BOOK

To the Student
«There are two ways of

spreading light: to be the
candle, or the mirror which
reflects it»
Business plays a vital role in the economy.

If you wish to succeed in business you
should have a clear idea not only of trade,
marketing, management, finance, etc. but
you also need to know how to use and
understand professional business vocabulary.
This book will take you through different
business areas and will make you
understand what is required to be a
successful businessman. It will also help
you master commonly used business terms
relevant to your chosen field of interest.
You will find everything you need in this
book to become more proficient in your
professional English and to work more
effectively in the world of business.
Good Luck
4
A. LATYGINA Basic English of Economics
DIAGNOSTIC PRE-TEST
Choose the most suitable word or phrase.

1. The president ______ the election yesterday.
a) won b) wins c) has won
2. When ______ the conference?
a) did you attend b) have you attended c) you will attend
3. This picture _______ by Goya.
a) is being painted b) was painted c) painted
4. He said his name ______ Tom.
a) is b) was c) were
5. If I meet him I ________ him my new address.
a) will give b) give c) would give
6. My friend wishes he ________ a car.
a) have b) has c) had
7. I want to finish this letter before my secretary _________ .
a) will come back b) came back c) comes back
8. He wanted me ______ him five euro.
a) lend b) to lend c) that I lend
9. The office manager had a difficult decision to make today,
_____ ?
a) wasn’t he? b) didn’t he? c) hadn’t he?
10. Helen is ______ person I know.
a) the more intelligent b) the most intelligent c) most
intelligent
11. She _______ here for 10 years.
a) is working b) has been working c) works
12. We _______ examinations twice a year.
a) have been taking b) take c) are taking
13. Last year we hoped she ________ come.
a) will b) would c) shall
14. If they ______ to an agenda, we must postpone the meeting.
a) have yet agreed b) still have not agreed c) already are
agreeing
15. The new employee is both ambitious _______ hard working.
5
DIAGNOSTIC PRE-TEST
a) or b) neither c) and
16. When he ______, our representatives will present the new
plan to the public.
a) arrived b) arrives c) had arrived
17. At this moment, I _______ my ears!
a) couldn’t believe b) can’t believe c) am not believing
18. She _______ all of her work by 9.00 p.m. tonight.
a) has finished b) is finishing c) will have finished
19. All my money _______ by the burglars!
a) was stealing b) has been stolen c) were stolen
20. He ______ away from work all this week.
a) is b) has been c) have been
21. Our guests _______ . They are sitting in the office.
a) had arrived b) arrived c) have arrived
22. If I ________ you I would tell him the truth.
a) was b) were c) am
23. All his money ________ spent on books last month.
a) was b) were c) have been
24. She has neither friends ______ relatives to help her.
a) or b) nor c) and
25. He is not so ______ as I am.
a) busy b) busier c) more busy
26. I wish you _______ so much coffee.
a) haven’t drunk b) drink c) didn’t drink
27. I expect _______ to help you.
a) him b) his c) he
28. I heard that he _______ his own business.
a) established b) had established c) establishes
29. I didn’t see this girl _______ .
a) somewhere b) anywhere c) nowhere
30. I can’t join your company. I have ________ time.
a) few b) much c) little
6
PART I BUSINESS TOPICS
MODULE 1 BUSINESS AND

BUSINESSES
LESSON 1
Text: Business Organization
Grammar: Present Simple and Present
Continuous
Terms to remember:
needs  потреби
satisfy (v)  задовольняти
survive (v)  вижити; продовжувати існувати
depend on (v)  залежати від
consumption  споживання
business  бізнес, комерційна діяльність,

торгове підприємство, фірма,
справа, заняття
firm  фірма
company  компанія, фірма
vary (v)  відрізнятися; змінюватися
profit  прибуток
7
MODULE I BUSINESS AND BUSINESSES
provide services (v)  надавати послуги
corporation  корпорація
multinational  міжнародна, мультинаціональна

корпорація
enterprise  підприємство, фірма, корпорація
set up a business (v)  створювати бізнес
establish a business (v)  створювати бізнес
start-up  нещодавно створена компанія
be in business (v)  займатися торгівлею, займатися

бізнесом
run a business (v)  керувати підприємством
do business (v)  вести бізнес, займатися

бізнесом
trade (v)  торгувати
deal with (v)  займатися (чимось); бути

клієнтом, купувати (у когось)
go out of business (v)  ліквідувати підприємство
expand a business (v)  розширювати бізнес
specialize (in something)  спеціалізуватися

(v)
diversify (v)  урізноманітнити, варіювати
owner  власник
affect (v)  діяти на
8
Business Organization
The economic system is made up of people with basic needs
that they must satisfy to survive. As most people cannot produce
all the goods and services they need, we depend on other persons
or businesses to make them for our consumption.
Business is the activity of producing, buying and selling goods
and services.
A business organization is a firm, a company or a business
that makes, buys or sells goods, or provides services, to make a
profit.
Businesses vary in size.
Large companies are referred to as corporations. Many
consider the corporation the ideal way to organize business. Large
companies operating in many countries are multinationals.
Big business can refer to large business organizations or to
any business activity that makes a lot of money.
Small companies which do not employ many people and
earn relatively little money are referred to as small businesses or
small firms. We can also call a small business a small – to
medium – sized business, or SMB.
An enterprise is a company or business often a small one. It
may be called so to emphasize its risk-taking nature.
Commerce refers to the activities and procedures involved
in buying and selling things.
When we start a business we talk about setting up a
business or establishing a business. New businesses are called
start-ups. Once a business has been established we talk about
being in business or running a business.
To do business means to trade or deal with a company or
country. It’s not easy to organize a business and to operate it
successfully. When a company is not successful, it may go out of
business.
The economic situation, as well as decisions taken by the
owners of a company, affect how it grows and changes. You may
expand your business, specialize in something, you may also
diversify your business.
9
Exercises in Word Study

Ex.1. Form verbs and adjectives from the following nouns:
profit, operation, economy, decision, change, expansion,
activity, success, diversity, dependence, corporation.
Ex.2. The following diagram shows some very commonly

used nouns with the adjective «corporate». Study
the diagram, consult your dictionary and translate
these word combinations into Ukrainian. Make up
sentences with them.
profits culture
image corporate ladder
logo headquarters
Ex.3. Give the English for:

купувати і продавати товари; надавати послуги;
отримувати прибуток; заробляти гроші; створювати бізнес;
керувати підприємством; торгувати; економічна ситуація;
рішення; власник компанії; діяти на; розширювати бізнес;
спеціалізуватися з чогось; задовольняти потреби; залежати
від; споживання; нещодавно створена компанія.
Ex.4. Match words from list A with words from list B that
have a similar meaning.
A B
depend on necessities of life
10
firm gain
set up a business sell out a business
go out of business establish a business
run a business enlarge a business
expand a business operate a business
affect company
profit influence
needs rely on
Ex.5. Find suitable opposites to the following words and

phrases:
to buy, loss, to close down a business, to set up a business,
unsuccessful.
Ex.6. Find three words in the list that are synonyms for
«a usiness» and one word that is a synonym for
«business»:
 company
 commerce
 firm
 enterprise
Ex.7. Match the nouns in the left hand column with the
verbs in the right hand column.
business buy
make
profit sell
provide
goods set up
satisfy
needs organize
run
money do
diversify
11
affect
decision expand
establish
services
Ex.8. Study the following diagram and fill in the blanks

with suitable words from the diagram.
be in the fashion/ mean business

advertising/computer/
insurance
do business important
with smb. pressing
go into business urgent
business risky
run a serious
business
get down to funny

business monkey
tricky
1. I have a few contracts in the ... business.

2. It was a mistake to ... with my brother.
3. After talking about the weather, we ... about the contract
details.
4. Sheryl’s parents ... a small clothing business.
5. That house has strange people coming and going. I think
there is ... business there.
6. For Jack, golf is a ... business.
7. They really ... If you don’t pay them by next week, they are
going to take you to court.
12
8. She has been in ... business for 10 years.
Ex.9. Use the terms in the box to complete the sentences.

Big business / start-ups / firm / commerce /
small businesses / corporations
1. Business ________ are common in the IT and bio-technology
areas where recent graduates from universities have ideas for
new products and want to set up their own companies to make
and sell their ideas.
2. A business, company or _______ is an organization that sells
goods or services.
3. Business is also referred to as __________.
4. Large companies are referred to as _________.
5. The term ____ can refer to large business organizations or to
any business activity that makes a lot of money.
6. Small companies are referred to as _________ or small firms,
or sometimes SMBs.
Ex.10. The words in the box frequently occur after «business».
Find combinations that mean:

1) a small card showing a person’s name, position and company
name;
2) a visit to clients, suppliers or other business contacts which
takes you away from home;
3) a document showing details of how someone aims to run the
company, expand, introduce new product lines, and so on;
4) the people who own a business together;
5) the process of running a company;
6) a college or part of university where courses on business subjects
are taught;
13
7) the organizations and people involved in business;

8) a meeting with lunch to talk about work or to entertain clients;
9) the ability to encourage or predict commercial activity;
10) a gathering of people to discuss work topics;
11) a letter about a business transaction, often following a certain form;
12) a private investor who invests money in the establishment of
new often risky, companies.
Ex.11. Look at the words and phrases in the box. Match
them with the correct definition from the list below.
1) a very large organization that owns companies in more than

one country in order to obtain cheap raw materials and make
efficient use of a local workforce;
2) the money gained in a business deal, esp. the difference between
the amount earned and the amount spent;
3) a person or business that owns something;
4) two or more people in business to make a profit by selling goods
or services;
5) commercial activities in general;
6) a large group of companies;
7) to enter new types of businesses;
8) a nation’s system for allocating its resources among its citizens;
9) a business that is just being started.
14
Ex.12. Write the appropriate word or phrase in the following

spaces. Translate the sentences into Ukrainian.
1. It’s been a pleasure … with you.
2. My wife is a doctor, but I am … .
3. Small shops … very quickly.
4. She … her own company and proved to be a very good
businesswoman.
5. They work for an engineering … .
6. When a … becomes bankrupt, its stock is of no value anymore.
7. The company … its sales force from 10 to 20 representatives.
8. … of that car bought it at an auto dealer.
9. Have you ever … with this company before?
10. He has no idea how … a successful business.
11. An increasing number of European firms are … with Japan.
12. Very hot weather … how people feel and act.
13. She … her hunger by eating a steak.
14. … of alcohol in that country is forbidden.
15. That computer company is a …; all it has are few employees
and a good idea.
16. We tried to diversify revenues by expanding into online ….
Commerce, go out of business, in business, to do business,

company, corporation, the consumption, the owner, dealt, trading,
set up, start-up, expanded, to run, affects, satisfied.
Ex.13. These words are often confused:
economic – economical, economics – economy
Economy – the organization of a country’s wealth-

producing commerce and industry;
– the deliberate saving of money through
carefully-controlled spending.
Economics – the scientific study of a society’s money, industry
and trade.
15
Economic – related to the economy

– cost-effective
Economical – if something is economical it does not require
a great deal of money to operate
– an efficient way of doing things
Complete these sentences using the correct form of

one of the words above. Make sentences of you own to
show that you understand the difference in their meaning.
1. The government’s … policy has created a lot of problems.
2. It may be … to use a cheaper form of fuel.
3. Consultation will focus on the … and diplomatic issues.
4. … is one of the major subjects which future economists study.
5. We are looking for more … production methods.
6. The country is in a state of … crisis.
7. The new heating system proved … to use.
8. The government is attempting to reduce inflation and
strengthen the … .
9. Industrial production has slowed down in all the world’s
major … .
10.This machine is no longer … to run.
11.The IMF helps the … of the developing world.
12.Investors watch the rate of … growth closely.
13.My friend studies … .
14.Buying second-hand equipment can be a false … .
Ex.14. Build your vocabulary. Learn phrasal verbs for
business!
to branch out (into something) – to diversify (into something)
If a company or person branches out they start doing different
work from the work they usually do.
Read these sentences carefully and translate them
into Ukrainian.
16
1. The travel company has branched out and bought its own
hotels.
2. Bookstores are branching out into new areas such as
CD’s and gifts.
3. He wanted to branch out from accounting into marketing.
4. She decided to branch out on her own and start a new
company.
5. For business reasons we decided to branch out into selling
videos and DVDs.
6. If you branch out, you need to be careful that customers still
know your service is good.
7. We decided to branch out into computer games.
8. We have now branched out into sportswear.
9. I have worked for the company for ten years and I would like
to branch out on my own.
10. They have branched out into new areas to increase their
overseas business.
Exercises in Comprehension
Ex.1. Answer the following questions:
1. What is the economic system made up of?
2. Why do people depend on businesses?
3. What is business?
4. What is a business organization?
5. Do businesses vary in size?
6. What are corporations?
7. Where do multinationals operate?
8. What do we call «big business»?
9. What does «to do business» mean?
10. When may a company go out of business?
11. What affects a company development?
12. What can a company do to improve its business?
17
Ex.2. Sum up what you remember about:

а) corporations and multinationals,
б) big business and small business,
в) doing business.
Grammar Revision
Present Simple and Present Continuous
We use the Present Simple:
for routines and habits
I go to the bank twice a month.
for permanent situations
My friend works in a bank.
for facts
Water boils at 100o centigrade.
for timetables or fixed events in the future, that are usually
beyond the speaker’s control:
The train leaves in 10 minutes.
We use the Present Continuous:
for actions happening now
I am working on my report at the moment.
for temporary actions or situations
I am staying with my friends till I find a new flat.
for changing or developing situations
The economic situation is getting worse in this country.
to talk about something that happens often and is unplanned
or irritating (with always)
She is always grumbling and complaining.
to talk about future arrangements and plans:
I am leaving at four on the first flight to London.
Ex.1. Choose the correct variant.
1. All the guides here speak/are speaking at least two foreign
languages, because a lot of foreign tourists come/are coming
every year.
18
2. Look! The meeting starts/is starting. We’d better go in.

3. I work/am working for Midmark, a firm that makes/is making
medical equipment.
4. I go/am going to the supermarket. Do you want anything?
5. The train is arriving/arrives at 7 a.m.
6. They always make noise/are making noise next door.
7. Our meetings usually are starting/start at 4 p.m.
8. When a company is not successful, it is going/goes out of
business.
9. I work/am working overtime this week.
10. Tom is a very reliable person, everybody is trusting/trusts him.
11. He usually is coming/comes to his office on time.
12. The sun is setting/sets in the West.
13. Great Britain becomes/is becoming more popular as a location
for international business.
14. He earns/is earning over $ 20,000 a year.
15. People often spend/are spending a lot of their money on cigarettes.
Ex.2. Complete these sentences using the correct form
(Present Simple or Present Continuous) of the verbs
in brackets.
1. I never (work) at the weekend.
2. He (smoke) 30 cigarettes a day but at the moment he (try) very
hard to cut down.
3. What you (think) about?
4. Business (become) more international and secretaries (need)
international communication skills.
5. He (make) paper products.
6. The speaker (wait for) a telephone call.
7. The manager (check) the production levels every day.
8. They (sign) the contract in the conference room. Don’t trouble them.
9. Multinationals (compete) for a market share.
10. The express train always (arrive) on time.
11. The delegation (to come) at 5 p.m. tomorrow.
19
12. She (run) her own business.

13. I feel that we (make) too much noise.
14. The firm (specialize) in green tourism.
15. At present we (do) business with Japanese companies.
Ex.3. True or false? Correct where necessary.

1. Although we sometimes go to a restaurant, we usually are
eating at home.
2. Most American families has at least one automobile.
3. I am usually going to the supermarket on Fridays.
4. My friend often go on business trips abroad.
5. Any businessman is wanting to make a profit.
6. Multinationals now operate in every sector of industry.
7. The largest bank in the country plans to close some of its branches.
8. The firm makes excellent progress this week.
9. My friend has collected necessary information about markets
and now he establishes his own business.
10. The South is depending more on small businesses for jobs
than on large corporations.
11. Women run 25 per cent of existing small businesses.
12. I can’t talk now. I make a report.
13. Due to expansion, we are looking for new business partners to
join our company.
Ex.4. Translate into English.

1. Ця компанія виготовляє найсучасніші телевізори.
2. Не заважай мені! Я працюю над перекладом економічної
статті.
3. Мультинаціональні корпорації працюють у багатьох країнах
світу.
4. Мій брат займається малим бізнесом.
5. Економічна ситуація в країні впливає на розвиток бізнесу.
6. Багато європейських компаній торгують з Японією.
7. Нині уряд намагається знизити ціни на продовольчі товари.
20
8. Мій приятель вивчає економіку.

9. Моя фірма зараз шукає нових партнерів по бізнесу.
10. Він заробляє $ 15, 000 на рік.
11. Мене не цікавить ваша пропозиція. Я розширюю свій
власний бізнес.
12. Власники торгових підприємств зустрічаються завтра
о 9 годині.
13. Ця фірма завжди надає якісні послуги.
14. Він не має жодного уявлення про те, як керувати підпри-
ємством.
Speech and Discussion

Ex.1. If you start a business of your own, your aim is to do
well, in other words – to succeed. Every person
understands the word «success» in his own way.
And what does «success» in business mean for you?
Choose the suitable answer and explain why you
have chosen it.
Success is
 When you are popular with your customers
 when your products cost a lot
 a lot of money earned
 when you win all the competitions among other companies
specializing in the same area
 when your reach all your goals
 when your company is constantly expanding
 when the staff is working as a good team.
Ex.2. What are the most important reasons for people to
choose a particular profession?
21
Ex.3. Talk to your groupmates:

 which is the most interesting to work in:
a bank, a computer company, a hotel, a restaurant, a supermarket;
 choose one of the places and speak about the advantages
and the disadvantages of working there;
 what are the most popular jobs among young people in
Ukraine.
Ex.4. If you were to choose where to work, would you prefer

small business or big business? Why?
Ex.5. Talk to someone who has their own business. Find

out how they started it. Was it easy or difficult?
Is their company profitable?
Ex.6. Familiarize yourself with the following idioms.

Consult your dictionary and translate the sentences
into Ukrainian. Think of situations where you could
use them:
1. I will make it my business to see that he gets the job finished
in good time.
2. On his arrival he was robbed of all his money; a bad business!
3. He must mean business. He has paid ₤ 500.
4. You mind your own business and stay out of mine!
5. You have no business reading my mail!
Ex.7. Comment on the following proverbs and sayings.

Think of situations where you could use them:
«Everybody’s business is nobody’s business.»
«Business before pleasure.»
22
LESSON 2
Text: Business Organization and the Economy
Grammar: Past Simple and Past Continuous
Terms to remember:
classify (v)  класифікувати
industry  промисловіcть, індустрія, галузь
промисловості
primary sector  первинний сектор (видобувна
промисловість і сільське
господарство)
raw materials  сировинні матеріали
assemble (v)  збирати
finished products  готові вироби
secondary sector  вторинний сектор (виробництво)
manufacturing/  виробничий сектор
industrial sector
wholesale trade  оптова торгівля
retail trade  роздрібна торгівля
tertiary sector  третинний сектор (сектор
обслуговування)
service sector  сектор послуг
own (v)  володіти
private sector  приватний сектор
enterprise  підприємство
pursue (v)  переслідувати (інтерес)
regulation  регулювання
restriction  обмеження
public/state sector  державний сектор
nationalize (v)  націоналізувати
sell-off  розпродаж
privatize (v)  приватизувати
supply  постачання
utilities  комунальні послуги
23
Business Organization and the Economy

Businesses involved in making a particular kind of product
or providing a particular service are part of an industry and may
be classified according to which industry they are in: for example,
construction, oil, banking, food.
A sector is a specific part of a country’s economic activity.
The productive sectors of the economy consist of the primary
sector, the secondary sector and the tertiary sector. The primary
sector is a part of a country’s economy that consists of industries
which produce raw materials. The secondary sector consists of
industries which produce things from raw materials. It is sometimes
called a manufacturing or industrial sector. All the companies
which make goods from raw materials or assemble components
into finished products work in this sector.
The tertiary sector consists of industries which provide a
service. We can also call the tertiary sector the service sector.
All the companies which provide services in areas such as
tourism, banking and finance, communications, wholesale and
retail trade work in the service sector.
Besides, a company may be owned by the state, or by private
individuals. Privately – owned and – run companies work in the
private sector. It includes large corporations, SMEs (small and
medium sized enterprises) and individuals working on a self-
employed basis. A private enterprise is a system that allows
individuals within a society to pursue their own interest without
governmental regulation or restriction.
State – owned and – run organizations are in the public
sector.The public sector is controlled or supported financially by
the government. We can also call it the state sector. It includes
schools and hospitals, railways, the post office and so on.
When a private company is bought by the state and brought
into public sector, it is nationalized in a process of nationalization.
A nationalized company is state-owned.
When the state returns a company to the private sector in a
sell-off, it is privatized. This is privatization. The first to be sold
off in a privatization programme are often the companies responsible
for the public supply of electricity, water and gas: the utilities.
24

Ex.1. Form verbs and adjectives from the following nouns:
classification, industry, owner, privatization, regulation,
restriction, nationalization, responsibility.
класифікувати, банківська справа, сировинні матеріали,
готові вироби, виробничий сектор, фінанси, зв’язок, оптова
та роздрібна торгівля, сектор послуг, володіти компанією,
приватна особа, приватний сектор, приватне підприємство,
державне регулювання, обмеження, державний сектор, наці-
оналізація, приватизація, комунальні послуги.
have a similar meaning:
A B
own company
goods permit
enterprise possess
allow commodities
in charge of restriction
limitation responsible
phrases:
retail trade, nationalization, private sector, regulation, state-
owned organization, return, responsible.
business develop
assemble
industry finance
sell
components classify
start
product privatize
close down
supply
company pursue
nationalize
25
interest
Ex.6. Choose the proper variant of the following examples
of economic activity and put it in the correct column
in the table below:
fishing, catering, pig farming, ship building, forestry, mining,
financial services, retail trade, car production, information services,
tourism, house building, insurance, food processing, producing
clothes, consultancy.
the primary sector the secondary sector the tertiary sector

to make economies balanced
mixed
planned
market
to boost
econom
to stimulate ye
to revive false
black
1.The true size of the ... economy can never be known.

2.Buying cheap tools is ... economy.
3.The government was blamed for not achieving a ... economy.
4.The government should do more to ... economy.
26
5.I am sure, if you ... a few economies, we’ll be able to afford a

new computer.
Ex.8. The words in the box frequently occur before «sector».

1) all the companies which assemble components into finished
products, or which make goods from raw materials;
2) all the companies which provide services in areas such as tourism,
banking and finance, wholesale and retail trade;
3) state – owned and – run organizations, e.g. government depart-
ments, and nationalized industries;
4) privately – owned and – run companies;
5) all the companies which provide insurance;
6) all the companies selling goods to the general public.

them with the correct definition from the list below:
1) the sale of goods in large amounts, and usually at lower prices,

to stores and businesses;
2) organized activity producing goods and services, eg. food,
banking, tobacco;
3) a natural substance, eg. wool, coal, used to make something
in an industrial process;
4) the sale of goods to the general public;
27
5) controlling; making sure that an organization or a service works
fairly and well;
6) a limit on something;
7) one of the services supplying the public with gas, water, electricity,
transport;
8) the sale of a business or service owned by the government to
private owners;
9) the process of bringing a company, or different companies in
the same industry, under government control;
10) a system for delivering goods or services.

1. Many young people are taking jobs in the rapidly growing …
… – banking, computer programming, financial services.
2. The computer … needs more people with advanced technical
skills.
3. Wood is the … … used to make paper.
4. … … is the right to buy, own, use and sell almost any item.
5. She is … her own interest.
6. She … a bookstore.
7. The workers in that factory … trucks.
8. His … is located in the financial district.
9. … don’t allow workers to use company cars for personal use.
10. … of the banks is done by the government.
11. He … … his computers after going out of business.
12. The … … is powerful in the USA.
Sold off, regulation, restrictions, enterprise, assemble,

owns, pursuing, private property, raw material, industry,
service sector, electronic sector.
Ex.11. Fill in the missing prepositions.

To say that privatization is unpopular … Britain is to say
nothing. Every week brings fresh outrage tales … bosses …
28
privatized firms picking … huge pay rises while sacking
employees and cutting the pay … those who remain.
The ordinary man, who has never liked privatization, wants
the water and electricity industries to be renationalized. So what
can be said … defence … privatization? Actually a great deal. A
few years ago many Britain’s firms working … public sector were
losing large sums … money.
After they were privatized, most companies became more
profitable. Most had higher sales and a higher share price than …
their first year after privatization.
(in-4, up, of-5).

to find – to found
to find – to discover by searching or by chance

to found – to establish
Complete these sentences using the correct form of one

of the words above. Make your own sentences to show that
you understand the difference in their meaning.
1. Who were the … of the European Union?
2. I … $ 10 on the sidewalk.
3. Economists … money in the budget to increase help to the poor.
4. We … our partners waiting for us at the restaurant.
5. His grandmother … this company.
6. The … of that bank was a wealthy businessman.
7. I was lost but finally … my way back to the hotel.
8. Have any new multinationals been … recently?
9. He … a new job.
10. I … the purse lying in a telephone box.

business!
to sell something off – to sell all or part of a business,
a company, etc. often at a low
29
price in order to get rid of it.

Read these sentences carefully and translate them into
Ukrainian.
1. He sold the business off to pay his debts.
2. The business reduced its debts by selling off assets.
3. The company is probably too large for them to sell it off
as a whole.
4. Unwanted land next to the factory has been sold off.
5. The company plans to sell off its IT division.
6. We acquired the company five years ago and sold it off last
year.
7. Most of the assets have been sold off already.
8. The business was sold off last week.
9. Some of the firm’s buildings and vehicles have now been sold
off.
10. If the sell-off of the rail company goes ahead, many jobs will
be lost.
1. What do the productive sectors of the economy consist of?
2. What principle may businesses be classified to?
3. What companies work in the manufacturing sector?
4. What companies work in the service sector?
5. What companies work in the private/public sector?
6. What is a private enterprise?
7. When is a private company considered to be nationalized?
8. When is a company considered to be privatized?
9. What companies are the first to be sold off in a privatization
programme?
Ex.2. What is the difference between:
a manufacturing sector – a service sector;
a private sector – a public sector;
nationalization – privatization.
30
Ex.3. Sum up what the text says about business organizations

and the economy.
Grammar Revision
Past Simple and Past Continuous
We use the Past Simple:
for events or actions in the past
In her youth she worked hard at English.
for events that happened one after another
I finished my translation and sat down to watch TV.
We use the Past Continuous:
for actions in progress in the past
I was doing the translation all afternoon.
for action that was in progress when another action happened.
The second action is in the Past Simple.
When we came she was interviewing a new secretary.
for actions in progress at the same time in the past
The wind was blowing and it was raining heavily.
Ex.1. Choose the correct variant

Жовтим кольором виділено частину яка ПРАВИЛЬНА її треба чітати
1. He became/was becoming a very rich man when he was just 25.
2. The weather was terrible, it rained/was raining the whole day.
3. While Maria was writing the report, Henry looked/was looking
for more information.
4. At 7 o’clock this morning she studied/was studying.
5. The student was reading a magazine while the professor spoke/
was speaking.
6. Henry ate/was eating a snack at midnight last night.
7. It snowed/was snowing heavily when he was waking up/woke up.
8. He often borrowed/was borrowing from me when we were
students.
9. When he was young he was going/went swimming every Sunday.
31
10. When I was shopping in Richmond Street I saw/was seeing a car

accident.
11. I talked/was talking to my boss when you rang.
12. Last year they were dividing/divided their business into two.
Ex.2. Complete these sentences using the correct form (Past
Simple or Past Continuous) of the verbs in brackets
Тут треба просто прочітати речення правильна
відповідь вже написана
1. .While my brother was studying for his exam, I was translating
a newspaper article into Ukrainian.
2. Tom was writing a letter to his family when his pencil broke.
3. When I was cleaning the house , I found some old letters.
4. The doorbell ran while I was having a bath
5. They were building new bank when I was there last year.
6. My friend was owning this company but the state bought it and
brought into public sector.
7. I was phoning my parents when the door bell ran .
8. We not heard the phone because we sang
9. During his visit to Switzerland he went skiing every weekend.
10. While did he watched television he heard a loud cry for help.
11. . They established the company in the 1990s
12 When the phone rang. I was talking to a client.
Жовтим виділено правильну відпорвідь
Зеленим переклад
1. As a child I never was staying up later than ten o’clock.
As a child I never staed up later than ten o’clock.
Як дитина я ніколи не пішов спати пізніше ніж десять годин
2. He was probably working in the office when we rang
He was probably working in the office when we called.
Він, ймовірно, працював в офісі, коли ми дзвонили.
3. She talked to someone on the phone when I came.
She was talking to someone on the phone when I came.
Вона розмовляла з кимось телефоном, коли я приїхав.
32
4. I tried to learn the rule while someone outside played the guitar.
I was tring to learn the rule while someone outside was playing
the guitar.
Я спробував вивчити правило, коли хтось зовні грав на
гітарі.
5. French hypermarket companies were beginning their operations
in the Spanish retail sector.
French hypermarket companies began their operations in the
Spanish retail sector.
Французькі компанії супермаркету розпочинали свої
операції в іспанському роздрібному секторі.
6. Public sector pay was rising by only 3 per cent last year.
Public sector pay rose by only 3 per cent last year.
Плата громадського сектору підвищилася лише на 3 відсотки
минулого року.
7. Analysts predicted continued growth in the service sector last
month.
Analysts predicted continued growth in the service sector last
month.
Аналітики передбачили продовжене зростання в секторі
обслуговування минулого місяця
8. Many people in the private sector were having to take very low
pay increase last year.
Many people in the private sector had to take very low pay
increase last year.
Минулого року багато людей у приватному секторі мали
взяти дуже низьке збільшення плати.
9. With a degree in business studies, she was hoping to find work
in a multinational corporation.
With a degree in business studies, she was hoping to find work in
a multinational corporation.
Зі ступенем у ділових дослідженнях вона сподівалася знайти
роботу у багатонаціональній корпорації
33
10. In an effort to improve its image, the company launched a new

public relations campaign.
In an effort to improve its image, the company launched a new
public relations campaign.
Щоб покращити її зображення, компанія розпочинала нову
кампанію зв'язків із громадськістю.

Сірим виділено вже перекладені речення
1. Вони дивилися телевізійну програму, коли прийшла мати
і повідомила їм багато цікавої інформації.
They looked the television program when mum has come and has
told it a lot of the interesting information
2. Англія закупила товарів на ₤ 2 мільйони в минулому місяці.
England has bought the goods on £ 2 оne million last year..
3. Він не виконав роботу вчасно і тому залишився в офісі
після роботи.
It has not executed to the robot in time and on it remained at
office after robots.
4. Його родина приватизувала декілька великих магазинів
нашого міста два роки тому.
His family privatised some the big shops of our city two years
ago.
5. Він припинив постачання обладнання для нашого заводу
ще у минулому році.
It has stopped deliveries of the equipment for our factory last year.
6. Вона прилетіла в Київ о десятій годині ранку і одразу
зателефонувала на фірму.
It has arrived to Kiev about ten o'clock in the morning and at once
has called on firm.
7. Поки вона вчилася на менеджера, вони ліквідували її фірму.
While she studied as the manager, they liquidated its firm.
8. Коли вони почали розширювати свій бізнес, вона була
власником своєї корпорації.
34
When they have started to expand the business, it was the owner
own corporation.
9. Ми добре навчилися задовольняти потреби наших клієнтів,
коли намагалися стати лідером у секторі послуг.
We have well learnt to satisfy requirements of our clients when
have visited to become the leader in sector of services.
10. Коли він постачав вам сировинні матеріали, він переслідував
свої власні інтереси.
When he supplied you with raw materials, he pursued his own
interests.
11. Ми обговорювали наші плани щодо розширення бізнесу,

коли зателефонував наш клієнт.
We were discussing our plans to expand our business when our
client called.
12. Я не знаю, хто заснував цю компанію.

I do not know, who has proved this company.
Ex.1. Talk to your groupmate:

 How important it is to like your job.
 Which is the most interesting to work in:
a manufacturing sector, a service sector.
 Choose one of the sectors and speak about the advantages
and the disadvantages of working there.
Ex.2. If you were to choose where to work, would you prefer

a public sector or a private sector? Why?
Ex.3. Discuss with your groupmates the advantages and
disadvantages of:
 privatization
 nationalization
35

use them.
1. We would manage much better without the help of backseat
drivers like Williams.
2. This business could be a gold mine if it were properly developed.
3. If you think Walsh will ever repay you, you are mistaken; I’m
afraid you’ve put your money on the wrong horse.
4. We are in deep water; we may have to sell the shop to pay
our debts.
5. Peter has blued all the money you gave him on gambling and
drink.
Ex.5. Comment on the proverb:

«In giving a man receives more than he gives.»
36
LESSON 3
Text: Ownership
Grammar: Present Perfect Simple
Terms to remember:
join (v)  об’єднуватися,
приєднуватися
purpose  мета
unlimited liability company  компанія з необмеженою
відповідальністю
limited liability company  компанія з обмеженою
be liable for  бути відповідальним за
debt  борг; зобов’язання
assets  майно, активи
sole trader/sole  одноосібна власність
proprietorship
partnership/general  товариство
partnership
private limited company  закрита акціонерна
(BrE) /limited liability компанія
company (AmE)
public limited company  відкрита акціонерна
(BrE)/listed company (AmE) компанія з обмеженою
shareholder  акціонер
share  акція
wealth  матеріальні цінності,
багатство
offer (v)  пропонувати
public  громадськість
Board  правління, керівництво
(компанії)
franchise  франшиза, ліцензія
franchisee  особа, яка отримує
ліцензію (франшизу)
stock exchange  фондова біржа
37
Ownership
A business is an organization of material, human, financial,
and information resources that are joined together for a specific
purpose. Not all businesses are owned and organized in the same
way. Within each industry there can be a variety of types of business
organization, each with their own legal structure. How a company
is legally constituted will depend on its size and the laws of the
country in which it is operating.
In unlimited liability companies the owners are personally
and entirely liable for the debts of the company. This means they
may lose their personal assets (e.g., their house or their car) if the
company is in financial difficulties.
In a limited liability company (Ltd.) the owners are liable
only for the amount of money they have invested in the business.
This type of company is often quite small, and includes many
family – run businesses.
Unlimited liability companies are subdivided into sole
traders (BrE)/ sole proprietorship (AmE) (a type of business
organization owned and run by one person) and partnerships (BrE)/
general partnerships (AmE) (a firm run by two or more partners
who share the risks and profits). A lot of professional people like
lawyers, accountants and so on, work in partnerships.
Limited liability companies are subdivided into private limited
companies (Ltd) (BrE)/limited liability companies (AmE) and
public limited companies (PLC) (BrE)/listed companies (AmE). A
private limited company/limited liability company is a company
which has shareholders (people who own the wealth of a company)
but which cannot offer its shares to the public. A public-limited
company/ listed company is a company whose shares can be bought
and sold (publicly traded) on the stock exchange. Its shareholders
receive a share of the profits every year (paid as dividends). These
are large companies, and are run by managers under the supervision of
a Board.
A franchise is a type of company in which the business owner
allows other people (franchisees) to set up in business using the
company’s brandname, products and reputation. This type of company
includes McDonald’s and the Body Shop.
38
Notes: A public limited company is privately owned. It is not run
by the state.
Ex.1. Form adjectives from the following nouns:

organization, material, finance, information, purpose,
specification, wealth, liability, owner, person, difficulty.

фінансові та інформаційні ресурси, компанія з необмеже-
ною відповідальністю, власник, бути повністю відповідальним
за борги компанії, втрачати власне майно, фінансові труднощі,
компанія з обмеженою відповідальністю, одноосібна власність,
товариство, закрита акціонерна компанія, відкрита акціонерна
компанія з обмеженою відповідальністю, акціонер, пропонувати
акції, продавати акції на фондовій біржі.
A B
join sole proprietorship
purpose listed company
sole trader propose
public limited company aim
offer unite
organize stock
personal arrange
share individual
phrases:
poverty, limited liability company, to buy, to disunite, to find,
public.
Ex.5. Find the odd word.

1) company, business, firm, corporation, office, enterprise;
39
2) sole proprietorship, limited liability, public limited company,
partnership, private limited company;
3) owner, investor, shareholder, consumer, managing director.
debt sell off
hold
asset pay back
buy
shares issue
run into
partnership join
form
business own
lose
Ex.7. The words in the box frequently occur after «debt».

1) a person employed to recover money owed by a person or an
organization;
2) paying loans back to the lender;
3) renegotiating the form of debts;
4) renegotiating the dates that debts are to be repaid;
5) the overall amount of an organization’s debt;
6) a period when a debtor is having trouble repaying their debts.
40
1) a firm run by two or more partners;

2) a business owned by one person;
3) a company in which the owners are entirely liable for the debts
of the company;
4) a company in which the owners are liable only for the amount
of money they have invested in the business;
5) a company that may not offer its shares for sale to the public;
6) a company whose shares can be bought and sold on the stock
exchange;
7) money owed by one person or an organization to another;
8) an item of value belonging to a person or a company;
9) one of many portions into which a company’s capital is divided;
10) a market where stocks and shares are bought and sold under
fixed rules;
11) a person who owns shares in a company and is, therefore, a
member of the company;
12) (owning) a large amount of money, goods or property.
13) a license to operate an individually owned business.

1. The person operating a … … owns the business in his or her
own name.
2. Formed by two or more persons, the … is considered a
business entity. Each partner is responsible for the … .
3. All personal … of each partner are at risk if the business fails.
4. … receive dividends in proportion to the capital they invest.
5. Being a … … she works long hours in her hairdressing
business.
6. The partnership collapsed as a result of the criminal activities
of one of the … .
7. He has … in British Gas.
8. He is a man of great … .
9. The … of going to school is to learn.
10. He works as a computer operator at the New York … … .
41
Stock exchange, wealth, purpose, shareholders, sole trader,

partners, shares, assets, debts, partnership, sole proprietorship.
The limited liability company provides a framework … which a
business can operate effectively. A limited company is usually the
best vehicle … business. Shareholders inject capital and receive a
return … proportion to the capital they invest. They are eligible to
attend an annual general meeting … approve or otherwise the way
the directors are running the business. Annual general meetings also
determine how much … the profit will be distributed … shareholders.
Control … the company is … the hands of directors who are
appointed … the shareholders to run the company … their behalf.
(on, by, of-2, to-2, in-2, for, within)
to offer – to suggest
to offer – to propose something, express willingness to do
something
e.g. He offered me a job.
to suggest – to propose something to do, to offer an idea or a
plan for consideration
e.g. 1. We suggest contacting the manufacturer directly.
2. I suggest we have dinner first.
3. He suggested various ways in which the service could
be improved.
one of the words above. Make your own sentences to show
that you understand the difference in their meaning.
1. I … a new plan.
2. I … to take my friend to dinner.
3. They … fresh investments in our business.
4. He … that we have lunch at the hotel.
5. She … me a cigarette every time I see her.
6. They … him a job last week.
7. He … I look through the documents once more.
8. Our company … different services to our customers.
9. My friend … that we join our small firms.
10. His company … just its shares to the public.
42
11. He … going to the stock exchange.
12. I … you buy more shares of this company.
1. Are all businesses owned and organized in the same way?
2. What is the simplest form of business ownership?
3. What are the owners liable for in unlimited liability companies?
4. What are the owners liable for in a limited liability company?
5. What are unlimited liability companies subdivided into?
6. What is a partnership?
7. What are limited liability companies subdivided into?
8. What is a private limited company?
9. What is a public limited company?
10. Is a public limited company privately or state-owned?
Ex.2. Complete each explanation with a pair of words from

the box.
debt / liability firm / partnership
1. A ________ is simply money that somebody owes. A _______
refers to an amount of money that a company owes, but it can
also mean the legal responsibility for paying something.
2. The word _______ can just be a synonym for «company». But
it is more often used for a small company providing a professional
service, such as a _______ of accountants, lawyers or architects.
Ex.3. Read the information about the four companies and

say which matches each of the terms in the box.
a franchise a sole trader a limited company

a public limited company
1. John Brown set up online music store last year. He owns the
store and manages it by himself.
43
2. Orion is a medium-sized firm whose shares are available on
the stock market.
3. Vega went bankrupt last year, but its shareholders were not made
responsible for all the money it owed.
4. Supermoda is a large international company who sells the
right to sell goods using its name to other smaller businesses.
Ex. 4. What is the difference between:

an unlimited liability company – a limited liability company;
sole proprietorship – partnership;
a private limited company – a public limited company.
Ex.5. Sum up what the text says about:

 unlimited liability companies and limited liability
companies,
 sole traders,
 partnerships,
 private limited companies,
 public limited companies.
Grammar Revision
Present Perfect Simple
We use the Present Perfect Simple:
 for the action or situation which is finished
We have painted the whole house.
 for recent actions or events in the past that have a result in the
present
You have broken the window!
 for actions or situations that began in the past and continue in
the present
Windsor Castle has been a royal residence since the 11th century.
44
Time words or expressions which are often used with the

Present Perfect Simple:
for, since, just, already, yet, this morning (week), in the last few
days, recently, lately/of late, never, ever, so far.
Ex.1. Look at the expressions in the box:
1. Divide them into those which talk about a present period and
those which talk about a past period.
2. Choose 3 expressions from each list and write sentences about
your own educational experience.
Ex.2. Choose the correct variant:

1. He published/has published a new book twice already.
2. I never was/have been to Italy, but I have gone/went to
England last May.
3. I sent /have sent them an E-mail this week.
4. Did you register/Have you registered your ticket yet?
5. The plane from Paris has landed/landed an hour ago.
6. How many schools did you study/have you studied in?
7. The shop never made/has made any money.
8. Did it stop/Has it stopped snowing yet?
9. He was/has been in his office since early morning.
10. Mary called/has called her employer yesterday.
11. I answered/have answered three letters so far.
12. She was/has been away on business since last Monday.
45

(Past Simple or Present Perfect Simple) of the verbs
in brackets.
1. People (begin) to watch TV about 50 years ago.
2. I am looking for Tom. You (see) him?
3. I (see) him last week, but not today.
4. When I was a child, I never (eat) cheese.
5. He (organize) his sole proprietorship this year.
6. This morning I (take) a little walk.
7. We (be) to our main office since 7.30.
8. I (know) the owner of this company all my life.
9. The company (change) a lot lately.
10. It (not rain) here for weeks.
11. She (be) a regular investor in my business.
12. How long you (be) in your current job?
13. He (have) several jobs since he left our company.

1. Your fax has arrived three days ago.
2. I haven’t been to the office since Sunday.
3. Has anyone seen my car keys?
4. I have passed my driving test.
5. I already had four cups of coffee today, and it’s only lunchtime!
6. I have been to most countries of Africa but I never visited Congo.
7. He has passed his exams last May.
8. He was busy all this week.
9. There is a lot of work to do recently.
10. Computers have become very important lately.
11. Don’t worry about the order from Sony. I already dealt with it.
12. Over the last year or so, shareholders of this company made
a 50% profit.
Ex.5. Translate into English:

1. Вона завжди давала мені багато корисних порад у бізнесі.
46
2. Ми не бачили його вже 2 роки.

3. Я щойно заплатив йому за цю роботу.
4. Я тільки що прочитав звіт наших партнерів.
5. Ви не одержали від нього жодного листа, чи не так?
6. Він надіслав нам ці документи позавчора.
7. Невже він повідомив вам цю новину?
8. У мене був вільний час і я продивився ваш контракт.
9. Твої друзі принесли тобі багато квітів і подарунків.
10. Його стаття була надрукована в нашому журналі.
11. Ми обговорили план співробітництва з цією фірмою дві
години тому.
12. Вони інвестували в мій бізнес велику кількість грошей.

 Which is the most interesting to work in:
sole proprietorship, partnership, a private limited company, a
public limited company.
 Choose one form of business ownership and speak about
the advantages and the disadvantages of working in this type of
business.
Ex.2. Interview an owner of a sole proprietorship, ask the

following questions:
1. Why are you in business?
2. Why did you choose this particular type of business?
3. What advantages and what disadvantages do you feel the
sole proprietorship has over other forms of business
ownership?
47
4. How difficult is it to borrow money? And how do you

arrange for additional funds?
5. Why do you prefer to stay independent?
6. What advice do you have for someone who is thinking about
going into business?
Ex.3. You want to open a business. What ownership form

would you use? Why?
Ex.4. What do you think are the advantages of a small
family-run business?
 for the consumers/clients?
 for the owner?
 for the employees?
Ex.5. What do you think the success of business depend

on?

use them.
1. Despite the efforts of the government, the black economy
continues to grow.
2. I didn’t know how to break the ice with him. We were both
shy and had nothing in common.
3. We must bring these partners to book; they deserve
severe punishment.
4. We had to work on a shoe-string, with hardly any staff.
5. I could tell from the expression on the men’s faces that
something was cooking.
Ex.7. Comment on the following:

«Genius without education is like silver in the mine».
48
(Franklin)
49
LESSON 4
Text: Business Relationship
Grammar: Present Perfect Continuous
Terms to remember:
relationship  відносини
subsidiary  дочірня компанія,
підконтрольна компанія, філія
parent company  компанія-засновник; компанія,
що володіє контрольним
пакетом акцій іншої компанії,
батьківська компанія
holding company  холдингова компанія
hold (v)  володіти
stake  частина (чогось), частка
(капіталу), акція
sister company  сестринська компанія
associated company  афілійована (дочірня) компанія
conglomerate  конгломерат
joint venture  спільне підприємство
remain (v)  залишатись
separate  окремий
legal entity  юридична особа
consortium  консорціум
undertake (a project)  розпочинати, здійснювати
(v) (проект)
carry out (v)  виконувати, здійснювати
50
Business Relationship
As businesses expand they may buy shares in other companies,
or join with other companies for a particular purpose. There are
different relationships these companies can have with one another.
A group is a number of subsidiary companies operating under one
leading company known as the parent company. A subsidiary is
a company that is half or wholly owned by another company (the
parent company).
A holding company is one that holds all, or more than half
of, the stakes in one or more subsidiaries. It is the leading company
in a group.
A holding company’s relationship to its subsidiaries is that
of parent company, and the subsidiaries’ relationship to each other
is that of sister companies. The parent company controls its
subsidiaries through its capital interests.
An associated company is a company in which between 20%
and 50% of the shares are owned by another company or group.
A conglomerate is a group consisting of a lot of different
companies in different businesses run as one large company.
When two or more companies decide to work together, they
form a joint venture. In such cases, the two companies involved
remain separate legal entities.
A consortium is a group of companies which come together
to undertake a project which any one of the members cannot carry
out alone.

Ex.1. Form adjectives from the following verbs:
hold, subside, separate, join, relate, lead, differ, expand,
operate, know, decide.
ділові відносини, розширювати бізнес, купувати акції,
об’єднуватися з іншими компаніями, провідна компанія,
компанія-засновник, філія, холдингова компанія, акція, сес-
тринська компанія, спільне підприємство, юридична особа,
здійснювати проекти.
51
A B
consist stay
stock parent company
separate different from smth. else
carry out make up one’s mind
operate share
holding company fulfil
hold function
decide be composed of
remain own

phrases:
to shorten, to sell, similar, subsidiary, joint, legal, to leave.
start
stakes form
acquire
joint venture hold
own
project set up
undertake
subsidiary develop
Ex.6. The words in the box frequently occur before

«company»:
52
1) the leading company of a group that holds all or more than half
of the shares of the other companies and usually controls other
companies;
2) one of two or more organizations that are part of the same group;
3) a business formed by a group of people using money provided
by them all;
4) a company of which at least half the share capital is owned by
another company, called a parent or holding company;
5) a company whose shares are recorded on the main market of a
stock exchange;
6) a company whose members are only responsible for its debts
up to a limited amount
7) a company that offers the same or better goods and services as
another and therefore competes for the same customers.
Ex.7. Look at the words and phrases in the box. Match them
with the correct definition from the list below:
1) a connection between ideas, people or things;

2) the leading company in a group;
3) a holding company together with any subsidiary companies in
which it owns more than half of the share capital;
4) a business activity in which two or more people or organizations
work together;
5) a sum of money invested in a business;
6) a number of companies, sometimes involved with different
products, joined together and run as one large company;
7) a temporary association of two or more companies for a major
project that is too complex for any of them to do alone;
8) allowed or required by law, lawful.
53

1. One of the oldest breweries has now joined an international
… of drinks manufacturers.
2. There are now five … companies in the group. Each …
company trades under its own name.
3. The businessman formed a … company to control all his
assets.
4. They have a 25% … in the business.
5. Our … company may share some of the advertising costs
with us.
6. An American and a German auto maker agreed to form a …
… to build trucks.
7. Those two companies have a close working … .
8. She … stocks of 12 companies.
9. This product has … popular for many years.
10. The company will … the building of a large warehouse.
11. The cost of making the product and the cost of selling it are
two … issues.
Undertake, remained, holds, relationship, joint venture,

sister, stake, holding, subsidiary (2), conglomerate, separate.
Ex.9. Fill in the missing prepositions:

1. The group’s shares fell … 10 per cent … … a fall in the
home market.
2. Our parent company has its headquarters … Finland.
3. Nestle Corporation, … its many branches and subsidiaries, is
one … the world’s largest food manufacturers.
4. Multinational corporations now operate … every sector …
industry.
5. Philip Morris is a holding company which owns several
major American companies … the tobacco and food
industries.
6. Warner Bros. is an entertainment conglomerate that produces
television programmes … broadcasting all over the world.
54
7. Japanese and US firms … the textile industry continue to
enter … joint ventures … India.
8. The hotel was finally rescued … a consortium … local
business owners.
9. I work … a construction company which has a lot …
contracts … other countries.
10. The partners … a joined venture agree to control and manage
the business together.
(into, for (2), of (4), with, in (7), by (2), because of)
Ex.10. These words are often confused

to rise – to raise
to rise – is an intransitive verb, i.e. it cannot take an object
e.g. Prices rose last month.
to raise – is a transitive verb, i.e. it is followed by an object.
e.g. They raised the prices.

1. Many firms try to survive by … productivity.
2. We are trying … money to buy a new computer class.
3. My boss … my salary by 5%.
4. The petrol prices … by 15 % this week.
5. West European car sales … from 1 to 1,5 million.
6. Sales have … by 8 % this month.
7. We have … our profit levels by 10 %.
8. They managed to … sufficient capital to keep the company
buoyant.
9. She … the question of overtime payments.
10. His report … some valuable points.
11. Companies needing money for development may … capital on
the stock exchange by selling shares.
12. Large and small businesses need a capital market in which
they can … finance.
13. Prices are … at an alarming rate.
14. They … their fees last year.
55
Ex.11. Build your vocabulary. Learn phrasal verbs for business!

to carry something out – to do and complete a task or to do
something that you have promised
to do or that someone has asked
you to do.
Ukrainian.
1. We need to carry out an assessment of the risks.
2. When do they think they’ll be able to carry the repairs out?
3. These changes are so expensive that very few companies can
carry them out.
4. Safety checks were carried out by inspectors.
5. Scientists are currently carrying out tests to discover the
cause of the problem.
6. We carry out safety checks every two weeks.
7. The two audits were carried out by D&T.
8. My job is to carry out a review of procedures.
9. He carried out his threat to sue the company.
10. You didn’t carry out my instructions correctly.
1. What do you know about different relationships that companies
can have with one another?
2. What is a group?
3. Is a subsidiary owned by another company?
4. What is a holding company?
5. What is a conglomerate?
6. Under what circumstances is a joint venture formed?
7. Why do companies unite into a consortium?
a parent company – a sister company
a group – a joint venture
a conglomerate – a consortium
56
Ex.3. Which terms refer to organizations that control another

company, and which refer to companies whose shares
are held by another company?
 A holding company
 A parent company
 An associated company
 A subsidiary
 A sister company.

 parent companies
 subsidiaries
 conglomerates
 joint ventures
 a consortium
Grammar Revision
Present Perfect Continuous
We use the Present Perfect Continuous:

 to talk about actions or situations that began in the past and
continue in the present
He has been working for Lloyds since 1998.
 to talk about a recent action that has a result in the present
I have been working on the project – that’s why I am so tired.

