Preparation unit 6

4 succes
Vocabulary
1. Ultra
2. Under
3. De
4. Over
5. Co
6. Re
7. Mis
8. Out
9. Ex
10. Multi

Skills
1. Increase
2. Give
3. Repeat
4. Deliver
5. Make
6. Lower
7. Saying
8. Is
9. Ask
10. Planning
11. Make
12. Leave
Writing :
5 Job Satisfaction
Vocabulary
1. Match the words and phrases
1. Appraisal  assessment
2. Take industrial action  go on strike
3. Autonomy  empowerment (het lot in eigen handen nemen)
4. Bureaucracy  Red tape
5. Burnout  breakdown
6. A compensation package  remuneration
7. Perks  Fringe benefits
8. Golden handshake  severance payment (ontslagvergoeding)
2. Complete each sentence
1. Frustration
2. Satisfied
3. Recognized
4. Motivating
5. Frustrating
6. Recognition
 Unit 6: Risk

Starting up
A. yes, in a certain way I’am a risk-taker. Since this year I am active in a student union, and
I’am responsible for organizing the parties and our galabal. At the end of last year I had to
make this decision, not knowing if I could combine it with my education. But last semester I
proved that it is possible to combine those two thing and having good grades.
B.

Travel Lifestyle Money Shopping

Car Drinking alcohol Property Online
Plane (the safest Poor diet Stocks and shares Mail order
transportation
Train Smoking Saving account Private sales
Ship Jogging cash Auction

Red : highest risk

Blue lowest risk

C. Financial risk : They could go bankrupt

Environmental risk : there could be unforeseen circumstances like an earthquake or a flood.

Vocabulary
A.

Predict Meet Asses Manage

foresee Face Anticipate Spread
Identify encounter evaluate Eliminate
measure Evaluate
prioritize Reduce
Minimize

B.
1. E Credit crunch: the loans to the bank
2. F
3. G
4. D
5. C
6. B
7. A actuaries: calculate the risks to do let those companies know how much money they
should ask from the clients.
C. These adjectives can be used with the word risk
1. Slight
2. Great
3. Minuscule
4. Considerable
5. Potential
6. Immediat
7. Huge
8. Remote
9. Serious
10. Negligible
11. Significant
12. Imminent (coming any time soon, very likely to happen)
13. Substantial
14. Terrible
15. Tremendous

D. Of the adjectives in Exercise C, which describe

High level of risk Low level of risk Future risk Very near future
Great Minuscule Potential Immediate
High slight Substantial Imminent
Serious negligible Significant
Terrible immediate
Tremendous remote
huge
significant
Substantial

E.

Listening:

A. Give one example of internal risk and one example of external risk

Examples internal risks: injuries to employees within a factory, a fire in a warehouse

Examples external risks: an earthquake, a tsunami affecting a site, a change in exchange-rate

mechanism

B. Complete the chart

Hazard 1 = hurricanes 2 = floods

Operational 3 = employment risks

Financial 4 = a lack of liquidity within an organisation

Strategic 5 =looks at the area of competition 6 = the availability of new technologies

C. What are the 5 key steps to risk management?

1. To recognise the strategic objectives for your organisation and the key processes that your
organisation uses.
2. To identify what the risks affecting the organisation might be.
3. To asses and prioritise those risks.
4. Mitigating risk
5. Those actions are flowed back trough to one’s strategic objectives again.

D) Which three examples does Steve give of organisations or industries that failed to manage risk?

1. The banking industry. The systematic and reckless risk-taking undertaken by many banks. There
are massive implications, not just for those organisations and their shareholders, but also for the
world generally – public finances and economic growth and so on.
2. An American-based clothing retailer. Lower level of risk. Managed to lose 45 million credit-card
details two years ago, giving rise to an 80 million dollars loss and untold impact on its own
reputation.
3. The video-cassette industry. Failed to anticipate the changes in customer demand. There are
lots of organisations worldwide producing… were producing video cassettes and retailing those
cassettes to the public through shops. Now, the world is changed and in the last few years and,
increasingly, people are now reverting to the use of digital media, which they can download
trough the Internet. I suppose those organisations have faced the ultimate risk of being replaced
by another technology.

