducting a
a ‘business cycle’. forfeited in the event of a survey about the percentage of
default: We put up our home as students who live far from school.
collateral in order to raise the consensus noun general
C money to invest in the scheme. agreement: The Ministers
capital gains tax noun a tax combat verb take action to of Finance failed to reach a
levied on profit from the sale of reduce or prevent something consensus on the pace of
property or of an investment: undesirable: To combat inflation, integration.
In May 2006, the government the government raised interest
eliminated the capital gains tax consultant noun a person who
rates. provides expert advice: Every
on publicly-traded stocks and
bonds donated to charity. commission noun an amount company needs consultants.
of money, typically a set consumption noun the using
capital payments noun a percentage of the value
lump sum asset payment which up of a resource: Industrialised
involved, paid to an agent in a countries should reduce their
may be received periodically: commercial transaction: Foreign
Examples of capital payments energy consumption.
banks may charge a commission.
could include the receipt of a convenient adjective fitting
house, a property, a gift, a lottery commodity noun a raw material in well with a person’s needs,
win, an inheritance or proceeds or primary agricultural product activities and plans: I phoned
from the sale of a house. that can be bought and sold, your office to confirm that this
such as copper or coffee: date is convenient.
Commodity prices fell sharply.
63
converge verb meet in a certain D eloquent adjective fluent
point: Groups from America and or persuasive in speaking or
the UK traversed thousands of declaration noun a statement writing: The audience were
miles to converge in the Atlantic. asserting or protecting a legal magnetised by his eloquent
right: They issued a declaration speech.
continents noun any of the at the close of the talks.
world’s main continuous enclose verb place something
expanses of land: Of all the demand curve noun a graph in an envelope together with a
continents I prefer Europe. showing how the demand for letter: I enclose a copy of the
a commodity or service varies job description.
core adjective the part of with changes in its price: On
something that is central to its the demand curve, a movement energy cost noun monetary
existence or character: Managers denotes a change in both price and non-monetary costs
can concentrate on their core and quantity. associated with the production,
activities. transmission and consumption
deregulate verb remove of energy: There is concern that
corporate sector noun a regulations or restrictions from:
section of society consisting of energy costs are going to slow
The government has issued a law down the economic recovery in
companies/industries/business that would deregulate cable TV
houses: The corporate sector the US.
prices.
represents the producer side of equilibrium price noun open
economy and we represent the direct debit noun a payment market price at which the
consumer side of economy. system whereby creditors are quantity of a product supplied
authorised to debit a customer’s matches the quantity demanded:
corporation tax noun a levy bank account directly at
placed on the profit of a firm: Assuming that the supply
regular intervals: Direct debit schedule remains unchanged, the
Corporation tax is the next area is the simplest way to pay your
scheduled to be tackled by the new equilibrium price is 6 SYP
household bills. per t-shirt.
Tax Law Rewrite project.
direct tax noun a tax, such as equity noun the value of the
cost of living noun the average income tax, that is levied on
cost of the basic necessities of shares issued by a company: He
the income or profits of the owns 62% of the group’s equity.
life, such as food, shelter and person who pays it, rather than
clothing: Cost of living varies on goods or services: E-payment equity investment noun buying
from place to place, and from facilitates payment of direct shares with the intention of
time to time. taxes online by taxpayers. making a profit: Your company
counterfeit adjective made in is one of the oldest investors in
diversified adjective having the private equity investment
the exact imitation of something variety: The next century will
valuable or important with the category.
feature a rise of the diversified
intention to deceive: The spread corporation. exchange market noun a
of counterfeit goods has become physical or virtual facility where
global in recent years. the exchange of goods, services,
E information and payment is
creditor noun a person or
company to whom money is earner noun a person who conducted: FOREX is the foreign
owed: People who loan money obtains money in return exchange market in which
to friends or family are personal for labour or services: The currencies are traded.
creditors. government has increased the exchange rate noun the value
rates of income tax for high of one currency for the purpose
crisis noun a time of intense earners.
difficulty, trouble or danger: True of conversion to another: The
friends are always close to you in economic recession noun a exchange rate of one U.S. dollar
times of crisis. general slowdown in economic for one euro is about 0.84.
activity over a long period of excise tax noun a tax levied on
currency exchange rate noun time: An economic recession can
it is a price of currency of one certain goods and commodities
cause great suffering among the produced or sold within a
country expressed in units of people.
another currency: You need country and on licenses granted
a specialised calculator to economic recovery noun the for certain activities: The taxes
