Assessment criteria: 4.1.1.

- Encuentra correctamente el significado de palabras técnicas en el idioma

Inglés en el diccionario.

4.1.2.- Resume las ideas principales en un texto técnico en una primera lectura rápida

4.1.3.- Distingue claramente ideas principales de ideas secundarias dentro de un texto.

4.1.4.- Realiza las tareas que le son asignadas dentro del grupo en los plazos requeridos, reconociendo sus
cualidades personales.

Read the following the text and answer the exercises below.

Owning a business can be one of the most rewarding and satisfying ways of meeting financial goals
and ensuring that a person's future is secure and fulfilling. Today's economy yields many
opportunities to people with different skills and strengths. One of the most basic aspects of
running a business that is often left by the wayside is that of financial management. Usually only
an afterthought, it is the financial management of a company that determines success. The perfect
product or service doesn't mean anything if the money generated goes into the business only to
be misused or unaccounted for. Spending the money earned wisely and knowing when to save or
invest in growth should be of paramount concern for a business.
Everyone is aware of the fact that most businesses fail within their first year of operation. Often a
major contributing factor that leads to failure is poor financial management. A review of the
financial information for many failed businesses shows that the business would have actually been
quite successful if the owners had just made sound financial decisions in all aspects of the
business. It is always recommended to employ the help of a professional like a banking institution,
financial planner or accountant. However, a business owner should understand, at the very least,
the basic principles regardless of whether a professional is hired or not. This protects the business
and the business owner from fraudulent activities. Keeping up to date with the finances and being
aware of the principles involved will also beneficially affect other aspects of running a business.

For smaller businesses it may not be practical to hire a professional for all of the financial work,
but there several software programs available that help to educate the owner on basic
bookkeeping techniques.

A business owner should be familiar and comfortable with using the following:
 Day to day expense tracking - an owner needs to be able create and analyze reports that
give an idea of the health of a business.

 Accounts Receivable and Accounts Payable - An owner needs to be able to tell when
payment is expected and prepare for any outgoing expenditures

Of equal importance is the ability to determine the current financial state of a business and
whether expansion is possible or even necessary due to competition. Being able to identify future
trends that can positively or negatively impact a business will go a long way toward helping a
business develop staying power in ever shifting market places.

1) Scan, underline and translate at least 10 words related to business management.

2) Write the main idea of the text and provide three supporting ideas.

Main idea: ____________________________________________________________

Supporting1:_______________________________________________________________
___________________________________________________________________

Supporting2:_______________________________________________________________
___________________________________________________________________

Supporting3:_______________________________________________________________
___________________________________________________________________

3) Using the sentences in exercise 2 and adding more information write a summary of the
text.

______________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________
_________________________________________________________________________

4) Analyze two underlined words (references). What do they refer to?

That _____________________________________________________________________
This _____________________________________________________________________