E) /

Reading
A. Answer these questions
1. House, Fire, Car, my student room
2. Schade claims
B. Say what the main point of the article is, in as few words as possible.
Spreading risks by reinsurance
C. Read the article and answer the questions
1. Internationalization paved the way for the beginnings of the insurance industry back in
the fourteenth century, as shipowners sought to protect the increasing value of their
ships and cargoes.
2. Reinsurers serve as a secondary market where insurance companies, that cover large
risks, can spread those risks through diversification. They get insurances fro other
comapnaies so they can spread the risk
D. Summary examples:
1. 90% of all world trade is transported by sea or other waterways. The largest container
ships today are 1 bn dollar worth. This value is small if you compare it with the value
found at the world’s great container ports, such as Singapore or Hamburg, which depots
is worth ten of billions of dollars every day
2. The outsourcing of production sites to low-wage countries does not just reduce costs, it
can also reduce the quality of the goods, that are being produced.
3. Liability losses can reach extreme proportions when pharmaceutical product cause
dangerous side effects in patients.
E. Find words in the article which mean the following
1. Product liability (cost)
2. (Awards for) damages
3. Portfolio
4. accumulation
5. (Major) catastrophe
F. Complete the sentences with words from Exercise E
1. damages
2. liability
3. Catastrophe
4. Portfolio
5. Accumulation
G. Without looking back at the article, match the words.
1. Bear  b) the brunt (=be the most affected by a unpleasant situation)
2. Spring  c) to mind
3. Meet  e) a need
4. Pave a) the way To eminate
5. Spread  d) the risks Outsources: company pays someone else to do the part
of the production
H. match the expression to their meanings
1. Spring to mind
2. Pave the way
3. Bear the brunt
4. Spread the risks
5. Meet a need
I. In the next 30 years, which types of risk do you think will become
a) more significant:
b) less significant :
Language review: adverbs of degree
A. Which of these adverbs strenghten the adjective which follow and which soften it?
Strengthen: entirely, extremely, fully, highly, increasingly, totally, very

Follow: quite, rather, moderatley

Soften: a bit, slightly, somewhat, fairly , rather

B. Complete these dialogues with a suitable adverb

1. Exceptionally/ very
2. Highly/ very
3. Entirely / extremely-> volatile market: with a lot of movement, up and downs
4. Fully
5. Quite/ Somewhat : meach= fusie

C. in pairs create short dialogues using some of the phrases below

Skills: Reaching agreement

A. Note down what they agreed about these items
Location: they agreed that Florence is a great place because the accommodation that they found
was quite good and they found a venue that is willing to give a good deal

Workshop activities: role play workshop , game-style quiz where so basically each person in the room
gets a little button to press and it has ABCD and the person aks the question and then the delegates
all answer ABC or D

Dinner: huge banquet-style

Month : January

B. Match expressions from the meeting

1. Summarising
2. Giving opinions
3. Summarising
4. Giving opinions
5. Asking for opinions
6. Asking for opinions
7. Giving opinions
8. Making suggestions
9. Summarising
10. Disagreeing
11. Giving opinions
12. Agreeing
13. Agreeing

C. You are managers of a national newspaper. Consider this situation

 Case study unit 6: Winton Carter Mining

Background:

 Winton Carter Minin (WCM) = a dynamic Canadian mining company.

 They will be going public early next year.
 WCM’s offer is bound to appeal to those investors who are willing to take risks in return for high
profits

Discuss the risks and hazards that foreign mining companies could face when exploiting minaret
deposits in Afrika- for example, political instability

WCM ha the opportunity of setting up a joint venture in an African country with the stat-run mining
company, ATZ. The chief Executive Officer and the Chief Financial Officer of WCM must decide
whether to mention this project in their prospectus

1. What are the advantages and disadvantages of mentioning the African project in WCM’s
prospectus
Advantages:
 Such an important project should definitely be mentioned in the prospectus, because
WCM gets an opportunity and show to the future investors that the company is doing
well and is growing.
 If they are successful, it will put them in another league in the mining industry
 It will raise the company profile and help them to get finance for their other projects

Disadvantages:

 Africa is not always a save country, so it can frighten the future investors because of the
unsafe situation in Africa, which can affect their business
 The area is not politically stable (civil war, and thousands of people were recently killed)
 “we don’t want investors to hold back from buying our shares just because they think
we’re a high-risk company”

2. What do you think they will decide to do?

I think they will decide to mention it in their prospectus, once they all agree to sing this
cooperation.

