University ,,GOCE DELCHEV “ - Shtip

Faculty of Economics
Financial management

Paper work
Subject: English Language 5
Topic:
Business risks

Mentor: Prepared:
Prof. Adrijana Hadzi-Nikolova Elisaveta Krsteva - 083394

December 2019 , Strumica

Contents

2. What is risk management?..............................................................................................3

1. How you can manage risk in your business................................................................3
3. Why manage risk?............................................................................................................3
4. Types of risk......................................................................................................................4
Translation of economic words.............................................................................................5
 1. Business risks
There is a risk to every business decision you make. So, instead of relying on gut
instinct, it's a good idea to use risk management to guide your business decisions.
Understand what risk management is and the types of risk that could affect your
business.

2. What is risk management?

Risk management helps you make better business decisions. It involves

reducing the things that could have a negative effect on your business. For example,
the reducing the risk of injury by through safety procedures. You can also look for
opportunities that could have a positive impact on your business.

1. How you can manage risk in your business

Begin by finding out about risk management practices and how you can use
them. You should also talk to others involved in your business (including your
employees and customers) to decide on the best way to manage risk in your
business.
Before you decide what to do, you’ll need to work out what your risks are and
which ones are most urgent:

 Identify – work out what risks your business could face.  

 Analyse – find the level of the risks and which ones are most urgent.

 Evaluate – compare the risk against set risk criteria to decide what to do.  

3. Why manage risk?

By managing risk, you can reduce the impact of unexpected events on your
business.

Managing risk can also help you to:

 improve your relationships with customers, suppliers, employees and the

community, by understanding and managing their expectations
 improve staff confidence in a safe work environment, through workplace
health and safety (WHS) and workers’ compensation insurance

 keep your business open during natural or economic disasters, by having

an emergency management plan

 reduce your compliance and insurance costs, by having a lower risk of

damages
You won't always have enough information or the resources to manage every risk.
A good risk management plan will allow you to change your approach if it isn't
working, or when unexpected risk happens.

4. Types of risk

It's a good idea to understand the different types of risks your business may
face so you can recognise and plan ahead for them.
Risks can be:

 opportunity-based – risk from choosing one option over other options

(such as buying a new property)

 uncertainty-based – risk from uncertain or unknown events (such as

natural disasters or loss of suppliers)

 hazard-based – risk from dangerous materials or actions (such as using

hazardous chemicals or working at heights)
Translation of economic words

1. Trade barriers Trade barriers are government-induced restrictions on

(бариери) international trade.

2. Imports (увоз) Imports are foreign goods and services bought by residents

of a country.

3. Exports (извоз) An export in international trade is a good or service

produced in one country that is bought by someone in
another country.

4. Goods and services A service is an action that a person does for someone else.
(добра и услуги) Examples: Goods are items you buy, such as food,
clothing, toys, furniture... Services are actions such as
haircuts, medical check-ups, mail delivery, car repair…
Goodsare tangible objects that satisfy people's wants.

5.Price A price is the quantity of payment or compensation given

(цена) by one party to another in return for one unit of goods or
services
6. Tariffs (тарифи) Tariffs are taxes that are imposed by the government on
imported goods or services.
7. Non- tariffs Non-tariffs are barriers that restrict trade through measures
other than the direct imposition of tariffs.

8.Quoats Quotas are restrictions that limit the quantity or monetary

(квоти) value of specific goods or services that can be imported
over a certain period of time.

9. Consumers A consumer is a person or organization that uses economic

(потрошувачи) services or commodities.

10. Products A  a product is an object or system made available for

(производи) consumer use; it is anything that can be offered to a market
to satisfy the desire or need of a customer

11. Ѕubsidies A subsidy or government incentive is a form of financial aid

(субвенции) or support extended to an economic sector generally with
the aim of promoting economic and social policy.
12. monetary value Monetary value is value in currency that a person,
(вредност) business, or the market places on a resource, product, or
service.
13. License A license or licence is an official permission or permit to do,
(лиценца) use, or own something.
14. Additional costs Examples of additional costs are duty, freight, inspection,
(дополнителни procurement expenses, and material handling.
трошови)
15. Government  A government is the system or group of people governing
(влада) an organized community, often a state. In the case of its
broad associative definition,government normally consists
of legislature, executive, and judiciary.