1. He has developed /has been developing a new product for a month.
2. She has worked/has been working overtime since May.
3. My firm has sold/has been selling shares since September.
57
4. Have you read/have you been reading our company development
programme all day?
5. I have waited/have been waiting for our partners since 2 o’clock.
6. I have worked/have been working so hard that I haven’t seen
my family for weeks.
7. They have exhibited/have been exhibiting this new model
since May.
8. My friend has looked/has been looking around for a new flat,
but he hasn’t found it yet.
9. What new products have you advertised/have you been
advertising since I last visited you?
10. How long have you worked/have you been working as a
consultant?
11. I have tried/have been trying to ring them all day.
12. I have run/have been running the company since 2000.

(Present Perfect Simple or Present Perfect Continuous)
of the verbs in brackets.
1. I’m exhausted I (work) all day on my business plan, and I (not
finish) it yet.
2. I (shop) all morning, but I (not buy) anything yet. I haven’t seen
anything I’ve liked.
3. I (wait) for two hours, but nobody (arrive) yet.
4. I (listen) to you for the past half an hour, but I’m afraid I don’t
understand your new idea.
5. The company (not make) any money for 2 months.
6. This shop never (make) any profit.
7. He (not have) a holiday for years.
8. My friend (be) President of the holding company for 3 months now.
9. I (read) a lot of special literature lately.
10. The parent company (finance) its subsidiary for 2 months.
58
11. How long you (work) for them?

12. We have spoken to each other on the phone, but we never (meet).
1. We have been thinking of ways to help our sister company for
a week already.
2. Our President has decided to change the management structure
last May.
3. We have been placing an advertisement in Accounting Journal
this Month.
4. They have raised the prices for gas last week.
5. They have been expanding their business for 6 months.
6. We have bought more than half of the shares of this company
last month.
7. I have prepared the annual report since early morning.
8. My uncle knows everything about finance. He has been working
as a financial manager for 20 years.
9. I have been sending them a fax today.
10. My brother has quarrelled with his boss yesterday.
11. Bill is a natural salesman. He has been selling 10 cars since the
beginning of the week.
12. I wonder how Mary is getting on. I haven’t heard from her for
nearly a month.

1. Він ремонтує свою машину вже дві години.
2. Вони перекладають документи на англійську мову цілий ранок.
3. Ви п’єте дуже багато кави останнім часом.
4. Він працює в цій компанії 20 років і ще ніколи не запізнювався.
5. Клієнти телефонують цілий ранок. Щось трапилось з
комп’ютером.
6. Мені здається, що я стою в цій черзі цілу вічність.
7. Президент компанії розглядає мою заяву вже тиждень.
Я сподіваюсь на позитивну відповідь.
8. Я роблю покупки в цьому магазині вже 15 років.
9. Останнім часом виробничий сектор в Європі постійно
зменшує кількість робочих місць.
10. Вони займаються модельним бізнесом разом вже 10 років.
59
11. Як давно ви працюєте над цим проектом?
12. Наше спiльне підприємство щойно створено.

 Which is the most interesting to work in;
A parent company, a sister company, a joint venture, a
conglomerate;
 Choose one company and speak about advantages and
disadvantages of working there.
Ex.2. Discuss with your groupmates different relationships

companies can have with one another.

use them.
1. It’s a good job you weren’t at home when Jim called; he was
in such a bad temper.
2. It’s no good going to Mr. Brown for advice; he is only a
sleeping partner.
3. We were all expecting him to fail, but he passed with flying
colours.
4. It is better to tell a white lie than to lose a friend.
5. Since her wedding day my mother-in-law has been wearing
the trousers.

«Self-confidence is the first requisite for great undertakings»
(Samuel Johnson).
60
LESSON 5
Text: Companies’ Restructuring
Grammar: Past Perfect Simple
Terms to remember:
restructure (v)  реорганізовувати,
перебудовувати
witness (v)  бути свідком (чогось)
market  ринок
combine (v)  об’єднуватися
voluntarily  добровільно, за власним
бажанням
merge (v)  зливатися, об’єднуватися,
поглинати
merger  злиття, поглинання
controlling share  частка в капіталі компанії, яка
забезпечує контроль за її
діяльністю
acquire (v)  придбати
make an acquisition  придбати
take over (v)  поглинати (компанію)
hostile takeover  (в бізнесі) одержання контролю
над компанією проти бажання
її менеджменту; вороже
поглинання
raider  рейдер (приватна особа або
корпорація-інвестор, що має
намір отримати контроль над
компанією шляхом придбання
контрольного пакета акцій і
призначення нових керівників)
white knight  «білий лицар» (дружня компа-
нія-покупець, яку намагається
залучити компанія, що є об’єк-
том ворожого поглинання)
61
poison pill  «отруйна пігулка» (стратегія,
що використовується
компанією, яка є об’єктом
поглинання, для того, щоб
зробити свої акції менш
привабливими для покупця)
discount  знижка
willingly  охоче; добровільно, без
примусу
make a bid  робити пропозицію (щодо
(for something) купівлі чогось за зазначену
ціну)
price  ціна
buyout  придбання контрольного пакета
акцій, викуп
purchase  закупівля, покупка
staff  персонал, штат (службовців тощо)
divest of (v)  позбавляти; відмовлятися;
відкидати
pull out (v)  відмовлятися від участі
в чомусь
abandon (v)  відмовлятися, залишати
efficient  ефективний
profitable  прибутковий
aim  ціль, мета
Companies’ Restructuring
In the world of business we can often witness changes to the
ownership or structure of companies and groups of companies. As
a rule companies join with or buy other companies in order to
have better control of a particular market, to diversify their
business, to strengthen their operations to remain profitable. When
two companies combine, usually voluntarily, they merge to form
one company in an agreement known as a merger.
62
To buy another company or to win a controlling share of a
company is to acquire a business, make an acquisition or take
over a company. There are two types of takeover: a hostile
takeover is a situation in which a company is bought out when
the owners do not want to sell. Individuals or companies that want
to take over other companies are called raiders. Companies have
various ways of defending themselves against a hostile takeover.
They can try to find a white knight – another company that they
would prefer to be bought by. Or they can use the poison pill
defence («eat me and you’ll die!») which involves issuing new
shares at a big discount. This reduces the holding of the company
attempting the takeover, and makes the takeover more expensive.
A friendly takeover takes place when a company is willingly
bought out. When someone wants to buy a company they have to
make a bid for it, i.e. offer to buy it at a certain price.
A buyout is the purchase of a company usually by buying
the majority of shares, especially by its management or staff.
The abbreviation MBO is also used.
If a company sells a business, it divests itself of that business.
If you pull out of a business activity, you abandon it, perhaps as
part of a programme of restructuring: reorganizing a business
with the aim of making it more efficient and profitable.

efficiency, profit, aim, price, will, hostility, volunteer, change,
control, activity.

світ бізнесу, зміни в структурі компанії, об’єднуватися
добровільно, придбати бізнес, поглинати компанію, власник
компанії, купувати (продавати) компанію, відмовлятися від
діяльності, залишати бізнес, придбання контрольного пакета
63
акцій, персонал, програма реорганізації бізнесу, прибутковий
бізнес, мета, знижка.
A B
witness stop participating
buy acquire
aim observer
staff purchase
make an acquisition purpose
enter new types of gain
businesses stock
win diversify
share offer to sell something at a certain
hostile takeover price
bid unfriendly takeover
pull out personnel

phrases:
a friendly takeover, to sell, demerger, inefficient, unprofitable,
worse, involuntarily, to lose.
market
increase
merger flood
make
takeover reduce
take part in
acquisition play
agree (to)
bid fight
64
fix
price
Ex.6. The words in the box frequently occur before «market».

1) the illegal economy, not approved by a government;
2) the situation of buying and selling goods for personal use, not
for resale;
3) a place where raw materials and some manufactured goods are
bought and sold;
4) any market where there is a lot of buying and selling;
5) a place where deals are made relating to the long-term
investment needed by businesses;
6) a market where certain securities are plentiful and prices are
low because there are few buyers;
7) a market where foreign currencies are traded;
8) a market where conditions are good for the buyer;
9) a market where conditions are good for the seller;
10) a financial market at which the value of stocks and bonds goes
down;
11) a situation in a financial market where prices are rising and lots
of shareholders are buying.
65
1) a business or part of a business taken over or bought by another

company;
2) a person who saw something and can tell about it;
3) the buying of one company or most of the shares in it, by
a person or another company;
4) (in business) combining two companies into one larger company;
5) an offer to sell something at a certain price;
6) the amount of money for which something can be bought or sold;
7) the purchase of a controlling interest in business;
8) the workers or employees of an organization;
9) a situation where a person or an organization owns enough
shares (usually more than 50%) in a company to say how
it should be run.
10) a person or company that buys a large number of shares in
another company before making a takeover bid or obtaining
control.
11) a price below the usual or advertised price;
12) a friendly partner who, by taking a stake in the company,
prevents a complete takeover by a hostile company.
Ex.8. Fill in the missing words which relate to business

integration:
1. When two companies combine to form a larger single
company, the new company is the result of a _____.
2. When a company is incorporated into another firm that has
bought the major part of its shares and thereby gained control,
we are witnesses to an ______.
3. _______ is a form of integration which can be accomplished
either in a _____ or a hostile manner.
66
4. One way of avoiding ______ is the decision by senior

executives to attempt a ______ .
1. This deal should be highly … .
2. We have … of twenty.
3. Choose carefully before making … .
4. We can’t afford to buy the computer at that … .
5. Our company made … to sell coffee beans at $ 10 per pound.
6. The family will never sell more than 49 per cent of the shares;
they don’t want any possibility of … .
7. The software company’s … of Acme Company will help it
compete in the hardware market.
8. The directors of both companies met to discuss the terms of … .
9. The two insurance companies have agreed … .
10. We … the project because it was too expensive.
11. … determines what goods are made.
The market, to merge, the merger, acquisition, a takeover,
a bid, price, a purchase, a staff, profitable, abandoned.
Ex.10. Fill in the missing prepositions and adverbs:
1. Rumours … a takeover led … a sharp rise in the company’s
share price.
2. The company has launched a bid … a hostile takeover … its
main rival in the sector.
3. … a result … the friendly takeover … Eastern Foods Ltd., we
can witness a substantial increase … earnings.
4. His company makes a bid … Telecom Spain.
5. Santrix Corporation was taken … … Chesterton Corporation
two years ago.
6. Making an acquisition … the computer industry will greatly
improve the company’s position … the market.
7. Many American banks have merged … the last 5 years.
8. Talks … a merger … Daimler and Chrysler caused
speculation … job security.
9. The staff signed a birthday card … me.
67
10. Two banks underwent a merger and combined … one huge
operation.
(of (5), to, for (3), as, in (4), by, over, into, between, about)
to learn – to find out
to learn – to gain knowledge; to gain new information about

a situation, event or a person
to find out – to discover a fact or piece of information (something
that was previously unknown)

1. She … some American history in high school.
2. I just … that the payment is due tomorrow.
3. He is … how to use a computer.
4. We … about the accident from my friend.
5. She lost so much money in the stock market that she … a lesson.
6. Please … when they will discuss the terms of the merger.
7. When did you … about the acquisition of their companies?
8. We were glad … this good news.
9. We have not yet … whether he got the profit.
10. Please … how to get there.
11. Most of these business stories are true and we can … a lot from
them.
12. I am returning the machine so you can … what is wrong with it.

business!
to take something over – to gain control of a company,
especially by buying shares.
Ukrainian.
1. They have made an informal offer to take over the airline.
68
2. The government took the electricity company over as part of
its nationalization plan.
3. The company was making huge losses when we took it over.
4. Analysts think that electronics group will be taken over by a
rival.
5. The telecoms company was taken over by a private
operator.
6. The giant textile group has taken over its nearest rival.
7. Only one electricity company can take over a bigger share
of the power market.
8. Several companies are bidding to take over the food retailer.
9. Do you know that an American group is taking over the
local car maker?
10. The business was already highly profitable when Blake Ltd.
took it over.
1. What can we often witness in the world of business?
2. Why do companies join with or buy other companies?
3. What happens when companies combine?
4. What do we mean by «making an acquisition»?
5. What types of takeover exist in business?
6. What is a hostile (a friendly) takeover?
7. What do you have to do when you want to buy a company?
8. What is a buyout?
9. Why do businessmen restruct their business?

a hostile takeover – a friendly takeover
a buyout – a takeover
a merger – an acquisition
69

 a merger,
 making an acquisition,
 two types of takeover,
 a buyout.
Grammar Revision
Past Perfect Simple
We use the Past Perfect Simple
 to talk about an action or event in the past that happened
before another action in the past. The second action in the past
is in the Past Simple
He had abandoned his business by the time I arrived in this
city.
 to talk about an action or event in the past that happened
before a definite time in the past.
I had never been to London until this year.
 to give a reason for a past event or action
He didn’t come because he had missed the train.

1. He established/had established his business in 2001.
2. I was late for the company meeting because I missed/had missed
the 6 o’clock bus.
3. She entered the University after she graduated/had graduated
from the business school.
4. We arrived late at the stadium and the football match had
started/started.
5. When we came back to the hall, the guests left/had left.
6. Her face was familiar, I met/had met her at the university before.
7. Most of the delegates arrived/had arrived by the time I got there.
8. The general manager reported that our company had/had had
a successful year.
9. Before these two companies merged, their profit was/had been
very low.
70
10. The plane left/had left when we arrived at the airport.

11. Did you manage to see your boss, or has he gone/had he gone
by that time?
12. They were/had been our customers before we diversified our
business.
Ex.2. Complete these sentences using the correct form (Past
Perfect Simple or Past Simple) of the verbs in brackets.
1. He already (work) in business before he joined our company.
2. We (win) a controlling share of the company before they went
out of business.
3. They just (start) their business when we worked out a programme
of restructuring.
4. As soon as this company (be privatized) their expenditures
increased.
5. After they (invest) in this business, our share prices went up.
6. They (decide) to work together and (form) a joint venture.
7. As soon as our business (expand) we began to buy shares in
other companies.
8. Several years ago these two companies formed a joint venture
but they (remain) separate legal entities.
9. The regulations (change) before we took over this company.
10. When they (make a bid) for a computer company they were
ready to buy it at that price.
11. I couldn’t get into the office because I (leave) my keys at home.
12. Our manager was in a very good mood because we (win)
a profitable contract.

1. We met many times and reached an agreement at last.
2. When had you heard about the takeover?
3. We decided to replace our equipment because it became old.
4. Before he became bankrupt he sold most of his shops.
5. We did a lot of work with our clients before the board of
directors introduced new regulations.
71
6. The business had undergone major reorganization by the end

of the year.
7. After we had introduced new technology our business had
become more efficient and profitable.
8. Before he invested in this business he studied the financial
statement carefully.
9. It had been one of the most reliable companies in the service sector.
10. He developed his business plan better than we had expected.
11. We finished our experiment by that time.

1. Представник фірми вже підписав контракт, коли вони
припинили постачання сировини.
2. Ми вже відправили звіт компанії, коли вона помітила деякі
помилки.
3. Персонал компанії вже обрав нового президента, коли він
зателефонував.
4. До того, як ми з’єднали наші компанії, цей бізнес був
збитковим.
5. До кінця минулого року вони вже створили декілька
спільних підприємств.
6. До кінця вересня ціни зросли вдвічі.
7. Він запізнився на конференцію, тому що не встиг на перший
автобус.
8. Вона вже завершила підготовку до щорічного звіту, коли
менеджер викликав її у свій офіс.
9. Ми вже розпочали роботу над нашим спільним проектом,
коли він залишив компанію.
10. Його бізнес став дуже прибутковим, коли він запросив
нового консультанта.
11. Вчора я знайшов документ, який так довго шукав.
12. Ці дві компанії об’єдналися ще до того, як він придбав
контрольний пакет акцій.
72
Ex.1. Discuss with your groupmates:

 if it is profitable for companies to diversify their business
 if it is better for a company to merge or to take over
another company
disadvantages of:
 a friendly takeover
 a hostile takeover
 a buyout

use them.
1. Stop beating about the bush and tell me what you want.
2. Alison couldn’t have stolen your watch. She was out all day.
You are barking up the wrong tree.
3. That boy is quite impossible. From now on I wash my hands
of him!
4. You have a head start over your competitors; your business
has been established longer than theirs.
5. If you could see our electricity bill, it would make your hair
curl.

«Selective morality is not morality.»
(Thomas Sowell)
73
LESSON 6
Text: Organizational Structure
Grammar: Past Perfect Continuous
Terms to remember:
be in charge of (v)  керувати
hierarchy  ієрархія
supervisory management  нижча ланка управління
inspire (v)  надихати
assign (v)  призначати
evaluate the performance (v)  оцінювати діяльність
(працівника)
implement (v)  виконувати
Board of Directors  правління, рада директорів
Chairman of the Board  голова правління
customer  замовник, клієнт, покупець
day-to-day  повсякденний
employee  службовець, співробітник,
працівник
Finance department  фінансовий відділ
Head of a company  керівник компанії
hold a position (v)  займати посаду
location  місцезнаходження,
розташування
make a decision (v)  приймати рішення
Managing Director  генеральний директор
Marketing department  відділ маркетингу
personnel  персонал, штат
Personnel department  відділ кадрів
Production department  виробничий відділ
report to (v)  звітувати;
підпорядковуватися
Research and Development  відділ наукових
department досліджень та розробок
Sales department  відділ збуту
senior executive /manager  керівник вищого рангу,
top executive/manager менеджер найвищого рівня
74
Organizational Structure
In business organizational structure means the relationship
between position and people who hold these positions.
The structure of organizations varies greatly according to the
nature of the business. There are several factors which influence
this structure:
 the number of locations and employees
 the economic sector
 the type of a market in which they operate
 the type of customers
 the degree of management control required
 the complexity of the business activities
Every company must decide on the best way to organize its
management hierarchy. There exist three levels of management:
top management, middle management and supervisory (Am
first-line) management where typical job titles are: Supervisor,
Team Leader, Section Chief.
Top management set a direction for the organization and aim
to inspire employees with their vision for the company’s future.
Middle management develop detailed plans and procedures
based on the firm’s overall strategy.
Supervisory managers are responsible for assigning non-
managerial employees to specific jobs and evaluating their
performance. They have to implement plans developed higher up
the hierarchy.
The company is run by a Board of Directors; each Director
is in charge of a department. However, the Chairman of the Board,
someone who wears many hats, is in overall control and may not
be the head of any one department. The Board is responsible for
policy decisions and strategy. The Managing Director (sometimes
called the Chief Executive Officer (CEO), or President in the USA)
is the head of the company, who has overall responsibility for the
running of the business. In the US, senior managers in charge of
particular areas are often called vice-presidents (VPs).
People at the head of an organization are often called senior
executives or senior managers, top executives or top managers.
75
Most companies have Finance, Sales, Marketing, Production,
Research and Development (R&D) and Personnel Departments.
These are the most common departments, but some companies have
others as well.
Most departments have a Manager, who is in charge of its
day-to-day running, and who reports to the Director; the Director
is responsible for strategic planning and for making decisions.
Various personnel in each department report to the Manager.

Ex.1. Form verbs from the following nouns:
location, employee, decision, organization, operation,
management, activity, director, executive, development.

структура організації, службовець, економічний сектор,
клієнт, управлінський контроль, керувати компанією, рада
директорів, голова правління, керівник компанії, відділ збуту,
виробничий відділ, відділ кадрів, стратегічне планування,
приймати рішення, персонал, підпорядковуватися менеджеру,
займати посаду, оцінювати діяльність, виконувати плани,
менеджер середньої (нижчої) ланки.
A B
day-to-day fulfil many functions
vary chief executive officer
customer decide
be in charge of staff
head division
make a decision manager
department change
personnel client
managing director be in control of
wear many hats every day
76
verbs in the right hand column:
employee appoint someone to
employ
board of directors hire
pay
personnel dismiss someone from
train
customer receive
work on behalf of
department be in charge of
run
Ex.5. The words in the box frequently occur before

«manager».

1) a person in control of staff in one section of an organization;
2) a person in control of staff but under the authority of a manager;
3) a person in control of the manufacturing process;
4) a person in control of the design and quality of goods made by
a company;
5) a person who is at the head of an organization;
6) a person responsible for the sales staff and their work;
7) a person responsible for recruiting and training employees and
dealing with their problems.
8) a person responsible for developing detailed plans and
procedures based on the firm’s overall strategy;
9) a person responsible for assigning non-managerial employees
to specific jobs and evaluating their performance.
77
1) the place where something is located;

2) a person who works for another person, business or government;
3) a person who buys something from a shop, pays for a service
or orders something from a company;
4) a group of directors who are responsible for running a company
and usually have legal responsibilities to it;
5) a company director who is responsible for the day-to-day running
of a company;
6) the chief officer of a company who is responsible for deciding
and carrying out company policy;
7) a person in charge of a department;
8) the people employed by an organization; the staff;
9) people at the head of an organization.
Ex.7. A department can be involved in a number of activities.

The following diagram shows some very commonly
used verbs to talk about these activities. Study the
diagram, consult your dictionary and translate these
verbs into Ukrainian. Make up sentences with them.
purchases arranges
trains concludes
contracts
takes care
of
department controls
is involved
in
cooperates
is in charge handles deals with
of with
78

spaces. Translate the sentences into Ukrainian:
1. She is … of this company.
2. Our company treats its … well with fast service and good
products.
3. … is discussing the annual pay rise.
4. She is … the new project.
5. She is … of the finance committee.
6. My partner takes care of the … operations of the company.
7. He … a quick decision to buy the TV.
8. Training courses are provided for all company … .
9. She … directly to the company’s president.
10. New staff should report to the … .
11. … is responsible for making policy decisions.
12. Another title for the managing director is the … or the … in
the USA.
reports, personnel department, personnel, made, day-to-day,

the head, in charge of, the Board of Directors (2), customers,
an employee, CEO, president.

Board of Directors
A board … directors are persons elected … the shareholders
to control a company and to look … their interests. The board is
responsible … the overall policy decisions … the company and …
appointing the management team which runs the company … a
day-to-day basis. The majority … the board will have management
responsibilities … the company, but there might also be nonexecutive
directors who do not have any responsibilities. These might be
well-known industrialists, financiers or politicians who will improve
the reputation … a business. All directors will own shares … the
business.
(in (2), on, for (2), after, of (4), by).
79
Ex.10. Fill in the gaps by choosing from the words below:

1. The employees responsible for carrying out general office
duties are ______.
a) clerks b) accountants c) financiers
2. The employees who sell a company’s products are the _______.
a) sales representatives b) athletes c) managing directors
3. The employees who are responsible for seeing that the
finished goods are well made are the _______.
a) packers b) quality controllers c) economists
4. The workers who process data, under the control of managers
and supervisors, are the computer _______.
a) hackers b) operators c) dancers
5. The person who greets a visitor and tells him or her how to get
to the right office is the _______.
a) manager b) president c) receptionist
6. The clerical workers who use typewriters or word processors
and who produce letters and other documents, are ______.
a) secretaries b) editors c) teachers
7. The employees who check a company’s financial affairs are
the ________.
a) statisticians b) accountants c) customers
8. The person appointed by the board of directors to be
responsible for the management team that runs a business on a
day-to-day basis is the _______.
a) operator b) managing director c) seller
Ex.11. Match each activity (1-8) with a department (a-h).

1) checking quality a) Legal
2) selling products b) Purchasing
3) buying materials c) Sales
4) organizing training d) Accounts
5) delivering goods e) Production
6) keeping a record of payments f) Human Resources
7) researching the market g) Marketing
8) advising on rules h) Transport
80
Ex.12. Study the following organizational chart which shows

the different positions in a company:
Chairman of the
Board
Board of
Directors
Managing Director or
President
Vice-president
Vice-president
Sales and Marketing
Administration
Director Director Manager Manager

Personnel Purchasing Domestic International
Department Department Sales Sales
Personnel Purchasing Assistant Assistant Assistant Assistant

Assistant Clerk Manager Manager Manager Manager
Western Eastern Pacific Europe
Look at the organizational chart and write the name
Region Region Region
of the position in the blank.

1. He is in charge of the company. Everyone reports to him. He
makes all final decisions. He is the ______;
2. All of the sales personnel in Europe report to him. The Manager
of International Sales supervises him. He is the _______.
3. Her supervisor is responsible for all purchases made by the
company. She completes the forms for him to sign. She is the
_______.
4. She helps all new employees with their forms for health insurance,
pay checks and so on. She is the _________.
5. The Directors of Personnel and Purchasing departments report
to him, and he reports to the Managing Director. He makes sure
the company runs efficiently. He is the __________.
81

1. What does the structure within which business can operate
depend on?
2. What factors influence this structure?
3. How many levels of management do you know?
4. What are top managers responsible for?
5. What do middle management develop?
6. What are the functions of supervisory management?
7. Who is the company run by?
8. What is the Board of Directors responsible for?
9. Who is the head of the company? What is he/she responsible for?
10. Who supervises the Managing Director?
11. What departments do most companies have?
12. What is the Director responsible for?
13. Who reports to the Director?
14. Whom do personnel in each department report to?
15. Who elects the Board of Directors?

Chairman of the Board – Managing Director
Board of Directors – Personnel department
Top management – Supervisory management
Ex.3. Sum up what the text says about the structure of

organizations.
Grammar Revision
Past Perfect Continuous
We use the Past Perfect Continuous
 to talk about an action which had been in progress before another
We often use it with for and since
I had been visiting this company for several weeks before they
solved my problem.
82

1. I had solved/had been solving this difficult problem for some
time when he appeared.
2. By the time we got to the office they had negotiated/had been
negotiating for 2 hours.
3. He had already written/had been writing lecture notes for some
time when we rang him up.
4. They had looked/had been looking for some new information
in the documents for two days before they found a mistake.
5. He had reported/had been reporting to the manager before he
left the office.
6. He kept looking at her, wondering where he had been seeing/
had seen her.
7. He had smoked/had been smoking for 10 years before he gave
it up.
8. The telephone had rung/had been ringing for 3 minutes before
I answered it.
9. When I came the Board of Directors had been discussing/had
discussed this contract for an hour.
10. We had been finishing/had finished the discussion by 5 o’clock.
11. He didn’t sign the contract until he had been reading/had read
every word.
12. When I left my last job, I worked/had been working there for
10 years.
(Past Perfect Simple or Past Perfect Continuous) of
the verbs in brackets.
1. I (work) for the company for six years before I got a promotion.
2. He (live) in New York for 10 years when he decided to return
to France.
3. I (read) the report before I left the office.
4. I (write) a letter to my partner when I heard this news.
5. He (fix) his car all day before he left for London.
6. The company (prepare) its annual report for a week when this
event happened.
7. By the 1990’s they (build) their financial empire.
83
8. Most of the customers (leave) by the time our managing director
got there.
9. He had been listening to our conversation and I wondered how
much he (hear).
10. We were tired as we (work) since early morning.
11. She (not receive) any information until it was too late to do
something.
12. I (look for) a new business partner for a month before I found him.
1. Everyone had been spending time packing boxes before the
company moved into a new office.
2. We were waiting for you for 2 hours before your secretary called.
3. I failed to speak to him as he had just been returning from his
business trip to Italy.
4. I hadn’t finished the report by Monday although I was working
at it since Wednesday.
5. When I telephoned my secretary she had gone out.
6. We had been finishing our experiment by the end of the year.
7. I had been studying the problem for a few days before I made
a final decision.
8. How long were you doing business in Spain before you met
my boss?
9. She was working in the Marketing department for 5 years before
she became a good specialist.
10. He was working for this company for years before he could buy
a house.
11. When the company went public, we were producing tourist
equipment for 5 years.
12. Our lawyer studied the agreement for a week before we signed it.
1. Вона розсердилася тому, що чекала на мене дуже довго.
2. Ми втомилися через те, що обговорювали наші фінансові
плани декілька годин.
3. Вона працювала у відділі збуту рік, перш ніж отримала
підвищення.
4. Голова правління проглядав пошту вже півгодини, коли
задзвонив телефон.
84
5. Вона працювала в бібліотеці годинами, доки не написала
цю доповідь.
6. Він деякий час уважно дивився на замовника, перш ніж
підійти.
7. Він працював на цьому підприємстві 10 років, перш ніж
став генеральним директором.
8. Керівник компанії 2 тижні обмірковував усі деталі угоди,
перш ніж прийняти остаточне рішення.
9. Перш ніж стати клієнтом цієї туристичної фірми, він довго
вибирав.
10. Вони довго збирали гроші, перш ніж замовити ці меблі.

Ex.1. Make an organizational chart for a company you
know about. Present the chart to your groupmates
and tell what each person on your chart does.

 which is the most interesting to work in:
finance department, sales department, marketing department,
research and development department, personnel department.
Ex.3. Give your own order of importance of the following

activities of a manager and give your reasons.
1) proper motivation of workers;
2) making a profit;
3) coordination of work;
4) fighting competition;
5) adherence to the goals set by the organization;
6) creating agreeable working conditions;
7) setting the organizational principles.
Ex.4. What do you think makes a good (bad) manager? Do

you think you have the qualities of a good manager?
85
Ex.5. In your opinion, are business leaders born or made?

Ex.6. Think about the following:
«Bosses just take the credit for the work of lower – level
employees. Who needs them?»

use them.
1. Peter’s success at college cut no ice with the selection committee.
They were not impressed with academic attainments but wanted
a man with practical experience.
2. We can kill two birds with one stone by combining our
honey-moon with our business trip.
3. You can take my word for it, I saw it with my own eyes.
4. The secretary led her boss by the nose until she had spent all
his money.
5. You will find it difficult to open a shop in the High Street.
There is a lot of cutthroat competition in this town.

«Minds are like parachutes. They only function when open.»
(Anonymous)
Ex.9. Read the Joke:

The head of a company is having a party for his employees
at his beautiful villa. He has a huge swimming pool, but it is filled
with alligators. The boss says, «I believe that courage is the key to
success. So anyone who has the courage to swim through the pool
will get anything he desires: my job, my money, my villa, anything!»
Suddenly, there is a loud splash. The boss’s assistant swims
with great speed. She pulls herself out of the pool just before the
alligators catch her. The boss runs to the young woman and says,
«You are brave beyond measure! Anything I have is yours. Tell
me what I can do for you.»
86
The assistant says, «First, you can tell me who pushed me
into the pool!»
TEST 1 (MODULE I)
Choose the word or word combination to match the
definition.
1. A person who works under you.
a) leader b) supervisor c) subordinate
2. A private individual who runs a one-man business.
a) supplier b) sole trader c) partner
3. A very large organization that owns companies in more than
one country.
a) association b) partnership c) multinational
4. The money gained in a business deal, esp. the difference
between the amount earned and the amount spent.
a) loan b) profit c) loss
5. To enter new types of business.
a) to succeed b) to cooperate c) to diversify
6. The sale of goods in large amounts, and usually at lower prices, to stores and businesses.
a) retail trade b) wholesale trade c) free trade
7. The sale of a business or service owned by the government to private owners.
a) nationalization b) restriction c) privatization
8. A firm run by two or more partners.
a) consortium b) sole proprietorship c) partnership
9. A company in which the owners are entirely liable for the debts of the company.
a) unlimited liability company b) partnership
c) limited liability company
10. Money owed by one person or an organization to another.
a) wealth b) debt c) profit
11. A market where stocks and shares are bought and sold under fixed rules.
a) foreign exchange b) commodity exchange
c) stock exchange
12. A sum of money invested in a business.
87
a) stake b) dividend c) interest
13. Combining two companies into one larger company.
a) bid b) witness c) merger
14. A business or part of business bought by another company.
a) purchase b) takeover c) sell-off
15. The workers or employees of an organization.
a) capital b) commodity c) staff
16. A person who works for another person, business or government.
a) employee b) colleague c) employer
17. A group of directors who are responsible for running a company and usually have legal responsibilities to
it.
a) senior executives b) managing directors
c) board of directors
18. State-owned and-run organizations.
a) insurance sector b) public sector c) retail sector
19. A limit on something.
a) restriction b) reservation c) regulation
20. A person who owns shares in a company.
a) creditor b) shareholder c) investor
88
MODULE II PEOPLE AND
ORGANIZATION
LESSON 1
Text: Employment
Grammar: Tense Revision. Present time.
Terms to remember:
employment  зайнятість, робота за наймом;

надання роботи
reflect (v)  відображувати
be self-employed (v)  працювати самостійно;
працювати не за наймом
work freelance (v)  працювати не за наймом; бути
вільним художником
businesspeople  ділові люди
flexible  гнучкий
employer  наймач, роботодавець
entrepreneur  підприємець
fixed-term contract  строковий контракт
part-time worker  робітник, який працює
неповний робочий день
permanent job  постійна робота
temporary job  тимчасова робота
administration  управління, керування
(справами); адміністрація,
керівництво
reject (v)  відхиляти
Human resources (HR)  персонал, людські ресурси
Human Resources  відділ кадрів
department
recruitment  набір (кадрів); надання роботи
staff appraisal  оцінка роботи персоналу
welfare  соціальне забезпечення;
85
MODULE II PEOPLE AND ORGANIZATION
допомога з соціального
забезпечення
pension  пенсія
ensure (v)  забезпечувати, гарантувати
available  наявний, доступний
meet the needs (v)  задовольняти потреби
team  бригада, група, команда
job rotation  зміна робіт; ротація робочих
завдань
job security  гарантія роботи, стабільність
роботи, гарантія зайнятості,
забезпечення роботою
Employment
Work plays a major part in most people’s lives. People of all sorts
work in business, and the terms businessman and businesswoman
reflect this, referring to a wide range of individuals, from the
rich and famous to small company owners, from people in large
organizations to those who work for themselves.
Businessmen and women are referred to together as
businesspeople. Successful businesspeople, especially heads of
large organizations are called business leaders or, in journalistic
terms, captains of industry.
Many people choose to be self-employed (to have their own
business) or to work freelance for several employers. Someone
who does freelance work is not employed by an organization, but
is paid for each piece of work that they do by the organization that
they do it for.
An entrepreneur is someone who starts their own company.
As the labour market becomes more flexible, many employers
respond by increasing the number of fixed-term contracts and
part-time workers. We can also speak about permanent or
temporary job.
In large organizations, administration of people is done by
the personnel department, although this expression is now
sometimes rejected. Companies talk instead about their human
resources or HR.
86
Increasingly, the modern company sees its human capital –
its employees – as one of the most important assets, and most large
companies today have an HR strategy.
The Human Resources department of a company has the
important function of matching people with jobs. It is responsible for
planning, recruitment of new people, staff training and development,
staff appraisal, welfare, pensions administration and industrial
relations. It works to ensure that the right people are available
to meet the company’s needs.
Some companies move their workers regularly between teams
or departments. This is called job rotation. Job security is
knowing or feeling that a job will last for a long time.

Ex.1. Form nouns from the following verbs:
reflect, own, refer, recruit, train, appraise, administer, ensure,
rotate, secure, express, develop.
зайнятість, ділова жінка, власник компанії, відділ кадрів,
відповідати за планування, набір нових кадрів, підготовка
кадрів, соціальне забезпечення, задовольняти потреби
компанії, бригада, зміна робіт, гарантія роботи, строковий
контракт, роботодавець, оцінкa роботи, працювати не за
наймом, підприємець, постійна робота, тимчасова робота.
A B
available continue
rich business person
famous personnel department
businessman be in charge of
human resources department performance appraisal
be responsible for wealthy
staff renowned
ensure make sure
87
staff appraisal terminal contract
last personnel
fixed-term contract obtainable
phrases:
employment, rich, full-time worker, employee, famous, regularly.
Ex.5. Match the nouns in the left-hand column with the
verbs in the right-hand column.
job recruit
receive
pension sign
conduct
fixed-term contract draw up
complete
personnel train
give up
do
staff appraisal retire from
pay
recruitment of new people employ
work as a manager/ banker

work in a hotel/bank/restaurant
work for a computer company
work at McDonald’s/ that
hard
bookshop/the George Hotel
look for heavy
find boring manual
get seasonal
start work
full time be out of work
part-time come home
freelance from work
take time off
permanent well paid
88 work
temporary badly paid
1. Why don’t you go out and look ... work instead of sitting
around all day doing nothing?
2. Mary is working ... a software developer for Microsoft.
3. My dad worked ... a hotel all his life.
4. His brother works ... the local council.
5. I’ll talk to you about the problem when you come home ...
work.
6. Jane has been out ... work ever since they closed the shop.
7. Her boss gave her time ... work to go and see the doctor.
8. I will continue to work ... a consultant after the age of 60.
9. I work in a public library in the afternoons from two until
six. I have ... work.
10. The work was well paid but ... .
Ex.7. The following sentences could be used to describe
jobs. Find sentences:
(a)that describe a positive aspect to a job;
(b)that describe a negative aspect to a job;
(c)that could be either positive or negative.
 It’s a temporary job.
 It’s a permanent job.
 It’s well-paid.
 It’s badly-paid.
 You work full-time.
 You work part-time.
 It’s dull.
 It’s tiring.
 It’s demanding.
 It’s stressful.
 It’s stimulating.
 You have to clock in and clock out every day.
 You have to work in shifts.
 There are a lot of opportunities.
 There’s a lot of job rotation.
89
 There’s a lot of job satisfaction.

 You need to be talented.
 You need special training and qualifications.
Ex.8. The words in the box frequently occur after «job».

1) an outline of the main aims and tasks of the work done by
a particular employee;
2) examining how much money a job is worth and how much the
person doing it should be paid;
3) the name of a person’s job;
4) a situation where a job is likely to be permanent;
5) dividing a full-time job for one person between two or more
part-time employees;
6) it is carried out to examine a particular job in detail;
7) a kind of notice put by an organization in a newspaper, company
bulletin or on the Internet;
8) the feeling of achievement and enjoyment a worker gets from
a job;
9) a person who often changes his jobs;
10) a system which allows a team of workers to move around
a production line, dealing with all parts of a product until it is
finished.
90
1) a person or company that provides job;

2) the people who work in an organization;
3) having a paid job;
4) without a job;
5) an assessment of the quality of the employee’s work;
6) an agreement to employ someone for a limited period only;
7) two or more people working together;
8) the process of interviewing and choosing people to do a job;
9) personnel, employees;
10) a regular payment made by the state to a person who has retired
from a job;
11) someone who works for her/himself and is not employed by a
company;
12) a person who starts or runs a business activity, especially one
that involves financial risk.

1. He is out of work and looking for … .
2. He has got a highly-paid … in the oil business.
3. There are several … for administrative staff in today’s newspaper.
4. Although the pay is low, there is a high level of … .
5. We cannot afford to lose skilled … .
6. My … is coming up next week. I hope they decide to pay me
more money.
7. The union is demanding greater … .
8. My actual … is departmental manager.
9. She is … and always open to new ideas.
10. She is responsible for the … of new staff.
11. After working for the company for 20 years, he was offered a
good … .
12. She was a successful …, with her own tourist agency.
13. She used to work for a design agency, but now she is … .
91
14. He was … who built a company around a new type of beauty

product.
Businesswoman, pension, recruitment, flexible, job title,
job security, job evaluation, personnel, job satisfaction, job
advertisements, job, an entrepreneur, employment, self-employed.

1. Job rotation has enabled our staff to broaden their range … skills.
2. The fastest growing sector … the labour market is … the
employment of women.
3. Could you tell me … the kind … work you are looking … ?
4. He has a good job … computers.
5. We are carrying … four job evaluations this week.
6. … a result … new technology more workers felt there was a
lack … job satisfaction.
7. She finds it difficult to live … her state pension.
8. We must reduce the amount … time and money spent …
administration.
9. We get about 30% … our staff … recruitment agencies.
10. He lost his job and is now … welfare.
(on (3), as, out, for, from, of (6), in (3), about)

personal-personnel
Personal means «belonging to someone», it is also used to refer

to an individual’s ideas or preferences.
Personnel means the staff employed.
1. We haven’t got the … to cope with the office work efficiently.
2. All our … have to wear a uniform for security reasons.
92
3. An interviewer shouldn’t ask… questions during an interview.

4. You can leave your … belongings here.
5. I, …, am opposed to the plan, but my company is going ahead
with it.
6. He receives … telephone calls at the office.
7. The company had to fire half of its … to save money.
8. Choosing a new car is a matter of … preference.
9. I don’t know the man …, but he used to work for my father.
10. The … department deals with the staff, keeps records and deals
with any … problems.
11. Most writers use … experience as the basis for their novels.
12. In some companies the presence of … is controlled by time clocks.
13. The company aims to attract and retain quality … .

business!
to report to somebody – if you report to somebody in a
company or an organization, they
are responsible for your work and
tell you what to do.
A person who reports to you is called a report.
Ukrainian.
1. She reports to the marketing director.
2. Ms. James runs the marketing department and all publicity
officers report to her.
3. Five people reported directly to the area manager.
4. He joins the company as a training assistant, reporting to John
Brown.
5. Jack Daniels has just joined as IT assistant, reporting to Joan
Carr.
6. How many reports do you have?
7. I like to have weekly meetings with my direct reports.
93
8. Various personnel in each department report to the

Manager.
9. She reports directly to the company’s president.
94

1. What do we call people who work in business?
2. How do employers respond to the flexibility of the labour market?
3. What department is administration of people done by?
4. What is the Human Resources department of a company
responsible for?
5. What is job rotation?
6. What is job security?
7. When a person works freelance, does he/she work for him/
herself?
8. What is an entrepreneur? Do you know any famous
entrepreneurs? Would you like to be one? Why/Why not?
9. Is self – employment common in Ukraine? Does the
government encourage it?
10. Would you prefer a job for life or a more flexible career?

 businesspeople
 Human Resources department
 job rotation
 job security
Grammar Revision
Present time (Present Simple, Present Continuous)

1. We are not working/we don’t work on Saturdays.
2. I am working/work in London this month.
3. Does he work/is he working on any special project at the moment?
4. How often are you visiting/do you visit stock exchange?
5. Our company sometimes employs/is employing foreign
consultants.
6. Do you like/are you liking your team?
95
7. Which hotel are you staying/do you stay in whenever you come
to Birmingham?
8. What sort of work does he do/is he doing? He works for
MacDonald’s.
9. Cars are becoming/become more and more expensive.
10. This badge shows/is showing your name, the company name
and your job title.
11. He is having/has a highly paid job in the oil business.
12. Our phone doesn’t work/isn’t working at the moment.
13. He likes/is liking his job.
14. At the moment we discuss/are discussing a specific current
project.
Ex.2. Complete the sentences by putting the verb in

brackets into the correct tense.
1. He _____ some money at the moment until he starts university.
(earn)
2. The shop ____ normally ____ open this late, but we are working
different hours up to Christmas. (stay/not)
3. The man who makes no mistakes ____ usually _____ anything.
(make/not)
4. The UK ______ more popular as a location for international
business . (become)
5. The plane from New York ____ the airport. (circle)
6. I _____ about why he said such things. (think)
7. The currency rates always ______ so I advise you to wait until
the value of the Euro goes up. (fluctuate)
8. Why _____ he _____ at this blank sheet of paper? (stare)
9. I ______ that we should do it ourselves. (agree)
10. I _____ in Kyiv at the moment but I am afraid I will have to
leave soon. (live)
11. It _____ him $50 to buy food. (cost)
12. I always ______ the same point of view with my boss. (share)
13. All I need from you is good advice. I _____ you to help me
financially. (expect/not)
14. Our company ______ several subsidiaries in Europe and _____
another one in London. (have, set up).
96
Ex.1. In life of any person there is a moment when he must

take a very important decision – to find a job which
will bring satisfaction and money simultaneously.
And what is an ideal job for you? Choose the answers
and give your reasons:
An ideal job for me is a job …
 that suits my personality
 that gives challenge and opportunity
 that gives independence
 well-paid
 risky
 that encourages thinking and development
 calm and steady
 which is connected with travelling
 prestigious
 part-time
 without long business trips
Ex.2. Explain why work plays a major part in most people’s

lives and they stay on the job. What considerations
appear to be more important than money?
Ex.3. Can you think of any jobs that you would particularly
hate to do? Why?
Ex.4. If I were an entrepreneur with a lot of money, I’d create

a start-up company making/supplying/ offering …

«One day I want to be a freelancer working for myself – it’ll
be much more rewarding than being the CEO of a large corporation.»
97
Ex.6. Prove the necessity and the importance of the Human

Resources department for a company.
Ex.7. Would you take a job you didn’t like in order to get
experience you need? Why? What would be your
ideal job?
Ex.8. Some people believe that you should work hard

today to prepare for the future, while others believe
in the philosophy that «tomorrow never comes», so
you should enjoy life to the fullest today. Discuss
the advantages of each of these philosophies. Then
indicate which one you believe in and why.

use them:
1. The boss gave us the green light to go ahead with the project.
2. It’s no good complaining to the post office about the telephone
engineer. They will only white-wash him.
3. I got some black looks from the shopkeeper when I cancelled
my order.
4. Have you seen a ghost? Your face is as white as a sheet.
5. When he lost his temper, he showed himself in his true colors.

«A man who wants to do something will find a way; a man
who doesn’t will find an excuse.»
(Stephen Dolley)
Ex.11. Read the joke:

Boss to employee: «Smith, it looks like you’ve been missing
a lot of work lately.» Smith: «Well, I wouldn’t exactly say I’ve
been missing it, boss.»
98
LESSON 2
Text: Human Resources: the people
Grammar: Tense Revision. Past time
Terms to remember:
asset  актив
recruit (v)  наймати на роботу
skills  навички
job title  назва посади
define (v)  визначати
personal assistant  особистий помічник
authority  керівництво, влада; повноваження
executive (exec)  керівник, адміністратор,
службовець; виконавець
supervisor  інспектор; керівник персоналу
(на підприємстві); контролер;
керівник нижчої ланки
workforce  робоча сила; кадри, штатні
працівники
on the payroll  у штатному складі (підприємства)
payroll  платіжна відомість
monthly-paid staff  персонал, який отримує
заробітну плату щомісячно
weekly-paid staff  персонал, який отримує
заробітну плату щотижнево
hourly-paid staff  персонал, який отримує
заробітну плату погодинно
white-collar worker  службовець; білий комірець
(працівник, зайнятий
інтелектуальною працею)
manual worker  робітник фізичної праці
blue-collar worker  робітник; блакитний комірець
(працівник, зайнятий фізичною
працею)
colleague/co-worker  колега, співробітник
99
Human Resources: the people

For many companies, their people are their main asset. How
they recruit, train, develop and manage them can be key to the
ongoing success of the company.
«Human Resources» means people, plus the skills and
experience they bring to an organization. Job titles such as
«Accounts Manager» or «Personal Assistant» define what people do.
An employer is a person or company that provides job. Boss
is an informal word meaning «someone in authority», for example
an employer or owner of a company, or simply someone in a supe-
rior position.
The person who runs a specific part of an organization is
called a manager. An executive or, informally, an exec is usually
a manager at quite a high level. People at the head of an organization,
as it was already mentioned, are senior executives, top executives
or top managers. Someone who is in charge of making sure a job
is well done e.g. on the factory floor, or in retailing, is sometimes
called a supervisor.
People working for a company are referred to as its workforce,
employees, staff or personnel and are on its payroll.
Payroll is the list of all the people employed by a company,
and the amount of money paid to each of them. The payroll is
usually divided into monthly-paid staff, weekly-paid staff and
hourly-paid staff.
Professionals or people who perform various office jobs are
white-collar workers, while manual workers in factories, on building
sites, etc. are called blue-collar workers. Someone who works with
you in your job is a colleague (sometimes called a co-worker).
100

employer, provider, runner, manager, executive, supervisor,
assistant, authority, owner.

людські ресурси; навички та досвід; роботодавець; керівник;
службовець (2); платіжна відомість; персонал, який отримує
заробітну плату щомісячно/щотижнево/погодинно; робітник;
колега; керівництво, наймати на роботу.
A B
specific give
manual co-worker
provide definite
workforce physical
colleague possessor
define personnel
authority specify
owner power

phrases:
employee, blue-collar worker, general, inferior, junior,
formal.
Ex.5. Put each of the words under the correct heading.

1) employer 2) employee 3) staff 4) workforce 5) freelancer
6) personnel 7) blue-collar worker 8) white-collar worker 9) human
resources 10) executive 11) entrepreneur
Individual term Collective term
101
adjectives in the right hand column.
legal
payroll official
monthly
authority weekly
senior
staff chief
permanent
executive temporary
1) a person who works for another person, business or government;

2) a person who is employed to control, organize and direct part
or all of a business or organization;
3) (informal) a person who is responsible for the work of a company,
a department or at least one other person;
4) a person with authority who watches others work to make sure
a job is done properly;
5) a list of all the people employed by a company, and the amount
of money paid to each of them;
6) the (official) power to give orders, make decisions, etc.;
7) a person that you work with in a profession or business;
8) an employee who does unskilled work, usually in a factory;
9) a person who works in an office;
10) all the employees in an office or factory;
11) a manager in a company who has the power to spend money,
hire and fire employees.
102

1. The new salary structure only affects … .
2. Health and safety regulations state that all … must wear a
uniform.
3. Many of his … are more qualified than he is.
4. The … has been reduced by half in the last five years.
5. If you have any problems please talk to your … .
6. She has been on the … for nearly 20 years.
7. I have no … to change decisions taken by management.
8. She has excellent advertising … .
9. She is an … with a bank.
10. The company has over 1000 people on its … .
11. The company employs the largest … in the country – 30,000
workers.
authority, executive, skills, payroll (2), supervisor,
workforce (2), colleagues, blue-collar workers, white-collar
workers.

1. The company’s owner granted each manager authority to spend
up … $ 10,000 … travel.
2. We hired him and put him … the payroll.
3. The workforce … this area is well-educated.
4. My colleagues … the office agree … this proposal.
5. Most blue-collar workers … the USA do not belong … unions.
6. He got a white-collar job … a computer programmer.
7. She is the boss … the publishing company.
8. She has years … experience … marketing
9. Large corporations try to develop their human resources …
giving educational programs.
10. She is senior … the others … the company because she has
worked here the longest.
(to (4), on (2), in (5), as, at, of, by)
103

employer – employee
employer – a person, company or organization that pays

someone to work for them
employee – someone who works for a person, business, or
government
1. The company has 1200 … .
2. She asked her … for a pay rise.
3. The steel works used to be the largest … in the town.
4. She is an … of this company.
5. My … is United Chemical.
6. All the company’s … are encouraged to take part in training
courses.
7. Philips is an equal opportunities … .
8. I’ll have a word with my … about leaving early this afternoon.
9. We cannot afford to lose skilled … .
10. There are plenty of seasonal … in the tourists industry.
11. Their … worked a ten-hour day.
12. Bill’s … offered to pay for the course.
13. The company recruits some 3,000 … every month.

1. What does «Human Resources» mean?
2. What is an employer?
3. What is an executive?
4. Who is at the head of an organization?
5. Whom do we call «boss»?
6. What is workforce?
104
7. Where do white-collar workers work?

8. What do blue-collar workers do?
9. What is a supervisor in charge of?
10. What is a payroll?
11. What is a payroll usually divided into?
12. What do managers usually run?
Ex.2. Explain the difference between white-collar and

blue-collar workers.

 Human Resources
 Employers and employees
 Executives
 Payroll
Grammar Revision
Past time (Past Simple, Past Continuous, Past Perfect

Simple, Past Perfect Continuous)
1. He decided to go to the office immediately when he remembered
he _______ the door.
a) didn’t lock b) had not locked c) have not locked
2. He has tested four new machines since he ________ the company.
a) joined b) had joined c) has joined
3. When we installed the new equipment, it _______ already
obsolete.
a) became b) had become c) has become
4. While we were seeking a new solution, they _______ everything
to change our plans.
a) had done b) were doing c) did
105
5. When she took her driving test, she _______ about 10 driving
lessons.
a) had had b) had c) was having
6. The hotel manager called the police when he discovered that
a guest ______ without paying his bill.
a) left b) had left c) leaves
7. He _______ in the laboratory when you rang.
a) worked b) was working c) had worked
8. Phil ______ to someone on the phone as we walked in.
a) talked b) was talking c) had talked
9. I ______ the report since early morning when suddenly he came.
a) was reading b) had been reading c) read
10. We _______ the main office before we moved into it.
a) were reconstructing b) reconstructed c) had reconstructed
11. She always _______ formal clothes to work.
a) was wearing b) wore c) had been wearing
12. He _______ for 10 years at his telephone business, before he
decided it was time for a change.
a) worked b) was working c) had been working
Ex.2. Compete the sentences by putting the verb in

brackets into the correct tense.
1. He ______ in the USA for two years when he decided to buy
a house. (live)
2. The telephone _______ when I was discussing this plan with
my boss. (ring)
3. I _____ for their company from 1996 to 1998. (work)
4. I hardly ______ the office when it started to rain. (leave)
5. I _____ to London several times before 2000. (go)
6. We _____ the answer to that problem yet when he came.
(find/not)
7. I haven’t seen him since he ______ working for our company.
(stop)
8. They ______ so loudly that I could not hear his words. (talk)
106
9. As the equipment _____ we decided to replace it. (get old)

10. We ______ a lot of work with British suppliers when he bought
the company. (do)
11. After she had spoken to the manager, she ______ the report.
(write)
12. The conference was very interesting and it was obvious that all
the speakers _______ their material very thoroughly. (prepare)

 what role human resources play in the work of a company;
 whose work is the most important in a company.
Ex.2. What qualities in your opinion are the most important

for the employer?
Ex.3. Read these two quotes about a company’s responsibilities.