determine specific currency phase of the business cycle imposed during the Civil War
exchange rates. when the economy moves from included an excise tax on all
a trough to a peak: The world is manufactured goods.
heading for economic recovery.
64
expansive adjective tending fine noun a sum of money G
towards economic or political exacted as a penalty: Councils goods noun merchandise or
expansion: At the age of 35, he will get sweeping powers to possessions: In a supermarket
has already created an expansive impose fines on drivers who park you can find a lot of goods.
business empire. illegally.
go out of business expression
expenditure noun the total fixed income investment noun stop carrying on commercial
amount of money that a an income from a pension or transactions: He has decided
government, organisation investment which regularly to go out of business when he
or person spends during a generates a fixed amount of turns sixty-five.
particular period of time: The interest income: Fixed income
company’s expenditure for this investments are subject to go public expression become a
year has been excessive. various risks. public company: Going public
gives you access to liquidity.
expertise noun expert skill fluctuation noun a change in
or knowledge in a particular a price: Prices are subject to grant verb give something
field: What he’s bringing to the fluctuation. formally or legally: Funds are
company is financial expertise. granted to qualified researchers.
forecast noun a prediction or
export verb sell or transfer estimate of future events, esp. gross domestic production
abroad: We export less than we of coming weather or a financial noun the total value of goods
import. trend: The secretary has put the produced and services provided
company’s annual sales forecast in a country during one year:
extensive adjective large in Gross domestic product is
amount or scale: Fire has caused on the manager’s desk.
customarily reported on an
extensive damage to the island’s foreign investment noun annual basis.
forests. investment by citizens and
government of one country gross profit noun a company’s
extrovert adjective an outgoing, total sales revenue minus its
overtly expressive person: Her in industries of another:
Foreign investment plays an cost of goods sold: Use this
sister was always more of an business calculator to compute
extrovert. extraordinary role in global
business. the gross profit margin needed
to run your business.
F forward market noun a market
for exchange of currencies in the group dynamics noun the
financial analyst noun a person future: Participants in a forward processes involved when
who studies the financial market enter into a contract to people in a group interact with
performance of corporations: exchange currencies. each other: Politicians and
Financial analysts use sales personnel may use their
spreadsheet and statistical foster verb promote the knowledge of the principles of
software packages to analyse development of something group dynamics to aid their
financial data. good: It is important to foster cause.
creativity in your children.
financial planner noun a person growth rate noun year-over-
or company responsible for freelance adjective working year change, expressed as
making investments on behalf for different companies at a percentage: Growth rates
of, and/or providing advice to, different times rather than decreased gradually in the past
investors: People enlist the help being permanently employed by few years.
of a financial planner because one company: Her brother is a
of the complexity of knowing freelance journalist.
how to determine their financial funding noun money provided
H
goals. by an organisation or hardware noun tools or
government, for a particular implements made of metal: The
financial reserve noun money concept of inventing hardware to
that is kept back for future use: purpose: College directors have
called for more government assist in commercial productivity
To pay for routine expenses, is not new.
many firms work hard to develop funding.
and protect adequate financial harness verb control and make
reserves. use of natural resources, esp.
to produce energy: We can
harness the power of the wind to
generate electricity.
65
hyperlink noun a link from a integrated adjective formed L
hypertext file or document to or united into a whole: This
another location or file, typically city has an integrated public labour camp noun a prison
activated by clicking on a transportation system. camp in which a regime of hard
highlighted word or image on labour is enforced: Conditions at
interest rate noun a percentage labour camps vary widely.
the screen: We should encourage per annum charged on money
hyperlinks to each other’s borrowed or lent: Borrowing labour force noun all the
webpages. $1,000 at a 6% interest rate members of a particular
means that you would pay $60 in organisation or population who
I interest for this job. are able to work: In 2005, the
worldwide labour force was over
in line with expression in interpersonal adjective of or 3 billion people.
alignment or accordance with: relating to relationships or
The action taken was in line communication between people: labour productivity noun the
with her decision. You will need good interpersonal amount of goods and services
skills for this job. that a labourer produces in a
income noun money received, given amount of time: Economic
esp. on a regular basis, for work investment noun a thing that performance as measured by
or through investments: He has is worth buying because it may labour productivity must be
a nice home and an adequate be profitable or useful in the interpreted carefully.
