1.

Read the text by Peter Drucker summarizing the different functions of management:
Management is important. The success and failure of companies, public sector
institutions and services, not-for-profit organizations, sports teams, and so on often depends
on the quality of their managers. But what do managers do? One well-known classification of
the tasks of a manager comes from Peter Drucker. Drucker was an American business
professor and consultant who is often called things like ”The Father of Modern
Management.”
Drucker suggested that the work of a manager can be divided into five tasks: planning
(setting objectives), organizing, integrating (motivating and communicating), measuring
performance, and developing people.
First of all, senior managers and directors set objectives, and decide how their
organization can achieve or accomplish them. This involves developing strategies, plans and
precise tactics, and allocating resources of people and money.
Secondly, managers organize. They analyze and classify the activities of the
organization and the relations among them. They divide the work into manageable activities
and then into individual tasks. They select people to perform these tasks.
Thirdly, managers practise the social skills of motivation and communication. They
also have to communicate objectives to the people responsible for attaining them. They have
to make the people who are responsible for performing individual tasks form teams. They
make decisions about pay and promotion. As well as organizing and supervising the work of
their subordinates, they have to work with people in other areas and functions.
Fourthly, managers have to measure the performance of their staff to see whether the
objectives or targets set for the organizationas as a whole and for each individual member of
it are being achieved.
Lastly, managers develop people – both their subordinates and themselves. A
company’s top managers also have to consider the future, and modify or change the
organization’s objectives when necessary, and introduce the innovations that will allow the
business to continue. Top managers also have to manage a business’ relations with
customers, suppliers, distributors, bankers, investors, neighbouring communities, public
authorities, and so on, as well as deal with any crisis that arises.
Although the tasks of a manager can be analysed and classified in this fashion,
management is not entirely scientific. There are management skills that have to be learnt, but
management is also a human skill. Some people are good at it, and some others are not. Soem
people will be unable to put management techniques into practice. Others will have lots of
technique, but few good ideas. Excellent managers are quite rare.

1. Match up the following words and definitions:

a) Consultant- a person who provides expert advice to a company
b) Crisis- a situation of danger or difficulty
c) Innovation - a new idea or method
d) Objective- something you plan to do or to achieve
e) Promotion- when someone is raised to a higher or more important position
f) Public sector- the section of the economy under government control
 g) Strategy- a plan for achieving success
h) Subordinate- a person with a less important position in an organization

1. a plan for achieving success

2. a new idea or method
3. a person with a less important position in an organization
4. a person who provides expert advice to a company
5. a situation of danger or difficulty
6. something you plan to do or to achieve
7. the section of the economy under government control
8. when someone is raised to a higher or more important position

2. The above text contains a number of common word-combinations. Use them to

fill in the gaps in the sentences given below:
allocate resources/ deal with crises/ make decisions / perform taks/ measure
performance/ set objectives/ supervise subordinates
a) After an organization has set objectives, it has to make sure that it achieves
them.
b) Managers have to find the best way to allocate all the human, physical and
capital resources available to them.
c) Some people perform taks better on their own while others work better in
teams.
d) Managers supervise the work of their subordinates and try to develop their
abilities.
e) Managers measure the performance of their staff to see whether they are
reaching their targets.
f) Top managers have to be prepared to deal with crises – if they occur and then
have to make quick decisions.

3. Change each word given at the end of each sentence or phrase to a related word in
order to fill the gap in the sentence correctly:
Example: We sell a very large range of goods, including fast moving consumer goods such as
canned foods and cleaning materials. consume
a) It is not only food products which have a very short shelf life. Fashion items quickly
become out of date. Produce
b) If you are not completely satisfied with any product purchased in this store, you may
return it and receive a complete refund or exchange it for a different one.
Purchaser
c) Sometimes all these formalities turn out to be rather boring. Formal
d) On the 4th of July countless people watched the fireworks. Count
e) This world organisation hasn’t been very efficient so far. Organise
f) The economical use of any fuel will save your money. Economy
g) We are interested in the development of this relationship. Develop
h) He boasted about his own of several estates. Owner
i) I am positive that their house is not for sale . Sell
 j) A monetization reform is the only solution to this inflation. Money

4. Finish the following sentences in such a way that they mean exactly the same as
the sentence printed before it:

a) Perhaps she gave in too soon.

She perhaps gave in to soon
b) He didn’t find a taxi so he missed the train.
If he could have find a taxi,he wouldn’t miss the train
c) I will give you a rise provided you work on Saturdays, too.
Unless you work on Saturdays too, I won’t give you a raise.
d) We came to the station in a taxi.
A taxi brought us to the sation.
e) Jogging early in the morning gives him pleasure.
He finds pleasure jogging early in the morning
f) I’ll talk to her first, then I’ll think about it.
I’ll think about it after I talk to her
g) Paying cash isn’t necessary.
One thing that isn’t necessary is paying cash.
h) He didn’t know how to make the engine run again.
He wasn’t conscious of how to make the engine run again.
i) It is several years since I last met him.
I last met him several years ago.