Which one is closer to your opinion?
1. In business, profits are more important than people.
2. A company must look after its clients first, its workers
second, and its shareholders last.
Ex.4. Read the following passage. If you were an executive

would you act like a boss or a leader? Why?
Leadership
One of the world’s largest department stores in London was
built up by H.Gordon Selfridge. He achieved success by being
a leader not a boss, here is his own comparison of the two types
of executives:
The boss drives his men; the leader coaches them.
The boss depends upon authority; the leader on good-will.
107
The boss inspires fear; the leader inspires enthusiasm.

The boss says «I»; the leader, «we».
The boss fixes the blame for the break-down; the leader fixes
the breakdown.
The boss says «Go»; the leader says «Let’s go».

use them.
1. Providing services is the bread and butter of our business.
2. He was green with envy when I won the first prize in the
competition.
3. We need $ 10, 000 to clear our debts. I’m afraid the $ 5, 000
Ted has offered us is only a drop in the bucket.
4. I am not worried about the consequences. I have a friend at
court.
5. We have a gentleman’s agreement. When you are dealing with
Malcolm, that is as good as a signed contract.

«A man who builds his own pedestal had better use strong
cement.»
(Anna Quindlen)
108
LESSON 3
Text: Recruitment Procedure
Grammar: Future time (uses of shall/will/going
to/present continuous/present simple to
talk about the future)
Terms to remember
recruit /hire  найнятий, прийнятий на роботу
hire (v)  наймати (робітників)
advertise (v)  рекламувати
vacancy  вакансія
employment/  агентство з добору кадрів
recruitment agency
jobseeker  людина, яка шукає роботу
headhunter  спеціаліст, який підбирає на
роботу керівників вищого рангу
search (v)  шукати
persuade (v)  переконувати
promise  обіцянка
golden hello  золоте привітання; велика сума
грошей чи інша форма фінансового
заохочення, яку компанія пропонує
керівникам високої кваліфікації,
яких запрошує на роботу
financial enticement  фінансове заохочення
post  посада
apply for (v)  звертатися з проханням,
подавати заяву
application form  анкета, заява
job description  посадові обов’язки/вимоги;
посадова інструкція
complete the form (v)  заповнити анкету
curriculum vitae (CV,  автобіографія, резюме
BrE)
resume (AmE)  резюме
covering letter  супровідний лист
applicant  подавець заяви, прохач;
кандидат, претендент; заявник
109
Recruitment Procedure
Personnel departments are usually involved in finding new
staff and recruiting (hiring, AmE) them.
Recruitment is the process of employing new people. Someone
who has been recruited is a recruit or in American English, a hire.
They join the company. This process will vary from one organization
to another.
When a company needs to recruit or employ new staff, it may
advertise the vacancy in newspapers, or may contact an
employment (recruitment) agency, a private company that matches
jobseekers with jobs. Companies looking for senior staff may
approach people working for another company, a practice known
as headhunting. Headhunters are specialist consultants who
search for high-level executives and try to persuade them to leave
their current job in order to go to work in another company.
Executives may be persuaded to move company by the promise of
a golden hello: a large sum of money or some other financial
enticement offered by the company they move to.
If you are a jobseeker (a person who is looking for a job) and
you are interested in a particular post, you may decide to apply
for the job. The first step is to get an application form and a job
description from the company. The next step is to complete the
form and return it with your curriculum vitae (CV, BrE) or resume
(AmE), which is a summary of your work history, education and
skills. You should also send a covering letter, supporting your
CV. It will explain why you want the job and why you are the right
person for it. By doing this you have become an applicant. The
company’s Human Resources department will select the most
suitable applicants and invite them to attend an interview.
Notes: In British English, you hire a person for a job that will last
only a short time, but you employ them for a permanent
job.
In American English, you always hire people whether it is
for a short or a long period of time.
110

involve, employ, vary, identify, apply, advertise, persuade,
move, decide, describe.

відділ кадрів; наймати на роботу; рекламувати; вакансія;
агентство з добору кадрів; людина, яка шукає роботу; переко-
нувати залишити роботу; обіцянка фінансового заохочення;
звертатися з проханням про роботу; заповнити анкету; резюме;
супровідний лист; претендент, найнятий на роботу.
A B
leave position
recruit give back
vary fill in
need resolve
search convince
persuade look for
decide necessity
complete change
return select
post give up

phrases:
to preserve, general, last, state, low level, to stay.
111
application form compile
complete
curriculum vitae submit
approve
job description send off
change
vacancy contact
fill
have
employment agency use
1) an account of the main aims and tasks of the work done by

a particular employee;
2) an organization that provides information about available jobs
and finds employees for companies;
3) a job or position;
4) a person who is looking for a job;
5) a specialist consultant who searches for high-level executives;
6) a large sum of money or some other financial enticement;
7) a person who asks for a job , usually by answering an
advertisement and attending an interview;
8) a letter sent with a document or goods explaining the contents;
9) an account of a person’s qualifications, interests and work
experience, usually sent with an application;
10) a post to be filled by a new employee;
11) the process of attracting qualified job applicants;
12) a piece of paper on which you must answer questions about
yourself when you apply for a job
112

1. In the last four months he has … six jobs.
2. Please send a full CV with a … stating your current salary.
3. Twenty … have been invited for interviews.
4. I’ve contacted several …, without any result.
5. She rejected approaches from several … but decided to stay in
her present position as Head of Sales.
6. Several employment agencies have set up a telephone advice
line for … .
7. She was promoted when a … came up in their London office.
8. We received hundreds of … for only 5 positions.
9. All job applicants are required to submit a … .
10. She made a … to repay the loan in a week.
11. Some organizations employ outside agencies to … staff for them,
especially for managerial jobs.
Promise, curriculum vitae, applications, vacancy, jobseekers,
headhunters, employment agencies, applicants, covering letter,
applied for, recruit.

1. We had over 200 applicants … the sales job.
2. There were lots … applications … the manager’s job.
3. He has already filled … an application form … this job.
4. Please include a covering letter … your job application.
5. We’ll have to advertise … a new secretary.
6. We have a vacancy … a new sales manager.
7. A new post was created … the advertising department.
8. Recruitment is the process … employing new people.
9. Please send your application, including a CV, … the address
below.
10. The new chief … IBM picked … $ 5 million «golden hello».
(up, to, for (5), of (3), in (2), with)
113
Ex.9. In the following table there are seven jumbled

recruitment tips. Try to match the correct halves
from columns A and B.
A B
Don’t hire until you take the one you would like to
work for.
Make sure you have you are getting no
information.
If several applicants are equally and see what happens.
good
Remember that when you talk start with How?, When?,
Who?, etc.
Try to say nothing are quite sure you need
someone.
Ask open-ended questions that demonstrate his or her skills.
Ask an applicant to enough time for the
interview.

business!
to take somebody on – to employ somebody
to recruit somebody
to hire somebody (AE)

into Ukrainian.
1. The economy is improving and many firms are taking on new
staff.
2. They are taking two more people on to help with the orders.
3. It can be difficult to persuade companies to take you on once
you are over 50.
4. I was taken on as a management trainee.
114
5. He took on an assistant because he had too much work.

6. The company is taking on extra staff to cope with increased
demand.
7. We would not have taken him on if we had known he was
not qualified.
8. Since August they have taken on 40 new staff.
9. The company usually takes on quite a lot of students during
the summer.
10. After a three month trial period, she was taken on as an area
manager.

1. What are personnel departments involved in?
2. What does a company do when it identifies a need for new staff?
3. When may headhunters be engaged?
4. What are headhunters’ duties?
5. How may executives be persuaded to move company?
6. What should a jobseeker do if he or she is interested in
a particular post?
7. What is a curriculum vitae?
8. What other document should be sent together with a curriculum
vitae?
9. How important do you think a CV or resume is to employers?

recruitment
jobseekers
jobhunters
golden hello
applicants
115
Ex.3. Read the following job advertisements. What kind
of jobs do they offer? What skills are essential to
the jobs? What are the duties?
Western bank established in Kiev is looking for:
INTERNAL AUDITOR
Requirements:
 Minimum 2 year experience in Bank’s internal auditing
 Excellent proven organizational, communication and leadership
skills
 Fluent oral and written English
 Proven knowledge of TAX and NBU regulations
Responsibilities:
 Execution of all auditing activities in accordance with guidelines
 Examination in form and in fact of all Bank’s transactions in
all business units
 Preparation of recommendations in the course of audit performed
For confidential consideration, please fax CV to
Human Resources Department, fax 2303391
Our Client is a great Company to work for and there’s simply
nowhere else like it to built your career
Excellent Career Opportunity for talented, internationally
minded people to develop in the Brand Marketing field.
BRAND EXECUTIVE
Working for our client means being part of a dynamic, exciting
and challenging business.
THE PERSON:
You will probably be aged between 22-26, have a relevant
University degree, fluent English and excellent PC skills. 1 + years
of working experience in an international environment on a junior
position within the marketing department would be essential.
In order to succeed in this role, the candidate must be able to
demonstrate an interest in and awareness of product development,
trade and consumer insights. Excellent communication and
interpersonal skills are principally required. You will have
to demonstrate your commercial and creative thinking.
If you are interested, please apply in writing with a full
Curriculum Vitae (Resume) in English and a covering letter.
116
Ex.4. Imagine that you are interested in applying for one

of these 2 above-mentioned jobs. Write a letter to
the employer in which you:
 introduce yourself
 say why you think you would be suitable
 ask for more information about the job
Ex.5. Try to compose a job ad of your own. Take into

consideration that you must:
 give basic information about your company;
 describe the features of character of the staff you need;
 mention qualification and age if necessary;
 name the position you employ for;
 give your adress in full and all the phone numbers.
Ex.6. Study the list of personal qualities below. You can use
some of these ideas in your CV, or in an interview.
active and dynamic approach
creative problem – solver
critical thinking – strong analytical skills
determined and decisive
emotionally mature and confident
entrepreneurial
good researcher – creative
good team player – adaptable and flexible
high standards of honesty
reliable
result-oriented
self-aware – always seeking to learn and grow
uses initiative to develop effective solutions to problems
well-organized, good planner, good time- manager
Which of these qualities would you use to describe:
a) a real friend or collegue who you admire?
b) yourself?
117
Can you add any other personal qualities?

Ex.7. Read an example and write down your own CV/
resume. Then describe it as if talking to a potential
employer.
OLENA BONDARENKO
Personal details
Address: Blvd. Shevchenko, 12, Kyiv, Ukraine, 03004
Tel.: 221-14-51
Nationality: Ukrainian
Date of birth: 4 April 1994
Education
2012 – to date Kyiv National University of Trade and Economics.
Major: Marketing
2010 UCE Business School, Birmingham, Great Britain.
Took courses in Business Administration, Political
Science, etc.
2000-2010 Secondary School No.57 with English Specialization,
Kyiv
Work experience
2012 – to date Eximbank. The work includes some secretary duties
and assistance in translation business
correspondence.
Skills
 fluent oral and written English
 speak German
 excellent PC skills
 driving licence
Interests
 member of university basketball team
 keen interest in Greenpeace
References
Available on request
118
Grammar Revision
Future time
1. a) Will is used:
 for future facts
Our boss will celebrate his 50th anniversary this Sunday.
 to make predictions based on a personal opinion
The company won’t survive this crisis.
 to make requests and offers
Will you help me to do the translation?
Don’t worry, I’ll help you with whatever needs doing.
 with promises, threats, refusals
I promise I’ll be there on time.
Our shop won’t give you your money back.
 for decisions made at the time of speaking
I know, I’ll get him a wallet for his birthday.
b) Shall is used in the interrogative form with
I and We to ask for and make suggestions or offers.
Shall we go to the Chinese restaurant?
I’ll make you a cup of tea, shall I?
2. Be going to is used:
 to express plans or intentions
I’m going to do lots of work tonight.
 To make or ask for predictions in response to something
which exists in the present situation
Look, that child is going to fall if she’s not careful!
3. Present Continuous is used:

 To talk about events which are arranged for the future/fixed
plans in the future
We’re not having the party on Sunday now, I’m afraid.
4. Present Simple is used with future meaning when talking

about timetables or programs of events
The train arrives at 4.15.
119

1. This lesson ends/will end at 2 o’clock.
2. I’ll go/I’m going to go shopping this afternoon. Can I get you
anything?
3. I’ll start/I’m going to start a new job next Monday.
4. I doubt he will apply/applies for this job.
5. Will you help/are you helping me to complete the application
form?
6. I think I am going/I’ll go to London soon.
7. We are presenting/will present the new company structure
next week.
8. When does the new shop open? It will open/opens officially
on 1st September.
9. What am I going to do/shall I do if he is late?
10. Will you do/Are you doing anything on Sunday? We will
go/are going shopping.
11. Don’t worry about meeting. I support/will support you.
12. – I insist on seeing the manager.
– O.K., Sir. I am going/will go and call her.

to express future meaning of the verbs in brackets.
1. I ______ to Paris next week if I buy a ticket. (fly)
2. I _____ you the money tomorrow. (give)
3. Next winter holidays, I ______ with my granny in the village.
(stay)
4. Have you heard the news? The company ______ to London.
(move)
5. I ______ to the general manager on Monday. (go)
6. Our business trip starts tomorrow. We ______ at 10. (leave)
7. Next summer I ______ a week in the Crimea. (spend)
8. What time ______ the lecture _____? (begin)
9. I’m sure she _____ the job. She has a lot of experience. (get)
10. According to the timetable the bus _____ at 8.00. (arrive)
11. All the hotels are full. Where _____ we _____ the night? (spend)
12. I don’t think you _____ any problems at the airport. (have)
13. Our company _____ its 10th anniversary next year. (celebrate)
14. I think I ______ a promotion this spring. (get)
120
15. I _____ my bank manager tomorrow morning. (meet)
16. The football match ______ at 6 o’clock on Sunday. (start)
17. Look out! The ladder ______ . (fall)
18. He ____ to buy new furniture this year. (plan)

 How important are the following factors when choosing a
career?
 Money; job security; prospects; social aspects; status;
opportunities for travel, training.
 What makes a good employee?
 What personal qualities would you look for in recruiting
and selecting new employees/ a human resources manager?
Determined, flexible, open, ruthless, sensitive, single minded,
with a good sense of humour, sociable, talkative, sympathetic, team
worker, friendly, hostile, motivating, supportive, resentful, respecting,
arrogant, biased …
Select 4 traits of character which you consider to be the

most important and say if you possess them.
Ex.2. Discuss with your groupmates which is the best

way to recruit staff. Talk about the advantages and
disadvantages of each of the following as a way of
selecting people:
 application form
 references
 interview
 trial period
 personality test
Ex.3. List the key aspects to be considered when selecting
the most suitable candidates for promotion.
Ex.4. What qualities should a person possess to be successful
and occupy an important position in business?
121
Ex.5. «Work is by no means the most important thing in

life.» Do you agree with this statement?
Ex.6. Express your opinion of the following.

1. Recruitment of personnel is a critical task because newcomers
tend to break a lot of tools and devices they are not familiar with.
2. It is necessary to hire new personnel with a good mix of skills
because not everything can be learnt on the job.
3. Hiring new staff is expensive because it is connected with costs
of recruitment, costs of training and so on.
4. Recruiting managers from the ranks of the existing staff is most
effective and economical.
5. Making a quick decision to hire a person is always cheaper than
using the services of an expensive headhunter.

use them:
1. This book is selling like hot cakes.
2. I’m sorry I missed the appointment, it must have slipped my
mind.
3. A bad management decision spelt disaster for the company.
4. He is very secretive, it’s difficult trying to worm information
out of him.
5. My boss’s joke really got me into deep water.

«The employer generally gets the employees he deserves.»
(Anonymous)

A manager is talking to a job candidate and discovers that he
has never worked a day in his life. She says, «For someone with
no experience, you are certainly asking for a high wage.»
«Yes, I am,» the candidate says. «But the work is really
much harder when you don’t know what you’re doing!»
122
LESSON 4
Text: Interviewing
Grammar: Future time (Future Continuous, Future
Perfect)
Terms to remember:
cope (v)  справлятися
interviewee  особа, яка дає інтерв’ю;
запрошений на співбесіду
interviewer  інтерв’юер
reference  рекомендація
accept the job offer  приймати пропозицію про
роботу
turn down the job offer  відхиляти пропозицію про
роботу
appoint (v)  призначати, затверджувати
(на посаду)
sign (v)  підписувати
employment contract  трудовий контракт
working conditions  умови праці
salary  заробітна плата
probationary period  випробувальний строк
in advance  заздалегідь
research (v)  вивчати, досліджувати
implement (v)  виконувати, здійснювати
relocate (v)  переміщувати, переселяти
training course  курс навчання
strengths  сильні сторони
weakness  недолік, вразливе місце
123
Interviewing
Interviews may take many forms in business today: from the
traditional one-to-one interview, to panel interview where several
candidates are interviewed by a panel of interviewers to «deep-end»
interviews where applicants have to demonstrate how they can
cope in actual business situations. Moreover, the atmosphere of an
interview may vary from the informal to the formal and from the
kindly to the sadistic. Fashions seem to change quite rapidly in
interview techniques and the only rules that applicants should be
aware of may be «Expect the unexpected» and «Be yourself!».
But anyway an interview is a formal meeting between
a candidate and people from the company. In this situation, the candidate
is the interviewee and the representatives of the company are the
interviewers. After an interview, the interviewers will follow up
the references of promising candidates. To do this they ask for a
letter about the candidate from a previous employer (or a tutor, in
the case of a recent graduate). Once this process has been completed,
the interviewers need to select the best candidate for the job and
offer him or her the post. The candidate will then accept, or turn
down the job offer.
When the person has been officially appointed (given the job),
an employment contract is signed, agreeing the working conditions
and salary.
New recruits to a company will often work a probationary
period during which their employer can decide whether the person
is suitable and should be allowed to continue.
If you are an interviewee you should do the following in advance:
 research the organization
 read the job description carefully
 think about the questions you may be asked, and plan
your responses
 be ready to talk about your career, both past and future
124
 be prepared to explain why you think you are suitable for

the job
Below are some questions that are frequently asked in job
interviews:
 Tell me a little about yourself.
 Why do you want to leave your current job?
 Why do you seek a job with this company?
 What information do you have about our company?
 What do you think you can bring to this job?
 What changes would you implement if you got this job?
 How would you feel about relocating to another city (working
in a very small team? training courses?)
 Could you tell us something about your responsibilities in
your last job? (about your experience of dealing with difficult
client? about your long term goals?)
 What would you say are your strengths/weaknesses?
 How do you deal with criticism?
 What do you see yourself doing in 5 years?
 How do you see yourself developing personally?
 So, finally, why should we hire you rather than one of the
other candidates?

interview, represent, refer, complete, select, accept, appoint,
sign, agree, explain, implement.

офіційна зустріч; особа, яка дає інтерв’ю; представники
компанії; рекомендації; перспективний кандидат; відібрати
кращих кандидатів; запропонувати посаду; прийняти/ відхилити
пропозицію про роботу; підписати трудовий контракт; узгодити
умови праці та заробітну плату; кар’єра; досвід спілкування
125
з «важким» клієнтом; довгострокові цілі; роботодавець, випро-
бувальний строк.
A B
formal duty
turn down put into action
appoint move to a new place
conditions answer
salary attentively
carefully payment
response terms
relocate designate
implement reject
responsibility official

phrases:
interviewee, formal, to accept, to dismiss, strengths, inattentively.
verbs in the right hand column
increase
reference earn
cancel
salary make
supply
implement
contract accept
turn down
job offer break
126
negotiate
consider
1) a meeting at which a person applying for a job, is asked questions

about his/her work, experience, interests to see if he/she is
suitable;
2) a person who is interviewed, esp. for a job;
3) a person who carries out an interview;
4) a written report on a job applicant’s character or ability to do
the job;
5) a legal agreement made between an employer and an employee,
giving details of salary, hours of work, holidays, etc;
6) a regular fixed payment for work or services;
7) a person offering to take up a post or job.

1. The … will last for about 40 minutes.
2. Have you … the job offer?
3. Why did you … the job offer in that prosperous firm?
4. In her early twenties, she was … head of Public Relations.
5. The … asked him some awkward questions.
6. The starting … is € 15 000 per year.
7. The Personnel Manager went through … with each new
employee to make sure that it was fully understood before
signing.
8. My former boss said that I could use him as a ….
9. She was … to the post of sales director.
10. Finance is not one of her … .
127
11. At the end of the … you will become a permanent employee.
Strengths, reference, the contract of employment, salary,

interviewer, appointed (2), turn down, accepted, interview,
probationary period.

Interviews
The employment interview is perhaps the most widely used
selection technique. Job candidates are usually interviewed … at
least one member … the HRM staff and … the person … whom
they will be working. Candidates … higher-level jobs may also
meet … a department head or vice president.
Interviews provide an opportunity … the applicant and the
firm to learn more … each other. The candidate has a chance to
find … more … the job and the people … whom he or she would
be working.
(by (2), of, for (3), with (2), about (2), out)

power – strength
power – the authority and ability to do something important

strength – the energy that someone has to lift or move things;
the ability to achieve something, even in a difficult
situation
one of the words above. Make sentences of your own to
show that you understand the difference in their meaning.
1. The president has enormous … to make decisions.
2. I don’t have the … to move that table alone.
3. She has the … to help us with our problems.
4. We have the … to stop the deal at any time.
5. The illness has left her with very little … .
128
6. The British royal family has very little … these days.

7. She has a very … character.
8. He made a … speech asking the government to take measures.
9. As a manager, she has the … to hire employees.
10. We need someone who has the inner … to take on a difficult job.
1. What forms may interviews take in business today?
2. What is a job interview?
3. Who interviews the candidates?
4. What will the interviewers follow up after the interview?
5. What document is signed when the person has been officially
appointed?
6. What does an employment contract agree?
7. What should an interviewee do in advance?
8. Have you applied for any jobs?
9. Have you been interviewed? How did it go?
10. What’s the usual process for getting your first job in Ukraine?
Ex.2. Put the following steps in the recruitment process
in the correct order.
The recruitment process:
a. the candidates are 1. ____________________
interviewed
b. the successful candidate is 2. ____________________
offered the post
c. individuals apply for the post 3. ____________________
in writing
d. the post or position is 4. ____________________
advertised
e. the employer selects job 5. ____________________
candidates for the interview
129

 interviewees and interviewers
 an employment contract
 job interviews
Grammar Revision
Future Continuous, Future Perfect
We use the Future Continuous to talk about:
 actions or events that will be in progress at a specific time in
the future
This time next week I’ll be flying to London.
 something that will definitely happen in the future, either because
it is already planned or because it is part of a normal routine
We’ll all be using the Internet in ten years’ time.
We use the Future Perfect to talk about actions or events that
will be finished before a certain time in the future
I’ll have written the report by Sunday.

1. I won’t have time to solve this problem tomorrow because I’ll
be working/ I’ll have worked all morning.
2. The interviewers will be finishing/will have finished the selection
of the best candidates for this job by 6 o’clock.
3. Don’t come to the office at eight because we won’t have
arrived/we won’t be arriving by then.
4. This time next week I’ll be taking /I’ll have taken my entrance
exams.
5. By the time I retire I’ll be working/ I’ll have worked here for
thirty years.
6. Will you be using/will you have used your computer this evening?
130
7. I expect the meeting will be starting/will have started by the time

we get to the conference hall.
8. We won’t have finished/ won’t be finishing this work by the end
of the month.
9. By the time we get to the stadium, the game will be starting/
will have started.
10. We’ll have held/we’ll be holding our annual meeting soon,
so we can make a decision then.
11. We will make/will have made the last payment by the end
of the month?
12. This time next week I’ll attend/I’ll be attending a seminar
in London.

to express future meaning of the verbs in brackets.
1. Wait for me. I … ready in a moment. (be)
2. In ten years time I expect I … in this company. (work)
3. By the time we reach office, the rain …. (stop)
4. He … the employment contract by the end of this week. (sign)
5. The representatives of the company … my friend from 3 to 5
tomorrow. (interview)
6. I’ll give him your message. I can do it easily because I … him
tomorrow. (see)
7. This time next Sunday I … in a London cafe reading a
newspaper. (sit)
8. I … this article by tomorrow morning. (finish)
9. By next summer the company … new offices in Kyiv. (open)
10. By the end of the month 2, 000 visitors … this exhibition. (see)
11. By the end of the year the company … all our debts. (pay off)
12. You … to your boss at the meeting tomorrow? (speak)
13. I wonder what I … this time next year. (do)
14. – I am going to Netherlands next week.
– You are lucky. The tulips just … out. (come)
131
Ex.1. These words are often used in job advertisements.

Explain what kind of people companies look for.
 self-starters, proactive, self-motivated;
 methodical, systematic and organized;
 computer – literate;
 numerate;
 talented;
 team-players.
Ex.2. Imagine you have to interview a candidate for a vacant

position. Draw up a list of questions you would like
to ask each person applying for this job. After the
interview discuss the candidate with your partner.
Would you employ him/her? Why? Why not?
Ex.3. Describe a job that you would or would not like to

have and explain what skills and type of personality
are required for it.
Ex.4. Discuss with your groupmates which of the following

factors would be important to consider while choosing
a company to work for:
Size of a company, attitude towards staff, recruitment process,
location, reputation of a company, salary, management structure,
working conditions, job security, career opportunities.
132
Ex.5. Read the text below and fill in the gaps with a word
built from the word given on the right.
I knew the last _____ that walked through my door. interview
He didn’t recognise me but I most certainly recognised
him. His name was Simon Brown. I looked at his
_______ form and curriculum vitae. According to apply
his CV, he had been working as a senior ______ at economy,
a ______ bank in the city of London. He claimed prestige
that he had resigned because he no longer found his
job challenging. Now, Mr. Brown and I had been to
school together and I knew for a fact that his brain
was the size of a pea. It was not inconceivable that
he had gained the ______ he claimed he had, but the
qualify
______ was that his CV was a tissue of lies. My
likely
suspicions were borne out by his poor performance
during our interview. We said our goodbyes and
I immediately rang one of the ______
reference
he had named at the end of his curriculum. I was
sure that this person would tell me the truth about
Mr. Brown’s track record. Mr. Brown had in deed
worked for a big city bank, not as part of their
_________ team but rather as the person who made manage
the tea in the morning. I then rang up the bank and
found out that he had not resigned – he had in fact
been fired. I was told that he was lazy, rude and
permanently late, that his ______ was legendary
and that he was completely lacking in any competent
________ skills – and bear in mind that all he had
to do was make tea. So what did I do? Did I employ organise
him? I’ll let you be the judge of that.
(Advanced grammar and vocabulary Mark Skipper)
Notes:
to resign – іти у відставку, відмовлятися (від посади)
inconceivable – неймовірний
suspicion – підозра
track record– службовий список, перелік видів діяльності
to fire – звільняти
133
Do you think that Simon Brown was offered the post?

If you were an interviewer would you employ him? If not,
explain why.
Ex.6. You are a jobseeker and you are interested in a
particular post. How do you imagine your future
interview?
use them.
1. There is monkey business with tax money going on in this region.
2. We’ve been working for 10 hours and we are tired; let’s call it
a day.
3. He makes a killing selling umbrellas when it rains.
4. The advertising agency won’t accept cheques any more, only
hard cash.
5. I got the news at first hand, so I know it’s true.
Ex.8. Comment on the following proverbs and sayings.
Do they have equivalents in Ukrainian? Think of
situations where you could use them.
Pride comes before a fall.
People who live in glass houses shouldn’t throw stones.
THE JOB
A woman was being interviewed for a job. «You understand that
before we can offer you position, you must take a short test.»
«Of course,» she answered
«Well, how much is two plus two.»
«Four.»
A second applicant entered the room. After a short interview, the
recruiter asked,» Are you ready for the test?»
«Yes.»
«Well, how much is two plus two?»
The applicant answered, «whatever the boss says it is.»
134
The second applicant got the job.
LESSON 5
Text: Executive Pay
Grammar: When and if sentences
Terms to remember:
interest  процентний прибуток; відсоток;

частка (в чомусь); інтерес,
зацікавленість
rent on properties  дохід від нерухомого майна
income  прибуток; дохід; заробіток
annual salary  річний оклад (службовців)
wages  заробітна плата (робітників)
remuneration  винагорода; оплата;
компенсація
commission  комісійна винагорода,
комісійні
amount  кількість, загальна сума
fee  гонорар; винагорода; плата
compensation package  загальна сума оплати праці
bonus  премія
fringe benefits/perks  додаткові пільги
generous  щедрий; великий; значний
benefits package  пакет пільг
medical insurance  медична страховка
pension plan  програма пенсійного
забезпечення
share option  опціон на акції (пільга, яку іноді
отримують працівники компанії.
Вона надає їм право купувати
акції компанії зі знижкою
стосовно ринкової ціни).
contribute to (v)  робити внесок; сприяти
135
(чомусь)
at an advantageous price  за вигідною ціною
golden goodbye/golden  золоте прощання/золотий
handshake/golden парашут (велика
parachute компенсаційна сума грошей
та різні привілеї посадовій
особі, що іде у відставку;
велика одноразова виплата
директору, менеджеру, що
йдуть у відставку, або
працівнику, який залишає
компанію)
oust (v)  вигнати з роботи, звільнити
golden boot  золотий черевик
(компенсаційний пакет,
виплати працівнику, якого
змушують залишити
компанію)
Executive Pay
For their regular job performance, people get their pay in
accordance with employment contract.
Pay is seen as one of the most important forces in motivating
the workforce.
The money a person receives, including salary, dividends,
interest and rent on properties is called income. White-collar
workers and professionals usually get a salary which is paid monthly,
while blue-collar workers receive a weekly payment called wages.
Remuneration is a general term meaning «payment for
work». In some jobs (in sales for example), the employee receives
a commission, which is a percentage of the amount he or she has
sold. A fee is money paid for the professional services of people
such as lawyers or consultants.
Benefits add to the value of job. Apart from salary, an
executive’s compensation package can include bonuses and
136
fringe benefits or perks. Many companies operate a bonus
system for white-collar and blue-collar workers. Bonuses (extra
payments) are usually paid against certain work done.
Fringe benefits or perks are extras received by an employee
in addition to wages or salary. In managerial position these are
usually generous, and are negotiated when a job offer is being made.
A benefits package may include: a company pension
scheme, private medical insurance, company car, share options.
A company pension scheme is a private pension plan which the
employer contributes to. Share options give the employee the
chance to buy shares in the company at an advantageous price.
There is also a compensation package for an executive leaving
a company. It is also known as a golden goodbye, golden
handshake or golden parachute. When executives are ousted,
people may talk about companies giving them the golden boot.
In Britain, executives with high pay and good benefits may
be referred to as fat cats, implying that they do not deserve this
level of remuneration.

pay, remunerate, mean, employ, serve, consult, add, negotiate,
insure, contribute, compensate.

дивіденди, процентний прибуток, дохід від нерухомого
майна, на робочому місці, службовець, річний оклад, робітник,
заробітна плата робітників і службовців, комісійні, гонорар,
професійні послуги, юрист, консультант, значні додаткові пільги,
пакет пільг, медична страховка, купувати акції за вигідною
137
ціною, опціон на акції, премія, програма пенсійного забезпе-
чення, вигнати з роботи.
A B
receive earnings
motivate obtain
pay stimulate
income big
compensation payment
perquisite reimbursement
share perk
generous stock
adjectives in the right hand column.
regular
wages annual
high
low
payment net
weekly
monthly
income quarterly
controlling
absolute
interest life
taxable
poor
remuneration generous
guaranteed
perks fair
basic
138
incentive
Ex.5. The words in the box frequently occur after «pay»:

1) the day when an employee receives his/her wages or salary;
2) an envelope containing money earned by an employee;
3) a salary or wage given in a check;
4) a public telephone that you put money in to use;
5) a list of all the people employed by a company, and the
amount of money paid to each of them;
6) a cashier;
7) a piece of paper you get from your employer when you are
paid, showing how much money you have earned and how
much tax has been taken away.
Ex.6. Match the synonymous expressions:

1) social security a) pay packet
2) wage packet b) clerical work
3) office job c) social welfare
4) health services d) jobless people
5) unemployed people e) medical care

139
1) a percentage paid on amount of money;

2) money (in the form of wages or a salary or profit) received
from work done;
3) payment for services given;
4) a payment made to someone for providing a service or goods.
The amount is usually a percentage of the total value of the
deal;
5) an amount paid for a professional service or advice;
6) money or goods received in addition to a salary;
7) a combination of salary and benefits that an employer offers to
an employee;
8) a right offered to employees, to buy shares in the company
where they work at a cheap price;
9) a compensation package for an executive leaving a company;
10) a sum of money paid to shareholders as their part of the
company’s profit;
11) a person who provides advice for pay;

1. Will you accept € 100 as … for the work?
2. She is much better off since her … increase.
3. These shares should pay high … .
4. These gas shares earn a lot of … .
5. She receives excellent … for her work.
6. The bank charges … for exchanging foreign currency.
7. How much is your lawyer’s …?
8. He was offered a company car as … .
9. … we consider most important are non-contributory pensions,
company cars and healthcare.
10. A € 750,000 … to Mr. Brown, 68, retiring chairman of the
tobacco company was pushed through at the company’s annual
meeting.
11. We receive a substantial part of our pay in the form of … .
12. When I retire, my … will be 60% of my final salary.
140
Golden goodbye, the benefits, a perk, fee, a commission,

remuneration, interest, dividends, salary, payment, bonuses,
pension.
Ex.9. Fill in the missing prepositions

Fringe benefit
Fringe benefit is a reward … an employee’s labour which is
not based … money, but which takes an alternative form.
Increased holiday entitlement, a subsidized canteen, free or cut-
price products, or private health care insurance, are examples …
such non-financial rewards. It is increasingly recognized that
money is only one element that motivates the workforce, so the
use … nonmonetary incentives is becoming more common, …
shop-floor level, trade unions are increasingly including non-
financial elements … their negotiations … management. …
management level, the «perks» … company cars, sizeable expense
accounts … traveling, and other nonsalary incentives, are an
important element … attracting executives … one post … another.
(to, in (2), with, at (2), of (3), from, for (2), on)
Ex.10. Use the terms in the box to complete the text.
A … package is the total amount of money and extra things

that an employee receives for the work that they do. If an
employee is on a company’s …, they work for and are paid by the
company. In addition to their basic …, they may receive …, for
example a car or medical care. They may also receive extra
141
amounts of money, or … . This is especially true when they are

receiving performance – related pay, which is a rate of pay based
on how well someone does their job. Some companies also offer
their staff …, or stock options, which means that they can buy
shares in the company at a special price. Staff may also receive a
…, which is money paid to an employee after they retire.

salary – income – pay – wage
salary – is paid monthly to professional employees

income – money received from work done, or (as interest)
from money invested or (as rent) from property
owned
pay – money given to an employee by an employer in
return for work
wage – is paid weekly to manual or unskilled workers

of the words above. Make your own sentences to show
1. My friend is going to get a … rise next week.
2. That company pays a good … to its workers.
3. Her … increased when she changed jobs and bought stock.
4. Her husband is a lawyer. His … has increased 10 percent this
year.
5. The starting … of our new sales manager is € 15 000.
6. Tax is payable on all … over € 2000.
7. … are paid every Friday.
8. His … is about € 150 a week.
9. … is usually paid monthly but … is usually paid weekly.
10. Very few office workers get good … .
11. A person’s … falls dramatically on retirement.
12. In many countries workers are paid a legal minimum … .
142
Ex.12. Consult a dictionary and say whether these expressions

refer to earning a high or a low salary. Translate the
sentences into Ukrainian.
1. I’ve been an actor for years, earning a crust wherever I can.
2. We are tired of working for peanuts.
3. She is rolling in money.
4. She expects her employees to work for a pittance.
5. I bet he gets a nice fat salary.
6. He knew her family was loaded.
7. He made a fortune from mining.
8. They live from hand to mouth.
9. Ha has been laughing all the way to the bank.
10. It’s difficult for her to make both ends meet.
11. He worked for nothing.
12. Don’t worry, he has got deep pockets and will see the project
through.
13. It’s hardly worth getting out of bed for.
14. Are we talking telephone numbers?

1. What is seen as one of the most important forces in motivating
the workforce?
2. What is income?
3. What does a whitecollar worker receive for his/her work?
4. What does a bluecollar worker receive for his/her work?
5. Where do employees receive a commission?
6. What is a fee paid for?
7. What are fringe benefits?
8. What may a benefits package include?
9. What is a golden handshake?
10. What are bonuses usually paid for?
11. How important is salary in your choice of career?
12. Do you think top executives are too highly paid? Or do they
deserve what they earn?
143
Ex.2. Which of the following are examples of fringe

benefits?
1) company mobile phone
2) share options
3) rapid promotion
4) free health insurance
5) overseas travel on company business
6) company car
7) being on the company payroll
8) use of a subsidized canteen
9) attendance at board meetings
10) relocation package to cover moving expenses
11) sick-leave and holiday pay
12) retirement plans
13) training
14) child care
Ex.3. Explain the difference between:

 salary and wages;
 income and fringe benefits.

 income;
 bonuses and fringe benefits;
 a compensation package for an executive leaving a
company.
144
Grammar Revision
When and If Sentences
1. In sentences involving link words and phrases such as when,
before, after, as soon as, in case, till, until, if, unless the
Present Simple Tense (the Present Perfect Tense – to
emphasise the completion of an event) is used, although this
refers to future time.
I’ll give you my phone number in case you get lost.
I’ll give you a ring as soon as I’ve received his telegram.
2. We use:
 if to say that we are not sure whether something will happen.
I’ll see you in October, if I come to Kyiv.
 when to say that we are sure that something will happen
I’ll see you in October when I come to Kyiv.
Ex.1. Put the verbs in brackets into the correct tense (present
or future).
1. When he (get) his salary we’ll buy a new TV set.
2. I’ll be ready as soon as you (be).
3. She will be happy when she (hear) this news.
4. I (lend) you my car whenever you want it.
5. My boss will be upset when he (see) how slowly she works.
6. He’ll pay you when he (get) his cheque.
7. As soon as she (learn) English he’ll get her a job.
8. You shouldn’t count on a salary increase before you actually
(get) it.
9. The company won’t make any decision till he (arrive) here.
10. By the time he (retire) he will have worked here for 20 years.
11. I (contact) you as soon as I get information.
145
12. If they (not receive) payment next week they will take legal
action against us.
Ex.2. Put each verb in brackets into a suitable tense. All
sentences refer to future time.
1. As soon as I (get) there, I (write) you a letter.
2. She (buy) that house when she (have) enough money.
3. I (phone) you if I (be) late.
4. I (buy) this company’s shares as soon as the price (come down).
5. The machine (not work) until you (press) that button.
6. I (fly) to Greece after the strike (be) over.
7. We (have) to stay here till the rain (stop).
8. If I (see) him I (ask) for a rise.
9. As soon as I (hear) from him I (let) you know.
10. Our shop (not give) you your money back if you (not bring)
the receipt.
11. If they (close) the factory, a lot of small businesses (suffer).
12. Our sales (fall) when we (put up) prices.

1. Якщо ваша компанія зробить відповідні заходи, то рада
директорів підвищить річний оклад службовців.
2. Як тільки ви продасте цю партію товару, ми виплатимо вам
комісійну винагороду.
3. Після того, як будуть встановлені додаткові пільги, умови
праці наших робітників значно покращаться.
4. Якщо у мене буде можливість, то я придбаю акції цієї
компанії за зниженою ціною.
5. Якщо ви будете працювати в нашій компанії, ви будете
мати багато додаткових пільг.
6. Як тільки директор підвищить йому заробітну плату, він
придбає новий автомобіль.
7. Коли ви одержите медичну страховку, ви зможете легко
вирішити свої проблеми.
146
8. Якщо цей адвокат зможе нам допомогти, то він отримає

високий гонорар від нашої компанії.
9. Якщо ви будете постійним клієнтом цієї компанії, то ви
отримаєте значні пільги.
10. Якщо ви звернетесь до нашої компанії, то ми надамо вам
професійні послуги.
11. Я зустрінуся з генеральним директором, перш ніж підписати
цей контракт.
12. Він буде задоволений, коли отримає такий пакет пільг.
Ex.1. Discuss with your groupmates what way of being

paid is the most attractive for an executive.
Ex.2. Do you think that employees’ benefits are really

necessary? Why? What extra benefits would you
like your company to offer you?
Ex.3. Imagine the manager of a firm is interviewing

applicants who have applied for the job of his
personal secretary. You are also being interviewed.
Give a conversation between the manager and
yourself.
The manager wants to know: your name, age, address,
details of your education, qualifications, why you are interested in
the job, the names of the people who could send personal
references, etc.
You would like to know: what kind of work you will have
to do, about your salary, holidays, fringe benefits and bonuses, a
company pension scheme, working hours, etc.
147
Ex.4. Speak about the perks you would like to have in

order to get what you want.
Ex.5. Interview two people you know about their jobs.
Find out about the benefits and rewards they get
from their job. Tell the class.
«Performance-related pay is a horrible invention that creates
enormous stress and insecurity in the workplace».

use them.
1. I hope that, by the time you retire, your son will be old enough
to step into your shoes.
2. Don’t get shirty with me; I didn’t take your book.
3. Now her husband has lost his job, she will be obliged to cut
her coat according to her cloth.
4. He has it together and is doing well in business.
5. All I had to do was to walk up and down the room and smile
at the customers. It was money for jam.

«Patience pays dividends.»
(Anonymous)

A certain firm had the following legend printed on its salary
receipt: «Your salary is your personal business, and it should not
be disclosed to anyone.»
The new employee, in signing the receipt added: «I won’t
mention it to anybody. I’m just as much ashamed of it as you
are».
148
LESSON 6
Text: Leaving a job
Grammar: Tense Revision. Progress Test I
Terms to remember:
resign (v)  іти у відставку; відмовлятися
від посади; складати з себе
обов’язки
quit one’s job (v)  залишати роботу; звільнятися;
іти у відставку
fire (v)  амер. звільняти з роботи
terminate (v)  звільняти з роботи
sack (v)  звільняти з роботи
unemployed  безробітний
retire (v)  залишати посаду, іти у
відставку (на пенсію),
звільнятися
take early retirement (v)  рано піти на пенсію
(у відставку)
unemployed  безробітний
closure  закриття, завершення
dismiss (v)  звільняти (з роботи)
dismissal  звільнення з роботи
lay off (v)  припиняти роботу;
амер. звільняти робітників
make redundant (v)  звільнити у зв’язку зі
скороченням штату
redundancy  скорочення штатів; звільнення
робітників (службовців)
redundancy/severance  допомога при звільненні
payment з роботи (наприклад, при
149
скороченні штатів)
outplacement  працевлаштування працівників,
яких було звільнено при
скороченні штатів
Leaving a Job
There are many different reasons why employees leave their
job. Some people leave a job voluntary and some involuntary. On
the one hand, they may decide to leave themselves because they
want to move to another job or retire. On the other hand, they may
be forced to leave their job by the company. A person resigns, or
quits his job, when he leaves it voluntary. When people are made
to leave the organization we say that they are fired, terminated or
sacked. For them, finding a new job may be difficult and as a
result they become unemployed.
At the age of 60 many employees retire, though the retirement
age varies from one country to another. Some employees leave at
an earlier age; this is known as taking early retirement.
Labour market is very flexible. Companies can react quickly
to economic problems. Company reorganization, relocation or
closure often result in job losses. When people lose their jobs,
they are dismissed, laid off or made redundant. These job losses
are known as redundancies, dismissals or lay-offs. An employee
who is made redundant or laid off has a right to receive
compensation in the form of a redundancy/severance payment.
This is an amount of money paid out to compensate the employee
for the job loss; it is calculated according to the age, length of
service and the salary earned by the employee. They may also get
advice about finding another job, retraining, etc. This is called
outplacement advice.
150

resign, retire, reorganize, relocate, close, lose, dismiss, pay,
vary, form.

залишити роботу за власним бажанням; іти на пенсію;
реорганізація компанії; втрата роботи; скорочення штатів;
одержувати допомогу при звільненні з роботи; компенсувати
службовцю втрату роботи; заробляти гроші; звільняти з роботи
(когось); безробітний; реагувати на економічні проблеми.
A B
resign jobless
vary sack
fire quit (one’s job)
redundancy change
receive sum
salary dismissal
amount obtain
unemployed wages
151

phrases:
hire, remain, find, waste, voluntarily, location, receive,
closure, early, react, jobless.
redundancy give
hand in
resignation offer
take
closure suffer
make
loss face
result in
salary be threatened with
get
the sack increase
reduce
1) a situation in which a worker agrees to give up his/her job;

2) to give up a job or position;
3) to stop work, esp. because of age;
4) the act of bringing something to an end;
5) moving a person or an organization from one place to
another;
6) to remove an employee from a job or position;
152
7) a payment made to an employee as a compensation for the
loss of a job;
8) to get money by working;
9) to leave a job at an earlier age;
10) without a job; idle.
11) advice about finding another job, retraining, etc.
1. She decided to take … rather than a cut in pay.
2. She has … from her post as marketing manager.
3. He was asked … when the fraud was discovered.
4. He … from the bank after 30 years service.
5. The usual age of … is 60.
6. The bank clerk was … for dishonesty.
7. Over 500 steel workers face … .
8. A slump in business has led to the … of many factories.
9. The merger will result in … .
10. If he is late again he will get … .
11. The employee protested against the reason for his … .
12. The company has … a section of its employees.
13. My friend was … from her job yesterday.
14. Workers will be given 60 days’ notice and paid … based on
length of service.
Terminated, laid off, dismissal, the sack, relocation, closure,

redundancy (2), fired, retirement, retired, to resign, resigned,
voluntary redundancy.
Ex.8. Divide the words and word combinations in the box

into two columns.
dismissed, laid off, fired, made redundant, sacked,
offered early retirement, terminated, ousted
If you’ve done something If you’ve done nothing wrong,

153
wrong, you are … you are …
___________________ ____________________
___________________ ____________________
___________________ ____________________
___________________ ____________________
Redundancy
Redundancy is the situation that results when an employee’s
contract … employment is ended because that job no longer exists
or is no longer needed. A factory might close …, which would
make all the workforce redundant, or, … a factory, a new machine
might make a particular job no longer necessary. Workers who are
made redundant have a right to receive compensation … the form
… a lump-sum payment which varies ... the length … service …
the employee. Many companies … fact negotiate … trade unions
to give more than the minimum legal requirement …
compensation, especially if they are asking … workers to accept
voluntary redundancy as opposed … compulsory redundancy.
(to, down, in (3), within, according to, of (4), with, for)

business!
to step down – to leave an important job or position
(as/from something) and let somebody else take your place.
to resign – has a similar meaning but means «to tell
someone officially that you are leaving
your job.»
Ukrainian.
1. She is stepping down after four years in the job.
2. He has decided to step down as director of the company.
3. No one knows who will replace the Governor of the Bank of
England when he steps down in March.
4. Although she is stepping down from the committee, she will
still be involved with the organization.
154
5. Mr. Brown has announced that he is stepping down as chairman
next month.
6. Mr. Black will step down as head of the department in January.
7. She is stepping down from the committee due to other work
commitments.
8. He has finally stepped down after fifteen years as the company’s
CEO.
9. I have heard that Ms Hudd has stepped down from the
management committee.
10. He is under pressure from shareholders to step down.
1. How can a person leave a job?
2. When does a person resign?
3. When is a person fired or sacked?
4. When does a person retire?
5. What do we call «early retirement»?
6. What is redundancy?
7. Why do employers make employees redundant?
8. What is a redundancy payment?
9. How is the compensation for the job loss calculated?
10. What do we call «outplacement»?
Ex.2. Are these words about starting or finishing a job?

apply, retire, employ, resign, dismiss, hire, make redundant,
fire, recruit, take on, sack, appoint, headhunt, step down, oust.
Ex.3. When a worker is made redundant, the firm is obliged

to make a payment to the employee. What is this
payment called?
a. compensation
b. outplacement
c. severance
155

 various ways to leave a job;
 resignation and retirement;
 redundancies;
 dismissals.
Grammar Revision
GRAMMAR PROGRESS TEST I
Choose the correct variant.
1. I have not seen my business partner since he … London.
a) has left b) had left c) left
2. I decided to go to my office immediately when I remembered
I … the door.
a) didn’t lock b) hadn’t locked c) haven’t locked
3. He has made four presentations since he … in Ukraine.
a) has arrived b) arrived c) had arrived
4. I will be explaining this rule to you until I … you understand it.
a) will see b) shall see c) see
5. You will miss your train unless you … now.
a) leave b) will leave c) do not leave
6. The plane which … from Heathrow at 12.30 is expected to
land in 5 minutes.
a) took off b) had taken off c) was taking off
7. He … his annual report at the moment.
a) is preparing b) prepares c) has been
8. It will not be good if you wait till he … about it from your boss.
a) will learn b) learns c) will have learnt
9. Just as I thought, he … our office easily.
a) has found b) had found c) found
10. I knew he … me before so I wondered why he didn’t
recognize me.
a) had met b) met c) has met
11. I do not want to draw any conclusions now. But if he … to
persist I will fire him.
a) continues b) will continue c) continued
12. How did you know that somebody … your computer before
you came into your room?
a) was using b) has been using c) had been using
156
13. He … this company for several years when I began my career.
a) has been managing b) had been managing c) was
managing
14. You will not leave the office before five unless you …
everything.
a) will not have finished b) will have finished c) have finished
15. When he arrived in Birmingham in 1999 the English language
was not a problem to him as he … it for five years.
a) have been studying b) had been studying c) was studying
16. He … to solve this problem several times.
a) had tried b) has tried c) was trying
17. By the time you are back we … everything.
a) have done b) do c) will have done
18. If he … his job he will have to leave our city.
a) will lose b) loses c) is losing
19. If you … any problems with our product we will be pleased to
help you.
a) had b) have c) will have
20. When … to Ukraine?
a) have they come b) did they come c) they come
21. He … hard, that is why he is tired.
a) had worked b) worked c) has worked
22. He … to his personal stereo so he couldn’t hear your words.
a) listens b) was listening c) had listened
23. While I … my best to solve your problem you were discussing
some unimportant matter.
a) have been doing b) was doing c) did
24. Our company … this product since 2000.
a) has been producing b) had produced c) produces
25. We … a letter from our business partner.
a) have just received b) just received c) had just received
26. I … € 800 so far.
a) earned b) have earned c) will earn
27. It will be difficult for you to find a new job if you … .
a) will be fired b) are fired c) fired
28. Do not believe him! He … a lie.
a) tells b) is telling c) told
157
29. It is the fourth time his law firm … part in the Employment
Fair.
a) took b) has taken c) had taken
30. Brown&Partners … the firm now and need to hire secretaries
and lawyers.
a) expand b) are expanding c) expanded
Ex.1. Discuss with your groupmates the possibility of taking

early retirement. Which in your opinion is the best
retirement age?
Ex.2. Do you think that a redundancy payment can com-

pensate job loss? If you were a manager of a big
company would you try to do your best not to make
your employees redundant?
Ex.3. Study the following notice. Discuss with your

groupmates the reasons which will force you to fire
your employee.
Notice
These are the only ways that you can lose your job at this
company:
 Employees who steal will be terminated.
 Anyone who contradicts the boss will be sacked.
 Salespeople who don’t meet their targets will be fired.
 When business is bad, the laziest workers will be laid off.
 If the company goes bankrupt, everyone will be made
redundant.
 If you don’t like any of these rules, you’re free to resign and
find another job.
 But if nothing goes wrong, you have a job for life and you can
retire happily at the age of sixty.
(From D. Evans. Business English Verbs, Penguin Quick Guides)
158

use them.
1. Harry got the sack for taking time off without permission.
2. They were firing off questions at me from all sides.
3. Don’t worry if we have to close the shop. I have other irons
in the fire.
4. Martin should have resigned his office this year, but he is
staying on an extra year to keep the seat warm for you.
5. I have tried to reorganize the company, but it’s hopeless. The
game isn’t worth the candle.
Ex.5. Speak on the problem of unemployment and its effect

on people.