income. future: A used car is rarely a
good investment. layoffs noun the temporary
income tax rate noun it is a suspension or permanent
progressive tax on the taxable investment strategy noun termination of employment
income: Here is a list of current a plan on how to invest of an employee or a group of
income tax rates. your money: We need good employees for business reasons:
incorporate verb include: He has investment strategies. Layoffs this year affected the
incorporated in his proposal a investor noun someone who social life in this city.
large number of measures. gives money to a company, lease verb rent a property:
inflation rate noun the business or bank in order to She leased the site to a local
percentage increase in the price get a profit: A major investor company.
of goods and services, usually threatened to stop funding the
project. legislation noun a set of laws:
annually: The chart of inflation The government has promised
rates displays annual rates from issuing bank noun a financial to bring in new legislation to
2000 to 2010. institution that issues credit combat this problem.
information overload noun cards to consumers on behalf
of the card associations: The legislator noun someone who
when someone gets too much has the power to make laws or
information at one time, for issuing bank assumes primary
liability for the consumer’s belongs to an institution that
example on the Internet, and makes laws: Legislators are
becomes tired and unable to capacity to pay off debts.
usually politicians and are often
think very carefully about any of elected by the people.
it: Email remains a major source J
of information overload, as lender noun an organisation
junk bond noun a high-yield, or person that lends money:
people struggle to keep up with high-risk security, typically
the rate of incoming messages. Several lenders are offering very
issued by a company seeking attractive rates of interest at the
inheritance tax noun a tax to raise capital quickly: From a moment.
on the estate of the deceased technical point of view, a junk
person : In the United Kingdom, bond is exactly the same as a lending noun allowing
inheritance tax was first regular bond. (a person or organisation) the
introduced in 1796. use of a sum of money under an
agreement to pay it back later,
instalment noun a payment of K typically with interest: Balance
part of a debt usually paid at keen adjective eager: He is keen sheets were weakened by unwise
regular intervals: The purchase to revive this company. lending.
price is paid in instalments.
66
letter of credit noun a letter M monitor verb observe the
issued by a bank to another progress or quality of something
bank to serve as a guarantee macroeconomics noun the part over a period of time: Equipment
for payments made to a of economics concerned with was installed to monitor air
specified person under specified large-scale or general economic quality.
conditions: After a contract is factors, such as interest rates
and national productivity: monopoly noun a company or
concluded between buyer and group having exclusive control
seller, buyer’s bank supplies a Along with microeconomics,
macroeconomics is one of over a commodity or service: For
letter of credit to seller. years his father’s company had a
the two most general fields in
letterhead noun a printed economics. monopoly on telephone services
heading on stationery stating a in the US.
person’s or organisation’s name marketable adjective able or fit
to be sold or marketed: The fish mortgage noun a loan obtained
and address: There are various through the conveyance of
legal constraints on the items are perfectly marketable.
property as security: I put down
included in a letterhead. marketplace noun the space a hundred thousand in cash and
leverage noun the ratio of a in which a market operates: took out a mortgage for the rest.
company’s loan capital (debt) to Some retailers worry that new
the value of its common stock regulations will hurt their ability
(equity): The leverages are quite to compete in the marketplace. N
a risk for companies. market share noun the portion nanotechnology noun the
of a market controlled by a branch of technology that deals
levy verb impose a tax, fee or with dimensions and tolerances
fine: A new tax could be levied particular company or product: A
leading motorcycle manufacturer of less than 100 nanometres,
on industry to pay for cleaning esp. the manipulation of
up contaminated land. is trying to increase its market
share. individual atoms and molecules:
lining noun an additional layer Nanotechnology has the
of different material attached microeconomics noun the part potential to create many new
to the inside of a garment or of economics concerned with materials and devices with a vast
curtain to make it warmer or single factors and the effects of range of applications.
hang better: She bought leather individual decisions: Opportunity
Cost is vital in understanding net price noun price after all
gloves with fur linings. discounts have been allowed:
microeconomics and decisions
living standard noun the level that are made. The net price of this computer is
of comfort and the amount of $800.
money that people have: Living minutes noun a summarised
record of the proceedings at a nought noun the digit 0: A
standards have improved over billion is 1 with 9 noughts after
the last century. meeting: Has everyone seen the
minutes of last month’s meeting? it.
loan noun a thing that is
borrowed, esp. a sum of money modem noun a piece of
that is expected to be paid back electronic equipment that allows O
with interest: Borrowers can take information from one computer on demand expression as soon