5. Translate into English:

,,Conditiile economice dificile generate de actuala criză economico- financiară şi de
pandemia globală (caracterizate in ultimele luni de o crestere a incertitudinii în ceea ce
priveşte previziunile economice) au influenţat inclusiv procesul de elaborare al situaţiilor
financiare închise la 31 decembrie 2019 şi raportate în mai/iunie 2020 de companiile cotate la
Bursa de Valori Bucureşti. Aceşti factori au declanşat o serie de probleme legate de
lichiditatea acestor companii şi de continuitatea activităţii, motiv pentru care considerăm că
trebuie pus accentul pe utilitatea, validitatea si fiabilitatea proceselor de control si de audit,
atât interne cât si externe, care sa asigure sustenabilitatea activităţii acestora […].” (V. Grosu
et. al., Model econometric de reajustare a pragului de semnificaţie pe baza testelor de audit
rapide folosite pentru companiile sustenabile)
"The difficult economic conditions generated by the current economic and financial
crisis and the global pandemic (characterized in recent months by an increase in uncertainty
regarding economic forecasts) have also influenced the process of preparing the financial
statements closed on December 31, 2019 and reported in May / June 2020 by companies
listed on the Bucharest Stock Exchange. These factors have triggered a number of problems
related to the liquidity of these companies and business continuity, which is why we believe
that emphasis should be placed on the usefulness, validity and reliability of control and audit
processes, both internal and external, to ensure business sustainability. […]. ” (V. Grosu et
al., Econometric model of readjustment of significance threshold based on rapid audit tests
used for sustainable companies)
BONUS POINT (Optional)
1. Insert the names of the financial institutions given below in the blank spaces in the
text:
commercial banks/hedge funds/investment banks/Islamic banks/non-financial
intermediaries/private banks/stockbrokers
Banks and financial institutions
Retail banks or commercial banks (often called High-Street banks in Britain)
receive deposits from, and make loans to individuals and small companies.
Investment banks work with big companies giving financial advice, raising capital by
issuing stocks or shares and bonds, arranging mergers and takeover bids, and so on. They also
generally offer stockbroking and portfolio management services to rich corporate and
individual clients. Wealthy individuals can also use private banks which provide them with
banking and investment services, and hedge funds, which are private investiment funds for
wealthy investors that use a wider variety of risky investing strategies than traditional
investment funds in order to achieve higher returns.
In the USA, where many banks went bankrupt following the Wall Street Crash in
1929, a law was passed in 1934 (the Glass-Steagall Act) that separated commercial banks and
investment banks or stockbroking firms. For the rest of the 20th century, there were
regulations in the U.S. and Japan that prevented commercial banks from doing investment
banking business. In other countries, including Germany and Switzerland, large banks did all
kinds of financial business. But starting in the 1980s, many rules were ended by financial
deregulation, and Glass-Steagall was repealed in 1999. Large banks became international
conglomerates offering a complete range of financial services that were previously provided
by banks, stockbrokers and insurance companies.
Islamic banks, in Islamic countries and major financial centres, offer interest-free
banking. They do not pay interest to depositors or charge interest to borrowers, but invest in
companies and share the profits (or losses) with their depositors.
Some car manufacturers, food retailers and department stores now offer products like
personal loans, credit cards and insurance. Technically, these are not banks but non-financial
intermediaries.
2. Find the words or expressions in the text which mean the following:

1. money placed in a bank deposit.

2. a sum of money borrowed from a bank loan.
3. the money invested in a business stake.
4. certificates representing part-ownership of a company stocks & shares.
5. certificates of debt issued by governments or companies to raise money bonds.
6. when one company combines with another one merger.
7. buying and selling stocks or shares for clients trades.
8. the profits made on investments income.

3. Translate into English:

 Tocmai având în vedere contextul economic-financiar actual și importanța sa extremă,
considerăm că este oportun şi necesar pentru părtile interesate să se asigure mai mult decât în
condiţii de stabilitate economică şi financiară că informațiile care trebuie furnizate în
rapoartele financiare (cu privire la continuitatea activității, riscurile financiare, verificările
privind deprecierea activelor și incertitudinile asociate cu utilizarea estimărilor) sunt reale şi
nu au fost cosmetizate de către compania raportoare.
Given the current economic and financial context and its extreme importance, we
consider it appropriate and necessary for stakeholders to ensure more than in conditions of
economic and financial stability that the information to be provided in the financial
statements (on business continuity) , financial risks, asset impairment checks and
uncertainties associated with the use of estimates) are real and have not been cosmeticized by
the reporting company