«If a man doesn’t make new acquaintances as he advances
through life, he will soon find himself left alone.»
(S. Johnson)
TEST 2 (MODULE II)

definition.
1. A sum of money given in addition to a salary.
a) bonus b) wages c) motivation
2. To tell an employee that he/she must leave his/her job.

a) to hire b) to employ c) to sack
159
3. A sum of money paid for professional or special services.

a) wages b) fee c) salary
4. Money or other benefits given in addition to a salary.

a) compensation b) incentive c) wages
5. A monthly payment in exchange for work.
a) interest b) salary c) dividend
6. To give employment to someone.

a) to estimate b) to promote c) to hire
7. A person or company that provides job.

a) employee b) employer c) businessman
8. The process of interviewing and choosing people to do a job.

a) recruitment b) description c) evaluation
9. A list of all the people employed by a company, and the amount of money paid to each of them.
a) pay-day b) payroll c) pay master
10. A person who is looking for a job.

a) applicant b) jobseeker c) headhunter
11. A post to be filled by a new employee.

a) job description b) vacancy c) employment
12. Money (in the form of wages or a salary or profit) received from work done.
a) dividend b) interest c) income
13. A right offered to employees, to buy shares in the company where they work at a cheap price.
a) bonus b) share option c) fringe benefit
14. A person who provides advice for pay.
160
a) consultant b) co-worker c) executive
15. A compensation package for an executive leaving a company.

a) golden hello b) golden parachute c) golden rule
16. To stop work, esp. because of age.

a) to fire b) to hire c) to retire
17. To get money by working.

a) to resign b) to earn c) to save
18. A payment made to an employee as a compensation for the loss of a job.

a) golden good-buy b) remuneration c) redundancy payment
19. Examining how much money a job is worth and how much the person doing it should be paid.
a) job analysis b) job evaluation c) job security
20. A person who buys something from a shop, pays for a service
or orders something from a company.
a) supplier b) customer c) consumer
161
MODULE III PRODUCTS, MARKETS
AND MARKETING
LESSON 1
Text: Customers, Consumers and Clients
Grammar: The Passive Voice (Simple)
Terms to remember:
customer  покупець товару чи послуги,
клієнт, замовник
consumer  споживач
resale  перепродаж
safeguard (v)  гарантувати (щось),
охороняти
safety  безпека
consumer protection  захист споживача
emerge (v)  з’являтися, виникати
pass a law (v)  приймати закон
consumerism  консюмеризм (рух на захист
прав споживача)
protect (v)  захищати
investigate (v)  досліджувати, вивчати
consumer taste  смак споживача
safety  безпека
market research  вивчення (можливостей)
ринку; дослідження ринку
client  клієнт, замовник, покупець
професійної послуги
accountant  бухгалтер
advertising agency  рекламна агенція
161
MODULE III PRODUCTS, MARKETS AND MARKETING
Customers, Consumers, and Clients

There are different ways to talk about people who buy things.
Customers are individuals or organizations who buy things
from other individuals, shops or organizations, pay for a service or
order something from a company.
Consumers are people who buy goods and services for their
own use or consumption and not for resale. Consumers are now
recognized as an important group – the government has passed
laws to safeguard the interests of the consumer in relation to
safety of goods, buying on credit, food labelling and much more.
An organized movement (consumerism) for consumer protection
has emerged in the last 40 years.
Consumerism consists of all those activities that are
undertaken to protect the rights of consumers in their dealings
with business. There exist four basic rights of consumers: the right
to safety, the right to be informed, the right to choose and the
right to be heard. Manufacturers investigate consumer tastes
using market research.
Clients are individuals or organizations who pay for services
provided by a professional person or organization such as a
lawyer, an accountant, a bank, advertising agency, etc.
A business may refer to its regular customers as its customer
base or client base.

consumer, protection, investigation, service, recognition,
activity, manufacturer, choice, movement, customer.

покупець, споживач, платити за послугу, споживання,
перепродаж, приймати закон, охороняти інтереси споживача,
захист прав споживача, смаки споживача, дослідження ринку,
клієнт, бухгалтер, рекламна агенція, безпека.
162
A B
customer end user
consumer producer
protect study
activity purchase
manufacturer buyer
investigate action
choose safeguard
buy select
Ex.4. Find suitable opposites to the following words:

similar, to sell, to reject, idleness, insignificant, producer.
nouns in the right hand column and translate them
into Ukrainian:
choice
consumer industry
products
customer protection
spending
taste
service
mix
base
Ex.6. The words in the box frequently occur after «con-

sumer».

163
1) loans made to the public by banks, shops and businesses for
the purchase of everyday items;
2) articles necessary for daily living, such as food, clothes, and
everyday things;
3) the average cost, published monthly, of a group of consumer
goods, such as bread, milk, chicken, etc. in comparison to
their past cost;
4) goods such as cars, furniture, refrigerators, televisions, etc.
that last for a long time;
5) the situation of buying and selling goods for personal use,
not for resale;
6) goods such as foods, drinks, newspapers, etc. that have a
short life and need to be replaced often;
7) a period when consumers are spending a lot;
8) refusal by consumers to buy things from a country or a
company that they disapprove of.

1) a person or business who buys something from another person

or business;
2) a person who buys and uses goods and services;
3) a customer of someone who provides a professional service;
4) an organized movement for consumer protection;
5) a sale of something again;
6) the condition of being free or protected from harm;
7) the study of what products and services customers might like
to buy;
8) action taken against harm or loss, a defense;
9) all regular customers of a business;
10) the legal rights that people have when they buy something.
164

1. … have the right to return faulty goods and demand a refund
from the supplier.
2. Prices of … goods have risen by an average of 3% in the last
3 months.
3. A good hairdresser never lacks … .
4. Please serve the next … before answering the phone.
5. … of alcohol in that country is high.
6. The government … new legislation concerning health and
safety in factories.
7. The Consumers’ Association … the rights of the consumer.
8. We made money on … of our house.
9. My … prepares my tax returns every year.
10. … helped us design our products to sell better.
11. She has good … in clothes.
12. We … various towns before we decided where to buy a house.
investigated, taste, market research, the resale, accountant,
safeguards, has passed, the consumption, customer, clients,
consumer, consumers.

Consumer Protection
Consumer protection means safeguarding the interests … the
consumer. … the growth … the number … products … offer, and
the size … the companies producing and selling them, it has
become much more difficult … consumers to protect their own
interests. Thus a movement … consumer protection has emerged
… the last 40 years … the developed countries. The areas where
consumer protection has been seen as most important have been
the way goods and services have been described, labelled and
advertised; the quality and safety … goods, buying … credit and
guarantees.
(on (2), in (3), for (2), of (4), with)
165

1. What do we call people who buy things from other individuals
or shops, pay for service or order something from a company?
2. Who are consumers?
3. What movement has emerged in the last 40 years?
4. What are the four basic rights of consumers?
5. Who investigates consumer tastes and with what purpose?
6. Whom do we call «clients»?
7. Do you think that it is necessary to protect the rights of the
consumers?

customers – consumers – clients
Ex.3. Are the following statements true or false?

True False
1. If a company gets repeat customers, people
who have bought their goods or services before
buy them again
2. Consumer laws are designed to protect busi-
nesses from dissatisfied customers
3. When customers are not pleased with the
goods or services that they have bought, you
can refer to customer satisfaction
4. Customer data is the information that con-
sumers need to decide what to buy
5. Consumer rights are the legal rights that
people have when they buy something

 customers
 consumers and consumerism
 clients
166
Grammar Revision
The Passive Voice (Simple)
1. a) We use the Passive Voice in three main ways:
 to describe a process
 when the action is more important than who does it:
The computer was repaired in 3 hours.
 when we do not know, or do not want to say, who does the
action:
The letter was received a week ago.
b) The agent (by …) is only used when it includes important
information:
America was discovered by Columbus in 1492.
c) When you want to mention what the agent used in order to
carry out an action, you use «with».
The letter was written with my pen.
2. Form be +Past Participle
Simple
Present the letters are written
Past the letters were written
Future the letters will be written
Ex.1. Change the following from active to passive.

1. The company manager increased my salary last week.
2. We bought this car last Friday.
3. He paid for this service in cash.
4. We seldom undertake such activities to protect the consumers’
rights.
5. We informed the customer of the delivery of his order.
6. The company increased the commission paid to agents.
7. Human Resources department recruits new staff every year.
8. Research and Development department developed several new
products last year.
9. My company opened several subsidiaries in different
locations.
10. Manufactures investigate consumer tastes.
11. Ford announced the loss of 4,000 jobs yesterday.
12. British Airlines forbids smoking during the flight.
167
Ex.2. Complete the sentences using the correct passive

(simple) form of the verbs in brackets.
1. He (not invite) to the conference if he doesn’t present a report.
2. I (not pay) enough for the work I do.
3. A security system (install) in this laboratory next week.
4. Newspapers (deliver) every day except weekends.
5. The problem (solve) by the committee a week ago.
6. Taxes (reduce) in a few years.
7. The office (wash) every day.
8. The delegation (meet) at the airport.
9. Our working conditions (change) by new equipment.
10. The most important decisions usually (take) by the owners of
a company.
11. Services in tourism (provide) by tourist companies.
12. When a private company (buy) by the state and (bring) into
public sector, it is nationalized.
1. Коло послуг нашої компанії було розширене минулого року.
2. Ці товари завжди купуються для перепродажу.
3. Права споживача захищаються державою.
4. Цей закон про захист прав споживачів був прийнятий кілька
років тому.
5. Ця інформація завжди розповсюджується рекламними
агенціями.
6. Смаки споживачів будуть досліджуватися нашим марке-
тинговим відділом.
7. Клієнтам нашого банку будуть запропоновані значні знижки.
8. Побутові послуги сплачуються за допомогою пластикової
картки.
9. Декілька працівників нашої фірми було звільнено за обман
покупців.
10. Ми не можемо повірити вашим словам, оскільки всі ваші
вимоги були задоволені.
11. Спільне підприємство було створено своєчасно і зараз ми
маємо великий прибуток.
12. Проект будівництва цього готелю був затверджений ще
в 2000 році.
168

Ex.1. Speak about different ways of talking about people
who buy things.
Ex.2. Think of situations where it is necessary to protect
the rights of a consumer and discuss them with your
groupmates.
use them.
1. Don’t believe him! He is a slippery customer.
2. I don’t want to go to law, but I shall have to if he doesn’t offer
me fair compensation.
3. When you are being interviewed for a job, you must weigh
your words before answering the questions they put to you.
4. Don’t waste words on that man; he isn’t interested in our
complaint.
5. The losses you made on the Stock Exchange last year should
have taught you a lesson.
Ex.4. Identify the type of a customer you are.
My habits as a consumer
1. It is embarrassing to leave a shop without having bought
anything, especially if you had been well advised by the shop-
assistant.
I agree  I don’t agree 
2. Things that cost little are of bad quality.
3. When buying something it is recommendable to follow the
advice of the shop-assistant, because he is the expert.
4. Looking for something particular in many different shops
takes too much time.
169
5. I am getting mad when I discover something smashing shortly
after I have bought something similar that is less nice.
6. If you happen to see an advertisement that appeals to you very
much, don’t hesitate to buy what is offered.
7. A shop-assistant cannot afford to deceive the consumer. If he
says that an article ran out of stock, it is true.
8. It may happen that something appeals to you at first glance but
you have not got enough money to buy it. Going shopping
with friends solves that problem: simply borrow the money
from them.
Now check your total scores and identify your type
0-20
You are a very clever purchaser. You don’t get trapped when
going shopping. But don’t be suspicious of literally everything
that is offered to you. Try to relax.
30-50
Mostly, you think twice before you buy something. That’s
good. But be careful: now and then you are in the mood of
purchasing without thinking at all.
50 and more
You are the ideal victim of all advertisers and sellers. No
doubt, you believe everything they promise and say. Stop
getting trapped any longer. Check thoroughly if you really
need what you are about to buy. Be more skeptical when
shopping. Or are you a millionaire?
Ex.5. Comment on:
«Do not fear when your enemies criticize you. Beware when
they applaud.»
(Vo Dong Giang)
170
LESSON 2
Text: Markets and Market Orientation
Grammar: The Passive Voice (Continuous)
Terms to remember:
commodity market  товарний ринок
competitor/rival  конкурент
competition  конкуренція
low-key  стриманий
target market  цільовий ринок
indication  ознака, свідчення; показник
market share  частка ринку
market leader  компанія, яка займає
провідне становище на ринку
market segment  сегмент ринку
market niche  ринкова ніша, невеликий
сегмент ринку для збуту
певного товару
dominate (v)  заволодівати, цілком
поглинати; панувати,
володарювати
marketer/marketeer  діяч ринку, спеціаліст,
продавець
respond (v)  відповідати; реагувати,
відгукуватися (на щось)
market-driven/market-  з ринковою орієнтацією
led/market-oriented
approach  підхід
desire  бажання; прагнення;
побажання
171
Market and market orientation

A market for a product is the people or organizations who
buy it or may buy it, or an area where it is sold. There exist different
types of markets: street markets, shops and supermarkets, markets
for services (e.g. restaurants), financial markets, commodity
markets (e.g. coffee, tin).
Companies or products in the same market are competitors
or rivals. They compete with each other to sell more, be more
successful, etc. when their competition is strong, you can say that
it is intense, stiff, fierce or tough. If not, it may be described
as low-key.
A company’s or product’s target market is a group of
consumers a company aims to sell its products to, for example
children, housewives, fishermen, etc.
As an indication for the success of a business market share
is often used which is the proportion of sales that a company or
a product has in a particular market. The market leader is the
company or product with the biggest share.
A firm usually focuses its attention on a market segment.
Market segment is the part of a market consisting of consumers
with similar characteristics. Ways in which a market might be
segmented include age, income, lifestyle, geographical location.
A market niche is a small, specific segment of the market,
often dominated by small firms selling some kind of goods.
Marketers often talk about market orientation: the fact that
everything they do is designed to meet the needs of the market.
Companies quick to respond to the needs of a market are
market-driven, market-led or market-oriented. A market-oriented
approach to developing a product is one which puts the desires of
the consumer at the centre of the decision about what to produce.
To make decisions about products companies do a market
research which is the collection of information on markets, products
and consumers; on what people need, want, and buy; how and
when they buy and why they buy one thing rather than another.
172

produce, organize, exist, differ, indicate, characterize, locate,
dominate, decide, collect, compete.
Ex.2. The following words can be used in more than one
way. Underline the correct part of speech for each word
as it is used in the text.
1. market a) noun b) verb
2. aim a) noun b) verb
3. share a) noun b) verb
4. desire a) noun b) verb
5. produce a) noun b) verb
6. research a) noun b) verb
7. segment a) noun b) verb
8. need a) noun b) verb
товарний ринок, цільовий ринок, група споживачів,
фінансовий ринок, частка ринку, сегмент ринку, прибуток,
ринкова ніша, ринковий підхід, створювати продукт, ринкова
орієнтація, конкурент.
A B
tough rival
share output
respond target
market-driven homemaker
income sign
desire reply
indication wish
housewife earnings
aim market-led
product segment
competitor fierce
173

failure, part, whole, slow, general, low-key.
Ex.6. Fill in suitable nouns to form two-word expressions.

Translate these expressions into Ukrainian.
1. ________ orientation
2. ________ share
3. target _________
4. ________ segment
5. commodity _______
6. _________ niche
7. free ____________
8. ________ economy
9. ________ price
10. ________ reform
11. fierce __________
12. low-key ________
Ex.7. Study the collocations below. Check any unknown

words in a dictionary and translate them into
Ukrainian.
booming, depressed, expanding, flat, growing, market
healthy, niche, sluggish, specialist, strong, weak
Ex.8. Match the word combinations in the left hand column

with the verbs in the right hand column and translate
them into Ukrainian:
market leader increase
lose
market price carry out
do
market research charge
pay
market share become
remain
174
Ex.9. The words in the box frequently occur after «market».

1) the company that sells the largest amount of a specific commodity
in a particular area; the brand or make of goods that sells the most;
2) the price of a raw material, product, service, etc. that is charged
in a free or competitive market;
3) study carried out by a company before launching a new product,
into the needs, lifestyles, incomes, etc. of potential buyers;
4) the percentage of the total sales of a certain product in
a particular area or country obtained by one company;
5) that part of a market which consists of consumers with similar
characteristics;
6) a pattern or change in buying and selling activities;
7) the act of obtaining a larger market share by increasing
advertising, promotion, etc.
8) an economic system in which individuals and firms are free to
enter and leave markets at will;
9) changes a government makes to an economy, so that it becomes
more like a market economy;
10) the way a market economy makes sellers produce what people
want, at prices they are willing to pay.
175

growth
segmen forces
t
share
leader
market
place
reforms
prices
1. Companies must be able to compete in the market ... .

2. He was forced to sell below the current market ... to
make a quick sale.
3. Our new product was well received in the market ... .
4. The price of petrol is influenced by market ... .
5. In the late 2000s, Internet use was doubling every
100 days. Market ... was incredible.
6. Women are an important market ... for Volvo.
7. Among UK supermarkets, Tesco has the highest market
... .
176
8. Tesco is the market ... among UK supermarkets as it

sells more than any of the other chains.
used verbs with «a market». Study the diagram,
consult your dictionary and translate these word
combinations into Ukrainian. Make up sentences
with them.
to rule be forced
to enter to dominate
to penetrate out of
take over to saturate
a market
to flood break into
to drive to corner
a company out to monopolize
of to abandon
to leave
to get out of
Ex.12. Use the correct form of the words in brackets to
complete the sentences.
1. Asian films do not export well: Asian movies barely ________
(abandon, penetrate) the European market.
2. In the 1970s, Kodak ________ (enter, leave) the instant
photography market, until then _______ (dominate, abandon)
by Polaroid.
3. In the 1940s, MGM _______ (get out, monopolize) the market
on film musicals, but by the late 1950s, Warner Bros had also
started buying film rights to musicals.
177
4. This company tried to fix diamond prices and to _____ (enter,

corner) the diamond market, _______ (drive out, monopolize)
all competitors.
Ex.13. Look at the words and phrases in the box. Match the
words with the correct definition from the list below:
1) a group of consumers for whom a business has designed a product

and marketing strategy;
2) the bond markets, stock markets, etc. that accept money and
turn it into equity instruments;
3) a course of action, a way of handling a situation;
4) to have the most important place or great influence; to have or
use power or command over;
5) a company that produces goods that it knows will sell because
buyers have said that they need them;
6) a large sell-service store offering food and general household
items;
7) the activity of trying to sell more and be more successful.

1. … helped us design our products to sell better.
2. Sony is … in hi-fi equipment.
3. The computer company has a 25% … .
4. Companies need to produce new products to keep up with … .
5. He was forced to sell below the current … to make a quick sale.
6. A … approach to developing a product is one which puts the
desires of the consumer at the centre of the decision about what
to produce.
7. As in many other Japanese industries, … at home, Toyota,
is not the strongest exporter.
178
8. Gillette … the business in the USA.
9. … is one where things are bought and sold freely and not under
government control.
10. My company has its own …, selling to fishermen and hunters.
11. Women are an important … for Volvo.
12. Our primary … is 20 to 30-year-old women.
13. Increased ... is good for customers and bad for producers.
14. Changes in the exchange rate can make a company more
or less ... .
competition, target market, a market economy, dominates,

market-oriented, market price, market trends, market share, the
market leader (2), market research, market niche, market segment,
competitive.

… most consumer goods, producers have become market-
oriented … growth … competition and the increasing knowledge
… consumers … what is available.
Products, such as cookers, cars, televisions, have to be
attractive … the customer to sell … competitors as all the
products now perform their basic functions … a similar way.
Service industries like banking and insurance have also become
more market-driven.
(against, to, about, of, in (2), because of, for)

1. What do we call a market for a product?
2. What do we call companies which compete with each other?
3. What kinds of competition do you know?
4. What types of markets do you know?
5. What is a target market?
6. What is a market share?
179
7. When can the company be called the market leader?
8. What is a market niche?
9. What companies are market-driven?
10. What do companies do a market research for?
 different types of markets
 target market
 market share, market segment, market niche
 market-oriented approach
Grammar Revision
The Passive Voice (Continuous)
Form be + Past Participle
Continuous
Present the letter is being written
Past the letter was being written
Future ----------------------

(continuous) form of the verbs in brackets.
1. I can do nothing when I know I (watch).
2. Close the door please, the matter just (discuss).
3. We watched how this information (collect).
4. President’s speech (translate) for the foreign guests.
5. When I came to my native town two years ago, this
supermarket still (build).
6. When my father was a worker at this plant this work still (do)
by hand.
7. My car (repair) now.
8. Don’t enter the room. My friend (interview) there.
9. The runways (lengthen) at all the main airports.
180
10. My proposal just (consider) when I came.

11. My office (redecorate) when I moved there.
12. I couldn’t give you our daily program, it still (work out).
Ex.2. Open the brackets, using the Passive Voice.
1. As I entered the office, I had the feeling that I (watch).
2. A lot of new experiments (make) in my husband’s laboratory now.
3. I am sure a lot of questions (ask) when I finish speaking.
4. This report (send) at once.
5. This money (spend) on market research next year.
6. Service (include) in the bill.
7. Don’t enter without invitation. A very important problem (discuss).
8. The program (work out) many years ago, but it still (use) with
great success.
9. When the market (segment) last?
10. Market share often (use) as an indication for the success of
a business.
11. The new method (show) to the young specialist today.
12. If we hurry with the work, it (spoil).

1. Контракт саме тоді підписували, коли ми приїхали.
2. Листи зараз друкуються.
3. Про його новий експеримент сьогодні багато говорять, чи
не так?
4. Зараз виконується мій улюблений концерт. Послухайте його,
будь-ласка.
5. Він не виявив великого інтересу, коли це питання обгово-
рювалось.
6. Він увійшов до залу в темряві і не одразу зрозумів, який
фільм демонструвався.
7. Я здивований, що його слухають з такою зацікавленістю.
8. Вона відчувала, що на неї дивляться.
9. Сьогодні проводиться дослідження ринку для того, щоб
зрозуміти, що потрібно споживачу.
10. Коли я прийшов у супермаркет, там продавалися відео-
касети з фільмами мого улюбленого режисера.
181
11. Новий проект нині розглядається Радою директорів.
12. Саме зараз всі замовлення доставляються клієнтам нашим
кур’єром.

«Usually a great fortune and success in business come not
only because of luck and happy circumstances in somebody’s life,
but due to thinking ahead, to the knowledge of people’s psychology
and market».
Ex.2. Imagine you are setting up your own business. What

target market would you choose? Why?
Ex.3. Discuss with your groupmates the situation in the

Ukrainian consumer markets.
Ex.4. Do you think that Ukraine can be called a market-

oriented country? Prove your point of view.

use them.
1. We can ask any price we like for our product; we have
a captive market.
2. Once a government has cornered the market, as for instance
in gas or electricity, there is always a huge rise in price.
3. The fees you are charging are so high that you are in danger
of pricing yourself out of the market.
4. The dishonest advertising agencies will spoil the market
for the good ones.
5. We are not in the market for diamonds at present.
Ex.6. Comment on:

«Necessity never made a good bargain» (B. Franklin)
182
LESSON 3
Text: Products, Goods and Services
Grammar: The Passive Voice (Perfect).
Progress Test II (Passive Voice)
Terms to remember:
product  продукт; виріб; продукція
fast-moving consumer  ходові споживчі товари
goods
consumer products  споживчі товари, товари
широкого вжитку
industrial products  товари виробничого
призначення
convenience goods  товари повсякденного
попиту
shopping goods  товари попереднього вибору
impulse goods  товари імпульсного попиту
specialty goods  товари особливого попиту,
престижні товари
at the checkout  на виході
white goods  такі товари, як пральні
машини, холодильники
brown goods  такі товари, як телевізори,
високотехнологічне
обладнання
merchandise  товар(и)
succeed (v)  досягати успіхів, процвітати
market (a product) (v)  знаходити ринок збуту;
продавати
183
introduce/launch (a product)  впровадити продукт на

on to the market (v) ринку
product life cycle  життєвий цикл товару
withdraw (v)  вилучати; анулювати
star  товар-лідер на ринку, який
швидко зростає
money spinner  товар, що дає великі
прибутки
cash cow  високоприбутковий товар
або бізнес
loss leader  товар, який продається за
зниженими цінами для того,
щоб приваблювати покупця
persuade (v)  переконувати, схиляти,
умовляти
profitable  прибутковий, вигідний;
рентабельний
dog  неприбутковий товар, якого
треба позбутися
Products, Goods and Services
The exchanging of products makes the business world.

A product is something that is produced or manufactured
and sold, often in large numbers.
Products are sometimes referred to as goods for example in
the expression fast-moving consumer goods, or FMCG.
Products may be grouped into two general categories:
consumer and industrial. Consumer products are classified as
convenience, shopping, impulse or specialty goods.
184
Convenience goods are mostly cheap products which people

use regularly and buy frequently with little effort (food, tobacco
products).
Shopping goods are those products that the consumer buys
only after comparing value, quality, and price from a variety of sellers.
Impulse goods are bought on impulse, often at the checkout, and
include products such as chewing gum, chocolate bars, magazines, etc.
Specialty goods have an outstanding position in the market;
they are mostly represented by certain brands.
Industrial goods are products used in the production of
other products for resale purposes. These goods include materials,
equipment, parts, and services.
We usually call white goods such things as washing machines
and refrigerators, ovens and hobs and brown goods such things
as televisions and hi-fi equipment.
Goods are also referred to as merchandise. Merchandising
is used to refer to the way that shops and businesses organize the
sale of their products, for example the way that they are displayed
and the prices that are chosen.
Services are activities such as banking or tourism that contribute
to the economy but which may not directly involve manufacturing.
Services may be referred to informally as products.
For firms to succeed in business, they must continue to
develop and market products.
New products are introduced or launched onto the market.
Products have a life cycle. The stages of the product life cycle are:
introduction, growth, maturity and decline. A product that a company
no longer wants to make available is withdrawn from the market.
A star is a product which is a leader in a booming market.
A product generating a lot of profit is a money spinner or a
cash cow. A loss leader is a product sold very cheaply in order to
attract customers who will then, it is hoped, be persuaded to buy
profitable ones. Loss-leaders aim to get people into the shops,
185
where the strategic presentation of goods can influence their

decisions about which products to buy.
A dog is a product that is in a market that is stagnant,
shrinking or weak. Its market share is small or going down.
Ex.1. Form nouns from the following adjectives:

profitable, attractive, consumer, industrial, expressive, active,
productive.

ходові споживчі товари, споживчі товари широкого вжитку;
товари виробничого призначення; товари повсякденного
попиту; товари попереднього вибору; товари особливого попиту;
знаходити ринок збуту для товару; життєвий цикл товару;
вилучати товар з ринку; впровадити продукт на ринку; високо-
прибутковий товар; досягти успіхів в бізнесі, товари імпульсного
попиту; неприбутковий товар, якого треба позбутися; застійний
ринок.
A B
goods beneficial
produce merchandise
profitable manufacture
money spinner appeal to
introduce retract
attract cash cow
persuade launch
withdraw convince
186

phrases:
profit, loss leader, to introduce (a product), harmful, slow-
moving goods, to fail.
Ex.5. Match the nouns in the left-hand column with
the adjectives in the right-hand column:
commercial
consumer
goods financial
free
intermediary
services training
welfare
acceptable
advertised
capital
competitive
durable
fancy
impulse
slow-moving
Ex.6. Give synonyms to «Products».

1. M _ _ _ _ _ _ _ _ _ _
2. A _ _ _ _ _ _ _
3. G _ _ _ _
4. I _ _ _ _
5. C _ _ _ _ _ _ _ _ _ _
Ex.7. The words in the box frequently occur before «goods».
187

1) items created to be used in everyday life, e.g. food, clothes,
magazines, bicycles, toys;
2) items such as television sets and radios;
3) items such as refrigerators and washing machines, so called
because they are made of white painted metal;
4) goods such as cars, furniture, refrigerators, televisions, etc.
that last for a fairly long time;
5) expensive items that are bought from choice and not necessity;
6) goods that can be imported, usually in limited quantities,
without customs duties;
7) goods, esp. food, that can go bad or decay quickly;
8) goods that are bought on impulse.

Ukrainian.
bring out, discontinue, improve, introduce,
launch, modify, take … off the market, upgrade, a product
withdraw
188
1) the idea that the sale of a product goes through 4 phases:

introduction, growth, maturity and decline;
2) something that earns a lot of money;
3) a product sold at a loss to encourage trade;
4) bringing in more money than is spent;
5) to take something back;
6) the job that an organization does;
7) to make goods to sell from raw materials;
8) goods for sale;
9) slow-selling goods in stagnant markets;
10) the way that shops and businesses organize the sale of their
products.

1. The book could be a real … .
2. Soap, toothpaste, batteries and light bulbs are all … consumer
goods.
3. You are welcome to examine … before buying.
4. Shops use … to attract customers.
5. This deal should be highly … .
6. Fashion goods have a short … .
7. These goods were … in France.
8. The popularity of home entertainment will be maintained with
sales of … such as televisions and hi-fi equipment.
9. In Great Britain supermarkets sometimes sell top brands
below cost as … .
10. Trained staff is trying … customers to spend far more.
11. Consumers buy a lot of … at Christmas time.
189
To persuade, brown goods, manufactured, impulse goods, product

life cycle; profitable; loss leaders (2), the merchandise; fast-
moving; money spinner.
to succeed – to manage – to cope
to succeed – to accomplish a task or reach a goal; to do well

in life
to manage – to struggle but succeed at doing something
to cope – to face difficulties and try to overcome them.
of the words above. Make sentences of your own to show
1. She has … in business and is now a millionaire.
2. The test was difficult but he … to do well.
3. He … to carry the heavy suitcase into the house alone.
4. He … with the pain and finally got well again.
5. Unfortunately I didn’t … to pass the exam.
6. Not many of us … in achieving our ambitions.
7. If her business … she will become a rich woman.
8. He … in passing his final exam.
9. He can’t … with this difficult task, so he is going to ask you to
help him.
10. She … to achieve good results in a short space of time.
business!
to roll something out – to introduce a new product, service
or technology by gradually making
it available to more people.
Ukrainian.
1. The airline will roll out its new passenger jet in May.
2. They are able to roll new products out very quickly.
190
3. They will introduce the clothing into 84 stores before rolling
it out across the chain.
4. The system will be launched in London and then rolled out
across Great Britain.
5. The company rolled out its new product last month.
6. The service will be rolled out commercially all across Japan.
7. Before rolling out a new product nationally, the company
conducts detailed tests.
8. We plan to try out the system here and then roll it out to other
regions.
9. The group rolled its new car out on Monday.
10. The new phones will start to roll out at the end of the year.
1. What makes the business world?
2. How can a product be characterized?
3. What two general categories may products be grouped into?
4. What do we call such things as washing machines and
refrigerators?
5. Can brown goods be also referred to as merchandise?
6. What are services?
7. If a product generates a lot of profit is it a money spinner or
a loss leader?
8. What purposes is a loss leader used for?
9. Why must firms introduce new products?
Ex.2. Find in the text the correct term for the definition
and write it in the space provided.
1. Products called ______ are products that consumers want to
purchase frequently with a minimum of effort.
2. Products that have a special attraction to consumers who are
willing to go out of their way to obtain them are called ______ .
3. Products known as _______ are products that consumers are
unaware of, haven’t necessarily thought of buying.
191
4. Consumers buy _______ only after comparing value, quality,
and price from a variety of sellers.

 products and services;
 different kinds of goods.
Grammar Revision
The Passive Voice (Perfect)

Form be + Past Participle
Perfect
Present the letter has been written
Past the letter had been written
Future the letter will have been written

(perfect) form of the verbs in brackets.
1. A lot of new companies (open) in our city this year.
2. We didn’t know that he (not invite).
3. The construction of our new office (finish) before winter comes.
4. He went to London last year and he (not hear) of ever since.
5. I wondered why her child (not teach) any foreign language.
6. The instructions just (give).
7. He didn’t follow the advice he (give).
8. I realized that the letter (lose).
9. The answers to all business letters (write) long before the end
of the working day.
10. This historical fact (know) for many years.
11. The work (do) by the time he comes back to the office.
12. I wondered whether the product already (withdraw) from the
market.
Ex.2 Open the brackets, using the Passive Voice.

1. This new product much (talk) about.
2. Those papers (not look through) yet.
3. Several contracts (sign) next week.
192
4. When I came, the problem (not settle) yet.
5. The letter still (translate).
6. The list of applicants (make) before I came.
7. Nothing (hear) of her since she left Kyiv.
8. This product (produce) in large numbers before we received
this complaint about a bad quality.
9. A new cosmetic line (launch) onto the market by the end of
the year.
10. The date of the meeting (change) before they informed us.
11. Your order (send) before you return.
12. You (bother) by that man again.

1. Ці ходові споживчі товари виробляються в Україні.
2. Ці послуги надаються безкоштовно.
3. Було обговорено лише 2 питання, коли ми почули дзвінок.
4. Мені завжди давали корисні поради.
5. Що вам пояснювали, коли я зайшов?
6. Не входьте без запрошення. Зараз обговорюється дуже
важливе питання.
7. На жаль нічого не було зроблено для того, щоб допомогти
йому закінчити цей проект.
8. Цікаво, де надаються такі послуги?
9. Цей високоприбутковий товар буде завезено із західного
регіону.
10. Коли згадали цей факт, усім стало зрозуміло, що малося
на увазі.
11. Йому дали ще 3 тижні для того, щоб розробити новий
продукт.
12. Коли ми приїхали в це місто, ця книга продавалася скрізь.
13. Цей продукт буде вилучено з продажу до кінця місяця.
GRAMMAR PROGRESS TEST II (PASSIVE VOICE)
Ex.1. Choose the correct answers.

1. He knew why he was chosen/had been chosen.
2. He was shocked/had been shocked by his boss’s attitude.
193
3. We are just sent/have just been sent new information.
4. Everything will be done/will have been done by the end of the
week.
5. He is interviewed/is being interviewed now.
6. My application is still considered/is still being considered by
the managers.
7. The letters has just been brought/have just been brought.
8. He explained that a new job was offered/had been offered to
him in February.
9. She was never made/has never been made such an exciting
proposal.
10. My computer is repaired/is being repaired now.
11. This cheque was signed/has been signed by the manager an
hour ago.
12. Negotiations will have been held/will be held in Kyiv next
week.
13. Prices for oil had been increased/have been increased again.
14. Our company was founded/has been founded in 1990.
15. Extra payments are given/are being given to employees with
initiative once a month.
Ex.2. Open the brackets, using the Passive Voice.

1. Payment (make) in the local bank last week.
2. Special training (give) to new employees in our company.
3. Taxes (raise) now.
4. The project just (complete).
5. This new product (develop) by the end of the month.
6. A lot of the ideas for new products (provide) by customers.
7. My friend just (promote).
8. A decision already (make) when he came.
9. Every product (check) for quality.
10. Nothing (do) since we left the office.
11.The first branch of our bank (open) in 2000.
12.New marketing strategy (develop) now.
13.I (ask) to do a lot of extra work at the moment.
194
14.Most of the top managers (fire) after the takeover.

15. The company’s German subsidiary (sell) by the end of the year.
Ex.1. Describe what a product is and how products are

classified.
Ex.2. What is the difference between goods and services?

Give some familiar examples of each.

«We buy many products that we don’t need. This shows that
we are being manipulated by large, evil corporations».
Ex.4. Speak about the importance of product knowledge

for sales staff.
Ex.5. Discuss with your groupmates what firms should

do to succeed in business.

use them.
1. My manager has given me yeoman service for many years.
I shall be sorry to lose him.
2. If you want to get to the top of the ladder, you must work
like a demon.
3. I would like the job he is advertising. When you see him
tomorrow, can you put in a good word for me?
195
4. You can rely on my promise, even though it is not in writing.
My word is my bond.
5. At the interview, Jack played his cards well by trying to show
how he could be useful to the company.

«If you wish to know what a man is, place him in authority».
LESSON 4
Text: Marketing
Grammar: The Sequence of Tenses
Terms to remember:
driving force  рушійна сила
involve (v)  містити в собі, мати на увазі
demand  попит, потреба
appropriate  відповідний
achieve (v)  досягати, успішно виконувати
objective  мета, завдання
marketing strategy  стратегія маркетингу
take into consideration (v)  брати до уваги
marketing mix  формула маркетингу,
комплекс маркетингу
promotion  сприяння у продажу (товару)
support  підтримка, допомога
reliability  надійність
charge (v)  призначати, вимагати плату
distribution  розподіл; розповсюдження;
розміщення; збут
package (v)  пакувати
Marketing
In recent years marketing has become a driving force in most
companies.
196
Marketing involves analysing and understanding customer
demand in order to enable the company to provide the most
appropriate products and services so as to make a profit.
A company’s approach to achieving its marketing objectives
is called marketing strategy. A marketing strategy includes the
following:
 analysis of the wider business environment;
 analysis of target markets for new products;
 sales goals;
 the marketing budget;
 elements of the marketing mix.
The various factors a company must take into consideration
when developing its marketing objectives are referred to as
marketing mix. The marketing mix is often summarized as the
so-called four P’s: product, price, place, promotion: what to sell,
to whom, where, and with what support.
Some writers would add a fifth «P»: packaging. (The importance
of packaging is often underestimated; it attracts the buyer’s
attention, it describes the contents and it also protects the product).
There is even a sixth «P»: people. (This refers to the knowledge,
skills and personality of the staff who come into contact with the
customer.)
Each of the elements plays a vital role in the success or failure
of a business operation.
Product can be defined as goods or service that you are
marketing and includes its design, quality and reliability.
Price refers to how much money a company charges for its
products. The marketing view of pricing involves considering the
value of a product, the volume of sales required.
Place refers to distribution, that is, how and where the
product is made available to customers.
Promotion means presenting the product to the customer.
Promotion involves considering the packaging and presentation of
the product, its image, the product name, advertising.
197
A company that believes in marketing is forward-thinking

and doesn’t rest on its past achievements. It must be aware of its
strengths and weaknesses as well as the opportunities and threats
it faces in the market (remember the letters: «SWOT»).

involve, analyse, provide, achieve, consider, summarize, pay,
distribute, present.

1. demand a) noun b) verb
2. approach a) noun b) verb
3. place a) noun b) verb
4. support a) noun b) verb
5. charge a) noun b) verb
6. view a) noun b) verb
7. value a) noun b) verb
8. name a) noun b) verb

купівельний попит; досягати мети; стратегія маркетингу;
брати до уваги різні фактори; формула маркетингу; підтримка;
якість та надійність; обсяг продажу; сприяння у продажу
(товару); пакування товару; реклама, рушійна сила.
A B
198
involve cost
appropriate supply
achieve empower
objective assistance
support aim
enable reach
provide suitable
price include
to understand, appropriate, to fail, to provide, identical,
inaccessible.
nouns in the right hand column.
environment
distribution department
strategy
mix
promotion plan
objectives
channels
marketing costs
company
system
network
campaign
Ex.7. Replace each definition with a single word relating

to marketing mix:
1) the item made for sale__________
2) how much it will cost__________
3) where it will be sold_________
4) what publicity it will get_________
199

Ukrainian.
a) attractive, exorbitant, fair, high, inflated, reasonable,
price
retail, selling
b) agree on/to, arrive at, bring down, cut, establish,

increase, lower, push up, put up, raise, reduce, set, a price
work out, fix
Ex.9. The words in the box frequently occur after «marketing».

1) the combination of factors that influence sales and can
be controlled by a company. These include product, pricing,
promotion and place;(mix)
2) a detailed report that shows how a company or a department
will maintain and improve sales in a certain area;(plan)
3) the combination of factors that affect a company’s sales in
a particular area or country. These factors include changes
in government policy, in people’s levels of income, the
development of new technology or transport systems and the
activity of rival firms;environment
4) a detailed inspection of the strengths and weaknesses of the
marketing activities of an organization;audit
5) a company’s approach to achieving its marketing
objectives;strategy
6) the business philosophy that involves the entire organization
in the process of satisfying customers’ needs while achieving
the organization’s goals;concept
7) the general and specific aims which a firm sets for itself
in selling its products.objective
200
Ex.10. Look at the words in the box. Match them with the
correct definition from the list below:
1) the desire of consumers to obtain goods and services; demand

2) an aim or target;
3) advertising or other activity intended to increase the sales of a
product;marceting
4) the movement of goods to places where they can be
sold;distruction
5) the actions of identifying, satisfying and increasing the
buyer’s demand for a company’s products;
6) the amount of money for which something can be bought or
sold;prise
7) to put a price on; to ask for payment from;charge
8) correct, suitable;appropite
9) the worth of something in terms of the money or goods for
which it can be exchanged.valume

1. … for reliable cars has increased.
2. Our main … is to reduce prices.
3. Television advertising is an expensive but effective method of
….
4. The company’s main activities are manufacturing, marketing
and … .
5. She works in … .
6. We can’t afford to buy the computer at that … .
7. The bank … 1% for changing traveller’s cheques.
201
8. This company is very successful, so she has made the …
choice in joining it.
9. The … of this home has doubled since we bought it.
10. The company has increased sales because of a favourable … .
11. The organization has decided to follow the recommendations
of the most recent marketing … .
12. Next meeting of the Board of Directors will discuss our new
marketing … .
Strategy, audit, marketing environment, value, appropriate,
charges, price, marketing, distribution, promotion, objective,
demand.
Marketing mix
Marketing mix is the combination … marketing plans and
policies that are employed … an organization in order to achieve
its marketing objectives. In its simplest form, it can be represented
… policies adopted … four areas, the four P’s but there can be
a large variety … elements employed … each category.
The exact combination … such policies employed … an
organization will depend … the size and resources … the
organization, the nature … the product, the nature … the market
and the state … competition … the market.
(within, of (7), by (3), in (2), upon)
Ex.13. Build your vocabulary. Learn phrasal verbs for business!
to mark something up – to increase the price of something
Ukrainian.
1. If a store faces a lot of competition, it is less likely to mark
up its prices.
2. Wholesalers sell goods to stores, which mark them up for retail.
3. The fruit is heavily marked up out of season.
4. Many stores took advantage of the change in currency to
mark up prices.
5. Most furniture stores marked up their beds by about 20%.
6. Restaurants make most of their money from marking up drinks.
202
7. Companies have to mark up their products to make a profit.
8. Steel prices have been marked up by almost 10%.
9. The cameras have been marked up to $320.
1. What does marketing involve?
2. What is marketing strategy? What does it include?
3. What are the four elements of the marketing mix?
4. How can «product» be defined?
5. What does «price» refer to?
6. What does «place» mean?
7. What is promotion?
8. Is packaging important for a buyer?
9. What does the sixth «P» refer to?
Ex.2. Define the main elements of the marketing mix.

 includes its quality, its features, style, brand name, size;
 includes consideration of things like the basic list price,
discounts, the length of the payment period, and possible credit
terms;
 includes such factors as distribution channels, coverage of
the market, locations of points of sale;
 includes advertising, publicity, sales promotion;
 protects the product;
 includes the knowledge, skills and personality of the staff.

 marketing and marketing strategy
 marketing mix
Grammar Revision
The Sequence of Tenses

203
After one of the past forms in the principal clause we find

past forms in the subordinate object clause:
1. if the action of the object clause is simultaneous with that of
the principal clause, the Past Simple or the Past Continuous is
used in the object clause.
He thought I was joking.
2. If the action of the object clause precedes that of the principal
clause, the Past Perfect or the Past Perfect Continuous is used
in the object clause.
I understood that he had already left the office.
3. If the action of the object clause follows that of the principal
clause, the Future-in-the-Past is used in the object clause.
I was sure that we would win this game.
Ex.1. Make the actions in the following object clauses
simultaneous with those of their principal clause.
1. He was surprised that I (know) his telephone number.
2. I knew the children (hide) somewhere in the room.
3. He told us that he (work) for a large corporation.
4. He said the information (be) rather interesting.
5. We knew that Ann (have) an English class every Wednesday.
6. I knew that they (discuss) my new proposal then.
7. He said that he (be) interested in marketing.
8. She said she (be) busy.
9. The customer said that he (want) to have a word with me.
10. He explained that he (take) driving lessons.
11. The customer said he (think) about buying a new computer.

precede those of their principal clause.
1. I knew that he (go) to London already.
2. He asked me why I (not invite) him to that scientific conference.
3. He said he (not hear) anything about her complaint.
4. She said the secretary (send) the message already.
5. I knew that she (make) an appointment with general manager.
204
6. He said that he (work) hard all the time.

7. He told her that he (meet) her the year before.
8. I knew that he (to be) ill the day before.
9. She thought he (graduate) from the University.
10. Didn’t you know that he (establish) a business of his own?
11. We knew that he (work) for this company before.

follow those of their principal clause.
1. He told us that his daughter (be) a marketer.
2. She said that she (finish) her report by 6 o’clock.
3. Mr. Black said the manager (come back) to New York the
following day.
4. The secretary told me that the meeting (take place) the
following month.
5. I hoped that he (apologize).
6. She said she (not attend) our meeting on Monday.
7. I asked him when the negotiations (begin).
8. He said that the price (not include) the cost of packing.
9. She decided that she (ring) up there tomorrow.
10. We decided that you (be) able to help us.
11. I was sure that they (offer) me that job soon.

1. Він сказав, що він сьогодні дуже зайнятий.
2. Менеджер повідомив нам, що в нього є важливі новини.
3. Вона запитала, коли я піду за покупками.
4. Він пояснив, що ніколи там не був.
5. Я сподівався, що проведу там всю відпустку.
6. Він проінформував, що вони вже обговорили цю небезпечну
ситуацію.
7. Шеф сказав, що я повинна відповісти на цей лист негайно.
8. Вона запитала мене, де працює мій брат.
205
9. Секретарка повідомила, що вже надрукувала цей контракт

у трьох примірниках.
10. Він знав, що вони вже розробили нову маркетингову
стратегію.
11. Він повідомив, що не буде брати до уваги цю інформацію.
206
Ex.1. Talk to your groupmates about the role and nature

of marketing in the Ukrainian economy.

 if marketing information is as important to small firms as
it is to larger firms;
 if a good marketing strategy is vital to a product’s success
Ex.3. You work for the marketing department. Discuss

plans for promoting your new product.
Ex.4. «A poor product can be made successful by clever

marketing techniques.» Do you agree with this
statement?

use them.
1. I am making my first speech at our company meeting. I hope
you’ll be there to give me moral support.
2. We have to get this product off the ground by the summer.
3. Hughes isn’t worth his wages; it’s time we gave him the elbow.
4. We’ll get more bang for our buck if we advertise online.
5. When I left home, work was difficult to find, and I earned hardly
enough to keep body and soul together.
Ex.6. Comment on the quotation:

«A man without a smiling face must not open a shop.»
207
LESSON 5
Text: Advertising
Grammar: Reported Speech (Statements)
Terms to remember:
advertising  рекламна справа; реклама;
рекламування
target customer  потенційний клієнт
account  у практиці рекламних агенцій
загальновизнана назва
контракту між клієнтом, який
платить за здійснення
професійної послуги, та
агенцією
advertising campaign  рекламна кампанія
allocate (v)  розміщувати (капітал);
асигнувати
budget  бюджет, фінансовий кошторис
brief  справа; короткий виклад
statement  виклад, формулювання
message  повідомлення, послання
communicate (v)  повідомляти (когось-to),
передавати
advertisement (advert,  реклама; рекламне оголошення
ad)
media  засоби масової інформації,
засоби/носії реклами
advertising media  засоби розповсюдження
реклами
broadcasting  трансляція
leaflet  листівка, невелика тоненька
брошура
flyer  листівка
display  показ, демонстрація; виставка
208
display (advertising)  ілюстративна (реклама)

poster  афіша; плакат; оголошення
hoarding (BrE)/billboard  щит, дошка для наклеювання
(AmE) оголошень, афіш, плакатів
тощо
point of sale  місце здійснення продажу
trade fair  торговий ярмарок
word-of-mouth  усна (реклама)
(advertising)
corporate advertising  реклама фірми
brand image  імідж торгової марки
public relations (PR)  експерт з питань організації
expert громадської думки
publicity  пабліситі; реклама;
публічність; гласність
Advertising
Advertising is one of the main methods of promotion. Its
aim is to increase sales by making a product or service known to a
consumer and to persuade that consumer to buy it.
Advertising is often designed and managed by advertising
agencies.
Large companies usually use advertising agencies to promote
their products and the company’s image to the target customers.
The account is the contract between the client company and
the agency to develop an advertising campaign. The client
allocates a budget, an amount of money, to the task. The agency
and the client then discuss the brief, which is a statement of the
client’s objectives, as well as the message the company wishes to
communicate to the consumers.
After that the agency is ready to start work. An advertising
campaign consists of a series of advertisements (adverts, or ads)
which are run in various media.
209
The most common types of advertising media include:

broadcasting (TV, cinema, radio), press (newspapers, magazines),
printed material (brochures, leaflets, catalogues, flyers), electronic
(Internet), display (posters, hoardings/billboards, vehicles, point of
sale), others (trade fairs, word-of mouth, packaging).
Corporate advertising is not concerned with increasing sales
of a particular product or service. Its aim is to present to the public
the brand image. Public relations (PR) experts organize activities
which generate positive publicity for companies. They establish
good relations with the news media, issue press releases and hold
press conferences.

advertisement, information, persuasion, management,
promotion, development, allocation, discussion, statement,
communication, agreement.

1. increase a) noun b) verb
2. use a) noun b) verb
3. target a) noun b) verb
4. account a) noun b) verb
5. contract a) noun b) verb
6. budget a) noun b) verb
7. wish a) noun b) verb
8. work a) noun b) verb
9. present a) noun b) verb
210

основні методи сприяння у продажу товару, інформувати
споживача; реклама; рекламна агенція, потенційний клієнт;
розробити рекламну кампанію; повідомляти споживача, роз-
почати роботу; засоби розповсюдження реклами; торговий
ярмарок; усна реклама; ілюстративна реклама; реклама фірми;
експерт з питань організації громадської думки; збільшувати
продаж.
A B
main promote
amount notify
vehicle budget
start begin
allocate allot
contract automobile
inform sum
advertise principal

similar, to finish, to conceal, subordinate, producer, to agree.
cut
advertisement allocate
increase
finance
budget do
promote
place
advertising run
take out
211
with the correct definition from the list below.
1) the business that deals with making, distributing and selling

advertisements;
2) an independent firm that plans, produces and places advertising
for its clients;
3) the various forms of communication through which advertising
reaches its audience;
4) a book containing details of items for sale;
5) the place where a customer buys something;
6) an exhibition where companies in a particular industry display
their products to potential buyers;
7) the contract between the client company and the advertising
agency to develop an advertising campaign;
8) a statement of the client’s objectives;
9) a notice or message in a newspaper, or on a poster in a public
place, or announcement on television or on the radio offering
or asking for a product or service;
10) the feelings and opinions that a buyer has about a particular
named product.
1. My friend works for one of the biggest … in Ukraine.
2. We’ll have … for a new secretary.
3. The best way to sell your car is to put … in the local paper.
4. How easily are you persuaded by … ?
5. We place … about our products in the newspapers every week.
6. The agency lost a $10 million account when it mistakenly ran
… for a new product before it had formally been introduced.
7. The choice of advertising … was limited by the budget.
8. The client’s … stated that the advertising should target the
students.
9. … is a large board for displaying posters alongside roads.
212
10. Advertising is often designed by … .
11. Mercedes cars have a quality … .
hoarding, brief, media, an advert, advertisements,
advertising, an advertisement, to advertise, advertising
agencies (2); brand image.