out a loan for 84,000 SYP. to be sent along telephone wires as or whenever required: He
to another computer: My modem promised us endless coffee on
loyalty noun a strong feeling is not working! I can’t connect to demand.
of support or allegiance: Fights the Internet.
with in-laws are distressing operator noun a person or
because they cause divided monetary policy noun the set of company that engages in or
loyalties. decisions a government makes, runs a business: Julian travelled
usually through its central bank, to the Caribbean with one of
regarding the amount of money the UK‘s leading Caribbean tour
in circulation in the economy: operators.
Monetary policy rests on the
relationship between the rates of
interest in an economy and the
total supply of money.
67
outlet noun 1 a shop, company pension noun a regular payment price list noun a list of
or organisation through which to a person who is no longer current prices of items on sale:
products are sold: He has retail earning a regular income from Reproductions and duplicates of
outlets in every major European employment: Many people find the price list are not permitted.
city. 2 a shop that sells things it hard to live on a basic state price range noun the difference
for less than the usual price: I pension. between the highest and lowest
got this shirt from the outlet in pensioner noun a person prices over a period of time: In
the city centre. who receives a pension: annual reports, a corporation
overpayment noun a payment My grandfather has been a will show the price range for its
larger than needed or expected: pensioner since his retirement. fiscal year.
We need to correct this pension fund noun a fund principal noun the original
overpayment. reserved to pay workers’ amount of money that is lent to
pensions when they retire: someone not including any of
P Pension funds are important the interest: In some loans, the
paradigm shift noun a shareholders of listed and private amount actually loaned to the
fundamental change in approach companies. debtor is less than the principal
or underlying assumptions: She pension plan noun a plan for sum to be repaid.
noticed a paradigm shift in the setting aside money to be spent priority noun a thing that is
company’s management. after retirement: Pension plans regarded as more important than
pay cheque noun a cheque for became popular in the United another: The children are our first
salary or wages made out to an States during World War II. priority.
employee: My pay cheque was policy noun a course or principle private pension plan noun a
delayed this month. of action adopted or proposed plan, fund or programme that
payment booklet noun it is by a government, party, business provides retirement income: You
used to write all the payments or individual: It is not company have to think about a private
made by clients: We have a policy to dispense with our older pension plan before you retire.
payment booklet for our regular workers. private retirement provision
monthly clients who pay a set pool verb to combine your noun pension for retirement that
amount each month. money, ideas, skills etc. with individuals make for themselves:
payment in advance expression those of other people so that A life insurance can be a good
trading method in which the you can all use them: Investors idea for private retirement
buyer pays for the goods before agreed to pool their resources to provision.
they are sent out: Payment develop the property. private sector noun the part of
in advance is a must at this portfolio noun range of the national economy that is not
institution. investments held by a person under direct government control:
payment on account expression or organisation: They were The private sector is rapidly
payment of a part of an invoice: disappointed by the poor returns flourishing nowadays.
He paid a $500 as a payment on on their stock portfolio. privatise verb transfer a
account. premium noun an amount to be business from public to private
pay rate noun amount of money paid for an insurance policy: The ownership and control: The oil
received per unit of time: I premium for this month is $350. industry was privatised.
chose the second job because of price ceiling noun a productive resource noun
the higher pay rate. government-imposed limit anything that any business uses
peak adjective the most on how high a price can be to add value: Diversity is an
extreme possible amount or charged on a product: Price example of productive resources.
value: Gasoline prices are 14% ceilings are often intended to profit noun a financial gain,
below the peak level they hit in protect consumers from certain esp. the difference between the
November. conditions that could make amount earned and the amount
necessities unattainable. spent in buying, operating or
penalty noun a payment
required for not fulfilling a price fluctuation noun change producing something: Our daily
contract: The charge carries a in prices: The price fluctuation profit is usually around $500.
maximum penalty of ten years. has affected the sales.
68
pro forma adjective a standard pursue verb continue to report noun an account given of
document, esp. an invoice sent investigate, explore or discuss a particular matter, esp. in the
in advance of or with goods a topic, idea or argument: We form of an official document,
supplied: We need a copy of the shall not pursue the matter any after thorough investigation or
pro forma invoice. further. consideration by an appointed
promote verb advance or raise person or body: He gave a report
someone to a higher position on his sales trip to Korea.
or rank: She was promoted to
Q resistant adjective unaffected