C2.14: What do they decide to do?

They decide to wait for the report of the New Business Department, whit their findings in at
and then they’ll make up their minds
Do you think they made the right decision?
Yes, if you take such a big risk as a company, you should definitely wait for the result from
research.
B; Revision
6. Risk
Vocabulary
1. Complete the sentences
1. Anticipating
2. Weighing up
3. Estimate
4. Identified
5. spreading
6. Estimate
7. Encounter
8. Eliminate
2. Circle the odd word out in each group
1. Immediate
2. Considerable
3. Potential
4. Substantial
Choose the best word to complete each sentence
1. Exceptionally
2. Increasingly
3. Totally
4. Extremely
5. Fully
6. Highly
 Unit 7: Management styles

Vocabulary
A. Give the opposite meaning for each of these adjectives, using the prefixes in-, ir-, un-,
ii- or dis-. Then provide the noun forms.
Considerate Inconsiderate consideration
Competent Incompetent Competency
Creative Uncreative Creativity
Diplomatic Undiplomatic Diplomacy
Efficient Inefficient Efficiency
Flexible Inflexible Flexibility
Inspiring Uninspiring Inspiration
Logical Illogical Logic
Loyal disloyal Loyalty
Organized Unorganized Organization
disorganiazed
Decisive Indecisive Decision
Responsible Irresponsible Responsibility
Sociable Unsociable Sociability
Supportive Unsupportive Support

Diference between unorganized and disorganiszed. Unorganized it is really not organized

Dis: the opposite of het verb, the action

Socail =? Sociable: you can interchange them!

Choose the four best qualities of a manager using the adjectives in Exercise A and rank them in order
of importance (1 = most important). Then choose the four worst qualities and rank them (1 = worst).
Best Worst
Inspiring Incompetent
Organized Indecisive
Supportive Inflexible
loyal Unsupportive

Match these pairs of contrasting management styles.

1 autocratic d) democratic

2 centralizing a) collaborative

3 directive f) laissez-faire

4 empowering a) controling

5 hands-on f) delligating

6 task-orientated e) people-orientated

Listening
Laurie Mullins is the author of Management and Organisational Behaviour. Listen to the first part of
the interview. Which 2 factors influence the managerial function today, and what are the 2 examples
that Laurie gives of these factors?
The ability to manage in an increasingly competitive, volatile, changing business environment.

Example: the growth of the BRICK nations leads to a more diverse workforce.

The manager today has to manage with an increasing rate of technical change.

Example: information-communication technology (ICT) is always changing.

Listen to the second part. Which 6 managerial philosophies does Laurie mention.
Consideration respect and trust

Recognition and credit

Involvement and availability

A sense of justice

Positive action on an individual boss

Emphasis on end results

Listen to the final part and complete these extracts.
 Direction
 Organised
 Structure
 Routinge
 Individual
 Organisational
 Committed
 Self-direction
 Self-control

Reading
Read your article quickly and decide which statements are true for the CEO you read about.
She thinks most meetings are waste of time.  False

She is good at making decisions quickly and firmly.  true

She wants people to know who is the boss.  True

She thinks artificial deadlines are stressful.  False

She believes in hiring the best staff they can.  true

She thinks her staff feel happy working there.  False

Match the adjectives to the definitions.

Not caring if you have to harm others to get what Anti-authoritarian
you want
Not satisfied with anything unless it is exactly Approachable
right.
Having a natural ability to do something well. Demanding
Wanting to achieve something by themselves Perfectionist
Against forcing people to obey strict rules Ruthless
Friendly and easy to talk to Self-motivated
Expecting a lot of time and effort from others Talented
Liable to suddenly become angry volatile
Complete this paragraph with adjectives from Exercise E.
 Approachable
 Volatile
 Perfectionist
 Anti-authoritarian
 Talented
 Self-motivated

Language Review
Look at the Jim Buckmaster article on page 145 and say what all the words in red refer to.
We= the company

That sort of things = Fuss Bal, Ping-Pong, …

It’s= office atmosphere

I=Jim Buckmaster

We=the company

Those things= mindset

We=company

It = their work

They= employees

They=employees

They=rules

It=stress

We=company

My=Jim Buckmaster

That= authority

You=Jim Buckmaster

There= company

It= nontraditional philosophy

Their= employees

They=meeting

They=meeting
Look at the Anna Wintour article again and underline all the examples of text reference. Use this
checklist to help you.
I like people who represent the best of what they do, and if that turns you into a perfectionist, then
maybe I am.