Advertising Agency
Advertising agency is an organization that creates
advertising material on behalf of its clients. Agencies will take the
advertising requirements … a business and organize the
production … their campaign … designing and producing
advertisements and booking space … the advertising media. …
recent years they have grown … size and importance as
expenditure … advertising … business has increased and as
a wider range … organizations have used advertising.
(of (3), by (2), in (3), on)
Ex. 10. Use the terms in the box to complete the paragraph.
Companies will often employ an _______ or marketing

consultancy to advise on and put together a marketing ______.
Traditionally products and services were ______ on TV and radio
in commercials, in newspaper ads, and on ______ by the side of
the road or street. But increasingly companies are advertising on
______. One development has been viral marketing where
individuals pass adverts which they like on to friends. This is very
much like making ______ recommendations. Increasingly,
companies communicate with their customers through the Internet
or _______ such as Twitter or Facebook. The result of this is that
communication has become a two-way process with companies
listening to their customers much more in the new marketplace.
213

1. What is advertising? What is its aim?
2. Who is advertising managed by?
3. What do large companies use advertising agencies for?
4. What is the account?
5. What do we call a statement of the clients objectives?
6. What does an advertising campaign consist of?
7. What do the most common types of advertising media include?
8. What steps are required to start an advertising campaign?
9. What is the aim of corporate advertising?
10. What do public relations experts do?
Ex.2. What do you understand by these terms?

target customers, account, budget, brief, brand image, public
relations experts.

a) product advertising
b) advertising agencies and an advertising campaign
c) the most common types of advertising
d) corporate advertising
Grammar Revision
Reported Speech. Statements
1. When you report what someone has said you often have to
make certain changes to verb tenses and other words:
a) When the reporting verb is in the past, you make the
following tense changes:
Present Simple  Past Simple
Present Continuous  Past Continuous
Past Simple  Past Perfect Simple
Past Continuous  Past Perfect Continuous
Present Perfect  Past Perfect
Simple Future  Would
214
must  had to
can  could
b) Main changes of time indicators:
today  that day
now  then
this  that
here  there
ago  before /previously
tomorrow  the next day/the following day
yesterday  the day before/the previous day
last night  the night before/the previous night
next week  the following week/the week after (that)
2. There are occasions where you needn’t change the tense:
 where facts are still true
My name is Mary – She said her name’s Mary.
 if the direct speech is in the past perfect or has the following
modals: must (for deduction), might, ought to, could, should,
would)
 if the reporting verb is in the present
I’ll be back in a minute.
She says she’ll be back in a minute.
Ex.1. Match the direct speech word or phrase on the left with
its reported speech equivalent on the right:
a) 10 weeks ago 1) that night
b) last night 2) there
c) today 3) the following month
d) these 4) the day before
e) now 5) the next morning
f) tomorrow morning 6) then
g) yesterday 7) those
h) next month 8) that day
i) here 9) the night before
j) tonight 10) 10 weeks previously
215
Ex.2. Rewrite these sentences, changing the direct speech

to reported speech.
1. «We have only finished because we’ve worked late the whole
week.»
He said _________________.
2. «I am leaving tomorrow.»
Mary explained _______________.
3. «I’ve forgotten to phone him.»
Carol said _______________.
4. «I work for a small advertising agency.»
Lucy told me ________________.
5. «I went there with my customer last week.»
The advertiser said ______________.
6. «We are working towards increasing the quality of services.»
Manager said ________________.
7. «I must finish this work before I leave.»
He said __________________.
8. «Kyiv is the capital of Ukraine.»
He explained __________________.
9. «I want to buy this elegant dress, but I haven’t brought any
money.»
Ann told us __________________.
10. «If you answer the questions correctly, you may win $100.»
The advertisement said ________________.
Ex.3. Rewrite these sentences, changing the reported

speech to direct speech.
1. The advertiser said that they had already started the advertising
campaign.
2. He said he would phone back.
3. She explained that her company had opened an office in London.
4. He said that the advertising campaign had failed to increase sales.
5. He said that they would sign the contract the next morning.
6. The client explained that they had already discussed the brief
with the agency.
7. He told us that the agency was ready to start that work.
216
8. Tom said that he had tried to ring up his mother several times
on the previous day but had not succeeded in getting through.
9. My employer told me that, in his opinion, I would do better in
some other kind of job.
10. The secretary said Mr. Black was having an appointment then.
Ex.4. Complete each sentence, using say, tell or speak in

an appropriate form.
1. He … a few words about this account.
2. She can … a few European languages.
3. Don’t … me that this advert is important.
4. Can you … me the way to the nearest advertising agency?
5. She … she is interested in our goods.
6. I can …that these goods are in great demand.
7. We … with the advertiser about this problem.
8. Neither of my parents … English.
9. The magazine also … about advertising in Italy.
10. She … me that she would be late.
11. I … to my secretary and she … she would phone you.
12. Why don’t you … what you mean?
Ex.1. Talk to your groupmate about advertising. Think

about:
 the role and the purpose of advertising;
 the advantages and disadvantages of using various
advertising media;
 the best way/place to advertise products and services.

 What are the best and the worst adverts in Ukraine at the
moment?
 What do you think advertising agencies should or
shouldn’t do?
217
 Do you think that the world would be better off

without advertising?
«Advertising is not so important. A good product with the right
price and the right distribution will sell itself».

«Everyone knows that celebrities in their private lives don’t
actually use the products they advertise. You must be a fool if you
are persuaded by them».
Ex.5. Can you think of any new and innovative ways to

advertise? Does it pay to invest in advertising? Why?

use them.
1. If you want any information, ask Mrs. Jones. She knows her
onions.
2. I can’t lend you $ 10, because I’m really hard up this
month.
3. I wish I hadn’t paid Brown all that money in advance; he has
taken me for a ride.
4. I don’t care two pence what Martin thinks.
5. «It’s high time we did away with red tape!» a voice called.

«Doing business without advertising is like winking at a girl
in the dark. You know what you are doing, but nobody else does.»
(Anonymous)
218
TEST 3 (MODULE III)

definition.
1. An advertisement on radio or on television.
a) article b) review c) commercial
2. A phrase used in advertisements to attract attention to the product.
a) celebrity b) slogan c) proverb
3. The perception that the public has of a person or organization.
a) attitude b) reputation c) image
4. A company which sells goods or equipment to another company.
a) customer b) supplier c) retailer
5. The group of people that the company wants to buy the product.
a) target market b) local market c) competitive market
6. A customer of someone who provides a professional service.
a) buyer b) client c) seller
7. An organized movement for consumer protection.
a) consignment b) consumption c) consumerism
8. The study of what products and services customers might like to buy.
a) market penetration b) market demand c) market research
9. A group of consumers for whom a business has designed a product

and marketing strategy.
a) supermarket b) target market c) financial market
10. The company that sells the largest amount of a specific commo-
dity in a particular area.
a) market trend b) market share c) market leader
11. Items created to be used in everyday life.
a) durable goods b) consumer goods c) industrial goods
12. Goods that can be imported without customs duties.
219
a) perishable b) luxury goods c) duty-free goods
13. Something that earns a lot of money.
a) money broker b) money spinner c) money-maker
14. A product sold at a loss to encourage trade.
a) loss leader b) moneylender c) cash cow
15. The movement of goods to places where they can be sold.
a) marketing b) promotion c) distribution
16. The amount of money for which something can be bought or sold.
a) charge b) value c) price
17. An exhibition where companies in a particular industry display
their products to potential buyers.
a) trade gap b) trade fair c) trade mark
18. The work of presenting a good image of an organization to the public.
a) public monopoly b) public relations c) public spending
19. The combination of factors that influence sales and can be con-
trolled by a company, these include product, pricing, promotion
and place.
a) marketing concept b) marketing c) marketing mix
environment
20. Bringing in more money than is spent.
a) profitable b) promotional c) productive
220
MODULE IV BUSINESS AND FINANCE
LESSON 1
Text: Costs. Assets and Liabilities
Grammar: Reported Questions, Orders, Requests
Terms to remember:
costs  витрати, видатки; вартість,
собівартість
profitability  прибутковість, рентабельність
output  продукція; випуск,

виготовлення; обсяг
виробництва; продуктивність
fixed costs  основні витрати
variable costs  змінні витрати
direct costs  прямі витрати
indirect costs  непрямі, посередні витрати
overhead  накладні витрати

costs/overheads
expenses/expenditure  витрати, видатки
assets and liabilities  активи та пасиви
fixed assets  неліквідні активи; основний

капітал
current assets  поточні оборотні активи
(кошти), оборотний капітал
receivables  рахунки дебіторів; дебітори,
дебіторська заборгованість
deposit  депозит, вклад у банку
220
generate, (v)  створювати
long-term liabilities  довгострокові зобов’язання

(пасиви)
current liabilities  короткострокові зобов’язання
(пасиви)
be due for (v)  бути зобов’язаним; підлягати
виплаті
Costs. Assets and Liabilities
The money that a business spends in order to produce goods
or services is its costs. Companies need to control and reduce
costs to ensure profitability. Different businesses have different
cost structures and define and calculate their costs in different
ways. One way of classifying the costs of a business is to relate
them to the output of the firm.
Fixed costs are those which remain unchanged whatever the
level of output, e.g. rent, heating, interest charges, salaries; variable
costs change directly with the output of the business, e.g. materials.
Direct costs are directly related to the things produced. In
manufacturing, for example, direct costs include raw materials
and wages.
Indirect costs may include things like social security charges
on top of the wages.
Overhead costs or overheads are used to mean different
things, but usually cover all the regular non-production costs of
running a business, such as salaries and telephone bills; they may
include the cost of marketing.
Costs are also referred to as expenses or expenditure.
Things of value owned by a firm are its assets. Fixed assets
are long-term assets which are for use in the business and not for
re-sale (land, buildings, furniture, equipment, etc.)
Current assets are used in the course of business. They
include cash, receivables, bank deposits and investments in other
companies.
The assets help generate the income of the company.
221
Liabilities are what a business owes to those outside the

business (suppliers, lenders, etc.).
Liabilities are classified as either long-term liabilities which
are due for repayment after more than one year, or current
liabilities which are short-term debts and debts to suppliers the
company expects to pay within one year.

expenditure, receivables, generation, cost, definition, calculation,
investment, classification, repayment, expectation.

виробляти товари та послуги; витрати; структура витрат;
підраховувати витрати; основні витрати; обсяг виробництва;
заробітна плата; змінні витрати; прямі витрати; сировина;
непрямі витрати; накладні витрати; активи та пасиви; неліквідні
активи; перепродаж; поточні оборотні активи; готівка; рахунки
дебіторів; дохід компанії; довгострокові (короткострокові)
зобов’язання; борг, прибутковість.
A B
current assets expenditure
output possess
change alter
remain production
produce short-term liabilities
long-term liabilities deferred liabilities
current liabilities manufacture
fixed assets stay
own capital assets
222
expenses circulating assets

phrases:
assets, to own, current liabilities, fixed assets, withdrawal,
bottom, revenue.
increase
limit
maintain
debt reduce
expand
discharge
be in
repay
costs run into
write off
calculate
estimate
output incur
offset
save
223

Ukrainian.
a) budgeted, escalating, estimated, increasing, rising,
costs
unexpected, unforeseen
b) bring down, calculate, cut, figure out, lower, meet,
costs
pay, reduce, work out
1) the money that a business spends in order to produce goods or

services;
2) the quantity of goods produced;
3) the money spent to run a business, such as rents, salaries, heat,
etc;
4) items of value to a person, business, or institution;
5) money owed by a company; a debt;
6) money that is owed to a business;
7) a sum of money paid into a bank;
8) an amount of money spent;
9) debts that are payable on demand or within one year;
10) money owed that does not have to be repaid until some future
date;
11) the cost of materials, labour, etc. involved in making a product;
12) a company’s ability to make a profit.
224

1. We had to increase prices this year just to cover our … .
2. Factory workers have increased … by 10 %.
3. It took him years to pay off all his … .
4. … are bills that the company expects to pay in the near future.
5. … include rent.
6. Updating these machines will increase our … this year.
7. The company does not have enough money to meet its … .
8. He is … to pay his debts.
9. The assets help … the income of the company.
10. The company was forced to sell off its … .
11. Telephone bills, payroll, and rent are some of our monthly … .
assets, generate, due, liabilities, expenditure, fixed costs, current

liabilities, debts, output, costs, expenses.

Assets
Current assets are cash and other assets that can be quickly
converted … cash or that will be used … one year. Cash is the
most liquid asset, so it is listed first. Following that are stocks,
bonds, and so on – that can be converted … cash … a matter …
days. Next are the firm’s receivables.
Fixed assets are assets that will be held or used … a period
longer than one year. They generally include land, buildings, and
equipment.
Intangible assets are assets that do not exist physically but
that have a value based … legal rights or advantages that they
confer … a firm. They include patents, copyrights, trademarks.
They are … value … the firm … a number … years.
(to, on (2), for (2), of (3), in, into (2), within)

price worth cost value
225
price – the amount of money you have to pay (usually for
goods) in order to buy them;
worth – adj. having a value or a price;
cost – n. the amount of money paid or charged for goods or

services;
– v. to be the price of something;
value – the amount that something is worth, measured especially
in money.
of the words above. Make sentences of your own to show
1. She bought this coat in the sales for a very good … .
2. I thought this bracelet was made of gold, but it turned out to
be … .
3. Will the … of my property go down if they build a plant nearby?
4. This dress was a real bargain; it only … me $20.
5. The … of keeping a person in prison for a year is enormous.
6. I’ll send you a cheque to cover the … for the stamps.
7. That shop was always empty because the … were too high.
8. In London the … of living is very expensive.
9. That ring has great … .
10. That new magazine is certainly … the money.
11. Gold coins are … .
12. His offering … for the apartment was $150,000.
13. We wanted to invest in a new production facility but the …
was prohibitive.
14. It … a lot to buy real estate in London.
15. Returned goods can be exchanged for goods of an equivalent
….

business!
to cut back (on something) – to reduce something such as the
amount somebody spends or pro-
226
duces.
If a company or an organization cuts back, it reduces the amount
of something it produces.
Ukrainian.
1. The company will need to cut back if it wants to meet its
spending targets.
2. A lot of businesses have cut back on managerial staff.
3. During the recession, many companies cut back technology
spending.
4. The company has cut output back by 2%.
5. Our expenses are far too high – we’ll have to cut them back.
6. Production has been cut back dramatically.
7. Consumers cut back on their borrowing in November.
8. In order to reduce inflation, the government must cut back on
spending.
9. The firm’s production will be cut back in the next few years.
10. To cut costs, we cut back on staff.

1. What are costs?
2. Do different businesses have similar cost structures?
3. How can the costs be classified?
4. What are fixed costs?
5. Do variable costs remain unchanged whatever the level of output?
6. What are direct costs related to?
7. What do indirect costs include?
8. What do overheads mean?
9. What are assets?
10. How are fixed assets distinguished from current assets?
11. What are liabilities?
12. How are liabilities classified?
13. What is the difference between long-term liabilities and current
liabilities?
227

1) the salary of an Accounts Manager (fixed/variable costs)
2) rent and heating (fixed/variable costs)
3) running a business (direct/overhead costs)
4) materials used in making some goods (indirect/variable
costs)
Ex.3. Use the terms in the box to complete the paragraph.

cost structures fixed costs indirect costs costs
overheads direct costs variable costs
A business’s ________ are the money that it spends in order

to produce goods or services. Businesses of different kinds have
different _______ and define, calculate and refer to their costs in
different ways. _______ do not vary in relation to output, whereas
_______ do. _______ are directly related to the things produced,
e.g. raw materials and wages. ________ may include things like
social security charges on top of wages. Overhead costs, or
_________ usually cover the non-production costs of running
a business such as telephone bills, and can be extended to cover
R&D activities, for example.

 costs
 assets
 liabilities
Grammar Revision
Reported Questions. Requests. Orders.
When you report a question, you use the same word order
228
as in the statement. You make the same tense and other changes
as you do for reported statements:
 Wh questions:
«Where is Mary, Tom?» She asked Tom where Mary was.
 Yes/No questions:
«Are you going with us, Tom?» – She asked if/whether Tom
was going with them.
 Requests
«Would you pass the book please, Tom?
She asked Tom if he would pass her the book.
She asked Tom to pass her the book.
 Orders:
«Go to bed!» – Mary’s mother told her to go to bed.
Ex.1. Rewrite these sentences, changing the direct speech

to reported speech.
1. «Who has just dropped a $ 10 note?» I asked.
2. «What happened to your partner?» asked one of the men.
3. «Why do the prices go up so often?» she wondered.
4. «Have you got a work permit?» Ann wanted to know.
5. «Are you interested in advertising?» asked Mary.
6. «Would you like to join our company?» she said.
7. «Are you leaving today or tomorrow morning?» asked his
secretary.
8. «Don’t watch late-night horror movies», I warned them
9. «Read the contract before you sign it,» he said to his client.
10. «Buy a new car,» I advised him.
11. «Don’t drive so fast,» she begged him.
12. «Don’t wait till tomorrow,» said the advertisement.
13. «Could you translate this for me, please?» I asked the agent.
14. «Could I have the weekend off?» she asked her boss.
15. «Would you mind paying cash?» said the salesgirl when he
took out his cheque-book.
16. «Why don’t you trust her?» I asked Mary.
229
Ex.2. Rewrite these sentences, changing the reported speech

to direct speech.
1. She said that her corporation had become bankrupt and its stock
was of no value anymore.
2. I asked her if she’d like to take my pen but she thanked me.
3. He wanted to know if I was going to calculate the indirect costs.
4. My employer hoped I would not be offended if he told me that
I would do better in some other kind of job.
5. He asked me how long it had taken me to complete the job.
6. I wondered whether he had bought a guidebook to London.
7. He asked what we were discussing.
8. I wondered if they would solve that problem at the meeting.
9. He asked the manager to accept his resignation.
10. She asked me when I would be in Kyiv.
11. The court ordered the company to pay all their debts before
1 September.
12. He wanted to know when the new training program would be
presented.
13. She wondered where we had held the conference the previous year.
14. Helen asked Tom if he had got a car.
15. He promised her that if she attended the conference the following
week, she would hear his new theory about classification of
the costs.
16. He couldn’t understand how I managed on my salary.
Ex.3. Rewrite the passage in Direct Speech.

Joan worked in a shop selling gramophone records. One day
a middle-aged woman came in, sat on a stool in front of the
counter and smiled at Joan. Addressing Joan familiarly, she said
she wanted a record-one she had heard on the radio that morning.
Joan asked what the record was called. The woman shook her
head, and said she didn’t remember, though she would know it if
she heard it. She suggested that Joan should play her some. Joan
pointed out that they had hundreds of records in stock, and that it
230
would take a very long time to play her even a little of each. The
woman looked very unhappy, but suddenly her face brightened.
She had just remembered something, she said: the music she
wanted came from a play in which there was a woman who spoke
very badly, but who after a time learnt to talk beautifully. Joan
asked if it could be from «My Fair Lady». The woman cried out
that that was it. She wished Joan had thought of it earlier instead
of wasting time asking silly questions. She supposed Joan was
new to the job.
(From B.D. Graver. Advanced English Practice,

Oxford University Press)
Ex.1. Define the following terms:

 costs
 assets
 liabilities
Ex.2. Explain how a firm can define and calculate its costs.
Ex.3. Discuss with your groupmates which is more important

for a business – its assets or liabilities. Why?
Ex.4. What do you think are the most important things

that a business spends money on?
231

use them.
1. You’d better not rely on him. When it comes to business he’ll
show the white feather.
2. We were surprised at Jack turning up in our office. We saw
him here once in a blue moon.
3. Stop arguing. We’d better read the paper. Here it is put in
black and white.
4. It’s time we shut up shop.
5. Reading between the lines of Miss Prout’s reference, I have
the impression that her employer was not satisfied with her
work, although he doesn’t actually say so.

«A small debt produces a debtor; a large one an enemy.»
(Syrus)
LESSON 2
Text: Raising Finance
Grammar: First Conditional
Terms to remember:
raise finance (v)  залучати фінанси
run costs (v)  керувати, управляти витратами
financial reserves  фінансові резерви
extra capital  додатковий капітал
premises  приміщення; будинок з
прилеглими будівлями і ділянкою
working capital  оборотний капітал; оборотні
фонди
preserve (v)  зберігати; підтримувати
cash flow  потік готівки
time-lag  відставання в часі; спізнення
232
liquidity  ліквідність
retained profit  нерозподілений прибуток
borrowing  позика (коштів); кредит
grant  дотація; субсидія, грант; грошова
допомога
loan  позика
tax  податок
distribute (v)  розподіляти; роздавати
lender  кредитор, позикодавець
leasing  лізинг, довгострокова оренда
hire purchase  купівля у розстрочку
debt factoring  борговий факторинг
share issue
розміщення, випуск нових цінних
share flotation 
паперів на вільний ринок
share offering
Raising Finance
All firms need capital to stay in business. Capital is the money
that a company uses to operate and develop. As well as money for
running costs such as wages, material and rent, companies need to
have financial reserves. Extra capital may be needed to expand
by buying new premises or developing new products. Firms may
also need working capital (money which is available for use
immediately) to preserve cash flow through the business, for
instance if there is tіme-lag between producing goods and
services and getting paid for them. A firm without sufficient
working capital has liquidity problems.
There are four main ways of obtaining capital:
 retained profit
 borrowing
 share issues
 government grants and loans
233
Retained profit is the amount of profit after tax that directors

of a business decide not to distribute to their shareholders, but to
keep within the business.
Borrowing money usually accounts for 20-30 percent of
firms’ capital. There are several types of lenders to business:
commercial banks, leasing, hire purchase, debt factoring, the
Stock Exchange.
When companies raise finance by selling shares for the first
time they make share issues, share flotations or share offerings.
The government has a variety of schemes which give grants
or cheap loans to firms for certain purposes.

finance, business, profit, government, commerce, work, reserve.
залучати фінанси; управляти витратами; мати фінансові
резерви; додатковий капітал, купувати нові приміщення; потік
готівки, виробництво товарів та послуг; здобувати капітал;
нерозподілений прибуток; позика коштів; випуск акцій;
урядові субсидії; податок; акціонери; кредитор; фондова
біржа.
A B
share flotation stockholder
creditor instalment plan
hire purchase lender
234
shareholder share offering
profit purchase
obtain earnings
preserve enlarge
buy keep
expand get
borrowing, profit, to sell, cheap, lender.
arrange
capital repay
take out
loan raise
supply
apply for
borrow
finance invest
lend
1) money as a resource for business and other activities;

2) the capital from a business that is set aside from profit or from
shares sold at higher than their original price;
235
3) the amount of money moving into and out of a business at a

particular point in time;
4) part of the annual profit that is not paid out to shareholders as
dividend, but reinvested in the company;
5) receiving money from a person, a bank, or other financial
organization and agreeing to pay it back later, usually with
interest;
6) money that has been borrowed and has to be paid back;
7) a person or an organization that lends money and charges
interest on the repayments;
8) a way of buying goods where the buyer takes the goods and
pays for them in regular instalments over a fixed period of
time;
9) offering company shares for sale to the public or on a stock
exchange for the first time;
10) the amount of short-term capital that a business has available
to meet the day-to-day cash requirements of its operations;
11) money given for a specific purpose;
12) buildings and the land they occupy.
1. I’d like to pay in …, please.
2. The bank agreed to give the company … of $100,000.
3. The … in our company is good because we take in much more
money than we spend.
4. Our … will provide capital for the planned growth next year.
5. I applied at the bank for … at 7% interest.
6. The Ford Foundation gave the economist … for research.
7. He bought a computer on … .
8. A guard asked the stranger to leave the … .
9. As Britain recovers from recession, companies will seek to
raise finance through … .
10.Goods are … to our major customers first.
11.The business will need to increase the level of its … or else
it may face problems with its cash flow.
distributed; share issues; premises;

236 hire purchase; a grant;
retained profit; cash flow; a loan (2); cash, working capital.

Retained Profit
Retained profit is the amount … profit … tax that directors
… a business decide not to distribute … their shareholders, but to
keep … the business. It is held as an increase … the capital and
reserves … the business, and will be used to expand the operation
… the business … the purchase … assets. Retained profits form
the most important source … finance … business expansion.
(for, through, in, within, to, of (6), after)

to lend – to borrow
to lend is used when it would be possible to say «give»
to borrow is used when it would be possible to say «take»
one of the words above.
Banks charge interest for money they _______. That means a
person who ______ a certain amount must pay back more than he
_______. Sometimes debtors must _______ money from a second
bank to pay back the money ______ from the first bank within an
agreed period. The ______ policies of banks differ widely. Some
banks do not _____ money to private persons. Practically all
banks, however, require a security before they _______ any
money at all.

business!
to bring something in – to make or earn a particular amount
of money
237

into Ukrainian.
1. The deals will bring in more than 5 million.
2. The business brought in a good profit.
3. The event should have brought more money in from shoppers
than it did.
4. They hope the price changes will bring in more cash.
5. His job only brought him in a small income.
6. The sale might bring in € 1 million if we are lucky.
7. He has brought in 80 % of the company sales.
8. The changes should bring in much-needed cash.
9. The group brought in revenues of $ 105 billion last year.
10. How much does she bring in every month?
Ex.1. Answer the following questions.

1. What do businesses need financial reserves for?
2. What do companies need working capital for?
3. What are the four main ways of obtaining capital?
4. What is meant by the «retained profit»?
5. Is retained profit distributed to shareholders?
6. What are the main types of lenders to business?
7. When do companies make share flotations?
238
Ex.2. Use the terms in the box to complete the paragraph.

liquidity working capital financing take over
Most businesses increase in size through internal growth, i.e.
they produce more and take on more workers. Businesses also
grow in size through external growth, though, such as buying
another business in a ______. Sometimes growing the business
may be the only way that it can survive. Increasing production can
lower unit costs, for example. In order to survive, it is necessary
to have enough working capital to pay for day-to-day expenses
such as wages or bills. _______ is money used to bridge the gap
between the time products are planned, materials are paid for and
the goods produced, and the time payment is received for them
from customers when they are sold. A firm without sufficient
working capital has ______ problems, and needs to find some
form of _______.
a) financial reserves;
b) retained profit;
c) borrowing;
d) share flotations;
e) grants and loans.
Grammar Revision
First Conditional:
Form:
if + Present Simple/Continuous, + will + infinitive
Use:
We use the first conditional:
 to talk about a likely situation and its probable result in the future.
If the weather keeps warm, we’ll go to the river.
 to give advice, threats and to make promises.
If I have time, I’ll help you.
239
Ex.1. Finish these sentences using the first conditional.

1. If he washes my car, … .
2. If you smoke, … .
3. If you need a lot of money, … .
4. If you fail your test in math, … .
5. If she loses her weight, … .
6. If you phone me tonight, … .
7. If I go to the party, … .
8. If it rains, … .
9. If I eat a lot of sweets, … .
10. If we get this loan, … .
11. If you skip classes, … .
12. If you buy a new flat, … .
13. If inflation rises, … .
14. If I can afford it, … .
15. If you feel underpaid … .
Ex.2. Put the verbs in brackets into the correct form.

1. If you (see) Mary, tell her I have a message for her.
2. If he (refuse) to help, I’ll have to manage without him.
3. What will we do if he (not meet) us?
4. If I (get) a work permit, I’ll stay for another three weeks.
5. If you (help) us, the job will only take an hour.
6. If I find his passport, I (phone) him at once.
7. If you leave your car unlocked, someone (steal) it.
8. Unless she (sell) more, she won’t get much commission.
9. If I lend you $ 100, when you (repay) me?
10. If we (make) share issues this month, we’ll raise our finance.
11. If you manage to get cheap loans, the firm (stay) in business.
12. If we (need) extra capital, we’ll apply at the bank for a loan.
13. If you (be) in difficulties with money, I’ll help you by all
means.
14. If I (finish) this work before six, I’ll let you know.
240

1. Якщо я попрошу його, він допоможе нам одержати цю
позику.
2. Вони обговорять це питання, якщо у них буде вільний час.
3. Якщо нас запросять на ці переговори, ми будемо підтри-
мувати вашу стратегію.
4. Ми одержимо цю інформацію вчасно, якщо він відправить
її електронною поштою.
5. Якщо він забуде свою обіцянку, я нагадаю йому.
6. Якщо прибуток не буде розподілений між акціонерами,
вони будуть незадоволені.
7. Якщо ми одержимо цю довгострокову оренду, то відкриємо
ще один гіпермаркет у цьому місті.
8. Ми зможемо купити ці нові приміщення, якщо у фірми
буде додатковий капітал.
9. Якщо наш вчений отримає грант, він зможе закінчити
дослідження цієї важливої для всього людства проблеми.
10. Якщо я куплю цей комп’ютер у розстрочку, то я зможу
заощадити гроші на подорож до Єгипту.

 retained profit;
 shareholders;
 share offering.
Ex.2. Interview the financial manager in a large corporation.

Ask him about the ways his corporation obtains
capital.
241
Ex.3. Discuss with your groupmates which way of obtaining

capital is more suitable for a small firm. Why?

use them.
1. He gave me one of his sandwiches, and I gave him some of
my candy; share and share alike.
2. He stole the lion’s share of the company’s profit.
3. In my book, you don’t complain about the staff to the boss
until you have discussed it with them first.
4. Bob lies for the sake of lying. It has become second nature to
him.
5. You’ll give us a bad name if you talk to our customers like that!

«Finance is, as it were, the stomach of the country, from
which all the other organs take their tone.»
(W. Gladstone)
LESSON 3
Text: Financial Centres
Grammar: Second Conditional
Terms to remember:
trade (v)  торгувати (чимось- in;)
stock market  фондова біржа
foreign exchange  валютна біржа
(forex) market
commodity market  товарна біржа
interest rate  позиковий процент/відсоток
242
raise capital (v)  збільшувати капітал, залучати

капітал
securities  цінні папери
market-maker  дилер, який проводить операції
з цінними паперами
stockbroker  біржовий маклер/брокер
bond  облігація
bond market  ринок облігацій
bull market  ринок акцій, на якому
підвищуються ціни; ринок
«биків»
bear market  ринок акцій, на якому
знижуються ціни; ринок
«ведмедів»
Financial Centres
Financial centres bring together investors and the businesses
that need their investment.
Things traded in financial centres include: securities on the
stock markets; currencies on the foreign exchange or forex
markets, commodities such as cereals, coffee and precious
metals on the commodity markets.
The stock market is the financial centre of any country. It
reflects any change in the economy. It is sensitive to interest rates,
inflation and political events. In a very real sense, it has its fingers
on the pulse of the entire world. Among the most famous stock
markets are the New York Stock Exchange (NYSE or «Wall Street»),
the London Stock Exchange (LSE) and the Deutsche Börse.
243
The stock exchanges exist to allow investors to buy and sell

shares, and companies to raise capital. They also provide a
market for government loans and securities. On the market, the
main operators are the market-makers who trade in a group of
shares, and stockbrokers who act as agents for their clients.
Market-makers sell to stockbrokers.
A share (BrE) or stock (AmE) is any of the equal parts into
which the capital of a company is divided. Securities are shares
and bonds (official papers given by a company or the
government, to prove that you have lent them money and that they
will pay it back with interest).
The bond market is about ten times bigger than the stock
market. If a government or large company wants to borrow a large
sum of money, it issues a bond and receives the money as a loan
from the institution or individual who buys it. The bond market is
entirely electronic and does not have any physical exchanges.
The foreign exchange market is bigger than all the securities
markets combined. Here, dealers buy and sell currency. Players
include:
 commercial banks
 central banks
 pension funds, etc.
There is a huge amount of speculation in this market.
When prices in a stock market or currency market are rising
people talk about a bull market. It is a situation on the stock or
currency market when people are buying a lot of shares because
they expect that the shares will increase in value and that they will
be able to make a profit by selling them again after a short time.
When prices are falling people talk about a bear market. It is
a situation on the stock or currency market when people are selling
a lot of shares because they expect that the shares will decrease in
value and that they will be able to make a profit by buying them
again after a short time.
Finally, there are the commodity markets. Here, dealers trade
the future price of such things as:
 Energy: crude oil, natural gas, etc.
 Metals: gold, silver, copper, steel, etc.
244
 Soft commodities: coffee, sugar, grains, livestock.

reflect, exist, invest, govern, operate, act, divide, prove.

торгувати акціями; фондова біржа; товарна біржа;
валютна біржа; дорогоцінні метали; валюта; урядові позики
та цінні папери; біржовий маклер; капітал компанії; облігації;
позиковий відсоток; ринок «биків»; ринок «ведмедів».
A B
goods confirm
change whole
sensitive permit
entire foreign currency
allow stock exchange
foreign exchange alteration
securities market perceptive
prove commodities
to rise, to borrow, to include, partial, to unite, to prove.

verbs in the right-hand column:
pay off
redeem
securities retire
deal in
commodities issue
trade in
bonds make
advertise
245
sell
1) a market where stocks and shares are bought and sold under
fixed rules, but at prices controlled by supply and demand;
2) a place where raw materials and some manufactured goods are
bought and sold;
3) a market where foreign currencies are traded;
4) a person or organization that buys and sells stocks and shares;
5) a certificate of debt;
6) shares and bonds;
7) a market in which the general level of share prices is rising;
8) a market where the general level of share prices is falling;
9) the amount of interest that is paid for money at a savings bank,
on a bond, etc;
10) a rise in prices and lowering of currency’s value.
1. The main international … are based in the USA, Japan, and
the UK.
2. The Euro was stronger than the dollar on the … market
yesterday.
3. Borrowers are encouraged to take out loans while … are low.
4. I’ll ask my … to sell these shares for us.
5. … try to predict changes in share prices.
6. Companies sell … to raise money.
7. Her company buys and sells … .
8. The … on a car loan is 10 %.
246
9. … are wholesalers of shares who keep supplies of the shares
in which they deal, making a continuous market for buyers
and sellers.
10. Brokers … on stock exchanges.
trade, rate of interest, securities, bonds, market makers (2),

stockbroker, interest rates, foreign exchange, stock exchanges.

When companies are first listed … the Stock Exchange, their
shares are issued, or floated, … a price normally determined …
the company. Existing companies which are already listed may
issue new shares if they need more capital. The issue … new
shares is known as the «primary» market.
The «secondary» market is where shares are bought and sold
once they have been issued. Prices are determined … the
operation … the basic economic laws … supply and demand.
If investors were unable to realise their assets … selling their
shares … the secondary market they would be reluctant to invest
… companies. … turn, companies would be deprived … a major
source … capital. … these reasons there are stock exchanges …
most countries … market economies.
(with, in (3), for, of (5), on (2), by (3), at)
1. What can be traded in financial centers?
2. What is the stock market sensitive to?
3. What do stock exchanges exist for?
4. What do stock exchanges provide?
5. Who are the main operators on the market?
6. Who do market-makers sell to?
7. What are securities?
8. What is a bull market?
9. When do people talk about a bear market?
247
10. What is a commodity market?

a) things traded in financial centres;
b) stock exchanges;
c) market-makers and stockbrokers;
d) securities;
e) bond market;
f) bull market and bear market.
Grammar Revision
Second Conditional
Form:
If + Past Simple/Continuous, + would +infinitive
Use:
We use the second conditional:
 to talk about an unlikely or imaginary situation and its result
If I won the lottery, I’d buy a new car.
 in the expression «If I were you, I’d …» to give advice
If I were you, I’d retire.
Ex.1. Finish these sentences using the second conditional.

1. If I passed my English exam, … .
2. If my friend got promotion, … .
3. If he listened to my advice, … .
4. If he invested in government bonds, … .
5. If I were you, … .
6. If the customer complained, … .
7. If you knew him better, … .
8. If I could help you, … .
9. If she were present, … .
10. If you didn’t ask me any questions, … .
11. If he took better care of his health, … .
248
12. If I saw it with my own eyes, … .

13. If I were sacked, … .
14. If the government raised taxes, … .
15. If you were introduced to the Managing Director, … .
Ex.2. Put the verbs in brackets into the correct form. (All
the sentences refer to the present or future).
1. If nothing better (turn up), he would apply for this job.
2. I wouldn’t want to live in this city even if I (have) all the money
in the world.
3. If you (change) your mind, I would never forgive you.
4. If you (study) harder, you would get better marks.
5. If I (win) a lot of money, I would feel very happy.
6. If I were you, I (be) more careful.
7. If it (not be) so late, I would phone him.
8. If you really wanted to help, you (can) do it even now.
9. If we reached an agreement, we (sign) the contract.
10. If market prices (rise), we would talk about a bull market.
11. If you (can) send us this information, we would be very grateful.
12. Our products (not sell) if we didn’t have a strong sales
department.
13. If she had more money, she (spend) her summers in Italy.
14. If you (provide) a better service, you would get more customers.
15. We would save money if we (employ) our own people.
Ex.3. Answer these questions with a conditional sentence.
What would you do if …
1. … you won lots of money?
2. … you were a famous film star?
3. … you found a wallet on the ground?
4. … you were invited to play a part in a film?
5. … you were trying to lose weight?
6. … you were to change your job?
7. … you saw someone cheating in an exam?
8. … you wanted to buy someone a really good present?
9. … you were to apply for the manager’s job?
10. … you found a job abroad?
249
11. … you were promoted?
12. … you were fired?
13. … you were asked to work overtime?
14. … you were president of a big company?
15. … your company’s main competitors offered you a good job?
1. Компанія торгувала б своїми акціями, якби мала дозвіл.
2. Вони б знизили позиковий відсоток, якби компанія
не одержувала такі прибутки.
3. Якби не існувало фінансових центрів, компаніям було
б важко збільшувати свій капітал.
4. Якби вони продавали цінні папери на фондовій біржі,
вони мали б вищі прибутки.
5. Якби ці туристичні послуги надавалися конкуруючими
фірмами, ми б мали кращий вибір.
6. Якби ти продав ці акції, то вирішив би усі свої проблеми.
7. Якби ця компанія досліджувала ринок більш ретельно,
вона була б більш привабливою для інвесторів.
8. Якби попит на цей товар знизився, ми б вилучили його
з ринку.
9. Якби у них був вибір, вони б підтримували вітчизняного
виробника.
10. Споживачі із задоволенням купували б ваш товар, якби ви
змінили упаковку.
Ex.5. Under what circumstances, if any, would you:
 tell a lie to your parents?
 skip a lecture?
 leave the restaurant without paying the bill?
 lend a large amount of money to a friend?
 give a lift to a complete stranger?
 waste a large amount of money?
 betray you friend?
 leave the university?
250
Ex.6. Translate the following proverbs and sayings into

Ukrainian. Pay attention to if clauses.
1. If wishes were horses, beggars would ride.
2. If you speak of the devil, he will appear.
3. If you use your head, you may save your feet.
4. If nothing ventured, nothing gained.
5. If you run two hares, you will catch neither.
6. If you lie down with dogs, you will get up with fleas.
7. If a man could have half his wishes, he would double his troubles.
8. If there were no clouds, we wouldn’t enjoy the sun
9. If we could see ourselves as other see us, we would probably
change our views.

 stock market
 commodity market
 foreign exchange market
 bull market
 bear market
Ex.2. Say what you know about stock exchanges in Ukraine.
Do you think stock exchanges are necessary? Is it
usual for ordinary people in Ukraine to own shares?

into Ukrainian. Think of situations where you
could use them.
1. The work was difficult at first but, after a few weeks, everything
fell into place.
251
2. «It’s not my place to give you advice», the clerk said to the
manager.
3. If we cut out all unnecessary expenses, we shall have a reaso-
nable chance of weathering the storm.
4. Charging you € 200 for that simple repair was daylight robbery.
5. After months of work, we are beginning to see daylight.

«The best entrepreneurs are risk avoiders. They identify the
risk, and then they take actions to minimize the effects of it.»
(Paul Hawken)
252
LESSON 4
Text: Investments
Grammar: Third Conditional.
Progress Test III (Conditionals).
Terms to remember:
capital goods  засоби виробництва; товари
виробничого призначення
portfolio  портфель цінних паперів
Unit Trust (BrE)  пайовий інвестиційний
фонд/траст
Mutual Fund (AmE)  взаємний фонд;
інвестиційний фонд
fixed rate of interest  фіксована процентна ставка
gilt-edged security /gilt  гарантований цінний папір
(BrE)
treasury bond (AmE)  казначейська облігація
derivative  похідний інструмент
instrument/derivative
futures  ф’ючерс, терміновий
контракт, термінова угода
deal  угода
option  опціон, угода з премією
(обумовлене виплатою
премії право купити чи
продати цінні папери за
встановленим курсом)
swap  своп, обмін активами чи
зобов’язаннями
suit (v)  влаштовувати, задовольняти
253
Investments
When we speak about investments we mean the purchase by
a business of new capital or of capital goods such as new
machinery. In the most general sense, the objective of investing is
to earn money with money. When an investor holds the collection
of financial securities we say that he holds portfolio.
Unit Trust (BrE) or Mutual Fund (AmE) is a company that
spreads its investors’ capital over a variety of securities. Investment
in a unit trust/mutual fund reduces the risk for the small investor.
Apart from stocks and shares there are many types of investment
opportunities available. When a company or government wishes to
raise finance it can issue bonds. These are securities offered at a fixed
rate of interest. Bonds issued by the government are called gilt-
edged securities or gilts in the UK, and treasury bonds in the US.
Derivatives or derivative instruments are financial products
such as futures, options and swaps. Futures are contracts that
give the right to buy and sell currencies and commodities at an
agreed time in the future at a price agreed at the time of the deal.
Options are contracts enabling the holder to buy a security at
a fixed price for a limited period. Swaps allow the exchange of
one asset for another to suit both parties.
Companies should always consider diversifying when making
investments. Putting all one’s eggs in one basket is invariably wrong.

collection, reduction, product, agreement, investor, holder,
meaning, earnings.

купівля товарів виробничого призначення; заробляти
гроші; мета інвестування; взаємний фонд; зменшувати ризик;
інвестор; залучати фінанси; випускати облігації; пропонувати
цінні папери за фіксованою процентною ставкою; гарантований
254
цінний папір; купувати цінні папери за фіксованою ціною;
влаштовувати обидві сторони.
A B
objective obtainable
mutual fund possibility
reduce shareholder
gilts transaction
deal purchase
buy treasury bonds
investor decrease
opportunity unit trust
available target

phrases:
disinvestment, to increase, domestic investment, obstacle,
to forbid, inaccessible.

analyse
unit trust add to
invest in
portfolio manage
make
gilts conclude
issue
deal trade in
Ex.6. Look at words and phrases in the box. Match them

255
1) a group of different investments held by a private investor, or

a financial organization;
2) an organization that manages a fund invested in a wide range
of securities;
3) government securities with a fixed interest payable at regular
intervals;
4) a bond issued by the US government;
5) goods, currency or securities that will be supplied or exchanged
on an agreed future date and for a price fixed in advance;
6) the right to buy or sell a fixed quantity of a commodity,
currency or security on a particular date at a particular price;
7) the exchange of business asset for another, instead of money;
8) a business agreement to buy or sell goods or provide a service;
9) an item such as a machine, a building, or a raw material that
is used to manufacture products for sale to consumers;
10) a person or an organization that buys property, shares, securities,
etc. in order to sell again to make a profit or to receive money
in the form of interest or dividends.

1. … are easier to manage because a group of people do the
trading for you and your money is spread among a variety of
different investments.
2. In an attempt to raise finance, the company issued … to public
investors.
3. You should diversify your investment … because you have all
your money in one stock.
4. Investing in a … reduces risk for small investors.
5. The … fell through, ie. no agreement was reached.
6. Our … ranges from shares in food companies to shares in the
fashion world.
256
7. A … contract is an order that you place in advance to buy or

sell an asset or commodity.
8. More exotic financial products include … such as: options,
futures and swaps.
9. These oil shares were a good … .
10. People who own stocks and bonds are referred to as ….
11. A treasury … may be sold to any individual or corporation.
12. Government bonds are considered to be a safe… .
bond, investors, investment (2), derivatives, futures, deal, unit
trust, portfolio (2), shares, mutual funds.
Ex.8. Fill in the missing prepositions and adverbs.

1. You can expand your portfolio … investing … a wide range
… stocks and bonds.
2. Stockbrokers buy and sell stocks and bonds … their clients.
3. If the market is strong, expect a good return … your investment.
4. Mutual funds are managed … a group … fund managers who
add all the investor’s money together to invest … a variety of
things.
5. If inflation remains low, he will make a huge return … his
investment.
6. An investment bank is a firm that controls the issue … new
securities.
7. Speculation … derivative instruments such … futures, options
and swaps has been criticized … its effects … the stock
markets.
8. Portfolio is a selection … investments held … an individual or
organization.
9. Securities issued … the British Government are called gilts or
gilt-edged securities.
10. Unlike a stock, a bond is evidence not … ownership, but … a
loan … a company or … a government.
(to (2), for, as, on (3), on behalf of, of (6), in (3), by (4))
257
1. What do we mean by «investments»?
2. What is the objective of investing?
3. What is portfolio?
4. What services do mutual funds provide?
5. What types of investment opportunities exist apart from the stocks
and shares?
6. What does the term «gilt-edged security» signify?
7. What are derivatives?
8. What right do futures contracts give investors?
9. What kind of contract enables the holder to buy a security at
a fixed price for a limited period?
10. What do swaps allow?
11. What should companies always bear in mind when making
an investment?
Ex.2. Match these financial institutions with their descriptions

below: insurance company, investment bank, mutual
fund, pension fund.
1) used to protect yourself against risks (money is paid out if
something bad happens) _______
2) used by private investors to hold a basket of stocks _________
3) used to save money during your working life and then have an
income during retirement ___________
4) used by large companies to issue bonds, buy and sell currencies,
manage their portfolio of shares in other companies _________

a) investments and their objective;
b) unit trusts/mutual funds;
c) gilts/treasury bonds;
d) derivative instruments
258
Grammar Revision
Third Conditional
Form: if + past perfect, + would have + Participle II
Use:
We use the third conditional:
 to talk about possible situations in the past which didn’t
happen
If you had followed my advice, you would have earned a lot
of money. (but you didn’t)
We can «mix» clauses from second and third conditional

sentences (mixed conditional) if we want to connect a possible
past event with the present or future.
If you had followed my advice (but you didn’t in the past),
you would be rich . (but you aren’t, now)
Ex.1. Choose the most suitable tense:

1. Why didn’t you phone me? If you phoned/had phoned me,
I would have reserved/had reserved a room for you.
2. If you organized/had organized your conference last month,
I was able/would have been able to take part in it.
3. If he lent/had lent me the money, I would pay/ would have
paid him back last week.
4. If you had been there at that moment, what would you do/
would you have done?
5. Why didn’t you say that you were short of money? If I knew/
had known, I would lend/would have lent you some.
6. She was so impatient. If she had been/ were more patient, she
would received/would have received everything she needed.
7. If I didn’t lose/ hadn’t lost my key, I wouldn’t have/ wouldn’t
have had to wait outside in the rain.
8. If the traffic hadn’t been/ were not so heavy, we would arrive/
would have arrived on time.
259
9. If I weren’t/ hadn’t been promoted then, I would leave/would
have left the company.
10. If I hadn’t saved/ didn’t save enough money, I wouldn’t
buy/wouldn’t have bought this house.
11. If he didn’t gamble/ hadn’t gambled so much, he wouldn’t
lose /wouldn’t have lost all his money.
12. If I knew/ had known yesterday that you were coming, I would
meet/ would have met you at the airport.
13. You wouldn’t get / wouldn’t have got into trouble last time if
you followed/ had followed my advice.
14. He never would buy/ would have bought shares in that company
if you didn’t recommend/hadn’t recommended him to do it.
1. If I had sold my shares then, I (make) a lot of money.
2. If you hadn’t taken so many risks, you (lose) so much.
3. If I had bought that lottery ticket, I (win) one million.
4. It’s a pity you missed the conference. If you (come), you (meet)
American scientists working in this branch of economy.
5. If the company hadn’t raised its funds, it (go) bankrupt.
6. If we hadn’t issued bonds, we (not raise) finance.
7. If I had known this great news, I (tell) you.
8. If I had sold my car a couple of years before, I (get) more money.
9. If I (not make) profit on my shares, I would have never bought
this house.
10. If he had invested on the stock market, he (live) from the income.
11. If you contacted a stockbroker, he (give) you some very good
advice.
12. If I were you, I (invest) on the stock exchange.
13. If he (work) alone, he would never have finished this work.
14. If he had known all the facts, he (help) us last Monday.
Ex.3. Finish these sentences using a mixed conditional.

1. If I had won the money, … .
2. If I had been better at English, … .
3. If I had only known about this earlier, … .
4. If he had consulted the stockbroker on time, … .
260
5. If he were an honest man, … .
6. If I knew her better, … .
7. If he had been more friendly, … .
8. If I had asked his permission, … .
9. If you had established a company of your own, … .
10. If she had arranged for free food to be made available to all
employees, … .
11. If we had signed an agreement, … .
12. If the new investment plan had been completed, … .
13. If our market share were much bigger than our competitors’, … .
14. If the company employees were not given the opportunity to
travel abroad, … .

1. На вашому місці я б не хвилювався; вона знає, які акції
купувати.
2. Якби ви працювали сумлінніше, ви б давно завершили
роботу над цим проектом.
3. Якби я знав про цей контракт, я б переклав його ще на
минулому тижні.
4. Якби ви проглянули старі фінансові звіти, ви б знайшли
цікавий матеріал для вашої доповіді.
5. Я б звільнив його, якби не знав, що він добре виконує свою
роботу.
6. Якби я продав свої акції півроку тому, я б заробив багато
грошей.
7. Якби я був на вашому місці, я б негайно купив гарантовані
цінні папери.
8. Якщо компанія опинилася б у важкому фінансовому стані,
ми б втратили все наше майно.
9. Якби я знав про вашу пропозицію раніше, я б не погодився
на цю роботу.
10. Якби ви все зробили своєчасно, то цей вигідний для нашої
фірми контракт був би вже підписаний.
11. Якби смаки споживачів не змінювалися, торгівля б не
розвивалася.
261
12. Якби на рекламу не витрачалося стільки грошей, то ми б
відкрили нову технологічну лінію.
GRAMMAR PROGRESS TEST III (CONDITIONALS)

Ex.1. Choose the correct answers:
1. If you didn’t help/hadn’t helped me, I would have /would have
had financial problems last month.
2. If you didn’t know /don’t know maths well, you will find/find
accounting difficult.
3. If you need /will need some money, I give/will give it to you.
4. If we did/had done it two weeks earlier, we would receive/
would have received big profit.
5. If I am /were you, I will /would apologize.
6. If I didn’t get/hadn’t got promoted, my salary wouldn’t go
up/wouldn’t have gone up.
7. If he had been /were well paid, he won’t worry/wouldn’t
worry about his future.
8. If you won’t finish/don’t finish this work on time, you have to/
will have to report to the manager.
9. If you accepted/had accepted these conditions then, you wouldn’t
make/wouldn’t have made any money at all.
10. If I had known/knew her address, I would give/will give it to
you.
11. If she were/had been at the meeting, he would see/would have
seen her.
12. If he will refuse/refuses to sign the contract, we try/will try to
take urgent measures.
13. I tell /will tell you the whole truth if you will promise/promise
to keep it a secret.
14. If I had gone/go to Spain next summer, I will change/will have
changed some money into traveller’s cheques.

1. What shall we do if he (be) late?
2. It will be a pity if you (not get) the job.
3. It will be better if you (use) my computer.
4. If you (come) late again, you (be fired).
5. If you (have) sense, you (buy) these shares a year ago.
262
6. If you (go) to a job interview, you should be well prepared.
7. If you (not buy) useless things, you (be able) to save more.
8. What you (do) if you (lose) your passport?
9. If I (not be) so busy, I (keep) her company.
10. If we (not advertise) our products, we (not succeed).
11. If you (ring) me yesterday, I (tell) you something very important.
12. If I (not be) so busy then, I (join) you.
13. He (not succeed) in such a risky business if he (not be) such
a clever entrepreneur.
14. If Unit Trusts (not put) investors’ money into different companies,
their risk (be) much higher.