general manager. questionable adjective doubtful by: Many managers are resistant
as regards truth or quality: It to change.
proposal noun a plan or is questionable whether any of
suggestion, esp. a formal or these exceptions is genuine. resourcefulness noun ability to
written one, put forward for act effectively: Resourcefulness
consideration or discussion queue verb take one’s place in is an asset in business.
by others: He read a set of a line: In the war they had to
queue for food. retailer noun a person or
proposals for the major new business that sells goods to
high-speed rail link. quotation noun a formal customers in a shop: This
prospectus noun a printed statement setting out the retailer sells mobile phones at a
document that advertises or estimated cost for a particular lower price.
describes a school, commercial job or service: You will be sent a
written quotation for the cost of retail price noun price of items
enterprise, forthcoming book, when sold individually or in
etc. in order to attract or repairing your machine.
small quantities: The retail price
inform clients, members, buyers quote verb mention or refer of this product is $7.
or investors: I sent you the to someone or something to
prospectus yesterday! provide evidence or authority retirement assets noun benefits
for a statement, argument or after retirement: Retirement
prosperity noun the state of assets can be a plan, an
being successful in material opinion: Mr Smith quoted the
case of an elderly man who had individual account etc.
terms: Prosperity is sought by all
companies. been evicted from his home. retirement funds noun a
monthly payment made to
public demand noun what the someone who is retired from
people want: Public demand is a R
work: The government has to
major factor in marketing. rate verb assign a standard or calculate the retirement funds
public policy noun the value to something according to needed every year.
principles, often unwritten, on a particular scale: The company
seems to rate him very highly. risk tolerance noun an
which social laws are based: In investor’s ability to handle
conflict cases, no court will apply rate fluctuation noun changes declines in the value of his/
a “foreign” law if the result of its in rates: Rate fluctuations her portfolio: Knowing your risk
application would be contrary to affect the international stock tolerance is an important part of
public policy. market. your investment strategy.
public purse noun the funds reap verb receive a reward or run out phrasal verb (of a supply
raised by a government by benefit as a consequence of of something) be used up: Our
taxation or other means: The one’s own or other people’s food is about to run out.
public purse should be used actions: The company is poised
wisely. to reap the benefits of this rye noun a type of grain that
investment. is used for making bread: Rye
purchase invoice noun the grows well in much poorer soils
invoice one gets when buying recruit verb enroll someone than those necessary for most
something: I lost the purchase as a member or worker in an cereal grains.
invoice. organisation: There are plans to
purchaser noun the one who recruit more staff later this year.
S
buys something: The purchaser report verb make a formal
of this property is very rich. statement or complaint about salary noun a form of periodic
someone or something to the payment from an employer to an
necessary authority: Undisclosed employee: The average salary is
illegalities are reported to the $39,000 a year.
company’s director.
69
salary freezes noun a situation shares noun a unit of account consulting psychiatrist.
in which a company temporarily for various financial instruments: supply and demand noun the
stops giving raises to employees How many shares do you own in amount of a good or service
because of financial difficulties: this company? available and the desire of
Salary freezes are not welcome shortage noun a state or buyers for it, considered as
in a company. situation in which something factors regulating its price: By
sales promotion noun an needed cannot be obtained in the law of supply and demand
initiative undertaken by an sufficient amounts: There is no the cost of health care will drop.
organisation to promote shortage of funds. supply curve noun a graphic
an increase in sales: Sales sound verb convey a specified representation of the
promotion is used to persuade impression when heard: He relationship between quantities
a potential customer to buy the sounded worried. supplied at each price for a
product. given time period: When the
spreadsheet noun a computer
sales tax noun a tax on sales or supplier’s costs change for a
program used chiefly for
on the receipts from sales: Most accounting: Spreadsheets are given output, the supply curve
sales taxes are collected from frequently used for financial shifts in the same direction.
the buyer by the seller. information. surplus noun an excess of
sanctions noun measures taken stack up phrasal verb form or production or supply over
by a nation to coerce another cause to form a large quantity: demand: Any surplus can be
to conform to an international Cars stack up behind every bus, trimmed away.
agreement or norms of while passengers stand in line to survey noun a set of questions
conduct, typically in the form pay fares. that you ask a large number of
of restrictions on trade or on people in order to find out about
participation in official sporting stock noun shares in the capital
of a business: She owned 3000 their opinions or behaviour:
events: Within the civil law The survey showed that Britain’s
context, sanctions are usually SYP worth of stock.
trees are in good health.
monetary fines. stock exchange noun a market