She is decisive, impatient, and bears a look that says “I’m the boss, and you’re boring”.

“It’s a group of people coming together and presenting ideas from which I pick what I think is the
best mix for each particular issue, but in the end, the final decision has to be mine,” Wintour
explained.

If one comes across sometimes as being cold or brusque, it’s simply because I’m striving for the best.

“It’s not like a tea party here.”

Asked at what kind of boss she is, Talley told Safer, “Let’s say that Anna can be intimidating. I think
that’s her armor, to intimidate. To give the people the sense that she is in charge. She is not a person
who’s going to show you her emotions ever. She’s like a doctor, when she’s looking at your work, it’s
like a medical analysis.”

“Just her office is very intimidating, right? You have to walk about a mile into the office before you
get to her desk, and I’m sure it’s intentional.”

Say what all the words you underlined in Exercise C refer to.
They People
That Liking people who represent the
best of what they do
That Her look
It The staff of Vogue magazine
It An act that comes across cold or
brusque
it At Vogue’s office
She Anna Wintour
That To intimidate
Her Anna Wintour
Her Anna Wintour
Your The work of Anna’s staff
It Anna looking at her staff’s work
Her Anna Wintour
Her Anna Wintour
it The fact that you have to walk
about a mile into the office
before you get to her desk
Read this paragraph and say what the former and the latter refer to.
Wintour's critics describe her management style as autocratic, whilst her supporters label it
perfectionist. The former believe she is ruthlessly determined, whereas the latter would rather say
she is focused on excellence.
Former= her critics

latter=her supporters

Skills
Jason Harding, Sales Manager of the drinks company Quench Products, is giving a
presentation to some customers. Listen to both parts ofthe presentation and answer these questions.
What is the name of the product?

 Quench Iced Tea.

When will it be launched?

 Early next March.

What are its unique selling points?

 They offer it in different versions, and it will appeal to health-conscious customers.

What will the audience take away with them?

 A product that really stands out on the shelf.

Listen to the first part of the presentation again and complete these extracts.
 Launched
 Unique features
 Different versions
 Edge
 Stress
 Wide appeal
 Health- conscious customers
 Selling point

Listen to the second part again and complete these extracts.

 Turning now to
 High quality
 Slide
 Mean
  Means
 A choice
 Beautifully designed
 Eye-catching
 Appealing
 Stand out
 Summarize
 Appeal
 Outstanding design
 Comprehensive marketing program

Match each extract in Exercises B and C to a heading in the Useful language box below.
The purpose of my talk today is to …

What I want to do today is …

STATING THE PURPOSE
My main objective today is to …

I’m going to tell you about …

It will give us an edge over the competition …

This will undoubtedly appeal to …

PERSUADING
It has many outstanding features …

Moving on to …
CHANGING THE SUBJECT
OK, now I’ll talk about …

Right, turning now to …

What this means is …

DISCUSSING IMPLICATIONS
The consequence of this is …

This has resulted in …

What are its main selling points?

As I’m sure you all know …

INVOLVING THE AUDIENCE
As you are aware …

What Is …?

What does this mean?

Let’s look at the chart.

Let me draw your attention to the slide.

REFERRING TO VISUALS
Please take a look at the visual.

You can see from the slide that...

I’d just like to highlight …

EMPHASIZING
I want to stress that …

For instance, …
EXEMPLIFYING
Let me give you an example.
Let me give you an interesting statistic.
Writing assignment
As one of the Directors, write a short report to the Board of Directors recommending your preferred
candidate as the New Project Manager. Give reasons for your decision.
Introduction

This report will look at who is the most qualified person for the job as Project Manager. The biggest
problems that have to be solved are the missing of deadlines and the low morale of the team.