 Unit trust
 gilt-edged security
 futures
 options
 swaps
Ex.2. If you’d like to raise capital would you invest your
money in government securities? Why? Why not?
«Why invest in the stock market? What goes up must come
down. Spend money today and enjoy it while you can.»
disadvantages of stocks and bonds as a form of
investment.
263

use them.
1. I have to be careful how I spend my money. I don’t have money
to burn.
2. There must be some way to raise enough money to buy a car.
We’ve put all our savings together but it isn’t enough. Still,
there’s more than one way to skin a cat. I’ll get a second job!
3. I need more work like I need a hole in the head.
4. The boss wasn’t happy with a few of his workers who had begun
to leave the office before quitting time. He was afraid they would
fall into the habit of leaving early if he didn’t nip it in the
bud, so he told them they would have to stop.
5. Let’s skip the small talk, and go straight to the nitty-gritty:
what price do you want for the car, and when will you be able
to part with it?

«Future is purchased by the present.»
(S.Johnson)
Ex.7. This test will help you to estimate your target

orientation of earning capital. Choose one of the
suggested options.
1. Which is the easiest way to make money?
a) to work hard, be well-informed, risk and, of course, invest
money in business
a) to hope to get your uncle’s inheritance
b) to make a career going step by step to a managing post or to
try your hand at politics
2. Which character of Walt Disney makes you smile?
a) Donald Duck
b) Gusto Hans
c) Dogbert Duck
264
3. In your opinion which income can make the richest people of

the world close a bargain?
a) from half a million to a million
b) up to 10 million
c) dozens of million and higher
4. Which of the statements do you agree to?
a) The more money you have the more pleasure you get
b) Money means power
c) Money causes much envy
5. Have you ever heard of the game called «A Fortunate letter»?
You put a small sum into an envelope, look for a victim, who
also pays and, at last, your investment comes back to you
multiplied many times. Which part are you ready to play in it?
a) not to take part in it
b) to take part and also earn
c) to be the initiator of the game
6. Is it important for you to be mentioned in different newspapers
and magazines?
a) I would be very glad
b) No
c) I am often mentioned in them anyway
7. How can you win in races?
a)gamble with high stakes
b)save money and just be present at the races
c)buy a horse-winner
8. In your opinion, who has the highest chance to become a rich
man quickly and reliably?
a) a director, an actor, a writer, an artist, a sportsman-record
holder
b) a lawyer, a doctor, a politician
c) a head of a company, a publisher
9. What is your attitude to the business between friends?
a) I am ready to lend money to my friends. Some time they will
also lend me.
a) Money and friendship are incompatible.
b) I am ready to borrow money from my friends but not to lend it.
265
10. Be frank. If you managed to become a millionaire, would you
enjoy this feeling?
a) Of course, I would enjoy it.
b) I would demonstrate my enjoyment to everybody who did
not trust me or looked at me haughtily.
c) No.
11. Where would you invest your millions?
a) in real estate, in an art collection
b) in shares or other securities
c) I would do as my wife/husband would say
12. If you already have a couple of million, are you going to try to
earn more?
a) No, if we are speaking about a small sum. But I will never
refuse to earn a big one.
b) Of course.
c) No, it is enough for me.
1 a) – 6 b) – 0 c) – 3
2 a) – 3 b) – 0 c) – 6
3 a) – 0 b) – 3 c) – 6
4 a) – 6 b) – 3 c) – 0
5 a) – 3 b) – 0 c) – 6
6 a) – 0 b) – 6 c) – 3
7 a) – 0 b) – 3 c) – 6
8 a) – 0 b) – 3 c) – 6
9 a) – 3 b) – 6 c) – 0
10 a) – 0 b) – 3 c) – 6
11 a) – 3 b) – 6 c) – 0
12 a) – 3 b) – 6 c) – 0
If you have:
From 0 to 23 points
It means, that the best way to become rich personally for you
is either to get married luckily, or to become an heir, or, at last, to
win a lottery.
From 24 to 48 points
266
Wealth is connected with work for you. Avoid financial
speculations. The best way for you is to make a career and take
a place of your boss. Even if it does not bring you desired millions,
your life will be financially secured.
From 49 to 72 points
You have the best chances to become a millionaire some
day (if you are not now). You have a commercial mind, you
separate money from friendship. You are not going to boast of
your luxurious way of life and are inclined to multiply your
fortune patiently.
LESSON 5
Text: Financial Statements
Grammar: Expressing Wishes and Regrets
Terms to remember:
financial statement  фінансовий звіт (компанії)
financial performance  фінансова діяльність
(компанії)
compile (v)  укладати; збирати
(матеріали тощо)
auditor  аудитор; ревізор
annual report  річний звіт
profit and loss account  звіт про прибутки та збитки;
(P&L)/income statement рахунок прибутків і збитків;
revenue  дохід; надходження;
прибуток
expenditure  витрати; витрачання,
видаток
turnover  оборот
balance sheet  баланс; балансовий звіт
mortgage  іпотека; застава; заставна
cash flow statement  баланс оборотних коштів
267
(активів)
accuse (v)  звинувачувати (у чомусь-of)
window dressing  «прикраса вітрини»,
розм. «причісування
балансу»; створення
враження високої
ліквідності, прикрашання
справжнього стану справ
creative accounting  «творчий бухоблік» (методи
завищення прибутку
в обліковій практиці)
Financial Statements
A company and its shareholders need to know information
about the company’s financial performance. Companies give
information about their financial situation in financial statements.
This information is compiled by the company accountants and
checked by independent auditors. The company’s annual report
consists of three financial statements:
 profit and loss account/P&L (BrE) or income statement
(AmE) It summarizes business activity over a period of time. This
account shows the revenue (money coming into the business) and
expenditure (money going out). It also shows the company’s
turnover (total sales), costs and overheads.
 balance sheet This account shows the financial situation
of the company on a particular date, usually the end of the
financial year. It consists of a list of assets (cash investments,
property and debtors – money owed by customers) and liabilities
(all the money that the company will have to pay out, such as
taxes, mortgage and money owed to suppliers). Firms in a good
situation are said to have a strong balance sheet and those that are
not, a weak one.
 cash flow statement This document shows the flow of
cash in and out of the business. It includes sale of assets, issuing
of shares, payment of dividends, trading profits and many other
268
activities. There are many reasons why companies can sometimes
have a problem with cash flow, even if the business is doing well.
Amongst them are:
 unexpected late payments, and non-payments;
 unforseen costs;
 an unexpected drop in demand;
 investing too much in fixed assets.
Companies are required by law to keep and publish accurate
accounts. When company’s accounts are presented in a way that
makes performance look better than it really is, the company may
be accused of window dressing or creative accounting, which
means recording transactions and values in a way that produces
a false result – usually an artificially high profit.

perform, inform, supply, pay, act, present, accuse, audit,
account (for).

фінансовий звіт компанії, акціонери, фінансова діяльність
компанії, бухгалтер, незалежний аудитор, річний звіт, звіт
про прибутки та збитки, доходи та витрати, накладні витрати,
балансовий звіт, активи та пасиви, майно, податки, застава,
постачальники, баланс оборотних коштів, продаж активів,
виплата дивідендів.
A B
account expenditure
check gain
revenue creative accounting
269
window dressing blame

accuse income
profit verify
expenses report

phrases:
profit; assets; a strong balance sheet; to look better; to absolve.
Ex.5. Match the nouns in left-hand column with the verbs in

the right-hand column.
apply for
arrange
annual report pay off
present
revenue produce
publish
mortgage increase
reduce
provide
270
1) a person who keeps records and provides information about a
company’s or person’s money;
2) a person who examines the accounts of an organization to
check they are true and correct;
3) a report, containing financial results, presented each year by
the directors to the members and shareholders of a company;
4) a summary list of income and expenses for a business;
5) money received from the sale of goods or services;
6) an amount of money spent;
7) the total business done by an organization in a given period;
8) a long-term loan from a bank for buying property, which is
used as security;
9) accounting which follows the literal rules of legislation and
accounting standards but succeeds nevertheless in presenting
an unduly favourable picture of a company’s position or progress;
10) statement of what a company owns, or assets, and owes or
liabilities.

1. My … prepares my tax returns every year.
2. The … were called to inspect the accounts.
3. The government has a huge need for tax … .
4. The company has made several big … on new equipment.
5. That company has a $10 million a year … .
6. The flat was bought with a $100,000 … .
7. The majority of the government’s … comes from taxes.
8. The company won’t be able to increase … on technology in
the coming year.
9. Financial accounts give information about financial … of
a company.
10. Analysis of our … during the last year shows that
approximately one third of our revenue came from the Asian
markets.
11. The accountant prepared the company’s … for the year.
271
12. The … in our company is good because we take in much more

money than we spend.
cash flow, balance sheet, performance (2), expenditure,
mortgage, turnover, expenditures, revenue (2), auditors,
accountant.

An annual report is prepared … the management …
a company whose stock is traded publicly. It contains written and
financial statements … the progress … the company in the
previous financial year. An annual report performs a useful
function … a free market system, transmitting information … the
company … its shareholders and investing public. Although the
report is addressed … shareholders, other people who have a stake
… the business – stakeholders such as employees, suppliers,
customers, and lenders – will find it informative. Such a report
acts as good public relations … the company.
(to (2), from, in (2), of (2), by, about, for)

1. Who compiles the information about the company’s financial
performance?
2. Who is this information checked by?
3. What does the company annual report consist of?
4. What is the purpose of an annual report?
5. What does the income statement show?
6. What does the balance sheet include?
7. When do firms have a strong balance sheet?
8. What is cash flow statement?
9. When may the company be accused of window dressing or
creative accounting?
272
Ex.2. Read the paragraph and put the terms in the box in
the correct place.
profit and loss account auditors balance sheet
liabilities results assets
Public Limited Companies are required by law to publish

end-of-year financial statements. This report on the financial
performance, or _________ of the company must include at least
a _______ and a __________, so that shareholders can assess the
performance of the company. ______ check the accuracy of the
accounts. The balance sheet shows the firm’s _______ and ______,
whilst the profit and loss account tells shareholders what kind of
return to expect on their investments. Companies often publish
half-yearly results, especially if they need to warn shareholders
of poor results. If a firm is doing well it can report a strong balance
sheet, however.

 profit and loss account;
 balance sheet;
 cash flow statement.

1. Акціонери повинні володіти всією інформацією про фінан-
сову діяльність компанії.
2. У звіті про прибутки та збитки зазначаються дохід та витрати
компанії.
3. Активи та пасиви компанії представлені у балансовому звіті.
4. Річний звіт готується менеджментом компанії.
5. Цей незалежний аудитор – досвідчений фахівець.
6. Показники балансового звіту свідчать про гарний фінан-
совий стан компанії.
273
7. Аналіз фінансової діяльності нашої фірми за останній рік

свідчить, що близько 1/3 наших прибутків було отримано
від європейських ринків.
8. Ми не зможемо збільшити наші витрати на нові технології
в цьому році.
9. Вони повинні були продати всі активи для того, щоб розпла-
титися з боргами.
10. Бухгалтер нашої фірми був звинувачений у «причісуванні
балансу».
Grammar Revision
Expressing wishes and regrets
 To wish can be used as a simple verb:
I wish you a Happy New Year.
 wish + could or past simple/ continuous is used to talk about
something you would like to be different, but can’t change.
I wish I could speak Italian fluently!
 wish + past perfect is used to express past regrets
I wish I had attended that conference.
 wish + would is used to express annoyance at the habits of
others.
I wish you wouldn’t take my car!
Ex.1. Complete these sentences using the correct form of

the verbs in brackets.
1. I wish I (have) enough money to buy this house.
2. I wish I (reserve) a hotel beforehand.
3. I wish he (establish) his private company.
4. I wish I (take) that job in the marketing department.
5. He wishes he (go) on holiday with his friends.
6. She wishes she (be) more careful.
7. They wish they never (get) married.
274
8. I wish I (not accept) his invitation.
9. She wishes she (not leave) her last job.
10. I wish he (not interfere) with my possessions.
11. I wish nothing (happen).
12. I wish you (not think) so.
13. I wish you (not smoke) indoors.
14. I wish she (take) the chance.

1. Шкода, що ви не знаєте цієї інформації.
2. Шкода, що ви не подумали про витрати фірми.
3. Шкода, що ми не застрахували наш товар.
4. Шкода, що ви не мали часу тоді.
5. Шкода, що ти не підтримав його.
6. Шкода, що ви не вивчили річний звіт ретельно.
7. Шкода, що фінансовий звіт нашої компанії ще не перевірено.
8. Шкода, що ваші витрати перевищують ваші прибутки.
9. Шкода, що наш бухгалтер звільнився.
10. Шкода, що ви не попередили його заздалегідь. Він би вирі-
шив вашу проблему.
11. Шкода, що ці фактори впливають на фінансовий стан нашої
компанії.
12. Шкода, що ми ще не в змозі повністю задовольняти потреби
наших клієнтів.
13. Шкода, що попит на цей товар перевищує пропозицію.
14. Шкода, що ви витратили так багато грошей на рекламу
цієї послуги.
Ex.1. Discuss with your groupmates the importance of

the financial statements:
 what information you could learn from studying a firm’s
balance sheet;
 what information an income statement gives you;
275
 what cash flow statement shows.
Ex.2. The Profit and Loss Account and Balance Sheet are
two important documents used in preparing financial
statements. Which of the following is a definition
of a Profit and Loss Account? Which defines a Balance
Sheet?
 Statement showing income and expenses resulting from
trading over a period of time
 Statement of financial position at a specific point in time
Ex.3. You are to report on the financial performance of

the company. What information will you use? Why?
Ex.4. What is the only way of keeping track of a company’s
success or failure?

use them.
1. The president assembled a blue ribbon panel of experts to
study the problem.
2. The businessmen were given the red-carpet treatment by the
small town. The small town wanted to impress them in the
hopes that they would decide it was a good place to build
a factory.
3. You can stop hinting that you don’t want my company. I got
the message. I won’t bother you again.
4. Jan invested all her money in the playwright’s new play. She
was taking a real chance. She was going for broke. If it were
a success, she would be rich. If it were a flop, she would be
penniless.
5. The fast food restaurant’s new chicken sandwich went over
with a bang. Everyone was asking for it.
276

«One can accumulate enough wealth to buy a golden bed,
but one cannot buy sound sleep with money.»
(Danial Arap Moi)
277
LESSON 6
Text: Bankruptcy
Grammar: Modal Verbs (Ability. Permission)
Terms to remember:
bankruptcy  банкрутство
be in a state of insolvency/  бути неплатоспроможним
be insolvent
lame duck  підприємство, що
перебуває у важкому
(критичному) стані
creditor  кредитор
bankrupt  банкрут
go bankrupt/ go bust (v)  збанкрутуватися
rescue (v)  рятувати
go into liquidation/into  збанкрутуватися
receivership (v)
receiver / administrator/  ліквідатор; офіційна особа,

liquidator яка призначена судом для
ліквідації компанії-
банкрута
pay off the debts (v)  розрахуватися з боргами
wind up a company (v)  ліквідувати компанію
failing company  проблемна компанія;
компанія, що зазнає
ускладнень; компанія на
межі банкрутства
voluntary liquidation  добровільна ліквідація
on the verge of (bankruptcy)  на межі (банкрутства)
278
Bankruptcy
While some companies perform well and expand, others are
less successful and may have to go out of business.
When a person or business is unable to pay its debts they are
considered to be in a state of insolvency or to be insolvent.
Companies in trouble and needing outside help are often
referred to as lame ducks.
If the creditors, the people who are owed money take the
matter to the court, the person or company is declared bankrupt.
A company is then said to go bankrupt or to go bust.
Receivers are specialised accountants who are appointed by
the court to find someone to rescue the company. If a company
cannot be rescued, it goes into liquidation (into receivership).
It is closed down and all its assets are sold.
The receivers, administrators or liquidators are specialists
who are appointed to sell the company’s assets and pay off the
debts to creditors. When this happens, a company is wound up,
and it ceases trading.
Another option is for the failing company to go into voluntary
liquidation and appoint its own liquidator. When a company is on
the verge of bankruptcy it should stop trading.

unable, successful, insolvent, failing, voluntary, administrative,
optional, bankrupt.

бути неплатоспроможним; кредитори; оголосити компанію
банкрутом; збанкрутуватися (3); призначати ліквідаторів;
рятувати компанію; розрахуватися з боргами; добровільна
ліквідація компанії; на межі банкрутства; проблемна компанія.
279
A B
bankrupt save
appoint liquidator
voluntary go bust
option optional
go bankrupt alternative
receiver designate
rescue insolvent

phrases:
voluntary bankruptcy, successful, to go out of business,
debtor, to dismiss.
Ex.5. Translate the following collocations into Ukrainian.

to file for
to be on the verge of
to be on the brink of bankruptcy
to be facing
to declare
Ex.6. Match the nouns in the left-hand column with t he

bankrupt be put into
go into
insolvency become
go
liquidation avoid
280
declare
Ex.7. Complete the following sentences with either «bankrupt»
or «bankruptcy».
1. Years of mismanagement had left the region virtually … .
2. Several local companies have gone … .
3. The firm I work for is facing … .
4. The company is … .
5. Many of the companies that they had invested in went … .
6. … can be involuntary or voluntary.
7. The recession led to a flood of … .
8. The company declared … in 2006.
9. Involuntary … is initiated by creditors.
10. The newspapers accused the government of being … in ideas.
11. I am sorry to say that we are facing ... .
12. We’ve got no choice but to declare ourselves ... .
13. If they keep spending money like that they’ll ... the company.
14. We are on the verge of ... .
Ex.8. Make a proper selection. Match word combinations

with «debt» to their definitions.
debt repayment when a company fails to make a debt
repayment;
debt burden when a company persuades lender to
change repayment dates and terms;
debt crisis a company’s debt, especially when
considered as a problem;
debt rescheduling/ when a company has serious difficulty in
restructuring repaying its debt;
debt default when a company repays its debt and/or
281
interest on it.
1) the state of being unable to pay your debts;

2) a person or an organization that you owe money to;
3) the person appointed by the court to close a company and
dispose of its assets;
4) to become bankrupt;
5) to save someone or something from prison, danger, etc.
6) the closing of a company that has stopped trading, usually
because it has gone bankrupt;
7) a bankruptcy procedure initiated by an individual or business
that can no longer meet its financial obligations;
8) a bankruptcy procedure initiated by creditors.
Ex.10. Find words in the text which have a similar meaning

to the informal words and phrases listed below. These
are more colourful, but less polite, ways of saying
that a company has gone bankrupt.
 go under;
 go broke;
 go belly-up;
 go down the tubes;
 go to the wall;
 crash;
 fold;
282
 collapse.
1. The firm I work for is facing … .
2. Several local companies have gone … .
3. The owner of the small business became … during the
recession.
4. The company has gone bankrupt and can’t pay its … .
5. One of the company directors was appointed … .
6. The company has decided to take … .
7. It will take years … all his debts.
8. His company is … bankruptcy.
9. Small businesses in Great Britain are currently … at a rate of
one every six minutes.
10. Their business is so unsuccessful. I think they are considering
….
11. The manufacturing methods of Rover, once the … of British
industry, were transformed thanks to that company’s partnership
with Honda.
going bust, on the verge of, to pay off, voluntary
liquidation (2), liquidator, creditors, insolvent, bankrupt,
bankruptcy, lame duck.

Insolvency
Insolvency is the condition … being unable to meet debts. A
company is insolvent when it is unable to meet the demands … all
its creditors … selling all its assets … cash. … such a situation,
the creditors would apply … the business to be wound up, and ask
… a liquidator to be appointed who could dispose … the assets
and pay … the creditors where possible. The company would stop
trading, and when the winding … is complete, cease to exist.
Notes:
to cease – припиняти (ся)
(of (3), by, for (3), in, up, off)
283

business!
to wind something or – to stop running a business and close it
itself up completely.
Ukrainian.
1. Rising prices and falling sales have forced us to wind up the
business.
2. He was involved in winding the company up.
3. Although the company was solvent, it decided to wind itself up.
4. The trust could be wound up or merged with another bigger trust.
5. The business went bankrupt and wound up.
6. If negotiations fail, the company will be wound up.
7. Under these circumstances, the UK plants may have to be
wound up.
8. The agency is attempting to wind itself up in an orderly way.
9. The decision to begin to wind up the business was taken at
the meeting of the shareholders.
10. The shipping group decided to wind up its final salary
pension scheme.
1. What may happen to less successful companies?
2. When is a business considered to be in a state of insolvency?
3. Who are creditors?
4. When is the company declared bankrupt?
5. Who are receivers?
6. What happens to a company if it cannot be rescued?
7. What are liquidators appointed for?
8. Does the failing company have any option?
9. What should the company do if it is on the verge of bankruptcy?
10. What is voluntary liquidation?
284
Ex.2. Sum up what you remember about a bankruptcy
procedure. Who can it be initiated by?
Grammar Revision
Modal Verbs
A. Ability: can, could, be able to
1. Can and cannot/can’t are commonly used to talk about
ability to do something in the present.
He can speak several foreign languages.
2. To talk about someone’s general ability to do something in
the past we use could and someone’s specific ability (to do
something on one occasion) – was/were able to
I could read when I was five.
I was able to see personnel manager without an appointment.
3. To talk about ability with perfect and future forms, the be able
to structure is used.
Will you be able to send this fax?
B. Permission: can, could, may, be allowed to
1. a) Can and could are used to ask for permission in the
present. May can be also used but is quite formal.
Could/ Can I call you back?
May I use your phone, please?
b) When talking about whether something is permitted or not
we use can/ can’t and be (not) allowed to.
Passengers are not allowed to smoke during take-off.
You can leave your letter at the reception.
2. To talk about permission in the past we use could/ couldn’t
and was/ were not allowed to.
We were not allowed to ask any questions.
3. When talking about permission with future and perfect forms
be allowed to is used.
He will not be allowed to invest in this business.
Ex.1. Complete these sentences using can, could, may and

be able to, or be allowed to in the correct form.
1. When I pass my driving test, I ______ hire a car.
285
2. When he first came to London, he ____ read English but he
(negative) ______ speak.
3. When we were in the old office, we ______ access all the files.
4. This sweater was priced at $ 50, but I _______ get a discount
because of this little mark on the sleeve.
5. Students _______ bring notes into the exam tomorrow.
6. My sister never ________ to travel alone.
7. ______ I send him a message? He is at the meeting at the
moment.
8. ______ you phone the boss today?
9. He _______ solve this problem yet.
10. «Could I borrow your car? No, you _______.»
11. Who _______ appoint the receivers to find someone to rescue
the company?
12. _______ he pay off the debts of the company?
13. I’ve been looking for your papers but I ______ find them yet.
14. If he doesn’t tell me what his problem is, I ______ (negative)
help him.
15. She ______ to raise money for her failing company.
1. Я б із задоволенням прийняв ваше запрошення, але я не
можу відмінити свою зустріч.
2. Якщо він щось вирішив, то ніхто не може на нього
вплинути.
3. Я дуже ціную вашу допомогу. Я знав, що я можу довіряти
Вам.
4. Чи можу я сказати йому всю правду? Я впевнений, що він
нічого не знає про важкий фінансовий стан компанії.
5. Коли я там працював, то тільки головний менеджер міг
підписувати такі документи.
6. Працівникам нашої компанії не дозволяється палити в офісах.
7. Тільки суд може призначити ліквідаторів неплатоспро-
можної компанії.
8. Ця компанія на межі банкрутства; їй не дозволяється
працювати з клієнтами.
9. Ви можете залишити всю інформацію у секретаря.
10. Їм не дозволили відстрочити платежі.
286
11. Якщо ви зможете врятувати цю компанію, ви отримаєте
подяку від президента.
12. Якщо вони не зможуть розрахуватися з боргами протягом
місяця, їх оголосять банкрутами.

 how voluntary bankruptcy is different from involuntary
bankruptcy;
 how bankruptcy is initiated and resolved.
Ex.2. Do you think the government should bail out

lossmaking companies to avoid making people
unemployed?
Ex.3. Go to the library and research a firm that is presently

in bankruptcy. Describe the type of bankruptcy and
trace the major activities of the firm since the day
the bankruptcy papers were filed with a bankruptcy
court.

use them.
1. Our new office manager needs to get organized and get some
work done. For two weeks, she’s just been spinning her wheels.
2. In order to accomplish our goals and succeed, everyone in the
company has to put their shoulder to the wheel.
3. John had to wheel and deal to get the new contract signed.
4. When we decided to develop this product, our first goal was
to create something original and innovative. We did not want
to reinvent the wheel.
5. He lost his job but landed on his feet by finding a better one.
287

«The shortest way to do many things is to do only one thing
at once.» (Samuel Smiles)
TEST 4 (MODULE IV)

definition.
1. The property of a company, person etc. that has value and can be sold to pay the debts.
a) liquid profits b) liquid liabilities c) liquid assets
2. Money spent regularly to keep a business running.
a) overheads b) costs c) profit
3. General term used for all types of stocks and shares.
a) investment b) income c) securities
4. Reduced in value (about currency).
a) devalued b) cheap c) declined
5. Money owed by a company; a debt.
a) assets b) liabilities c) costs
6. Money that is owed to a business.
a) reception b) receivership c) receivables
7. An amount of money spent.
a) income b) expenditure c) loss
8. A sum of money paid into a bank.
a) departure b) deposit c) debt
9. Buildings and the land they occupy.
a) precaution b) premium c) premises
10. The amount of money moving into and out of a business at a particular point in time.
a) cash flow b) cash sale c) cash deal
11. A rise in prices and lowering of currency’s value.
a) injunction b) inflation c) insolvency
12. Offering company shares for sale to the public or on a stock exchange for the first time.
288
a) share register b) share splitting c) share flotation
13. A person or an organization that lends money and charges interest on the repayments.
a) tender b) lender c) licensor
14. A market where the general level of share prices is falling.
a) target market b) bear market c) bull market
15. A person or organization that buys and sells stock and shares.
a) stockbroker b) dealer c) market-maker
16. Contracts that give the right to buy and sell currencies and commodities at an agreed time in the future at a
price agreed at the time of the deal.
a) options b) futures c) swaps
17. A group of different investments held by a private investor, or a financial organization.
a) gilts b) treasury bonds c) portfolio
18. A long-term loan from a bank for buying property, which is used as security.
a) turnover b) revenue c) mortgage
19. A summary list of income and expenses for a business.
a) cash flow statement b) income statement c) balance sheet
20. A person who examines the accounts of an organization to check they are true and correct.
a) auditor b) accountant c) administrator
289
MODULE V ACCOUNTING
LESSON 1
Text: The Field of Accounting
Grammar: Modal Verbs. Obligation and Necessity
Terms to remember:
record (v)  реєструвати; фіксувати
pore over (v)  занурюватися
invoice  рахунок-фактура
ledger  бухгалтерська книга
lure (v)  спокушати, принаджувати
transaction  угода, операція
deal  ділова угода, операція
growth  зростання
decline  занепад
certified public accountant  дипломований бухгалтер
(AmE) /chartered вищої кваліфікації;
accountant (BrE) бухгалтер-ревізор
private accountant  приватний бухгалтер
handle (v)  мати справу з (чимось)
financial records  фінансова документація,
фінансові звітні матеріали
(документи)
government accountant  урядовий бухгалтер
monitor (v)  контролювати, перевіряти,
спостерігати
receipt  одержання
layoff  звільнення (зазвичай
під час скорочення
виробництва), скорочення
персоналу
work load  робоче навантаження
Remember the difference:

288
Accounting is a comprehensive information system for

collecting, analyzing and communicating financial information.
Bookkeeping is just one phase of accounting – the day-to-day
recording of accounting transactions.
The Field of Accounting

The stereotype of the accountant – a pale, bookish male
dressed in a white shirt and narrow tie, seated behind a desk in a
small office, pencil in hand, poring over invoices and making
notations in a dusty ledger – describes none of those numerous
men and women who list their occupation as «accountant». In
fact, never before have accountants been in such demand. The
availability of jobs and the relatively high starting salaries for
talented accounting graduates have lured hundreds of thousands of
students into accounting classes in colleges and universities.
The accounting profession will always attract people who
enjoy numerical organization.
It offers the qualified person an opportunity to move ahead
quickly in today’s business world. Accounting, like statistics, is
often called a language of business because of its ability to
communicate financial information. It involves recording and
summarizing an organization’s transactions or business deals and
reporting them in the form of financial statements.
It is a basic and vital element in every modern business. It
records the growth or decline of the business.
The field of accounting is divided into three broad divisions:
public, private and governmental.
A certified public accountant (CPA) – AmE or a
chartered accountant – BrE must pass a series of examinations,
after which he or she receives a certificate. The simple fact of
having passed the certifying examination gives them an advantage
over those who haven’t.
289
UNIT V THE FIELD OF ACCOUNTING
CPAs can offer their services to the public on an individual

consultant basis for which they receive a fee. Some CPAs perform
work for firms, corporations or government offices and receive a
salary.
Private accountants, who are employees of individual
businesses, handle the financial records of a business. They are
responsible for preparing the financial statements and are salaried
rather than paid a fee.
Government accountants are employed by governmental
agencies. They are responsible for monitoring the receipt and
payment of funds. All of these accountants work on a salary basis.
Salaried positions with business or government offer strong
security, since salaried accountants are not affected by layoff or
seasonal changes in the work load as are industrial or clerical
workers.
Through effective application of commonly accepted accounting
system, private, public and governmental accountants provide
accurate and timely financial information that is necessary for
organizational decision-making.

qualify, grow, divide, certify, examine, consult, employ.
Ex.2. Some words change their stress when they change their
part of speech. Underline the stressed syllable in these
words.
to employ the employee
to record the record
to examine the examination
to certify the certificate
to qualify the qualification
to govern governmental
290

бухоблік; дуже важливий елемент в сучасному бізнесі;
реєструвати зростання чи занепад бізнесу; дипломований
бухгалтер вищої кваліфікації; отримати сертифікат; пропонувати
послуги; отримувати гонорар; отримувати заробітну плату;
мати справу з фінансовою документацією; готувати фінансовий
звіт; одержання фондів; звільнення; зміни у робочому наван-
таженні, бухгалтерська книга, угода.
A B
layoff deal
vital benefit
growth hire
decline get ready
perform payment
receive obtain
salary accomplish
prepare deterioration
employ expansion
advantage essential
transaction fire

phrases:
decline; employer; employ; advantage; qualified; to fail an
examination; to receive a fee; private accountants.
291

words in the right-hand column. Translate the phrases
into Ukrainian.
of funds
of goods
of a licence
of an order
of payment
accounting of a credit
of competitive offer
of a consignment
statistical
business
chinese
financial
receipt banking
cost
income
management
payroll
salary
1) the recording, classifying, summarizing, and interpreting of

those business activities that can be expressed in monetary
terms;
292
2) an accountant who has passed examinations required by the
state licensing officials;
3) the systematic recording of financial information;
4) a specilized branch of accounting that deals with government
agencies;
5) a dismissal from employment, esp. temporary;
6) financial documents or computer files on which information is
stored;
7) an amount of work to be done;
8) the profession of or work done by an accountant;
9) a period at the end of which the totals for the money coming
into and money going out of a business are calculated.

1. There was … in US exports overseas last year.
2. … in the stock market scared investors.
3. She … all the financial records for the law firm.
4. The boss … the quality of her employees’ work.
5. In a recession, there are often mass … of factory workers.
6. … does the accounting for a business.
7. We calculated the total profit at the end of the … period.
8. My friend got a degree in … .
9. The cash register … the purchase and printed a receipt.
10. In Great Britain, the term for CPA is … .
11. Private and government accountants usually work on a … basis.
12. CPAs who offer their services to the public on an individual
consultant basis are paid … .
fees, salary, chartered accountant, recorded, accountancy,

accounting, a CPA, layoffs, monitors, handles, the decline,
a growth.
It is difficult … a firm to plan … the future when the
managers do not know where the firm stands financially.
Accounting is the primary means … which financial information
293
… a firm is communicated. Accounting can provide answers …
interested persons both … the firm and … the firm. The balance
sheet and the income statement are two basic statements used …
making many decisions concerning a firm’s operations. …
analyzing these two statements, a firm can answer many questions
… its profitability, short term financial position, activity levels,
and long-term debt obligations.
Business firms may hire their own private accountants, or
they may use the services … a public accounting firm.
(of, for (2), by (2), about (2), in, to, within, outside)

business!
lay-off – the act of dismissing workers because there is not
enough work.
Ukrainian.
1. They announced the temporary lay-off of 8000 car workers.
2. 500 lay-offs were announced in December.
3. The company will have to announce 150 lay-offs if sales don’t
improve.
4. If we lose the contract then we will have to announce lay-offs
of some staff.
5. We are hoping to avoid closing our plants and thus our
workers won’t be affected by lay-off.
6. In a recession, there are often mass lay-offs of factory workers.
7. They’ve had to cut back production which resulted in mass
lay-offs.
294

1. What explains a great popularity of the profession of an
accountant?
2. What does accounting offer a qualified person?
3. Why is accounting called «the language of business»?
4. Why is accounting a basic and vital element in every modern
business?
5. What is the field of accounting divided into?
6. What is a certified public accountant? What is the British
equivalent?
7. What do CPAs receive fees for?
8. Who can CPAs perform work for?
9. What are private accountants responsible for? Are they paid a fee?
10. What areas does a government accountant deal with?
11. Why do salaried accounting jobs offer security?
12. Do CPAs have any advantages over other accountants?
13. What information do accountants provide?

 CPAs;
 private accountants;
 government accountants.
Grammar Revision
Modal Verbs. Obligation and Necessity.
must, have to, should, ought to, need
1. a) Must is used for strong obligations:
 rules or laws
Investors must pay taxes.
 advice or recommendations
You must take your medicine regularly if you want to get
better.
 obligations that the speaker imposes on him or herself
I must get up early tomorrow.
b) Mustn’t is used to express strong disapproval, or that
something is prohibited
295
You mustn’t smoke.
2. a) Have to is used when the obligation comes from someone
else or an external authority.
You have to wear a uniform – that is the company rule.
b) Don’t have to is used to express the idea that there is no
law, rule or requirement to make you do something.
I don’t have to get up early on Sundays.
3. a) Need, need to is used to talk about necessities, rather than
obligations
I need to get my hair cut.
b) Needn’t expresses the speaker’s opinion that something
isn’t necessary
You needn’t fill in the form; the receptionist will do it for you.
4. Should, ought to are used to express milder obligations; they
are often used when giving advice
You should always keep receipts when you buy clothes.
Ex.1. Complete these sentences using the correct form of

must, have to, need, should, ought to.
1. You ________ not worry about the article. – I’ll translate
it later.
2. The drivers in Ukraine ______ wear seat belts.
3. You _______ have medical insurance when you go abroad.
4. You _______ to buy a licence if you want to set up your own
business.
5. The customers ________ not pass this point.
6. They _______ to transfer money yesterday.
7. A CPA _______ pass a series of examinations, after which he
receives a certificate.
8. You ______ have the financial statement ready by the end
of the month.
9. He ______ invite her to the meeting.
10. You _______ to fill in this application form.
11. You _______ to consult an expert to identify this document.
12. You ______ not take a car to get to the office. I’ll gladly give
you a lift.
296
13. He ______ to send a letter of apology.
14. This is serious, he ______ not joke about it.
15. My boss was ill and I _______ to attend that press conference.
16. They ______ follow his advice.

1. Керівництво встановлює правила, а ви повинні виконувати їх.
2. Ціна на цей новий товар дуже висока. Ви повинні знизити її.
3. Я вважаю, що він повинен піти у відставку після цього
засідання.
4. Почекай трошки, я повинен продивитися ці документи.
5. Тобі не слід втручатися в цю брудну справу.
6. Йому довелося відповісти на багато запитань після засідання
Ради директорів.
7. Йому не слід нехтувати твоїми корисними порадами.
8. Ви повинні вивчити попит споживачів перш ніж розпо-
чинати виробництво цієї продукції.
9. Тобі потрібно допомогти їй. Вона ще ніколи не складала
фінансовий звіт.
10. Коли я змінив роботу, я змушений був переїхати на іншу
квартиру.
11. Офіціанти повинні сплачувати податок на гроші, які вони
одержують від клієнтів.
12. Ви повинні приходити на роботу вчасно.
13. Ви повинні відправити цей факс негайно.
14. Ти не повинен розмовляти з покупцями таким чином.
Ex.3. Make up sentences about your university environment.

Your sentences should describe:
 obligation
 prohibition
 no necessity to do something
297
Ex.1. Explain why accounting is a basic and vital element

in modern business.
Ex.2. Speak about some of the qualifications, both technical

and personal, that you think an accountant must
have in order to achieve success in his or her field.

disadvantages of a career in accounting. Why does
the profession of an «accountant» attract many young
people today?
Ex.4. Familiarize yourself with the following idioms,

consult your dictionary and translate the sentences
use them:
1. I don’t believe the company made that profit. Peter has been
cooking the books so that he can get a good price for the
business.
2. Mr. Brown had to foot the bill for his son.
3. I’ll be hanging up my boots next year. I think I deserve a rest
after running the business for thirty years.
4. I can see you have set your mind on taking the job, so
I won’t try to dissuade you.
5. I warned you that the idea would never work; what a pity you
wouldn’t listen to reason.

«When two men in business always agree, one of them
is unnecessary.»
(Anonymous)
298
LESSON 2
Text: Budgeting
Grammar: Modal Verbs. Certainty, Possibility,
Probability.
Terms to remember:
budget for, v  планувати майбутні прибутки і
витрати
budgeting  складання бюджету
motivate (v)  спонукати
operating plan  виробничий план
anticipate (v)  очікувати; передбачати
primary  основний; найважливіший
framework  рамки; межа; структура
fiscal year  бюджетний рік; фінансовий рік
arbitrarily  довільно; випадково
master budget  головний бюджет, загальний
бюджет
control device  контрольний засіб, стандартний
план діяльності бізнесу
Budgeting
A financial plan, showing how much money a person or
organization expects to earn and spend is called a budget. All
companies have to budget for, or plan, their costs and have a
budget.
The preparation of a budget is an important aspect of
a company’s success. The preparation of it helps management to
establish short-term and long-term goals and standards for the
company, motivates employees to achieve company goals, provides
for a systematic review of performance. The success of the
budgeting process depends on the cooperation of all employees.
Budget (of a business) is the financial operating plan for an
organization for a fixed period. The budget shows what income is
299
anticipated and how the resources will be used during the budget
period. It is a forecast used by a business to plan and control.
The primary objective of the budget is to establish a financial
framework for the operations of the business. The accounting
period for the budget is usually either the calendar year or the
fiscal year. The fiscal year is any arbitrarily chosen twelve-month
period that does not correspond to the calendar year.
The total of separate budgets from different departments
within a company that shows in detail how the entire business
operates is called master budget. As the business year
progresses, management can use the budget as a control device
that permits monitoring of the company’s operations.

prepare, establish, motivate, achieve, cooperate, operate,
anticipate, permit.
успіх компанії; встановлювати довгострокові цілі; процес
складання бюджету; встановлений строк; прибуток; прогноз;
найважливіша мета; бюджетний рік; головний бюджет; вико-
ристовувати бюджет як контрольний засіб; контролювати
роботу компанії; виробничий план; бюджетний період.
A B
operate sum
goal main
progress expect
achieve definite
systematic reach
fixed regular
anticipate allow
primary objective
300
permit function
total develop
short-term; periodic; failure; expenditure; secondary.
Ex.5. Study the following phrases. Translate them into

Ukrainian.
ad budget, annual budget, approved budget, consumer budget,
current budget, deficit-free budget, household budget, low budget,
master budget, operating budget, overall budget, surplus budget.

verbs in the right-hand column. Translate the phrases
into Ukrainian:
carry out
negotiate
offer
the budget prepare
realize
revise
submit
draw up
cut
the financial operating plan increase
reduce
set
approve
pass
301
1) a plan of expected income and expenditure for a particular

period of time;
2) the total of separate budgets from different departments within
a company;
3) a standard plan for the performance of a business by which its
operations may be measured and regulated;
4) a statement about what one thinks will happen in the future;
5) related to a 12-month period of business activity;
6) the people who control a company;
7) an aim or target;
8) the main internal workings of business.

1. The financial director is responsible for the firm’s … .
2. … involves setting financial goals and standards for an
enterprise.
3. Our company’s … is the calendar year, January 1 to
December 31.
4. The new channel will be launched with a $3 million
promotional ….
5. A desire to go to business school … her to study mathematics
hard.
6. She was given a … of € 25 000 to launch the magazine.
7. In the UK, the government’s … runs from 6 April to the
following 5 April.
8. Our financial manager will calculate the total profit at the end
of the … period.
9. The boss … the quality of her employees’ work.
10. The … of this month’s sales is up 20 %.
11. The company … for a 5% increase in sales.
12. The company has not set … for the project.
a budget, total, monitors, accounting, financial year, motivates,

budgeted for, budget (2), fiscal
302 year, budgeting, budgets.

Budgeting
Budgeting is the process … preparing budgets and exercising
budgetary control. Budgeting encourages forward thinking …
managers; serves to help coordinate different functions and
departments … the firm. It defines the responsibilities …
individual managers, provides a framework … delegating
responsibility; and provides an instrument … control; and a basis
… modifying plans, where necessary.
(of (2), by, in, for (3)

business!
to write something off – to remove a debt from a company’s
accounts because the money cannot
be collected; to remove an asset that
has no value.
Ukrainian.
1. The company was forced to write off almost $ 40 million
in debts.
2. We knew we’d never get the money back so we just wrote the
loan off.
3. If they can’t recover the losses, they may be forced to write
them off.
4. After 10 years, the debt was written off.
5. The bank was forced to write off the loan.
6. It was a disastrous year in which the company wrote off $ 270
million in investments.
7. The losses had to be written off.
8. We decided to write off the loan.
9. The company can’t recover its losses, so the directors have
written off $ 4 million.
303
10. The US government agreed to write off debts of $ 170 billion.

1. What does «to budget for» mean?
2. What is a budget? What does it show?
3. Why is the preparation of a budget an important aspect of
a company’s success?
4. What is the primary objective of the budget?
5. What is the customary accounting period for the budget?
6. What is a master budget?
7. What can a master budget be used for?
8. What is a control device?
9. What does the success of the budgeting process depend on?

 a budget and budgeting;
 the fiscal year;
 a master budget.

Державний бюджет
Державний бюджет – це план формування та використання
ресурсів для забезпечення завдань і функцій центральними та
місцевими органами влади. Він є важелем впливу на національну
економіку та відображає економічну ситуацію в країні. Бюджет
є планом того, які види діяльності мають фінансуватися, скільки
коштів буде витрачатися на оборону, охорону здоров’я, освіту,
соціальні послуги та на інші програми.
304
У періоди економічного зростання з’являється більше

робочих місць. Держава має можливість фінансувати більше
програм.
Grammar Revision
Modal Verbs
Certainty, Possibility, Probability
must, may, might, could, can’t, should, ought to

1. We use must or can’t + infinitive to say we are certain about
something; we have some evidence to reach this conclusion.
We use must to indicate «positive» certainty and can’t to
indicate «negative» certainty.
We don’t use mustn’t or can to talk about certainty.
She must be very happy. She has finished her experiments.
That can’t be our business partner. He is arriving tomorrow.
2. We use may, might or could + infinitive when we are
speculating that something is possible.
She may/might/could pass her exam this time. (It’s possible
that she will pass her exam)
3. We use should and ought to + infinitive to show that
something is probable now or in the future.
He should/ought to pass his exams.
(He will probably pass)
Ex.1. Complete the following sentences with an appropriate

modal verb form.
1. You _____ be joking. The house is not worth that much.
2. It’s not a good time to visit Italy. The weather ______ be
awful at this time of the year.
3. She _____ be ill; She looks so pale.
4. It _____ be true.
5. You ______ see interesting samples at the exhibition.
305
6. It ______ be late as the offices are closed.

7. This contract ______ to be profitable.
8. It’s impossible. It ______ be the correct answer.
9. She ______ be at home. I saw her in the office 10 minutes ago.
10. I ______ have some new information for you tonight.
11. He has been working all day. He ______ be very tired.
12. There ______ be another rise in the price of sugar soon.
13. He _____ get this job. He has got all the necessary qualifications.
14. I am not sure whether I can help you. I ______ not have
enough time.

1. Не може бути, щоб ви знали всіх її співробітників!
2. Мабуть вона працює над річним звітом.
3. Я не буду заважати тобі. Мабуть у тебе є важливі справи.
4. Я зайду в наш офіс. Бос повинен зараз бути там.
5. Навряд я зможу скласти цей звіт.
6. Бухгалтера немає, він має бути у керівництва фірми.
7. Ви напевне затвердите бюджет завтра.
8. Мабуть, успіх компанії буде залежати від наполегливої
праці кожного з нас.
9. Мабуть, вона дуже щаслива. Рада Директорів затвердила
її проект.
10. Не може бути, щоб ви ще працювали над бюджетом!
11. Вже 2-га година. Він може повернутися у будь-яку хвилину.
12. Я не знаю достеменно, але лист, можливо, зараз у неї.
13. Хоча вже й пізно, він, можливо, все ще очікує нашої
інформації.
14. Я нічого не чув про нього. Мабуть, він десь за кордоном
чи вже повернувся до Києва.
306
Ex.1. Discuss the importance of a budget for the company

and the consequences that might result from its
absence.

use them:
1. We spent days working on a solution but it led us up a blind
alley.
2. I shall sugar the pill by sending John on a week’s paid
holiday before I make him redundant.
3. I was offered quite a well-paid job, but the work wouldn’t
have been my cup of tea.
4. We need to rethink our plan in light of this new information.
5. With the drop in sales, the company cut the number of
employees to the bone.

«It is easier to forgive an enemy than a friend.»
(Anonymous)
307
LESSON 3
Text: Auditing
Grammar: Modal Verbs with the Perfect Infinitive
Terms to remember:
auditing  здійснення аудиту; перевірка
звітності; ревізування
review  перевірка; перевіряти
evaluation  оцінювання, оцінка; аналіз
(даних)
audit  аудит; перевірка, ревізія;
аудиторська перевірка
фінансових операцій
auditor  аудитор, бухгалтер-ревізор
outside/external/  зовнішній аудит
independent audit
internal audit  внутрішній аудит
accounting department  бухгалтерія
fiscal affairs  фінансові справи
the standard operating  стандартні методи роботи
procedures
books  бухгалтерські книги
accounting records  бухгалтерські рахунки,
документація
fraud  шахрайство
accurate  точний, правильний
adequate  що відповідає вимогам,
відповідний, компетентний
accessible  досяжний, доступний
Auditing
308
Auditing is an accounting function that involves the review

and evaluation of financial records of a company. It is done by
auditors. These reviews are called audits.
Outside/external audits are a normal and regular part
of business practice. In addition, many corporations maintain
a continuous internal audit by their own accounting departments.
They review operating procedures and financial records and report
to management on the current state of the company’s fiscal affairs.
The internal auditors make suggestions to management for
improvements in the standard operating procedures and check
the accounting records.
Independent auditing is done by accountants who are not
employees of the organization whose books they examine. The
independent accountant is almost always a CPA. Independent
accountants review the business’s operating activities; they have
to check the company’s internal control mechanisms; they
examine financial statements and the accounting records. They try
to prevent «creative accounting» and they have to make an official
statement that no fraud is taking place. So they don’t just look at
the figures, but at the internal processes as well – they have to
audit the way the figures are collected. An audit can take several
days, even for a fairly small company.
Management must act upon the information in the financial
records; the auditor ensures that this information is accurate,
adequate, and accessible.
309

evaluate, improve, examine, act, inform, organize, manage.

1. review a) noun b) verb
2. record a) noun b) verb
3. audit a) noun b) verb
4. practice a) noun b) verb
5. report a) noun b) verb
6. check a) noun b) verb
7. book a) noun b) verb
8. state a) noun b) verb

перевірка та аналіз фінансових документів, аудитор,
зовнішній аудит, внутрішній аудит, бухгалтерія, фінансові
справи компанії, перевіряти бухгалтерську документацію,
перевіряти бухгалтерські книги, стандартні методи роботи,
точна інформація.
A B
outside audit uncontrolled
review process
evaluation sufficient
check achievable
accurate examination
adequate correct
accessible examine
procedure analysis
independent external audit
310

phrases:
incorrect, insufficient, unachievable, dependent, external audit,
abnormal, irregular.

adjectives in the right-hand column. Translate the
phrases into Ukrainian.
approximate
auditor statistical
subjective
external
audit internal
travelling
evaluation annual
unscheduled
general

used words with «an audit». Study the diagram,
consult your dictionary and translate these word
combinations into Ukrainian. Make up sentences
with them.
sampling
outside
tax
internal annual
an audit
independent cost
external
financial
field
311

1) a detailed inspection of the accounts of an organization by

a professionally trained person;
2) an audit carried out by a person not employed by the company
to check that the accounts are accurate and honest;
3) a professionally trained person who examines the accounts of
an organization to check that they are true and correct;
4) a review and evaluation of a company’s financial records by
employees of the same company;
5) an organization’s established methods of carrying out its
operating and recording functions;
6) an analysis, study;
7) the books, files or computer records where a company’s accounts
are kept;
8) a report showing profit and loss for a business or institution.