in which securities are bought sustainable adjective able to
screen verb deciding whether be maintained at a certain rate
to answer a call or not: The and sold: There is now a large
number of stock exchanges in or level: The party is promising
manager asked his secretary low inflation and sustainable
to screen the calls for the the world.
economic growth.
afternoon. stockholders noun someone
who owns stocks in a business: sympathise verb agree with a
security noun a thing deposited sentiment or opinion: The public
or pledged as a guarantee of the Stockholders are granted special
privileges depending on the class sympathised with the miners’
fulfilment of an undertaking or strike.
the repayment of a loan: He used of stock.
his Brooklyn home as security for stock market noun a place
the loan. where stocks and shares are
T
service charge noun an extra bought and sold: Participants tariff noun a tax or duty to
charge assessed for a service: in the stock market range from be paid on a particular class
There’s a service charge for small individual stock investors to of imports or exports: The
advance tickets. large hedge fund traders. government may impose tariffs
on imports.
severely adverb badly: My son stock-picking strategy noun
is severely allergic to dairy how to choose stocks: Efficient taxation noun the levying of
products. stock-picking strategies are tax: The first known system of
important for an investor in order taxation was in Ancient Egypt.
shareholder noun any person, to grow financially.
company or other institution
that owns at least one share in superior adjective higher in
a company: Shareholders have rank, status or quality: It is
been told to expect an even lower superior to every other car on
result next year. the road.
supervise verb observe and
direct the work of someone:
Nurses were supervised by a
70
tax avoidance noun the trader noun a person who buys vendor noun a person or
arrangement of one’s financial and sells goods, currency or company offering something
affairs to minimise tax liability stocks: To the surprise of many for sale, esp. a trader in the
within the law: Before the 1970s, Wall Street traders, the dollar street: His father is an ice cream
judges in the United Kingdom rose yesterday. vendor.
regarded tax avoidance with transfer price noun price venture noun a commercial
neutrality; but nowadays they charged by individual entities undertaking that risks a loss but
regard it with increasing hostility. for goods or services supplied promises a profit: This venture
tax benefits noun a tax to one another in multi- led to his success.
deduction that is granted in department, multi-office, or video-conferencing noun
order to encourage a particular multinational firms: Managers real-time exchange of audio
type of commercial activity: Tax say their transfer pricing is non- and video between two or
benefits are helpful when applied market based. more remote facilities using
on education costs. trial order noun an order placed hardware based technologies:
tax evasion noun the illegal before a formal order: He placed Video-conferencing was first
non-payment or underpayment a trial order for $500. demonstrated in 1968.
of tax: Tax evasion is a crime.
tax incentives noun a tax U W
reduction afforded to people underwrite verb 1 guarantee wage noun a fixed regular
for particular purposes, for financial support of: They payment typically paid on a
example, sending their children were willing to underwrite daily or weekly basis and made
to college: Tax incentives should the construction of a ship. 2 by an employer to an employee:
be revised by the government. protect by insurance: Before We were struggling to get better
tax laws noun the body of underwriting his mortgage, he wages.
laws governing taxation: Tax had to prove that he was capable wage cuts noun wage decrease:
laws should be revised by the of paying it back. Wage cuts may lead to a
government. unemployment rate noun the demonstration.
tax revenue noun the income percentage of the work force wage rate noun rate of pay
that is gained by governments that is unemployed at any given per unit of production or per
because of taxation of the date: The unemployment rate is period of worktime on the job:
people: The effect of a change decreasing. In some countries wage rates
in taxation level on total tax unit trust noun an investment may be influenced by several
revenue depends on the good programme funded by factors such as tradition, social
being investigated. shareholders that trades in structure and seniority.
telepresence noun the use of diversified holdings and is withdraw verb take money out
virtual reality technology for professionally managed: The first of an account: Normally you can
remote control of machinery or unit trust was launched in the withdraw up to $50 in cash.
for apparent participation in UK in 1931.
distant events: Telepresence update verb modernise or bring
is a higher level of video- up to date: Security measures
conferencing. are continually updated and
tender noun a formal statement improved.
of the price you would charge
for doing a job or providing V
goods or services: Our bid was
the lowest tender. VAT abbreviation value-added
tax: a tax on the amount by
timely adjective done or which the value of an article has
occurring at a favourable or been increased at each stage of
useful time: We aim to settle all its production or distribution: In
valid claims in a timely manner. India, VAT replaced sales tax on
title noun a name that describes 1 April 2005.
someone’s position or job: Huda
assumed the title of director
general.
71
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‫تم التحميل من موقع علوم للجميع‬