Summary of shortlisted candidates

 Ruth: because she believes that deadlines must be met at all costs.
 Eduardo: He is a people person and he makes sure the staff really enjoys coming to work.
Recommendation with reasons

I believe Eduardo would be the ideal candidate. His main focus isn’t based on meeting the deadlines
on time, but more to creating a good working sphere. I think that by creating this sphere, the team
morale will go up, which will make the workers like their job more. By liking their job more, they will
work faster and in that way they will miss less deadlines.
 Unit 9: Raising finance

Raise money

Save

Spare

Find

Spend

Gain

Loose

Lend: you are the one who gives the money, the bank lends you the money

Collect

Invest

Borrow: you are the receiver

Receive

Take

Steal

Donate

Earn

Deposit

Withdraw

Vocabulary
A. The advantages
Loan Shark = they offer loans at really high interests. They even get violent if you can’t pay it back

Pawnbroker = shop where you take personal belongings to and they give you money for it. You
get a fraction from what is worth. You give a collateral for getting a loan from the pawnbroker.

Advantages
Bank  You are sure they will do
what they promise
 Flexibility: they give you
different types of loans,
disadvertages
 You have to pay interest rates,
they can be very high
 interest rates,…
Friend  You possibly don’t have to  It might be unreliable, it is an
pay interest spoken agreement, they can
 get made, or you lose the
friendship
Member of  Pay it back over a longer 
family time instead of paying it
one time
Loan shark  You can get a large  High interest rates
amount of money, they  The borrowers might get hurt
don’t check your financial if they can’t pay their depts.
background
Pawnbroker  Easy to go to  Lose your personal property.
Credit card  Easy to do, they don’t  High interest rates
company check your background

The easier it gets to get money, the higher the interest rates are.

1. It can influence what is done and how it’s done. Money is persuasive!
2. Spread the risk, your investment,…
3. Take the risk of investing in something otherwise it is not likely to get a lot of money. If
you want to make money, you have to invest
4. Invest more money in it
5. Money can get ugly.
6. Out of danger it is always better to haven’t any depts.
Buying something on credit:

7. If you lend money to your fiend, for paying his schoolbooks and he is using it for
something else  they
8. If you don’t have a lot of money, you can’t be picky , you have to take what you are given

Choose the correct word to complete each sentence.

1 Customers not paying on time often leads to ...cashflow......... problems.
2 Our state-of-the art machinery is our major ..asset.......... .

tangible asset: something that you can see and grasp

intangible asset: the image of the good reputation

3 The ...interest......... rate on the loan was 12%.

4 They could not pay their debts and faced ..bankruptcy.......... .

5 Sorbat has gone into .....administration...... with debts of about £20 million.  meaning: onder
curatelen staan. When a company is not yet bankrupt, a curator protects you from the

6 The finance a company raises from issuing shares rather than taking out loans is known
as .....equity....... capital.

7 The ...principal......... is the original amount of a loan not including any interest charged.

8 A/ An ...mortgage......... is a particular type of loan for the purchase of property.

9 If a company defaults on a loan, it means they miss a/an .... instalement  paying on specific
moments .

10 Money lent to start-up businesses is known as risk or .....venture....... capital.

Choose the correct words to complete each definition.
1 Being in the black/red means you are in credit.

2 A loan /grant is money which doesn't need to be repaid.

3 A creditor/debtor owes money.

4 An interest / A dividend payment is part of a profit paid to shareholders.

5 Assets /Liabilities are the total amounts of money owed by a business.

6 An overdraft / A return is the amount of profit made on an investment.

 Overdraft? You are in the red on your account. The bank you are with, will asked money.
7 To go into liquidation / debt is when a company stops operating because of financial difficulties. =
bankrupt

8 A deposit /Collateral is security for a loan in the form of assets which could be sold if the debt is
unpaid.

 Text “no more easy money”: how difficult is it as a starter to get access to it
Voc in the text:
o go inTo the distance: try to do everything to achieve your goal. Finish what you have
started
o To no avail: It was no use that she did it. Without success, although she did a lot of
work
o Keeping your ears to the ground: Try to be aware of everything, try to listen to
everything you hear. Make use you don’t miss out on anything. Don’t miss anything
important
o

Listening
Simon Davies is Managing Director (Restructuring) at the Blackstone Group, a leading private
equity firm. Listen to the first part of the interview and answer these questions.
Which three ways of raising finance does he mention?
Either current shareholders or new shareholders.
A business being able to raise money by borrowing, through dept.
A hybrid, effectively a combination of the two.