1. … were called in to inspect the accounts.
2. An accountant did a year-end … of our financial records.
3. … firm audited the company every year.
4. … are not employees of the organization whose books they
examine.
5. The tax inspector wants to examine … .
6. Many companies employ their own accountants to maintain … .
7. … are a normal and regular part of business practice.
8. Auditors review … and report to the management on the
current state of the company’s … in the form of an Auditor’s
Report.
9. An accountant did … of the company’s financial health.
10. The numbers in the report are … .
312
accurate; an evaluation; fiscal affairs; financial records; outside

audits; an internal audit; the books; independent accountants; the
accounting; audit; the auditors.
An auditor is an accountant, independent … a company, who
is appointed … the shareholders to ensure that the annual accounts
give a true and fair view … the state … affairs … the company.
The accounts should be prepared using the accepted methods …
accountancy. Auditors will also try to ensure that the organization’s
accounting systems do not allow any fraud or stealing to occur …
the company’s funds. Large organizations might carry … an internal
audit themselves to ensure that their accounting practices and
procedures are accurate and efficient.
(of (5), by, from, out)
business!
to bail somebody or – to rescue smb / sth from difficulties,
something out (of something) especially financial difficulties.
Ukrainian.
1. The government has refused to bail the company out again.
2. Private business helped to bail out the museum.
3. We couldn’t get any cash from our parent company to bail us out.
4. A $ 40 million government loan bailed the industry out of
financial crisis.
5. The airline had to be bailed out by the government.
6. When banks go bust, the government usually bails them out.
7. A millionaire fan has offered to bail out the football club.
8. The company has been in trouble before but this time the
government will not bail it out.
9. The telecoms company was bailed out by its shareholders.
10. The state will not be able to go on bailing out loss – making
companies.
313
1. What is auditing?
2. Who carries out audits? Who are usually the clients?
3. What is an internal audit?
4. What do the internal auditors review?
5. What suggestions do the internal auditors make to management?
6. What is an independent audit? Who conducts most independent
audits?
7. What do the independent auditors review?
8. What do they try to prevent?
9. What official statement do independent auditors have to make?
10. What does the external auditor ensure?
Ex.2. Indicate whether each of the following statements
is true or false.
1. The people who keep the financial records for an organization
are the same people who carry out an audit of those records.
2. An external auditor is only invited when a company is having
financial difficulties.
3. The more internal controls an organization has, the more
efficient is its performance.
4. Many companies nowadays employ accountants of their own
to maintain a continuous internal audit.
5. Internal auditors try to make sure that the operating sections of
a company follow the policies established by management.
6. The reports of internal auditors always reach the people in
management.
7. CPAs seldom do independent auditing.
8. External auditors examine only the figures.
9. Internal auditors have to make an official statement that no
fraud is taking place in their company.
10. Only very large corporations need external audits.
 auditing
 internal audits
 independent audits
314
Grammar Revision
Modal Verbs with the Perfect Infinitive
In the previous lesson we looked at how the modals can’t,
may, might, must, could, should, ought to are used to talk
about possibility, probability and certainty in the present and
future. Here we shall look at how these modals are used to talk
about the same ideas in the past.
Must + Perfect Infinitive expresses the speaker’s
certainty that something has happened.
If she is not here by now, something must have happened.
Could/may/might + Perfect Infinitive express the idea
that there is a possibility that something has happened.
She looks miserable. She could /may/might have lost her job.
(perhaps she has lost her job)
Can’t /couldn’t + Perfect Infinitive express the speaker’s
certainty that something has not happened.
She can’t/couldn’t have gone; her coat is still here.
May not/might not + Perfect Infinitive express the idea
that it is possible that something didn’t happen.
Nobody is in the office. They may not/might not have
received our message.
Should/ought to + Perfect Infinitive indicate that an
action considered desirable was not carried out.
You ought to/should have warned your employer.
Shouldn’t/oughtn’t to + Perfect Infinitive indicate that
an action considered undesirable was carried out.
You shouldn’t /oughtn’t to have told her this news.
Ex.1. Complete the following sentences with an appropriate

modal verb from the box below.
should, couldn’t, ought to, must, can’t, shouldn’t, may
1. She ______ have lost her way; she must have missed the train.
2. Has she phoned yet? She ______ have phoned two hours ago.
3. I’m not waiting much longer. He _____ have been here hours ago.
4. The bus ______ have been at the airport. He promised to meet us.
5. He is back already. He ______ have started very early.
315
6. Do you remember reading about it in the newspapers? No,
I ______ have been abroad at the time.
7. We had a very good dinner for $3 at a restaurant yesterday.
You ______ have had a very good dinner if you only paid $3.
8. I saw your boss in the theatre yesterday. You _____ have seen
him; he is still abroad.
9. The letter ______ have been posted long ago.
10. You _______ have greeted him first.
11. She _______ have made such a mistake.
12. You _______ have left your glasses in the car.
13. Give him a ring. He _______ have arrived by now.
14. They ______ have followed her advice. Now they regret not
to have done so.
15. You _______ have spoken to your employee in such a tone.
I am sure, you have hurt him.
16. He ______ have left without saying good-bye.
17. He ______ have concealed something from his employer.
18. They _______ have delayed the discussion of the problem.
1. Не може бути, щоб він дав згоду виконати таку кількість
роботи за такий короткий термін.
2. Не може бути, щоб вони досі не вирішили цього питання.
3. Зараз вони, можливо, вже закінчили свій дослід.
4. Тобі потрібно було зателефонувати йому вчора; ти знав,
що він хворий.
5. Звичайно, ти повинна була попередити їх раніше. Чому ти
цього не зробила?
6. Його здоров’я покращилося. Він, можливо, кинув палити.
7. Він, можливо, не усвідомив одразу всієї важливості пові-
домлення.
8. Щось, можливо, затримало його. Він повинен був уже
повернутися.
9. Можливо, ти не зрозумів її. Вона не хотіла образити тебе.
10. Вони, можливо, не скоротили свої витрати. Ось чому вони
зараз є боржниками.
11. В неї, мабуть, не було жодного шансу попередити мене
заздалегідь.
12. До цього часу він, можливо, сплатив уже всі борги.
316
Ex.1. Explain what the auditing function of accounting

involve.
Ex.2. Discuss with your groupmates various functions of

internal and external auditors.
Ex.3. Do you think auditing is useful to a business? Has

the attitude toward auditing changed in modern
times?
Ex.4. Would you like to work as an external auditor? Do

you think they get a very friendly welcome at the
companies whose accounts they audit? If not, why
not?

use them:
1. The company’s owners are old and tired; the company needs
some new blood.
2. He visits once in a blue moon; we almost never see him.
3. She started with no money and pulled herself up by her
bootstraps to run her own company.
4. The bottom line is that we have to increase our sales or take
a cut in pay.
5. He went broke without even a penny.

«The path to success is to take massive, determined action.»
(Anthony Robbins)
317
TEST 5 (MODULE V)
definition.
1. An accountant who has passed examinations required by the state licensing officials.
a) government accountant b) private accountant
c) certified public accountant
2. A plan of expected income and expenditure for a particular
period of time.
a) budget b) business plan c) forecast
3. The total of separate budgets from different departments within a
company.
a) budget account b) master budget c) bargain
4. The people who control a company.
a) associates b) assistants c) management
5. The period used by companies and governments for accounting
and tax purposes.
a) control device b) fiscal year c) accounting period
6. A detailed inspection of the accounts of an organization by
a professionally trained person.
a) analysis b) evaluation c) audit
7. A report showing profit and loss for a business or institution.
a) creative accounting b) financial statement
c) standard operating procedure
8. The books, files or computer records where a company’s accounts
are kept.
a) books b) box files c) recorded delivery
9. An audit carried out by a person not employed by the company.
a) interim audit b) internal audit c) external audit
10. An aim or target.
a) observation b) objective c) obligation
11. A statement about what one thinks will happen in the future.
a) forger b) forfeit c) forecast
318
12. The amount of work to be done.
a) work permit b) work load c) work release
13. A specialized branch of accounting that deals with government
agencies.
a) creative accounting b) governmental accounting
c) current cost accounting
14. The recording of all money received into and paid out of a
company in a book or on a computer file.
a) bookkeeping b) auditing c) accounting
15. Dismissing a worker for a period of time.
a) mployment b) e lay-off c) sack
16. The person appointed by the court to close a company and dispose
of its assets.
a) employer b) creditor c) liquidator
17. A person or an organization that you owe money to.
a) receiver b) creditor c) administrator
18. To be unable to pay your debts.
a) instalment b) inefficient c) insolvent
19. To become bankrupt.
a) go too far b) go bust c) rescue
20. A reduction in the amount or quality of something.
a) decline b) growth c) prosperity
319
MODULE VI MONEY AND BANKING
LESSON 1
Text: Money and its Functions
Grammar: Progress Test IV (Modal Verbs)
Terms to remember:
crime  злочин; злодіяння
whale  кит
beads  намисто; буси
coin  монета
paper bills  паперові банкноти
value  ціна, вартість; цінність
trust (v)  довіряти
medium of exchange  засіб обміну
measure of value  мірило вартості
yardstick  мірило; мірка; критерій
bookkeeping  бухгалтерія; рахівництво
store of value  засіб заощадження
retain (v)  зберігати; утримувати
accumulate (v)  накопичувати
counterfeit (v)  підробляти
Money and its Functions

In songs and popular language «money» stands for many
things. It’s a symbol of success, it’s a source of crime, and it
makes the world go round.
Along with the Market, Manpower and Material, Money is
the last of the big M’s that make business function. It is in the
centre of any business activity.
Money is anything used by a society to purchase goods,
services or resources. Different groups of people have used all
sorts of objects as money – whale’s teeth, stones, beads, gold and
320
silver, for example. Today, the most commonly used objects are
metal coins, paper bills, checks and plastic money.
For money to have value, it must perform certain functions,
it must be easy to use, and it must be trusted.
Money has three main functions in any society:
Serves as a Medium of Exchange. Money, the medium of
exchange, is used in one half of almost all exchange. Workers
exchange labour services for money. People buy and sell goods in
exchange for money.
Serves as a Measure of Value. Money serves as a measure
of value because the prices of all products and resources are stated
in terms of money. Money is used as a yardstick for all
bookkeeping, budgeting and management.
Represents a Store of Value. Money is a store of value
because it may be held and spent later. It is a means for retaining
and accumulating wealth.
To perform its functions effectively, money must be divisible
into units of convenient size, light and sturdy enough to be carried
and used on a daily basis, stable in value, and difficult to
counterfeit.

symbol, success, crime, money, difference, value, product,
wealth.

as it used in the text.
1. term a) noun b) verb
2. store a) noun b) verb
3. value a) noun b) verb
4. purchase a) noun b) verb
5. trust a) noun b) verb
6. function a) noun b) verb
7. exchange a) noun b) verb
321
UNIT VI MONEY AND BANKING
8. bill a) noun b) verb
9. stand a) noun b) verb
символ успіху; купувати товари та послуги; золото та
срібло; монети та банкноти; виконувати функції; засіб обміну;
в обмін на гроші; мірило вартості; складання бюджету; засіб
заощадження; підробляти гроші.
A B
purchase forge
value riches
perform increase
exchange keep
represent pay money for smth.
spend change
retain denote
accumulate complete a task
wealth worth
counterfeit buy
to represent, popular, success, value, to trust, to accumulate,
similar, easy.

assess
decline in
establish
exceed
fluctuate in
money reduce
offset
transfer
borrow
earn
the value lose
322
make
save
spend
Ex.7. What part of speech are these words? You can find out
by looking in your dictionary.
noun verb adjective
monetary ------ ------ ------
monetize ------ ------ ------
moneymaker ------ ------ ------
moneyed ------ ------ ------
money- ------ ------ ------
grubber
Translate the following sentences into Ukrainian:

1. He doesn’t have much monetary sense; he’s always wasting
his money.
2. The government monetized its bonds and spent the money on
new projects.
3. That new saleswoman is already a moneymaker for our
company.
4. She married a man from a moneyed family.
5. He is such a money-grubber that he won’t answer a question
unless you tell him how much you will pay him.
Ex.8. The words in the box frequently occur before «money».
323

1) money that is being used by the public as opposed to money
left in bank accounts;
2) money easily available on loan at a low rate of interest;
3) extra money or high wages paid to people working in
dangerous conditions;
4) money that is difficult to borrow because of high interest rates;
5) money that is not circulated or invested and does not earn
interest;
6) an item that can be easily exchanged in the way that money
can, although it is not money itself. It includes cheques and
postal orders but not banknotes or coins;
7) money lent on condition that it must be repaid immediately if
necessary;
8) money offered by someone to show that he/she is honest and
truthful and will keep to all agreed terms and conditions;
9) the reward paid by the owners of a rescued ship or goods to
the person or organization that saved it/them;
10) change for small purchases;
11) money which is moved from country to country to get the best
return;
12) money paid to someone in return for keeping silent about a crime.
324
1) banknotes;
2) a means of payment, esp. coins and banknotes, given and accepted
in buying and selling;
3) a means for retaining and accumulating wealth;
4) a single standard or «yardstick» that is used to assign values
to, and compare the values of products and resources;
5) anything that is accepted as payment for products and resources;
6) the recording of all money received into and paid out of
a company in a book or on a computer file;
7) the worth of something in terms of the money or goods for
which it can be exchanged;
8) a large amount of money, goods or property.

1. Our central aim is to make … .
2. Credit cards and cheques are increasingly used as … .
3. Returned goods can be exchanged for goods of an equivalent … .
4. You will be given a higher salary in … for doing a more
responsible job.
5. I … my business partner completely.
6. She … most of her parents’ property, but some went to her
children.
7. My savings are … interest.
8. A 10% profit after taxes is widely seen as … for making
money in a business.
9. One of the most important … of my job is to see that goods
are delivered on time.
10. He … $200 to fix his car.
spent; functions; a yardstick; accumulating; trust; exchange;

retained; value; the medium of exchange; money
325
Ex.11. Below are some of the most common terms used to

describe different types of wrongdoing. Translate
them into Ukrainian and match these types of
wrongdoing to their definitions. Which act of
wrongdoing in this exercise do you think is the most
serious? Which do you think is the least serious?
1. bribery a) taking goods secretly and
illegally in or out of a country,
esp. without paying customs
duty;
2. embezzlement b) illegally giving someone
money so that they act in your
favour;
3. forgery or counterfeiting c) any illegal money-making
activity;
4. fraud or racket or scam d) fixing the price of something
illegally;
5. market rigging e) illegally taking money from
the organization you work for;
6. money laundering f) hiding the criminal origin of
money such as drug money;
7. smuggling g) making or faking false
documents, banknotes.

Fraud
He has tricked people out … their money all his life. He was
sacked … his first job when he swindled one … his customers …
making him pay the bill three times. He lost his second job when
he defrauded his company … several thousand pounds which
went straight … his bank account. The end came when he tried to
bribe a police officer … offering him a gold watch. … court the
326
judge fined him a large sum … money and sent him … prison …
several years.
(of (4), from, by (2), into, in, to, for)
Notes: to trick a person out of his money – видурити у когось
гроші
to swindle – обманювати; обдурювати
to defraud – обманювати; відбирати (обманом)
to bribe – пропонувати хабар; підкупити
to fine – штрафувати

to spend – to waste
to spend – to pay money for smth.; to use time and effort to
do smth.
to waste – to make poor use of smth. valuable; to use more
of smth. than is necessary

1. Let’s get down to business about the contract details. We’ve
______ enough time already.
2. Where is he going to ______ his winter vacation?
3. Don’t ______ your time on him. He is not worth it.
4. He ______ $50 to repair the motor in his car.
5. Governments ______ taxpayers’ money.
6. We are not doing anything special, just _____ the time.
7. He ______ a lot of time with his girlfriend.
8. The builder ______ wood by ordering too much.
9. He’s too difficult, so dealing with him is a _______ of time.
10. She had to throw away the spaghetti. What a _______ of good
food!
11. They don’t have any money to ______ on luxuries.
327
12. We ______ so much time because the machine keeps breaking

down.
13. That new computer is a ______ of money.
14. Thank you for ______ so much time listening to our complaints.

business!
to lay something out – to spend money on something.
a) Read these sentences carefully and translate them into
Ukrainian.
1. They’ve laid out more than $ 1 million on new machinery.
2. No one wants to lay money out without some kind of guarantee.
3. We saved more than €15000 and laid it all out on new van.
4. A lot of money has already been laid out.
5. They have laid out a lot of money on the equipment.
6. We will have to lay out about $ 5000 on the project.
7. Around $ 60000 has already been laid out on new offices.
8. Many firms are laying out vast amounts of money.
9. The company will lay out € 125000 over the next 3 years.
b) Think about something you have had to spend a lot of
money on. Write a sentence using lay out, to say what
you bought and how much you spent.

1. What is money?
2. What objects did different groups of people use as money
many years ago?
3. What are the most commonly used objects today?
4. What are the three functions that money must perform?
5. Why is money used as a medium of exchange?
328
6. Why does money serve as a measure of value?
7. What are the main characteristics of money?
8. Why can money be characterized as a store of value?
9. What do you enjoy spending money on?
10. How do you feel about borrowing money? Would you worry
about being in debt?
Ex.2. Fill in the correct name for the different forms of
money.
1. The money an employee earns _____________
2. The money a blue-collar worker gets _____________
3. The money paid to a doctor or a lawyer for
his services _____________
4. The money pensioners get every month _____________
5. The financial support a student gets at a
university _____________
6. Shareholders get this money once a year _____________
7. An employee who is made redundant gets
this money _____________
8. The price of a flat/house paid to the owner
every month _____________
9. The money a company makes at the end of
a successful year _____________
10. Money we all pay to the government in one
way or another _____________
11. Money in notes and coins _____________
12. All the money received by a person or
a company _____________
13. The money needed to start a company _____________
14. Money given to developing countries by
richer ones _____________
capital, tax, salary, fee, wage, profit, rent, pension, scholarship,
cash, aid, dividend, redundancy payment, income
329
Ex.3. Indicate whether each of the following statements

is true or false.
1. A barter system is a system of exchange in which goods or
services are traded directly for other goods and services.
2. Primitive societies use the barter system to exchange goods
and services.
3. Whale’s teeth were once used as a medium of exchange.
4. Money is a common denominator that is used to compare
products for purchase.
5. Spending money on a new car is an example of how money
represents a store of value.
6. Stored money is protected from inflation.
7. When money retains its value over time, it has stability.
8. Exchanging goods for goods is called a measure of value.
Ex.4. Sum up what you remember about money:

a) as a medium of exchange;
b) as a measure of value;
c) as a store of value.
Grammar Revision
GRAMMAR PROGRESS TEST IV (MODAL VERBS)
Ex.1. Complete each sentence so that it contains can, must,

should, have to, could, may, ought to (including
negative forms).
1. You _____ worry about your promotion.
2. You ______ to come in early tomorrow.
3. He is always buying useless things. He _____ make a lot of
money.
4. You ______ realise that the company is in serious trouble.
5. Applications ______ be sent before 1 September.
6. All managers _______ report to the Director who is responsible
for making decisions.
330
7. You ______ give up smoking.
8. I think we ______ pay in advance.
9. You ______ disturb the manager while he is working.
10. ______ I use your phone?
11. ______ I stop work early today?
12. ______ I pay him tomorrow?
13. Before you travel to Great Britain, you ______ get a visa.
14. Mary isn’t here. She ______ be drinking coffee in the canteen.
15. You ______ record this interview on tape.
16. You ______ telephone from my office.
17. I _______ buy a fresh newspaper. The boss asked me to get one.
18. She ______ understand what he was doing.
19. This ______ be right. He has certainly made a mistake in
translation.
20. She ______ get a rise in salary this month but I am not certain.
21. You _____ work better if you want to finish this work on time.
22. Your manager was very kind to me. I ______ write him a letter
of thanks.
23. You ______ do it now, it can wait till later.
24. He _______ pass a special exam to be a CPA.
25. He ______ pay in cash because he had left his credit card in
the office.
Ex.2. Complete the sentences with should have …, could

have …, may have …, may not have …, needn’t have
…, can’t have …, shouldn’t have …,
1. You ____ been here a week ago.
2. He ____ signed that contract. He was on business trip last week.
3. If she needed money, she _____ asked me.
4. «Where is the secretary?» «I don’t know. She _____ gone home.»
5. He ______ got a new job. I’ll phone him tonight.
6. She hasn’t come. But she _____ got your message.
7. You _____ made that speech in front of an audience; nobody
appreciated it.
8. You really ______ informed your employer of those changes!
9. The delegation ______ arrived yet.
10. You _____ warned him. Why didn’t you?
331
11. He _____ spoken to the Personal Manager. I’ve already spoken
to him.
12. You ______ bought that house.
13. I _____ borrowed him money. It was my mistake.
14. He ______ invested all the money. I am sure he hasn’t.

Ex.1. Discuss with your groupmates the functions of money.
Do you feel it is the best means of exchange? Why
or why not?
Ex.2. Speak about your attitude to money. Do you spend

all your money? Do you save any money?
Ex.3. Interview your groupmate. Find out how careful

he/she is with money.

use them:
1. He is a whale at accounting.
2. We came to terms on the contract and signed it.
3. My partner is honest; you can set store by his promise.
4. The basic financial plan was approved, but the accountants
met to iron out the wrinkles that remained.
5. For my money, this project will be very profitable.
Ex.5. How good or bad are you with money? Read the
questionnaire and think about your answers.
1. When you get a present of money (e.g. for your birthday), how
much of it do you save?
a) all of it
b) most of it
332
c) some of it
d) none of it
2. How many of the following things did you buy last month?
Jeans, a CD, a computer game, a T-shirt
a) none of them
b) some of them
c) most of them
d) all of them
3. When you go out with your friends, how much money do you
take with you?
a) none
b) not very much
c) quite a lot
d) all the money I have
4. If you see two things in a shop you really like, do you buy?
a) neither of them
b) one of them
c) sometimes both of them
d) always both of them
5. Someone asks you to give something to a charity that you like,

how much money do you give?
a) none
b) a little
c) quite a lot
d) all the money I’ve got with me
Results
Mainly «a» answers: You are completely moneywise.
Congratulations!
Mainly «b» answers: You are pretty good with money. Keep trying!
Mainly «c» answers: You are a big spender. Take care!
Mainly «d» answers: You have a hole in your pocket.
333
Ex.6. Comment on the following proverbs:

1. «Money spent on the brain, is never spent in
vain»
2. «Better go to bed supperless, than to get up in
debt»
LESSON 2
Text: Types of Banks
Grammar: Comparison of Adjectives
Terms to remember:
banking  банківська справа
be engaged in (v)  займатися
Central bank  Центральний банк
the Federal Reserve System  Федеральна резервна
(the Fed) система
exchange rate  валютний курс
intervene (v)  втручатися
commercial bank  комерційний банк
accept deposits (v)  приймати депозити
(вклади)
make a loan (v)  одержати позику, надавати
позику
manage customers’ accounts  вести рахунки клієнтів
(v) (у банку)
merchant bank  торговельний банк
investment bank  інвестиційний банк
334
savings bank  ощадний банк

savings account  ощадний рахунок
the World Bank (the  Світовий банк
International Bank for (Міжнародний банк
reconstruction and реконструкції та розвитку)
Development)
Types of Banks
A bank is an institution that deals in money and provides
other financial services. Banks are at the heart of any financial
system.
Banking is the business a bank is engaged in.
There exist different types of banks but their names may
vary from one country to another.
Central banks such as the National Bank (Ukraine), the
Bank of England (UK) or the Federal Reserve System (US) look
after the government’s finance and monetary policy, act as
bankers for the state and for commercial banks, manage
a country’s reserves of gold and foreign currencies, and are
responsible for issuing banknotes. They can try to have an
influence on the exchange rate – the price at which their currency
can be converted into other currencies. They do this by
intervening on the currency markets, and moving the rate up or
down by buying or selling their currency.
Commercial banks deal directly with the public. They offer
a wide range of services such as accepting deposits, making
loans and managing customers’ accounts. The aim of
commercial banks is to earn profit.
335
Merchant banks don’t deal with the public. They provide

services for companies. They specialize in raising capital for industry,
arranging flotations, takeovers and mergers, and investment portfolios.
Investment banks are firms that control the issue of new
securities (shares and bonds). They often represent firms in
mergers and acquisitions.
Savings banks are financial institutions that specialize in
providing services such as savings accounts as opposed to general
banking services.
There are also supranational banks such as the World Bank
or the International Bank for Reconstruction and Development
which are generally concerned with economic development.

banking, financial, national, governmental, commercial,
profitable, industrial, monetary.
установа, яка має справу з грошима; надавати фінансові
послуги; банківська справа; Національний банк України; піклу-
ватися про монетарну політику; відповідати за емісію грошей;
комерційний банк; приймати депозити; надавати позику; зароб-
ляти прибуток; торговельний банк; придбання контрольного
пакета акцій; злиття (підприємств); інвестиційний банк; ощадний
банк; ощадний рахунок, валютний курс; світовий банк.
A B
savings account service an account
make a loan get money by working
engage in take care of
336
exist differ
vary people
look after be
public be involved in
earn extend a loan
manage an account thrift deposit

phrases:
definite; to control; to lose profit; commercial banks; withdrawal.

repay
deposit obtain
apply for
account back
accept
loan hold
withdraw
make
close
open
settle
manage
Ex.6. The words in the box frequently occur after «bank».
337
1) a book that lists all payments into and withdrawals from
a customer’s bank account;
2) the amount of money paid by a customer to the bank for its
services;
3) a person who serves customers, keeps accounts and does other
work in a bank;
4) a sum of money left with a bank for safe keeping or to earn
interest;
5) a cheque that guarantees payment by a bank;
6) money that has been lent by a bank to a customer for a fixed
period;
7) a person employed by a bank to control a particular branch or
department;
8) (UK) a day, not a Saturday or Sunday, when banks are closed
and which is also a general holiday;
9) an arrangement with a bank that allows the customer to pay in
and take out money;
10) a printed report that shows all the money paid into and out
of a customer’s bank account within a certain period and the
total amount left in the account.
1) the business of running or working in a bank;

2) the most important bank in a country because it issues and
manages currency and helps to carry out the government’s
financial policy;
338
3) a bank that provides many different services for its customers,
e.g. providing bank accounts and credit cards, arranging loans,
etc.;
4) a bank that specializes in raising capital for industry. It advises
companies on flotations, manages investment portfolios;
5) a bank that provides finance for companies, especially by
buying stocks and securities and selling them in smaller units
to the public;
6) a financial institution that specializes in providing services
such as savings accounts;
7) an organization that holds money, important documents and
other valuables in safe keeping, and lends money at interest;
8) a sum of money paid into a bank or savings account;
9) an account with a bank for personal savings;
10) something lent, usually money, on the condition it will be paid
back after an agreed period with interest;
11) the central banking system of the USA;
12) offering company shares for sale to the public or on a stock
exchange for the first time.

1. She opened her … with the Midland Bank last year.
2. She works in … .
3. Her monthly salary was paid into the … .
4. I made a … at the bank this morning.
5. I applied at the bank for a … at 7% interest.
6. Lloyd’s is one of the major … banks in the UK.
7. The firm has taken advice from a … bank on the flotation.
8. I put $600 in my … account last year and earned 5 percent
annual interest.
9. The company has had a difficult time since its … in 2001.
10. The company decided to increase its … and bought shares in
Smith. Ltd.
11. A … card allows you to buy goods and pay for them later.
Portfolio; flotation; savings; merchant; commercial; loan;
deposit; bank; banking;
339 account, credit.

The central bank … the UK has a number … important
functions … the economy. It is the government’s bank, which
means that it issues and refunds government loans and securities
and looks … the National Debt. It is the only bank allowed to
issue bank notes … England and Wales. It implements the
monetary policy … the government … its control … the money
supply and interest rates. It also controls the provision …
international exchange … trading. It is a publicly owned
organization, largely controlled … the Treasury.
(of (4), in (2), after, through, over, for, by)
to make – to do
1. What have you been _____ ? Your hands are dirty.
2. I have _____ an arrangement with the Personnel Manager.
3. He likes _____ nothing.
4. Let’s ______ a plan.
5. Could you _____ the shopping for me?
6. I must ______ the accounts now.
7. ______ a copy of this letter, please.
8. I’ll ______ my best to help you sign this contract.
9. We haven’t _______ a decision yet.
10. Merchant banks ______ business with companies.
11. He ______ accounting.
12. Our company _______ computers.
13. The businessman ________ contact with a new customer.
14. I ______ what the boss wanted.
15. She _____ a good salary as an auditor.
16. That company _______ a big profit.
340

business!
to cash in (on something) – to gain an advantage for yourself
from a situation.
If you cash in on something you earn a lot of money by taking
advantage of a situation.
Ukrainian.
1. Retailers are cashing in on the current boom in consumer
spending.
2. It wasn’t your idea – you’re just cashing in on it.
3. There’s a huge demand for cheap air travel and more airlines
are trying to cash in.
4. As share prices rose, shareholders cashed in by selling their
stock.
5. Shoppers often go across the border to cash in on the
favourable exchange rate.
6. The company is now cashing in on the rise in steel prices.
7. She made a fortune when she cashed in on the IT boom of the
2000 s.
8. The banks have cashed in on the growing demand for credit.
9. There is a huge market for these products and many
companies have been cashing in.
10. Reality TV shows are very popular and several TV companies
are trying to cash in on them.
341

1. What is the bank?
2. What is banking?
3. What types of banks exist in most countries?
4. What functions do central banks perform?
5. What kind of institution is a commercial bank?
6. What is the difference between a national bank and a commercial
bank?
7. Who are the clients of a merchant bank?
8. What do merchant banks specialize in?
9. What are investment banks?
10. What is characteristic of a savings bank (as opposed to a merchant
bank)?
11. What are the potential advantages of large banks?
12. What is the Federal Reserve System?
Ex.2. Which types of financial institutions do these types
of business?
1) arranging mergers;
2) issuing shares and bonds;
3) receiving deposits and making loans to individuals;
4) giving financial advice to companies;
5) issuing banknotes;
6) arranging investment portfolios;
7) providing services such as savings accounts;
8) looking after the government’s finance and monetary policy.

1. Банк – це установа, яка має справу з грошима та надає
різні фінансові послуги.
2. Банківська справа – це бізнес, яким займається банк.
3. Нацбанк України піклується про державні фінанси та
монетарну політику.
4. Центральні банки відповідають за емісію грошей.
5. Головна мета комерційного банку – одержання прибутку.
342
6. Торговельний банк надає послуги компаніям. Він не

працює з населенням.
7. Інвестиційний банк – це фірма, яка контролює випуск нових
цінних паперів.
8. Ощадний банк спеціалізується на наданні таких послуг, як
ощадні рахунки.
9. Комерційні банки – це головна ланка в кредитній системі
держави.
10. Федеральна резервна система, яка включає 12 федеральних
банків та їх філії, контролює американську державну бан-
ківську систему.

a) banking
b) different types of banks and their functions
Grammar Revision
Comparison of Adjectives
 We add –er to one-syllable adjectives to form the comparative
and –est to form the superlative
Demand for our computers is high in Egypt, higher in Turkey
but the highest demand is in Russia.
 We add –ier and –iest to adjectives ending in –y
wealthy – wealthier – the wealthiest
 We add more/less and the most /the least to two or more
syllable adjectives
important – more/less important – the most /least
important
 There are «irregular» comparatives and superlatives
good – better – the best
bad – worse – the worst
far – farther/further – the farthest/furthest
old – elder – the eldest (for family members only)
 We use than to compare two or more things
The CD is more expensive than the cassette.
343
Ex.1. Divide the adjectives in the box into groups according

to how the comparative and the superlative are formed.
Fast, easy, modern, big, high, slow, expensive, hard-working,

cheap, punctual, complicated, good, useful, happy, low,
responsible, bad, reliable, comfortable, hard, experienced, far,
important, exciting, wealthy, large, thin, tidy, tiring, honest,
reasonable.
Ex.2. Use adjectives from the box and write sentences

comparing your country and some other countries.
Use both comparative and superlative adjectives.
Write at least five sentences.
Ex.3. Complete these sentences, using the correct form
(comparative or superlative) of the adjectives in
brackets.
1. Our profit is (big) than our competitors’.
2. He is (qualified) than the previous accountant.
3. She is much (experienced) than her friends.
4. This device is (cheap) of all.
5. She is (young) in our department.
6. This is one of the (reliable) banks in Ukraine.
7. The situation in the market is getting (difficult).
8. You have got the (small) office.
9. Money has always been the (important) thing.
10. The prices for this product are (high) here.
11. I hear you were having problems last year. Is your business
(good) this year?
12. I am so happy. This is (good) news I’ve heard for ages!
13. That hotel was very cheap. I expected it to be much
(expensive).
14. If you need any (far) information, please contact our bank.
15. It was (bad) experience in my life.
16. This is (difficult) decision I’ve made for years.
344
17. The quality of our product is rather high, but we must make
it still (high).
18. This company’s products are (expensive) on the market.
19. This supermarket offers (low) prices than any other local
supermarket.
20. We were disappointed as the presentation was (successful)
than we expected.
21. The banking system of Ukraine is becoming (dependent) on
global processes.
Ex.4. Make up sentences using the present perfect and
a superlative adjective.
E.g. difficult decision/make
It’s the most difficult decision I have ever made.
1) cheap hotel/stay in
2) fast car/drive
3) reasonable boss/work for
4) boring presentation/hear
5) difficult customers/deal with
6) good product/produce
7) bad job/have
8) simple computer program/use
9) reliable bank/deal with
10) profitable contract/make
11) bad mistake/make
12) expensive thing/buy
13) big company/work for
14) long meeting/be to

Ex.1. Describe the differences between central banks and
other financial institutions in the banking industry.
345
Ex.2. Discuss the role of the National Bank of Ukraine as

you see it today. Do you feel it is doing an effective
job? Why or why not?
Ex.3. Name some big commercial banks in Ukraine. Would

you deposit your money in a bank that did not offer
state insurance protection?

«Where large sums of money are concerned, it is advisable
to trust nobody».

into Ukrainian. Think of situations where you
could use them.
1. The gambler broke the bank at the casino.
2. Loan sharks operate outside the law.
3. You can bank on him to do what he promises.
4. He touched all the bases in his talk about the new product.
5. When they could not pay their taxes, they were behind the
eight ball because the government fined them more money.

«A bank is a place where they lend you an umbrella in fair
weather and ask for it back when it begins to rain.»
(Frost)

The youngster entered into the bank to open an account. He
had fifty dollars. The bank’s vice-president gave him a benign
smile and asked how such a small boy had accumulated so much
money.
«Selling Christmas cards», said the boy.
«Well,» said the banker,
346
«You’ve done very well. Sold them to lots of people,

obviously.»
«Nope,» the boy answered proudly.
«I sold all of them to one family. Their dog bit me».
347
LESSON 3
Text: Banking Services
Grammar: Comparison of Adverbs.
Other ypes of comparison.
Terms to remember:
banking facilities  банківські послуги, банківські
операції
credit card  кредитна картка
repay (v)  розрахуватися (за щось); повертати
(борг)
rate of interest  позиковий процент
collateral  застава, забезпечення
repossess (v)  вилучати (за несплату)
overdraft  перевищення кредиту; овердрафт
direct debit  пряме дебетування
standing order  постійне доручення
transfer (v)  переказувати (гроші);
перераховувати (суми)
foreign exchange  іноземна валюта
diversify (v)  урізноманітнити (діяльність);
диверсифікувати
insurance  страхування
Banking Services
348
Modern banks offer many services to businesses as well as to

individual customers. The service menu of banks does not remain
unchanged as new services are constantly being introduced.
Here are some of the most widely used banking facilities:
A credit card enables the holder to buy goods and services
and repay the credit card issuer at a later date.
A loan is an amount of money borrowed from the bank
which must be repaid at a fixed rate of interest.
A mortgage is a loan to buy property. It is a long-term loan
on which the property acts as collateral or a guarantee for the
bank. If the borrower doesn’t repay the mortgage, the bank can
repossess the house or flat – the bank takes it back from the
buyer, and sells it.
An overdraft is a loan made by a bank to a customer so
he/she may take out more money than is actually in a bank
account. A customer can have a debt, up to an agreed limit, on
which interest is calculated daily.
As well as offering credit facilities, banks provide services to
allow customers to make payments:
Direct debit is a system of paying bills, etc. by having
money automatically transferred from a bank account.
A standing order is an arrangement with a bank to pay a
certain amount to another person or organization at regular
intervals.
Most banks offer a foreign exchange service – the facility to
change money from one currency to another.
In recent years banks have diversified, and now offer such
services as insurance, investment advice, private pension plans,
and home-banking (telephone, SMS and Internet) facilities.
349

hold, issue, loan, bank, credit, pay, borrow, insure, invest, advise.
1. credit a) noun b) verb
2. loan a) noun b) verb
3. bank a) noun b) verb
4. transfer a) noun b) verb
5. order a) noun b) verb
6. pay a) noun b) verb
7. change a) noun b) verb
8. offer a) noun b) verb
банківські послуги; пропонувати багато послуг клієнтам;
запроваджувати нові послуги; кредитна картка; купувати
товари; емітент кредитної картки; розраховуватися за позику;
перевищення кредиту; на банківському рахунку; здійснювати
платіж; переказувати гроші; пряме дебетування; постійне
доручення; іноземна валюта; страхування; застава.
A B
loan bank order
meet a loan foreign currency
facilities permit
repay possessions
enable receive a loan
borrow pay back
property make possible for
allow services
foreign exchange repay a loan
standing order advance
350

phrases:
domestic currency; to borrow; regular; direct; individual; to
forbid; unchanged.

pay by
mortgage cancel
arrange
overdraft hold
raise
standing order redeem
apply for
clear
have

1) a plastic card, issued by a bank or finance company, which

guarantees that payment for goods or services will be made to
the seller by the card issuer. The cardholder then makes
payment to the card issuer at a later date;
2) an agreement in which money is lent by a bank or a building
society, etc. for buying a house or another property. The property
acts as the security, it can be reclaimed by the lender if the
mortgage payments are not made;
3) a loan made by a bank to a customer so he/she may take out
more money than is actually in a bank account;
351
4) a system of making payments by having money transferred
from an account;
5) a customer’s instruction to a bank to pay a certain amount to
another person or organization at regular intervals;
6) a method of guarding against injury, loss or damage to
property by paying a sum of money to an insurance company;
7) the amount that one must pay for a loan;
8) to enter new types of businesses.

1. It’s very convenient to pay by … .
2. My account allows me to pay insurance by … .
3. We make monthly payments on our house … .
4. I must pay off my … .
5. The rent is paid by … .
6. For …, you should make an appointment with one of our
specialist advisers.
7. I’d like to take out … on a house.
8. Most Ukrainian banks offer a … service, dealing in all major
currencies.
9. You’ll find all information about … services in our bank’s website.
10. Many banks have … to reduce the chance of a big loss.
diversified; home-banking; foreign exchange; insurance;
investment advice; standing order; overdraft; mortgage; direct
debit; credit card.
Ex.9. Fill in the missing prepositions and adverbs.
Mortgage
A mortgage is a type … finance used … individuals to
purchase property. A loan is made … a building society, bank or
insurance company, covering a proportion … the purchase price
… that property to be paid … over a set period … time (often
25 years). The institutions making that loan retain ownership …
the property as security … the loan until the loan is repaid.
(of (5), by (2), back, for)
352
Ex.10. Find words in the text with the following meaning.

1) an amount of money borrowed from a bank for a certain
length of time, usually for a specific purpose;
2) something that acts as a security or a guarantee for a debt;
3) an arrangement to withdraw more money from a bank account
than you have placed in it;
4) a long-term loan to buy somewhere to live;
5) an arrangement for saving money to give you an income when
you stop working;
6) to take back property that has not been completely paid for.

business!
to pay something back – to return money that you borrowed
from somebody.
Ukrainian.
1. He wasn’t able to pay back the loan.
2. It’s only a small amount – you needn’t pay it back yet.
3. The $ 500000 loan has now been paid back.
4. You must pay the lender back within five years.
5. I don’t have the money to pay you back at the moment.
6. You will be paid back in full.
7. Too many people are borrowing money that they have no hope
of paying back.
8. The bank threatened to put the company out of business
if they didn’t pay the loan back.
9. If you pay the money back within six months, no interest
is charged.
10. You need to pay us back within 24 months.
353
1. Whom do modern banks offer their services?
2. Does the service menu of banks remain unchanged?
3. What does the credit card enable the holder?
4. What is a loan?
5. What is a mortgage?
6. What is an overdraft?
7. What is the difference between a loan and an overdraft?
8. What other services except credit facilities do banks offer
to their customers?
9. What is direct debit?
10. What kind of arrangement is a standing order?
11. What is meant by «a foreign exchange service»?
12. What new services have appeared in the banks as a result
of their diversification?
Ex.2. Sum up what you remember about modern banking

services.
Grammar Revision
Comparison of Adverbs
 Most comparative and superlative adverbs are made with
more and most
– Can you type more quickly?
I am typing the most quickly.
 Adverbs that have the same form as adjectives (e.g. early, fast,
hard, late, long, near, etc.) have comparatives and superlatives
with -er and –est.
– Can you type faster?
I am typing the fastest.
 Irregular forms
well better best
badly worse worst
far farther/further farthest/furtherst
much/many more most
little less least
354
Comparatives: other points
 We use double comparatives (…er and ….er, more and
more…) to say that something is changing
The euro is getting stronger and stronger.
He is working more and more slowly.
 We use the … the … with comparatives to say that one thing
depends on another thing
The earlier we start, the sooner we will finish the project.
 We use as … as to say that things are equal or unequal
The euro has become as popular as the dollar.
This currency is not as strong as that one.
Ex.1. Divide the adverbs in the box into groups according

to how the comparative and the superlative are formed:
early, easily, fast, hard, slowly, late, soon, well, badly,
high, low, direct, little, straight, often, loud, far, near, fluently,
carefully.
Ex.2. Complete these sentences, using the correct form
(comparative or superlative) of the adverbs in
brackets.
1. If you don’t walk (fast), you’ll be late.
2. She works (fast) of all the secretaries in her company.
3. You could do it (well) with my computer.
4. We could have found the proper solution (easily) with your
help.
5. My car is very economical, it uses (little) petrol.
6. You are late again. We expected you to be here (early).
7. We’ve got (little) time than we thought.
8. They responded to our call (quickly) than we expected.
9. As far as I know Tom works (hard) of all in the company.
10. You can buy them (cheap) at Brown’s.
11. Can you go out (quietly) next time?
12. You should look through the financial statement (attentively).
13. She resumed her way (slowly).
14. The banks close (early) here than they do in Ukraine.
15. The company did (well) than analysts had been expecting.
355
Ex.3. Complete the sentences using as … as.

1. Your proposal is interesting but mine is more interesting. Your
proposal isn’t ______.
2. You read a lot about the euro but I read more. You didn’t read
_______.
3. The last contract was more profitable than this one. This
contract isn’t _______.
4. Supermarkets are more convenient than small shops. Small
shops aren’t _______.
5. This transaction is less expensive that that one. This
transaction isn’t _______.
6. The restaurant was cheaper than we expected. The restaurant
wasn’t _______.
7. We have bought less currency than we need. We haven’t
bought _______.
8. The financial statement was easier to make than we expected.
The financial statement wasn’t _______.
9. Our results are worse than we forecasted. Our results aren’t
_______.
10. Their products are reliable but ours are more reliable. Their
products aren’t ________.
Ex.4. Complete the sentences using double comparatives

(…er and …er, more and more …).
1. As he waited for his first negotiations, he became … (nervous).
2. It’s becoming … (difficult) for me to make such decisions.
3. Our financial situation is getting … (bad).
4. Hotels are getting … (expensive).
5. Our transactions are becoming … (unprofitable).
6. As the conversation went on, she became … (confused).
7. The queue in the supermarket was getting … (long).
8. Price differences in different countries of the Euro zone are
becoming … (obvious).
9. It’s becoming … (hard) to find a job in small towns.
10. My business is getting … (profitable).
356
Ex.5. Complete the sentences with expressions from the

box. Use the … the.
cheaper/better, bigger/wider, more comfortable/higher,
higher/better, longer/less, more/less, longer/angrier,
older/more impatient, faster/more profitable, more/more.
1. The … money you earn, the … you waste.

2. The … you improve the quality, the … your business will
become.
3. The … he gets, the … he becomes.
4. The … he waited for his boss, the … he became.
5. The … shares you buy, the … profit you make.
6. The … I work in this company, the … I like it.
7. The … the price, the … the quality of the product.
8. The … the car is, the … price is.
9. The … a department store is, the … the choice is.
10. – Are you looking for an expensive flat?
– No, the … the ….

Ex.1. Describe one of your local banks. Speak about:
location, number of customers, opening hours,
services offered, number of employees, its role in
the community.
Ex.2. Make a list of the different services that banks in

Ukraine provide for the public. Which of them seem
the most important to you and why?

«It isn’t enough for you to love money – it’s also necessary
that money should love you»
(Rothschild)
357

use them:
1. I have my fingers crossed that I’ll sign the contract today.
2. I know we should make her do more of the work, but I’d
rather let sleeping dogs lie.
3. We worked like dogs to finish the job on time.
4. We worked for months on that project, and when it was
stopped, all that time and effort went down the drain.
5. She decides what will be done; she is in the driver’s seat.

«A bank is a place that will lend you money if you can prove
that you don’t need it.»
(Bob Hope)

Banker: What do you mean by telling me that you had had
seven years’ experience in a bank when you never had a job before?
Youth: Well, you advertised for a man with imagination.
358
TEST 6 (MODULE VI)

definition.
1. A charge paid to a person or a bank for the money borrowed.
a) loan b) interest c) rent
2. Illegally giving someone money so that they act in your favour.
a) racket b) money laundering c) bribery
3. A book that lists all payments into and withdrawals from
a customer’s bank account.
a) bank statement b) bank book c) bank deposit
4. The most important bank in a country that controls a nation’s
policy on money and interest rates.
a) development bank b) major bank c) central bank
5. A bank that specializes in raising capital for industry.
a) savings bank b) merchant bank c) national bank
6. An account with a bank for personal savings.
a) savings account b) capital account
c) correspondent account
7. The central banking system of the USA.

a) Commercial Bank b) National Bank
c) Federal Reserve System
8. A system of making payments by having money transferred from an account.

a) direct mail b) direct debit c) direct export
9. A customer’s instruction to a bank to pay a certain amount to another person or organization at
regular intervals.
a) standard rate b) statement of account c) standing order
10. A free trade association with a common currency and unrestricted
movement of capital goods and people between countries.
a) firm market b) single market c) profitable market
11. The unit of currency of the European Union.
a) dollar b) euro c) pound
359
12. The coins and banknotes that belong to a particular country.
a) benefit b) currency c) transaction cost
13. Money that can be exchanged for the currency of another country.
a) convertible currency b) counterfeit currency
c) controlled currency
14. A group of countries in Europe working to create a stronger world market for European goods and
services.
a) European Commission b) European Union
c) United Nations
15. The amount of money that a person, an organization or a country
has to buy goods and services.
a) active power b) economic power c) purchasing power
16. The amount of money spent on a piece of business done.
a) actual cost b) transaction cost c) contract cost
17. An agreement with a company in which the company will pay for
a loss or accident in exchange for regular premiums (payments).
a) insurance b) installment c) insulation
18. A large amount of money, goods or property.
a) value b) wealth c) cost
19. Disguising the criminal origin of money such as drug money.
a) money order b) money supply c) money laundering
20. Change for small purchases.

a) near money b) pocket money c) cheap money
360
MODULE VII GLOBAL BUSINESS
LESSON 1
Text: International Trade
Grammar: The Infinitive
Terms to remember:
international trade  міжнародна торгівля
consume (v)  споживати
unobtainable  недосяжний, недоступний
domestic  вітчизняний, внутрішній
living standard  життєвий рівень
protectionist measures  протекціоністські заходи
tariff  тариф
quota  квота
exchange control  валютне регулювання
national producer  національний виробник
barrier  бар’єр
free trade  вільна торгівля
International Trade
International trade is the exchange of goods and services
between countries. It enables countries to obtain some goods and
services more cheaply than they could produce them for themselves
or to consume goods and services which would otherwise be
unobtainable from domestic supply sources.
Through international trade countries can improve their living
standards. International trade keeps domestic prices down by
creating competition at home and provides large markets abroad.
Governments can control international trade when they want
to protect various areas of the economy. The most common
protectionist measures are tariffs (a tax on imported goods),
quotas (the maximum quantity of a product allowed into a country
360
during a certain period of time), exchange controls. They raise
the price of imported goods to protect national producers.
The international trade that takes place without barriers such
as tariffs, quotas and exchange controls is called free trade.
It allows certain countries to buy and sell goods from each other
without any financial restrictions.
Free trade area is a form of trade integration between
a number of countries, in which members eliminate all trade
barriers among themselves on goods and services, but each
continues to operate its own barriers against trade with the rest
of the world.

produce, consume, improve, control, protect, integrate,
eliminate, operate, supply.

міжнародна торгівля; покращувати життєвий рівень;
контролювати міжнародну торгівлю; протекціоністські заходи;
валютне регулювання; підвищувати ціни на імпортні товари;
захищати національного виробника; вільна торгівля; усувати
всі торгові бар’єри.
A B
obtain obstacle
produce defend
consume internal
domestic elevate
raise use up
361
MODULE VІI GLOBAL BUSINESS
protect manufacture
barrier get
phrases:
domestic; cheaply; obtainable; to raise the price; international
trade.

raise
remove
tariffs eliminate
abolish
quotas impose
pay
barriers exceed
operate
fix

used words with «trade». Study the diagram. Consult
your dictionary and translate these word combinations
into Ukrainian. Make up sentences with them.
profitable tally
multilateral
illicit barter
frontier trade brisk
external depressed
foreign
domestic, home, inland, interior,
internal
362
Ex.7. The words in the box frequently occur before and

after «trade».

1) trade between buyers/sellers in one country and sellers/buyers
in other countries;
2) trade between buyers and sellers in the same country;
3) an organization of producers or sellers of similar products that
provides advice, information and services for its members;
4) a group of countries that agree to trade with each other
on favourable terms;
5) a person or business that has supplied goods or services to
a company and is owed money for them;
6) the amount by which the value of a country’s imports is greater
than the value of its exports;
7) an amount that is taken off the normal selling price of a
product;
8) a big exhibition where manufacturers and sellers display their
goods;
9) a name or symbol that is used on the products of a particular
company;
363
10) an action taken by a government to limit the amount or type of

goods imported or exported, usually by introducing taxes and
tariffs.
1) the level of material comfort and wealth that a person or

a community has;
2) an amount that must be paid when particular goods are imported
into a country, or sometimes when they are exported;
3) a limit on the amount of a particular good that may be imported
into a country during a given period of time;
4) a set of restrictions imposed by a government on buying and
selling foreign currencies;
5) an obstacle;
6) trade between countries with few government restrictions;
7) a system of import controls set up by a government to protect
the country’s agriculture and industry from foreign competition;
8) inside a particular country.

1. The country depends on … trade.
2. I hope this new job will give me a better … .
3. … barriers can make trade difficult.
4. The government fixed a … on the number of foreign cars
allowed to be sold in the USA.
5. The United Kingdom removed all … long time ago.
364
6. The General Agreement on Tariffs and Trade (GATT) is an
international organization whose goal is to eliminate tariffs
and other … to international trade.
7. … trade among nations results in increased competition and
lower prices.
8. This company is the largest … of steel.
9. The government raised the price of imported goods to protect
… goods.
10. A fall in the value of the pound makes … more expensive for
British consumers.
imports, national producer; free; barriers; exchange controls;

domestic, quota; tariff; living standard; international

A foreign-exchange control is a restriction … the amount …
a particular currency that can be purchased or sold. … limiting the
amount … foreign currency that importers can obtain,
a government limits the amount … goods that importers can
purchase … that currency. This has the effect … limiting imports
… the country whose foreign exchange is being controlled.
(on, of (4), by, from, with)
Ex.11. Use the terms in the box to complete the text.
imports free trade exports tariffs

quotas protectionism
A system of ______ allows countries to buy and sell goods

from each other without paying taxes. On the other hand, some
countries put large taxes on imported goods in order to help their
own industries, this is called ______. The use of ______ limits the
amount of _______coming into a country. This may protect a
365
country’s industry in the short-term, but if its trading partners reply

with similar measures, then _______ will suffer. If governments
set new _______ or increase ones that already exist, these taxes
will prevent free trade.
to provide – to secure – to ensure
to provide – to give someone something they want or need
to secure – to get or achieve something important; to make
an area or building safe
to ensure – to make sure that something happens or is done

1. My job … me with the opportunity to meet new people every
day.
2. People need a job to … their independence.
3. Our company will soon … a full account of its investment
activities.
4. I was very pleased with the room you … me with.
5. I … that the house was protected by locking all the doors.
6. My department … advice for those who plan to set up a business.
7. The company has … all the workers who use dangerous machines.
8. She has … a good job.
9. I can’t … that he will be there in time.
10. Can you … me two good seats for the concert?
11. We … legal advice to our clients.
12. Our new research strategy … that we get the best possible results.
1. What is international trade?
2. Why do countries engage in international trade?
3. Does international trade influence domestic prices?
4. Do governments control international trade?
366
5. What are the most common protectionist measures?
6. What reasons are generally given for imposing trade barriers?
7. What is free trade?
8. What is free trade area?
Ex.2. Choose the correct term for each definition.
free trade, free trade area, tariff, trade protectionism, import quota
1. When there is a limit on the number of products in certain
categories that can be imported, a(n) _______ has been
established.
2. In a _______ there exists a market in which nations can trade
freely with each other without tariffs or other trade barriers.
3. An import tax designed to raise the price of imported goods so
that domestic products will be more competitive is called a(n)
_______.
4. The use of government regulations to limit the import
of goods and services is considered to be _______.
5. There is _______ when the movement of goods and services
among nations takes place without barriers.

 international trade;
 protectionist measures;
 free trade.

1. Міжнародна торгівля – це обмін товарами та послугами
між різними країнами.
2. Завдяки міжнародній торгівлі країни можуть покращити
свій життєвий рівень.
3. У всіх країнах міжнародна торгівля контролюється
державою.
4. Тарифи, квоти, валютне регулювання – це протекціоністські
заходи, які застосовує держава, щоб захистити національ-
ного виробника.
367
5. У зоні вільної торгівлі не існує торгових обмежень на товари
та послуги.
6. Тариф – це податок на імпортні товари.
7. Квота – це ліміт на кількість товару, який дозволяється
імпортувати в країну протягом конкретного часу.
8. Протекціоністські заходи підвищують ціни на імпортні
товари.
Grammar Revision
The Infinitive
1. The infinitive has the following forms:
Active Indefinite Progressive Perfect Perfect
Voice Progressive
to ask to be to have to have
asking asked been asking
Passive to be _____ to have _____
Voice asked been
asked
2. The infinitive can be used as:
 the subject It was hard to raise this question.
 the predicative The main problem is to get to the office on time.
 an object She tried to speak calmly.
 an attribute There was nothing to argue about.
 an adverbial modifier I have come to see the manager.
3. Some verbs can be followed by object + infinitive.
I’d like you to pay now.
a) verbs followed by an object + infinitive with «to»:
advise, allow, ask, expect, forbid, force, get, hate, help, intend,
invite, permit, order, prefer, recommend, remind, tell, want,
persuade, like, warn, wish, would like, encourage
My boss always encouraged me to work as hard as I could.
b) verbs followed by an object + infinitive without «to»:
let, make, feel, see, hear, watch, notice, have and sometimes
know and help
368
Let me explain the rule.
Ex.1. Translate the sentences into Ukrainian and state the

form and function of the Infinitive.
1. She was the last to solve the problem.
2. To do it accurately was the main problem.
3. This is a prestigious company to work in.
4. It was kind of your boss to have offered it to you.
5. Our plan was to finish this work by the end of the month.
6. I was lucky to have been chosen for this job.
7. This is a very good hotel to stay in.
8. There is a lot of work to be done today.
9. She was the first to be given a rise.
10. It’s nice to be working right now.
11. He hopes to be chosen for this position.
12. Our boss doesn’t like to be interrupted while he is working.
13. Do you know him well enough to ask him for some money?
14. I only want to be understood.
15. All the necessary changes may be made any moment.
16. I hope to find a job in accounting.
17. I’m sorry not to have kept my promise.
18. It was a big mistake for them not to keep him as accountant.
Ex.2. Insert «to» where necessary before the infinitives in

brackets.
1. We made him (do) it all over again.
2. I recommended him (learn) the laws of my country.
3. The boss made the secretary (repeat) the message.
4. They won’t let you (leave) the Customs area till your luggage
has been examined.
369
5. Will you help me (fill in) this application form?