2 Buying and Selling 6

3 Incomes and Salaries 9

6 Work in the Future 20

Transport Transport Transport

2 Try to guess the meaning of the following words from context.

3 What do the words in bold refer to?

1 interest rate a total value of goods and services produced in a country

B Choose one of the words (a-c) to complete each of the sentences.

4 A customer says “Thank you”. What does the assistant say?

1 This is a market. rewarding / money / small

Great Side Jobs for Extra Cash

bonus currency debt earn money

1 How much was it? (... you pay for it?)

2 Where were they yesterday? (... go yesterday?)

3 How was your trip? (Did ... ?)

4 How much was this shirt? (How much ... ?)

IV Choose the correct word in brackets.

V Correct the following sentences.

2 Where do Peter works?

4 Why she didn’t like the song?

5 Who do works at the grocery store?

6 His father is a Syrian talented painter.

• A participant looks bored and is not contributing to the discussion.

4 “Yes, it’s a good idea,” he said. (... agreed that ...)

5 “ I don’t know,” she said to Huda. (She told ...)

Exercise 4 Dealing with difﬁcult people

1 Help calm a difficult situation by acknowledging how the person feels.

thought changed his mind decided knew

1 He ordered blue chairs, but then he .

Read this dialogue from a meeting and complete the paragraph.

(1) Mr Walid reported .

B Complete the sentences with an economic term from part A.

Exercise 2 Missing prepositions

Reasons for development:

1 up-to- 6 the way

Example: The future of shipbuilding is potentially very bright.

bleak bright brilliant depressing dire doubtful dreadful great magnificent

very bad bad good very good

Future labour market changes include the following:

IT website Internet online

3 You want to check whether Mr Ali has arrived.

3 I forgot to post the letters. (… yet. I forgot.)

4 Have you sent the fax? (… yesterday?)

5 I’ll print the report now. (… yet. I’ll do it now.)

6 Did you photocopy the minutes yesterday? (… yet?)

1 The went into the shop to buy some pens.

Exercise 6 Past participles

1 Sales have this month.

1 A(n) sells things in a shop.

Exercise 2 Dealing with communication breakdown

Exercise 4 Already, anymore, yet and still

Use still, yet, already or anymore depending on the meaning.

Exercise 5 Good communicators

inhibited coherent articulate persuasive eloquent reserved hesitant

Good Communicators Bad Communicators

Communication - It’s Much Easier Said Than Done

Complete Della’s part in this dialogue.