What are the advantages of:

Private markets: Confidentiality and remaining below the radar screen.

Public markets: They have a much deeper pocket.

Borrowing money: A far greater amount of funds available.

Listen to the second part and answer this question.
What are the disadvantages of?

Shares/equity?

Equity carries a fairly significant capital cost.

Debt?

The interest burden on debt is required to be paid over time.

Public markets?

Bondholders of whom you don’t know the identity.

Private markets?

A lack of capital available if you’re a significant business.

Listen to the final part. Simon says there are four reasons why finance has become a short-term
business. What are they?
The breadth of opportunity available.

The speed and quality of information.

The banks have become less relationship-driven from a financing perspective and more relationship-
driven from a sales and distribution perspective.

Easy to buy and sell shares.

Reading
How can start-up companies raise money?
By submitting a financial plan to the bank, containing substantial proof of how they are planning
to survive for the next two years. If the bank recognizes your potential, they will lend you money.

Read the whole article and answer these questions in pairs.

What was the problem with some of the ‘angel’ networking clubs?

They were too expensive: they were charging $2,488 just to submit a business plan.

What was the advantage of London Business Angels?

They weren’t charging any money, so she could pitch to roughly 100 ‘angels’.

How did Saha improve her ability to pitch to backers?

She secured a place on gateway2investment (g2i), a four-day program to help ambitious

entrepreneurs hone their pitching techniques, delivered by financial advisers Grant Thornton and
backed by the London Development Agency.

Who finally invested in Saha’s company?

A couple of Finnish investors she met through the European Border Investment Program, together
with five wealthy individuals at London Business Angels.

What is the problem with bank finance?

The cost remains stubbornly high.

What is the position with debt funding and equity finance?

Debt funding: people are lending, but that money isn’t coming through.

Equity finance: it is pretty difficult to raise funds.

What is the problem with venture capital funds?

It takes about twice as long as before the recession struck.

Find idioms in the first six paragraphs that mean the following:
Finish something you have started

To go the distance.

A sudden or unexpected chance to do something that allows you to become successful in your job

A lucky break.

Reduce your chances of failure or loss by trying several possibilities instead of one

To hedge your bets.

Make sure you always know what is happening in a situation

Keep your ears to the ground.

Complete these sentences with the idioms in Exercise E.

 Go the distance
 Lucky break
 Hedge your bets
 Keep your ears to the ground
Language review
Complete the extract from the article with suitable words and dependent prepositions from the box.
Then look back to page 85 to check your answers.
 Looked into
 Access to
 Investing in
 Turned down
 Settled on
 Pitch to

Study the Grammar reference on page 150, then match these halves of sentences. They are all from
newspaper articles or headlines.
1b
2a
3f
4c
5h
6e
7d
8g
9j
10 i

Skills
Which of these negotiating tips do you agree with? Why? / Why not?
3. Agreed, you need to get to know each other.
4. Don’t always interrupt immediately. Write down what you don’t understand and ask for it
later.
5. You will always get something in return, that’s why you do have to make concessions for
free. People experience an urge to reciprocate.
6. Agreed, don’t confuse people but be clear about what you want.
7. Signalling phrases are key to this.
8. Definitely. And be sure to ask frequently if everyone understood as well.
9. Nobody wants to appear aggressive, so if that’s the case, it never hurts to adapt your
language.
10. Not necessarily, only when appropriate. Sometimes it is best to hide your true emotions and
feelings.

Research shows that skilled negotiators often use the techniques listed below to achieve their
negotiating objective. Match the techniques (1-5) to their definitions (a-e)
1d 2e 3b 4a 5c

Listen to five expressions and match each one to the correct technique in Exercise B.
Can you offer any collateral?  closed question
There seems to be something wrong with your figures.  Signalling phrases.

Let’s go over what we’ve agreed.  Summarizing.

What sort of loan are you looking for?  Open questions.

Let me clarify my last point. What I meant was, we would want to retain control of the business.

 Softening phrases.