6. Please let us (know) about his decision as soon as possible.
7. I’d like him (accept) this invitation.
8. I don’t want anybody (use) the results of my experiments.
9. He made me (sign) this paper.
10. I saw him (leave) the office.
11. Nobody noticed him (come) in.
12. I don’t want anybody (know) about our plans.
13. She knew him (be) a good marketer.
14. I believe this (be) the only way out.
15. The lawyer advised me (read) the contract carefully.
16. They let us (go out) at the weekends.
17. I saw him (sign) the cheque.
18. They persuaded the bank (finance) the project.

1. Він не хотів, щоб касир перераховував гроші.
2. Всі вважають, що він дуже успішний підприємець.
3. Це змусить менеджерів компанії подумати, як вирішити
проблему захисту свого виробника.
4. Це змусило уряд підвищити ціни на імпортні товари.
5. Я сподівався, що ця новина змусить його підвищити тобі
заробітну плату.
6. Я не хочу, щоб ви контролювали мою діяльність.
7. Він не сподівався, що це питання розглянуть так швидко.
8. Ніхто не сподівався, що ця перспективна компанія стане
банкрутом.
9. Ніхто не знав, що примусило їх змінити їхні плани.
10. Я хочу, щоб ви проглянули цей звіт.
11. Що змусило його зробити цей крок?
12. Дозвольте мені дати вам пораду.
13. Мені б не хотілося, щоб ти так погано думав про нього.
14. Вони не сподівалися, що ми закінчимо цей звіт без їхньої
допомоги.
370
Ex.1. Discuss with your groupmates why it makes sense

for countries to engage in international trade, what
are its advantages.
Ex.2. Which of your country’s biggest trading partners can

you name? Is Ukraine the most trade dependent?
Ex.3. Speak about free trade areas. Do they exist in Ukraine?

Do they have any impact on the country’s economy?

use them.
1. When the stock market crashed, he took a bath.
2. When he lost his job and could not pay his bills, he was up
the creek (without a paddle).
3. The new trade agreement opens the door to better relations
between the two nations.
4. He was angry about failing the exam and took it out on his
friend.
5. He has been on easy street since he won the lottery.

«Associate with men of good quality, if you esteem your
own reputation, for it is better to be alone than in bad company»
(G. Washington)
371
372
LESSON 2
Text: Export and Import
Grammar: The Gerund
Terms to remember:
visible exports (imports)  експорт (імпорт) товарів,
видимий експорт/імпорт
invisible exports (imports)  невидимий експорт
(імпорт)
earn (v)  заробляти
purchase (v)  купувати, придбавати
freight  фрахт, перевезення
вантажу
borrow (v)  позичати (у когось – from)
the International Monetary  Міжнародний валютний
Fund фонд
exceed (v)  перевищувати
trade surplus  надлишок торгового
балансу
balance of trade  торговий баланс
trade deficit  дефіцит торгового балансу
Export and Import

Exporting and importing are two aspects of foreign trade.
Exports are goods and services produced in one country but
sold in another. Trade in goods is known as visible exports and
trade in services is known as invisible exports. Exports are
important because they allow a country to earn foreign exchange
which can be used for buying imports from abroad.
Imports are those goods and services which are consumed in
one country but which have been purchased from another country.
373
Imports of goods such as food, raw materials, or manufactured

goods are known as visible imports; imports of services such as
insurance, tourism, freight are known as invisible imports.
Imports are paid for by foreign currency earned by exporters,
or by borrowing from foreign governments and agencies like the
International Monetary Fund.
The balance of trade is the difference between payments for
imports and payments for exports.
If exports exceed imports there is a trade surplus or
a positive balance of trade. If imports exceed exports there is
a trade deficit or a negative balance of trade. If a country has
a trade deficit, the value of the goods and services that it imports
is greater than the value of the goods and services that it exports.

earn, purchase, export, import, sell, borrow.

експорт та імпорт; експорт товарів; невидимий імпорт;
заробляти іноземну валюту; купувати товари в іншій країні;
сировина; промислові товари; страхування; перевезення ванта-
жів; позичати валюту; міжнародний валютний фонд; надлишок
торгового балансу; дефіцит торгового балансу; торговий
баланс.
A B
foreign exchange positive balance of trade
exceed transported goods
374
buy merchandise
important significant
goods purchase
freight surpass
trade surplus foreign currency
trade deficit negative balance of trade
phrases:
visible exports, to sell; to lend; to waste; important; to ban.
Ex.5. Consult your dictionary and translate the following
word combinations into Ukrainian:
capital export; controlled exports; currency export; duty-free
export; food exports; invisible exports; unpaid exports; visible
exports.
Consumer imports; dutiable import; free import; merchandise
imports; prohibited imports; protected import; token import.
1) an item, a service, an idea that is sent from one country to

another to be sold;
2) an item, a service, an idea that is brought into one country from
another;
3) goods, as opposed to services, that are sold to other countries;
375
4) services such as banking, insurance and tourism that are

brought from other countries;
5) an agency of the United Nations that lends money to
encourage trade and economic development in poor countries;
6) a situation where a country exports more goods than it imports;
7) condition in which there are more goods imported than exported;
8) the transport of goods by sea or air.

1. She … a new car.
2. Sales of the new product … our estimates.
3. Canada … wheat in great quantities.
4. This wine is … from France.
5. Foreign technology is a significant … .
6. This country … luxury items to Northern Europe.
7. Tourism is the most important part of the Cypriot … .
8. Sixty percent of the goods they … come from Asia.
9. Sometimes governments put … on foreign trade.
10.This … company will be 100 years old next year.
exporting; imports; restrictions; import; invisible exports;
invisible import; imported; exports; exceeded; purchased.

A country spends money … goods it imports and gains
money … its exports.
Valuable though foreign trade is … keeping domestic prices
down … creating competition … home and providing large
markets abroad, governments may have to put restrictions … it,
which they usually do … subjecting imports … customs duties or
… restricting some types … exports.
Customs authorities must make sure that imported goods are
not sold … a lower price than that … their country … origin.
(of (2), in, at (2), by (3), on (2), for, through, to)
376

business!
to take off – (about a product, an idea, etc.) to
become successful or popular very
quickly or suddenly.
When something takes off it becomes very successful or popular.
Ukrainian.
1. It was several years before the business really took off.
2. His career began to take off in the 2000s.
3. Sales on the Internet have taken off in recent years.
4. Our new service is not taking off as we had hoped.
5. It started as a small company, but has really taken off now.
6. His career took off when he moved to the USA.
7. Sales have taken off over the six months.
8. He expects the business to take off over the next five to ten years.
9. This type of insurance policy has never been taken off in Britain.
10. There is no sign of our new export product taking off for a while.

1. What are the principal aspects of foreign trade?
2. What are exports?
3. What are imports?
4. What do we call visible exports?
5. What do we call invisible exports?
6. Why are exports important?
7. What are imports?
8. What is known as visible imports (invisible imports)?
9. What are imports paid for by?
377
10. What is the balance of trade?

11. What is a trade surplus?
12. When do we speak about a trade deficit?
Ex.2. Choose the correct term for each definition.

balance of trade, exporting, trade deficit, importing
1. A company is involved in _______ when it is selling products
to another country.
2. The relationship of exports to imports is called the _________ .
3. A country is involved in _________ when it is buying
products from another country.
4. When a country has a ________ it is buying more goods from
other nations than are sold to them.
Ex.3. Look at the list of a country’s imports. Which are

visible and which are invisible?
bananas oil cars insurance tourism
processed food rice freight banking
Visible Invisible

 exports
 imports
 a trade surplus/a trade deficit

1. Міжнародна торгівля – це основний фактор розвитку
співробітництва між різними країнами світу.
2. Експорт та імпорт – важливі аспекти міжнародної торгівлі.
3. Експортування – це продаж товарів та послуг в іншу країну.
378
4. Імпортування – це купівля товарів та послуг в іншій країні.

5. Купівля таких послуг, як страхування, туризм, перевезення
вантажу – це невидимий імпорт.
6. Експортери заробляють валюту, якою країна розрахо-
вується за імпортні товари.
7. Якщо експорт перевищує імпорт, існує надлишок торгового
балансу.
8. Якщо імпорт перевищує експорт, йдеться про дефіцит
торгового балансу.
9. Експорт товарів – пріоритетний напрям розвитку зовнішньої
торгівлі будь-якої країни.
10. Економіка кожної країни значною мірою залежить від зов-
нішньої торгівлі.
Grammar Revision
The Gerund
1. The gerund has the following forms:
Active Passive
Indefinite writing being written
Perfect having written having been written
2. We use the gerund:
 as the subject of a sentence
Exporting will be our main objective next year.
 as the object of a sentence
I’ve always enjoyed reading.
 after certain verbs:
admit, mind, appreciate, avoid, consider, can’t stand, can’t help,
delay, enjoy, finish, imagine, involve, postpone, propose, risk,
stop, suggest
The manager proposed organizing an exhibition.
379
 after prepositions
after, before, by, when, while, without
The company launched this product without doing the necessary
research.
 after verbs and expressions followed by prepositions:
be interested in, be good at, be fond of, be for/against, be used
to, instead of, feel like, think of/about, look forward to, succeed in,
approve of, insist on, object to
I’m interested in learning more about this technology.
 after these expressions:
it’s no use, it’s not worth, it’s no good, to have difficulty
It’s no use asking him. He won’t tell the truth.
Ex.1. Put the verbs in brackets into the gerund. Translate

the sentences into Ukrainian.
1. Stop (argue) and start (work).
2. The boss is against (make) any complaints.
3. I am thinking of (retire) and (go) to Ukraine.
4. If he puts his money into that business he risks (lose)
everything.
5. If a thing is worth (do) at all it is worth (do) well.
6. He hates (borrow) money.
7. I can’t stand their (waste) so much time.
8. I thanked him for (solve) the problem quickly.
9. I suggest (postpone) the meeting.
10. It’s no good (complain). Nothing can be done.
11. I can’t help (think) about the interview.
12. We avoid (keep) late hours. Our working day begins very early.
13. The secretary admitted (steal) the money.
14. I believe he is capable of (solve) this problem.
Ex.2. Finish these sentences using a gerund.

1. My favourite activity is … .
2. He can’t stand … .
3. He is good at … .
380
4. Some people just can’t help … .

5. We are used to … .
6. I am interested in … .
7. This company is worth … .
8. The customer wants to know who was responsible for … .
9. I feel like … .
10. He admitted … .
11. I am thinking of … .
12. … was the key to the company’s success.
13. It’s no use … .
14. Avoid … .
Ex.3. Complete these sentences using the gerund form of

one of the verbs below.
give, get, make, have, lose, help, work, discuss, get,
worry, meet, analyse, cry, buy, reduce
1. He is interested in … the shares of this company.

2. It’s no use … over spilt milk.
3. This job involves … our international transactions.
4. We are looking forward to … the new Sales Manager.
5. It isn’t worth … about it.
6. You risk … bad results.
7. As we don’t agree about company policy we avoid … this
subject.
8. We don’t mind … overtime, if it helps the company.
9. You mustn’t insist on … him. He doesn’t want it.
10. By delaying we risk … this contract.
11. I can’t imagine not … a computer in my office.
12. He apologized for … this serious mistake.
13. He is very pleased with … the job he wanted.
14. It’s no good … her advice – she never listens.
15. Overstaffing should be solved by … the workforce.
381
Ex.1. Discuss with your groupmates the advantages of

trading worldwide.
Ex.2. Can you say that exporting facilitates the economic

growth?
Ex.3. Speak about Ukraine’s major exports and imports.
Ex.4. How strong is the economy in Ukraine? Is it going

to grow or decline over the next few years?

use them.
1. We worked all night to finish the job and we delivered the
goods at 9.00 a.m.
2. We spent many hours searching for a solution to the problem;
it was a tough nut to crack.
3. If my stockbroker recommends a share, you can bet your
bottom dollar that it will go down.
4. Are you going to lend me the money or not? I’d like a straight
answer.
5. The Prime Minister is convinced that there will soon be a sea
change in the relations between East and West.

«It is happier to be sometimes cheated than not to trust»
(S. Johnson)
382
LESSON 3
Text: World Trade Organization
Grammar: Infinitive or Gerund?
Terms to remember:
The World Trade  Світова організація

Organization (WTO) торгівлі
administer trade agreements  керувати торговельними
(v) угодами
trade negotiations  торгові переговори
settle trade disputes (v)  урегульовувати торгові
конфлікти
legal ground rules  основні правові норми
bind (v)  зобов’язувати (законом та ін.)
trade rights  торгові права
oversee (v)  наглядати, стежити за
(кимось, чимось)
keep trade policy (v)  дотримуватися торгової
політики
dumping  демпінг
cost price  собівартість
dealings (pl.)  ділові стосунки;
торговельні справи
(угоди)
383
World Trade Organization

The World Trade Organization (WTO) is the only
international organization dealing with the global rules of trade
between nations. Its main function is to ensure that trade flows
as smoothly, predictably and freely as possible. It does this by:
 administering trade agreements
 acting as a forum for trade negotiations
 settling trade disputes
 reviewing national trade policies
 assisting developing countries in trade policy issues through
technical assistance and training programmes
 reducing protectionism
 cooperating with other international organizations
At the heart of the system are the WTO’s agreements, negotiated
and signed by a large majority of the world’s trading nations. These
agreements are the legal ground rules for international commerce.
Essentially, they are contracts, guaranteeing member countries
important trade rights. According to the WTO agreements,
countries have to offer the same conditions to all trading partners.
The only way a country is allowed to try to restrict imports is by
imposing tariffs. Countries should not use import quotas – limit to
the number of products which can be imported – or other restrictive
measures. The agreements also forbid dumping – selling goods
abroad at below cost price in order to destroy or weaken competitors
or to earn foreign currency to pay for necessary imports. They also
bind governments to keep their trade policies within agreed limits
to everybody’s benefit. Their main purpose is to help producers of
goods and services, exporters and importers conduct their business.
The WTO is one of three major organizations that oversee
international economic relations among governments. The other
two are the International Monetary Fund, which works to improve
payment arrangements and other financial dealings between
countries, and the World Bank, which provides loans to poorer
nations. The WTO headquarters are in Geneva, Switzerland.
384

administrator, negotiation, settlement, assistance, training,
cooperation, agreement, improvement, arrangement, dealings,
dumping.

1. flow a) noun b) verb
2. dispute a) noun b) verb
3. guarantee a) noun b) verb
4. benefit a) noun b) verb
5. conduct a) noun b) verb
6. trade a) noun b) verb
7. issue a) noun b) verb
8. contract a) noun b) verb
9. limit a) noun b) verb

Світова організація торгівлі; керувати торговельними
угодами; форум для торгових переговорів; урегульовувати
торгові конфлікти; допомагати країнам, які розвиваються;
торгова політика; технічна допомога; навчальні програми;
співпрацювати з міжнародними організаціями; основні правові
норми; гарантувати торгові права; дотримуватися торгової
політики; міжнародні економічні відносини; Світовий банк;
надавати позики; головне управління; знищити конкурента;
забороняти демпінг; собівартість.
385
Ex.4. Match words from list A with wor ds from list B that
A B
global manage
administer universal
dispute supervise
trade lawful
assist transact
cooperate contract
agreement collaborate
negotiate help
legal quarrel
oversee oblige
bind commerce

phrases:
national; agreement; predictably; legal; agreed; poorer nations.
Ex.6. Consult your dictionary and translate the following

word combinations into Ukrainian.
barter trade; bilateral trade; border trade; cash trade; domestic
trade; exclusive trade; export trade; external trade; fair trade; hire-
purchase trade; illicit trade; invisible trade; lawful trade; licence
trade; luxury trade; mail-order trade; profitable trade; retail trade;
service trade; stock trade; tally trade; wholesale trade.
386
1) an international organization that promotes trade in goods and

services between nations;
2) an arrangement between countries to follow certain rules on
pricing, import duties, etc. when buying from and selling to
each other;
3) the process of trying to reach an agreement through discussion;
4) the central bank, controlled by the United Nations, that lends
money to member states;
5) a set of rules;
6) business in general in the buying and selling of goods and
services within a country, and with other countries;
7) business done between people or organizations;
8) an agreement, usually written and signed by those making it.

1. His company has just signed a trade … with Japan.
2. This new … company imports craft goods from South America.
3. … between the two countries resulted in a new trade
agreement.
4. One of the main functions of the WTO is to settle … .
5. By lowering trade …, the WTO also breaks down other
barriers between peoples and nations.
6. The two companies have had … with each other over many
years.
7. Developing countries in the third world have applied to … for
development grants.
8. The growth of … between member states in the EU is remarkable.
9. I’ve had … with him before and he is not to be trusted.
387
10. Trade union leaders and employers are meeting to … the pay
dispute.
11. The WTO, the IMF and the World Bank … international
economic relations among governments.
12. She … the committee meeting to make sure that everything
worked smoothly.
administered; oversee; settle; commerce; the World Bank;

dealings (2); barriers; trade disputes; the negotiations;
trading; agreement.

The World Trade Organization is an international organization
that promotes trade … goods and services … nations. Most nations
belong … the World Trade Organization, often called the WTO.
A WTO member nation has both rights and responsibilities.
The most important right guarantees that a country’s export goods
and services get the same treatment as those … any other WTO
member. This treatment includes the same tariffs and other trade
restrictions. The main responsibility … a member nation is to
follow WTO guidelines … international trade. Another important
rule involves the resolution … trade disputes. … case of
disagreement … a trade issue, a member nation agrees to submit
the case … a WTO committee … review. If the committee finds
that a country has violated its WTO commitments, the country
must either change its practices or face increased taxes … its
exports.
(in (2), between, to (2), of (3), on (2), over, for)
388

politics – policy
1. Honesty is the best … .
2. Only senior management can take … decisions.
3. … is the art of government.
4. It is company … to ensure that all employees receive adequate
training for their job.
5. The mayor has been in … all his life.
6. The … of that store is that customers may return merchandise
for an exchange, but not for a refund.
7. She refused to get involved in office … .
8. This President thinks more about internal affairs, such as
unemployment and education, than about foreign … .
9. I am not interested in … .
10. He has chosen a career in … .
11. Many people disagree with the President’s recent foreign …
decisions.
12. The WTO’s agreements bind governments to keep their trade
….
1. What is the World Trade Organization?
2. What is its main function?
3. What does the WTO do to fulfil its main function?
4. What are the WTO’s agreements?
389
5. Who signs these agreements?

6. What do these agreements guarantee?
7. What do they forbid?
8. What do they bind governments to do?
9. What is their main purpose?
10. Who oversees international economic relations among governments?
11. Who does the World Bank provides loans to?
12. Where are the WTO headquarters?
Ex.2. Sum up what you remember about the World Trade

Organization.

Світову організацію торгівлі було створено в 1995 році.
Це одна з наймолодших міжнародних організацій. Вона є єдиною
міжнародною організацією, яка має справу з основними
правилами торгівлі між країнами. Вона керує торговельними
угодами і діє як форум для торгових переговорів. Вона також
співпрацює з іншими міжнародними організаціями.
Урегулювання торгових конфліктів – одне з найважли-
віших завдань Світової організації торгівлі.
Угоди Світової організації торгівлі – це основні правові
норми міжнародної торгівлі. Вони гарантують країнам-членам
важливі торгові права.
Світова організація торгівлі також регулює торгівлю
послугами та інтелектуальною власністю.
Головне управління Світової організації торгівлі розта-
шоване в Женеві (Швейцарія).
390
Grammar Revision
Infinitive or Gerund?
1. The infinitive is often used when talking about aims and objec-
tives, and the gerund when the verb is the subject of the sentence.
He made a decision to start a new life.
Learning languages is my hobby.
2. The infinitive is used after adjectives, adverbs, nouns and

pronouns; the gerund is used after prepositions and
conjunctions.
I was surprised to meet him there.
She is certain to retire soon.
He was shocked. He didn’t know what to do.
They have a plan to start a business.
After graduating from the University he set up his business.
He insisted on restructuring the company.
3. Some verbs can be followed by either a gerund or an
infinitive. begin, can’t bear, continue, hate, like, love,
remember, start, stop, try, intend, bother, prefer
4. Some of these verbs change their meanings depending on
whether they are used with the gerund or the infinitive
to remember + infinitive = not to forget to do something
to remember + gerund = to remember something done in the
past
to regret + infinitive = to be sorry for something you are
doing
to regret + gerund = to be sorry because of something that
happened in the past
to stop + infinitive = to stop so that you can do it
to stop + gerund = to end an action
391
Ex.1. Divide the verbs in the box into two categories:

A-those generally followed by an infinitive, B-those
generally followed by a gerund. Some verbs may
appear in both categories, depending on their
meaning.
admit, avoid, resist, face, offer, miss, intend, remember,
regret, stop, risk, forgive, decide, hate, expect, consider,
refuse, start, hope, learn, plan, postpone, imagine, involve.
Ex.2. Choose the correct way of completing each sentence.

1. Do you remember (to go/going) to the bank last Monday?
2. It’s difficult (to make/making) long-term plans.
3. I remember (to meet/ meeting) your boss at the conference.
4. We’ve made an agreement (to work/working) together.
5. We usually avoid (to discuss/discussing) this subject.
6. You were stupid (to believe/believing) her.
7. He gave up the idea of (to hear/hearing) from his business
partner.
8. She has an awful habit of (to interfere/interfering) in other
people’s business.
9. This job is not worth (to take, taking).
10. The problem was too difficult (to solve, solving).
11. We are looking forward (to see/seeing) him.
12. I was fined for (to exceed/exceeding) the speed limit.
13. It’s no use (to explain/explaining) him our problem.
14. He couldn’t resist (to go/going) to see his new office.
Ex.3. Put the verbs in brackets into the correct form (gerund
or infinitive).
1. (Travel) across Europe is much more pleasant than (sit) in the office.
2. I have no intention of (accept) this invitation.
3. He made a lot of money by (trade) in the Stock Exchange.
392
4. I don’t feel like (work) today.

5. He apologized for (borrow) my computer without (ask) permission.
6. After (discuss) the problem for an hour the committee made
a decision.
7. She was the last (leave) the office.
8. We thanked him for (solve) our problem so quickly.
9. I expected the boss (keep) his promise.
10. I wish (see) the senior manager.
11. He expects me (lend) him some money but I have no intention
of (do) it.
12. He used (work) more efficiently when he was younger.
13. On (hear) the news he got very angry.
14. She avoided (speak) to the secretary.
15. A really prestigious job is worth (look) for.
Ex.4. Translate into English using a gerund or infinitive.

1. Мені прикро, що я запізнився.
2. Вона заперечувала, що вкрала гроші.
3. Всі знають, що наш бос дуже прогресивна людина.
4. Чи можу я покластися на те, що ви владнаєте цю справу?
5. Важко сказати, що він мав на увазі.
6. Я не розумію, чому він ухиляється від розмови про це.
7. Я з нетерпінням очікував на інтерв’ю.
8. Пізно сперечатися про це. Вже нічого не можна змінити.
9. Я пам’ятаю, що зустрічав його у вашому відділі.
10. Я не ризикнув запропонувати йому цю роботу.
11. Я наголошував на тому, щоб поговорити з президентом
компанії.
12. Вашому босу нелегко догодити.
13. Він зацікавився працівником, який відповідає за складання
фінансових звітів на фірмі.
14. Єдине, що вам потрібно зробити, – це скласти бізнес-план.
15. Я пам’ятаю, що бачив цю рекламу в газеті.
393
Ex.1. Your boss has asked you to make a short speech about
the WTO. Make a draft of what you intend to say.
Ex.2. Discuss the benefits for Ukraine from joining the

World Trade Organization.

use them.
1. She had kittens when she found out her company was bankrupt.
2. He has no imagination. He can’t see beyond the end of his nose.
3. He isn’t worth his wages; it’s time we gave him the elbow.
4. He is a great hand at giving advice, but when it comes to doing
some work, he is not so good.
5. I’d love to take a holiday with you but I am tied hand and
foot to my business.
«A business cannot afford conscience»
(Anonymous)
394
LESSON 4
Text: Globalization and Economic Policy
Grammar: The Participle
Terms to remember:
multinational company  мультинаціональна компанія,
багатонаціональна компанія
engage (v)  займатися, зайнятися
interdependent  взаємозалежний
competitive  конкурентоспроможний
saturated  насичений
opportunity  нагода, можливість
emerging markets  нові ринки; ринки, що
формуються; ринки, що
розвиваються; країни
з перехідною економікою
supply chain  ланцюг постачальників
recovery  економічне пожвавлення,
піднесення (економіки)
growth  зростання
recession  спад (економічний), рецесія,
занепад
depression  депресія, період млявої
ділової активності,
економічна криза
pace  темп, хід
involvement  залучення
outsource (v)  залучати зовнішні джерела
для виконання певних робіт
foreign direct investment  прямі іноземні інвестиції
(FDI)
commitment  зобов’язання; прихильність;
зацікавленість
395
Globalization and Economic Policy
We live in an era of a Global Economy where multinational
companies have more power to run economies than governments.
Old political empires have been replaced by economic ones, with
companies aggressively, seeking to dominate world markets.
As more and more firms engage in international business,
the economy of the entire world is becoming a single interdependent
system, a process called globalization.
The main drivers of globalization are:
 Cost factors. Companies are looking for cheaper labour and
manufacturing costs to enable them to stay competitive.
 Market factors. As domestic markets become saturated, so
emerging markets offer new opportunities. The BRICs (Brazil,
Russia, India, China) could dominate world trade in the 21st centure.
Companies need to establish a global presence because customers
are also global. It is dangerous to stand aside as competitors merge
and make alliances.
 Technology factors. The Internet makes comparison of supply
chain costs easy for manufacturers, and comparison of final price
easy for the end-user. Mobile communications allow employees
to keep in touch all over the world.
 Global business cycle. The «business cycle» – recovery, growth,
recession, depression – used to happen in different national economies.
With the integrated global economy, it is now international. In every
turn of the cycle, the pace of globalization is likely to increase –
particularly during «the recovery» and «growth» phases.
If a company wants to trade outside its own national borders,
it has three basic strategies, depending on the level of involvement
in the foreign market:
1. Import/Export. This is the lowest risk but also gives the lowest
profit potential.
2. Outsourcing. If companies want a deeper level of involvement
they can outsource some or all of their manufacturing.
3. Fireign direct investment (FDI). This is the highest risk but
gives the most control and shows the most commitment to the
global market. Here companies buy property and businesses in
the foreign nation. FDI includes acquisitions to create overseas
divisions (subsidiaries), joint ventures and strategic alliances.
396

Ex.1. Form nouns and verbs from the following adjectives:
global, competitive, saturated, integrated, emerging.

глобалізація, залишитися конкурентоспроможним, вар-
тість виробництва, внутрішні ринки, насичений ринок, нові
можливості, покупці, домінувати в світовій торгівлі, конку-
ренти, порівнювати, виробник, споживач, нові ринки, прямі
іноземні інвестиції, стратегічні союзи, спільне підприємство,
багатонаціональна компанія, економічне пожвавлення.
A B
manufacturer contract out
customer end-user
consumer permit
allow producer
recovery buyer
growth slump
recession upswing
depression increase
outsource downturn
Ex.4. Find words with a similar meaning and then put

them in order to show the business cycle.
boom, depression, downturn, expansion, growth, recession,
recovery, slowdown, slump, upswing, contraction
1. ____________/_______________
2. ___________/________________/____________
3. __________/_____________/_____________/____________
4. __________/______________
397

employee, end-user, allow, increase, recovery, expensive,
safe, global economy, dependent, loss.
Ex.6. Match the adjectives in the left hand column with

the nouns in the right hand column.
businesses
presence
cheap customers
saturated business cycle
global economy
final price
mobile labour
emerging markets
communications
economies
1) the amount of money spent on running a business or part of it;

2) of or affecting the whole world;
3) a person or company that offers the same or better goods and
services as another and therefore competes for the same customers;
4) the person who actually uses a product;
5) a rise in the buying and selling of shares or of the economy;
6) a slowing down or fall in the business activity;
7) a period with very little economic activity, resulting in mass
unemployment and the failure of many businesses;
398
8) the idea that the world is developing a single economy and culture
as a result of improved technology and communications;
9) a series of processes involved in supplying a product to someone;
10) to control something or someone because you have more power
or influence;
11) developing markets;
12) situations where manufacturers will sub-contract production to
a third party, often in a foreign country.

1. The … economy has become increasingly unstable.
2. At these prices, we are not covering our … .
3. Many firms are struggling to survive in a highly …
marketplace.
4. The job pays well, but there’s no much … for career
advancement.
5. She tends … the conversation.
6. There were still no real signs of an economic … .
7. The country is sliding into a … .
8. All our major … are also bidding for the contract.
9. The … economy showed no improvement.
10. Two of Indonesia’s top banks are planning … .
11. If a company … goods or services, it pays workers from outside
the company to supply the goods or provide the services.
costs, global, opportunity, competitive, recovery, to dominate,
competitors, depression, to merge, outsources, domestic

1. The internationalisation. … capital, the growth … the
economic, and thus political power … trans-national
corporations and liberalisation … the financial markets are
three key aspects … globalization.
2. Countries are forced to participate … the global economy …
the rules set …institutions like the World Bank, International
Monetary Fund and the WTO.
399
3. Free trade has been billed … economists as key … advancing
global economic growth.
4. Globalization is the process … which events and decisions …
one part … the world have come to affect people … quite
another part … the world.
5. Globalization has weakened, and perhaps destroyed the
distinction … «the domestic» and «the foreign» leading … the
emergence … a world society.
6. National economies have been integrated … a single, global
economy.
7. Globalization implies that nation-states can no longer be viewed
as independent actors … the world stage.
8. Outsourcing is when a manufacturer subcontracts production
… a third party.
(of – 7, in – 4, according to, by – 2, to – 3, through, between, on, into)

business!
to contract something – to arrange for work to be done by
out (to somebody) another company or by somebody
outside your company.

Ukrainian.
1. We contract out most of our IT work.
2. The company contracts the printing out to a private firm.
3. They have stopped doing their own catering and now contract
it out.
4. Training is often contracted out to specialist firms.
5. The company contracts out its advertising.
6. We contract out the office cleaning.
7. Many companies contract out design.
8. The company has been contracting out its transportation
abroad for the past three years and has reduced its costs
significantly.
400
1. What process is called globalization?
2. What are the main drivers of globalization?
3. Why do companies look for cheaper labour and manufacturing
costs?
4. What countries could dominate world trade in the 21st century?
5. Why do companies tend to establish global presence?
6. What role do technology factors play in globalization?
7. What is the global business cycle?
8. What are three basic strategies for companies to trade abroad?
9. What is outsourcing?
10. What does foreign direct investment include?
Ex.2. Match the company responses to globalization to their
descriptions below.
import/export, joint venture, outsourcing, strategic alliance,
foreign subsidiary
1. A company (usually small or medium-sized) trades directly
with another separate company in the foreign market.
2. A long-term partnership between two companies of very
different sizes, such as a large manufacturer and one of its
suppliers. The relationship is not very close, so there is usually
no sharing of costs, risks, management or profits. Motorola
and Oracle have both used this approach.
3. A partnership with two or more companies (often from
different countries) join to undertake a major project or start a
business activity. Volkswagen and General Motors entered the
Chinese market through this route.
4. An international company uses a low-cost manufacturer in
another country, and then sells the products under its own
brand name in other markets. This has been done by many
firms in the IT area and in the automobile industry.
5. A parent company directly owns a company in another country.
Business operations are under the control of local management,
although Head Office is responsible for global strategy. Examples
include Nestle, Toyota and Siemens.
401

 globalization process
 cost factors of globalization
 market factors of globalization
 technology factors of globalization
 global business cycle
 outsourcing
 foreign direct investment
Grammar Revision
The Participle
1. The participle has the following forms:
Active Passive
Present (Participle I) writing being written
Perfect (Participle I) having having been written
written
Past (Participle II) ____ written
2. Participles can be used like:
a) verb forms. Participles are used with the auxiliary verbs «be»
and «have» to make progressive, perfect and passive verb forms.
He was answering questions when I came in.
He has forgotten my name.
You’ll be informed soon.
b) adjectives
Your offer seems exciting. The office window is broken.
c) adverbs
The secretary ran screaming out of the house.
d) clauses
Having spent all his money, he asked father to help him.
Being unable to help, we gave him some money.
402
3. The structure object + participle (clause) is used after verbs

of sensation (e.g. see, hear, feel, watch, notice, smell) and
some other verbs (e.g. find, get, have, make)
I saw your secretary sending a fax to our business partner.
I found him speaking to a customer.
You ought to get your car repaired.
Ex.1. Insert Participle I of the verbs in brackets.

1. We spent about an hour (take) our papers to the office.
2. Generally (speak), this problem is rather difficult.
3. (Work) a year in Germany he returned to Ukraine.
4. He sat in his arm-chair (smoke) a cigarette.
5. Our new manager is a young man (wear) glasses.
6. The Japanese businessman bowed low and (take) my hand
kissed it.
7. (Say) this, he left the room.
8. (Be) busy, he postponed his trip to Italy.
9. I stood (watch) the people who were entering the office.
10. He went to work, (leave) the letter on the dressing-table.
11. The conference (take) place at the university is devoted to the
problems of green tourism.
12. While (wait) for you I have translated this article.
Ex.2. Insert Participle II of the verbs in brackets.

1. She entered the room (accompany) by her superiors.
2. My boss looked (worry).
3. The letter will lose its importance if (not deliver) immediately.
4. (Press) for time, he couldn’t even phone his wife.
5. She will certainly help if (ask).
6. When (invite) he always takes part in our discussions.
7. The problems (discuss) were of great importance.
8. Those (interview) will start training next week.
9. The (lose) document was found.
403
10.The secretary didn’t even look at me as though too (occupy)

with what she was writing.
11. I am going to have my car (repair) next week.
12. In Turkey your coat should be (button) when you are with superiors.
13. Don’t expect (write) contracts in most Moslem countries.
Ex.3. Insert Participle I or Participle II of the verbs in

brackets.
1. When (pay) by cheque, you must show a bank card.
2. (Know) that he was in trouble, I offered to help him.
3. (Find) nobody in the office, I left.
4. (Write) in very bad handwriting, the message was difficult to read.
5. Time (permit), we shall stay for a few days in London.
6. The solution (adopt) was welcomed by our manager.
7. All things (consider), there is little hope of his arrival.
8. I was driving a car (lend) me by my close friend.
9. The necessary sum of money (save up), I could buy a new
computer.
10. We found her (work) in the office.
11. I heard them (argue) again.
12. (Hope) to find the lost letter, he searched everywhere.
13. (Think) he had made a mistake somewhere, the accountant
went through his calculations again.
14. When (ask) to help them she refused without hesitating.
404

Ex.1. What do you understand by the term «global
company»? Can you give some examples?

 Is globalization a reality or a myth?
 Is world government an attractive prospect?
 Is the process of European integration unstoppable?
Ex.3. Do you think that a globalised economy means

opportunity for all or greater insecurity?
Ex.4. Can you think of any disadvantages to outsourcing?

«Globalization is great! Everyone benefits. We don’t see
workers in poor countries complaining – they prefer to work for
international companies».

use them.
1. I will get it by hook or by crook.
2. His business is in the red.
3. The company is now in the black.
4. I got Mexican promotion.
5. The company has now turned the corner.

«When you hire people that are smarter than you are, you
prove that you are smarter than they are».
(Anonymous)
405
LESSON 5
Text: Business across Cultures
Grammar: Countable and Uncountable Nouns.
Either … or; both … and;
neither … nor
Terms to remember:
do’s and don’ts  правила поведінки
spell out (v)  розшифровувати;
пояснювати точно
superior  начальник, старший
bow (v)  кланятися
outcome  результат
patience  терпіння, терплячість
gift  подарунок
acceptable  прийнятний
embarrassment  збентеження; розгубленість;
замішання
tip  чайові; невеликий грошовий
подарунок
bill  рахунок (за послуги,
товар тощо)
custom  звичай
cause offence to smb (v)  образити (скривдити) когось
be offended (v)  бути ображеним
Business across Cultures

Before doing business abroad it is important to understand
the social and business culture of a country in which you are
going to operate. Appropriate business etiquette is expected of
everyone. However, few are trained in the art of good manners.
The following are just a few of do’s and don’ts for business
people visiting a foreign country:
406
 In the USA, it is polite to look people in the eye, to offer your

hand, and to smile. However, eye contact is seldom kept during
British conversations;
 In France people shake hands much more than Americans or
most Europeans; if you fail to shake hands, you may be
considered rude;
 Never discuss business over dinner in France;
 The French have a great respect for privacy. Knock and wait
before entering a room;
 Always be punctual in England. Arriving a few minutes earlier
for safety is acceptible;
 Don’t criticize royalty in Great Britain;
 Germans do not like surprises. Sudden changes in business trans-
actions, even if they may improve the outcome, are unwelcome;
 In Turkey, your coat should be buttoned when you are with
superiors;
 Don’t pass documents with the left hand in Saudi Arabia;
 Do not bring liquour to an Arab house. For many Arabs, alcohol
is forbidden by religious law;
 In Arab countries, don’t admire an object openly. The owner may
feel obligated to give it to you.
 Don’t expect written contracts in most Moslem countries;
 Don’t expect the contract with South Korean businessmen to
spell out all the details. Written contracts are typically documents
that change as conditions do;
 In Japan and Korea bowing, rather than shaking hands, is usual
behaviour;
 In Japan it’s very important to get everyone’s opinion. Patience
is a prime factor in their culture. They also avoid saying «no»
directly;
 Those who dress according to their status or position impress
the Japanese. Dress to impress;
 Avoid the «OK» sign; in Japan it means money;
 Offer gifts in Japan. The Japanese enjoy giving and receiving
beautifully presented gifts;
407
 In China expensive presents are not acceptable and cause great
embarrassment. Give a collective gift from your company to
theirs;
 In British restaurants a tip is included in the bill. In some
Mediterranean countries, such as Greece and Spain, the customer
is expected to pay a little extra for satisfactory service; while
in Japan tipping is not expected;
Thus, if you are aware of the customs of the country you are
visiting, you will not cause offence or be offended.

fail, consider, behave, avoid, embarrass, criticize, expect,
offend, admire.

1. visit a) noun b) verb
2. smile a) noun b) verb
3. offer a) noun b) verb
4. shake a) noun b) verb
5. bow a) noun b) verb
6. cause a) noun b) verb
7. tip a) noun b) verb
8. bill a) noun b) verb
9. present a) noun b) verb

обговорювати ділові питання; передавати документи;
письмовий контракт; пояснювати всі деталі; звичайна поведінка;
терплячість; пропонувати подарунок; дорогі подарунки; збен-
теження; чайові; рахунок (за послуги); образити когось; бути
ображеним; звичаї країни; правила поведінки; результат.
408
A B
custom gratuity
gift costly
operate evade
spell out impolite
rude conduct
behaviour explain in detail
avoid act
expensive habit
tip additional
extra present

rude; cheap; buttoned; to succeed; patience; to permit;
acceptable.
1) formal rules for polite behaviour in a society;

2) something done in a society because of tradition;
3) money given to smb. for doing smth.
4) rules for behaviour;
5) a person who is higher in rank or importance;
6) an agreement , usually written and signed by those making it;
7) smth. given freely to another, a present;
8) a king or queen and family;
9) showing bad manners, impolite.
409

1. I left the waiter a generous … .
2. It takes time to learn the … for business people visiting a foreign
country.
3. My boss gave me a watch as a birthday … .
4. I gave the cab driver a $ 1 … .
5. My … in the company have requested that I cut costs.
6. He does not understand the technological process; you will
have … it for him.
7. Wearing a shirt without a tie is … dress for dinner here.
8. It is British … to drink tea at four o’clock each afternoon.
9. She was … that we didn’t accept her invitation to dinner.
10. The basic service costs $ 100 plus 20 percent for the … .
11. This hotel is more … than I expected.
12. A salesperson must … market prices.
13. It wasn’t very … to leave without saying thank you.
14. It was … to walk away while that customer was talking to you.
rude; polite; be aware of; expensive; extras; offended; custom;
acceptable; to spell out; superiors; gift; do’s and don’ts; tip (2).
A guide to doing export business in Japan
 Be prepared … important cultural and language difficulties.
This may seem obvious but some businessmen try to get by …
Japan … hiring a good interpreter who can also explain
Japanese traditions and customs.
 Trade … personal contact … a senior level. This is more
important that trading … price.
 Patience pays dividends. It may take several visits before an
order comes … .
 Quote … local currency.
 Emphasise your product’s country … origin.
 Offer gifts. However, it is not the value … the gift, but the fact
it is a present … you that counts.
(for, in (2), without, on (2), at, through, of (2), from)
410
1. What should a businessman know before starting business
abroad?
2. In which country is it not recommended to discuss business over
dinner?
3. In what countries will you never make written contracts?
4. Where do they change written contracts as conditions do?
5. What is considered polite in the USA?
6. What behaviour is usual in Japan and Korea?
7. What impresses the Japanese?
8. Do Germans like surprises?
9. In which country do they avoid saying «no» directly?
10. You shouldn’t bring liquour to an Arab house. Why?
11. What gifts are not acceptable in China?
12. Should you not criticize royalty in Great Britain?
13. In which country should you shake hands?
14. Is the custom of giving tips still common in many countries?
15. When do you tip and how much?
Ex.2. Put these statements about customs and culture into
the correct order.
1. Clock/bad/a/is/symbol/of/a/luck. (China)
2. Directly/»no»/avoid/they/saying. (Japan)
3. Never/business/must/you/discuss/dinner/over. (France)
4. Luckiest/is/the/number/eight. (China)
5. Responsibility/managers/to/expected/are/full/take. (Saudi Arabia)
6. Always/taught/have/not/been/business/do/to/anyone/but/with/
friends/they. (Mexico)
7. Business/do/they/quickly/as/possible/as. (Britain)
8. You/if/shake/fail/hands/to/may/considered/be/rude/you. (France)
9. Take/they/queues/seriously/very/never/and/jump/line/in. (Britain)
10. Make/people/clear/a/distinction/personal/between/business/
and/ relationships. (Germany)
11. Titles/required/job/are/generally/talking/to/when/colleagues/
business. (Mexico)
411
Ex.3. Are the statements in exercise 2 true for Ukraine?

Write similar sentences about customs in Ukraine,
using the following topics:
 parties
 business
 lucky numbers or objects
 politeness
Ex.4. Compare the customs in the text with those in

Ukraine. What are the differences and what are the
similarities?
Grammar Revision
Countable and Uncountable Nouns

1. Countable nouns are those that have both a plural and singular
forms: things/persons that we can count. They are used with
words such as the, a, several, many, (a) few and numbers.
e.g. a computer, two computers
2. Uncountable nouns have only one form. This may be grammatically
singular:
e.g. advice, information, equipment, traffic, progress, work,
trouble, furniture, news, money, cash, knowledge, luck, fun,
accommodation, expertise, feedback, hardware, leisure, weather,
bread, behaviour; or grammatically plural:
e.g. personnel, police
3. Uncountable nouns cannot take the indefinite article (a/an),
they are used with words such as some, much, (a) little. You
can’t use numbers with them.
4. Some nouns can have both plural and singular verb forms
e.g. team, public, government, committee, group, media, staff
5. Some nouns are countable with one meaning and uncountable
with another meaning.
e.g. That conversation took too much time.
How many times have I heard that?
412
Ex.1. Identify the countable and uncountable nouns in

the list below:
money, economics, cheque, profit, production, product,
progress, furniture, news, information, desktop, hardware, hacker,
user, luggage, advice, business, virus, bug, equipment, feedback,
personnel, bond, job.
Ex.2. Make sentences using the prompts below.

1. Some people /be/always/late.
2. This new equipment/be/expensive.
3. The police/be looking for/the stolen/computer?
4. His/advice/be/useful?
5. The information/you/need/be/in the computer.
6. The personnel/be/pleased/with/the new/ equipment?
7. The board/discuss/the financial/statement/yet?
8. Where/be/the money/that/you/borrowed/yesterday?
9. The weather/be/really/good/today.
10. Hardware/be/the actual/machinery/of/a computer.
11. All/the luggage/be/here/in the office?
12. Philips’ headquarters/be/in Eindhoven/the Netherlands.
Ex.3. Complete the sentences below by choosing the correct

alternative of the two given in brackets.
1. The letter contained very … useful information. (few/little)
2. He has got so … money that everyone envies him. (much/many)
3. … prices rose during the second half of month. (most/less)
4. The speaker was given very … time. (few/little)
5. We had to learn … information. (much/many)
6. This new encyclopedia contains … knowledge. (much/many)
7. You’ve heard so … news that you know everything about this
event. (many/much)
8. She’s made … progress this year. (many/much)
9. We have … time before the end of the meeting. (few/little)
10. How … times have you seen this film? (much/many)
11. How … money have you got? (many/much)
12. We need … data before we make a final decision. (much/many)
413
Either … or; both … and; neither … nor

a)
1. We use either … or to talk about a choice between two
possibilities.
Either you or I can phone him.
2. We use both … and to join two ideas.
She speaks both English and German.
3. We use neither … nor to join two negative ideas.
He speaks neither French nor Spanish.
b)
1. We use either alone to mean «I don’t mind which one.»
«Do you want to go to the cinema or to the theatre?» «Either»
2. We use neither alone to mean «not one or the other»
«Are we going to the theatre or to the cinema?»
«Neither. We are going to the museum.»
3. We use both alone to mean «one and the other.»
«Do you like jazz or country music?» « I like both.»
Ex.1. Complete these sentences with both … and, either

… or and neither … nor.
1. Where would you like to go? We can go … to the theatre … to
the museum.
2. She promised to contact me but she … phoned … wrote.
3. These companies … sell … rent cars.
4. The pages of the Web are … attractive … interesting.
5. … the Internet … the Intranet use the same technology.
6. The information was … useful … interesting.
7. … we … he was tired.
8. He wants to be … a banker … an accountant.
9. This car is … expensive … uncomfortable.
10. She owns … a house … a car.
11. It is … more economical … quicker to use my computer.
12. She has … a pleasant personality … the right qualifications
for this job.
13. I am very busy … this week … next week.
14. I can go … by car … by train.
15. I trust … the lawyer … his partner.
414
Ex.2. Complete these sentences with either, neither, both.

1. … of the candidates deserved promotion.
2. Is … of you interested in this information.
3. … job was suitable for him.
4. … of the proposals was interesting.
5. … computers are very good.
6. Can … of you surf the Net during working hours?
7. … of my partners is Ukrainian.
8. … cars are very reliable. I don’t know which one to buy.
9. … of the investments are attractive.
10. … friends worked very hard and now they have their own
business.
11. I can accept … proposal.
12. … of them worked very efficiently.
13. … plan is acceptable.
14. We can follow … route to go there.
15. Cheque or credit card – you can use ….

1. Ні він, ні його діловий партнер не прийшли на засідання
Ради директорів.
2. Як я, так і мій друг зробили все можливе, щоб допомогти
йому вирішити цю проблему.
3. Чи я, чи мій секретар зателефонуємо вам.
4. Він був такий знервований, що не міг ні працювати, ні
відпочивати.
5. Або ви зміните свої плани, або ми залишимось вдома.
6. Ні він сам, ні його діти не вміли скористатися нагодою.
7. Як я, так і мої друзі широко користуємося Інтернетом.
8. Або ви будете змушені купити комп’ютер, або ви не
зможете виконати цю роботу.
9. Не хвилюйтесь, або я або мій друг зустрінемо вашого
партнера по бізнесу.
10. Ні він, ні його колеги не змогли реалізувати цей проект.
415

Ex.1. Discuss with your groupmates what social etiquette
is important for business travellers to Ukraine.
Ex.2. How much do you know about different cultures
around the world? Choose another country with
a business culture that is very different from your
country. Use newspapers, magazines, books or the
Internet to find information about doing business
in this country. Make a list of «dos» and «dont’s»
for that country.
Ex.3. Think about what information or advice you could
give to visitors to your country.
Ex.4. Do people tip in Ukraine? Do you think we should
tip? Why? Why not?
«Communication between countries is important. But it is
also important to have an identity».
use them.
1. In any profession, you have to learn to take the rough with
the smooth.
2. Politicians take pot shots at each other during election campaigns.
3. I talked myself blue in the face trying to persuade her to save
money for retirement.
4. She really sank her teeth into the problem and solved it.
5. We have a difficult problem and I must put on my thinking
cap and find a solution.
«Patience pays dividends». (Anonymous)
416
TEST 7 (MODULE VII)

definition.
1. Trade between buyers in one country and sellers in other countries.
a) domestic trade b) foreign trade c) national trade
2. An amount that is taken off the normal selling price of a product.
a) ) trade surplus b) trade mark c trade discount
3. A group of countries that agree to trade with each other on
favorable terms.
a) trade association b) trade block c) trade creditor
4. An amount that must be paid when particular goods are imported
into a country, or something when they are exported.
a) barrier b) restriction c) tariff
5. A limit on the amount of a particular good that may be imported
into a country during a given period of time.
a) protectionism b) quota c) deficit
6. A set of restrictions imposed by a government on buying and selling foreign currencies.
a) exchange control b) exchange rate c) foreign exchange
7. Trade between countries with few government restrictions.
a) external trade b) international trade c) free trade
8. The level of material comfort and wealth that a person or
community has.
a) living wage b) living standard c) standard rate
9. A situation where a country exports more goods than it imports.
a) trade investment b) trade surplus c) trade deficit
10. Goods, as opposed to services, that are sold to other countries.
a) invisible exports b) visible imports c) visible export
11. The transport of goods by sea or air.
a) carriage b) freight c) front loading
12. An item, a service, an idea that is brought into one country from
another.
a) export b) import c) cargo
417
13. An international organization that promotes trade in goods and services between nations.
a) the World Trade Organization b) the World Bank
c) the International Monetary Fund
14. The process of trying to reach an agreement through discussion.
a) negligence b) necessity c) negotiation
15. An agreement, usually written and signed by those making it.
a) commerce b) contract c) dealings
16. Something done in a society because of tradition.

a) customary b) customs c) custom
17. The central bank, controlled by the United Nations, that lends money to member states.
a) the Central Bank b) the Federal Reserve System
c) the World Bank
18. The amount by which the value of a country’s imports is greater
than the value of its exports.
a) trade bill b) trade deficit c) trade surplus
19. An arrangement between countries to follow certain rules on pricing, import duties, etc. when buying from
and selling to each other.
a) trade b) trade agreement c) trade directory
association
20. A small amount of money (in addition to the normal charge) to a waiter, taxi-driver, etc. to thank him/her.
a) tip b) title c) token
418
MODULE VIII INFORMATION
TECHNOLOGIES IN BUSINESS
LESSON 1
Text: Businesses and the Internet
Grammar: Possession
Terms to remember:
opportunity  можливість, нагода
simplify (v)  спрощувати
access (v)  використовувати доступ
benefit (v)  діставати користь
enquiry  запит; запитання
corporate website  корпоративна веб-сторінка
publicity  реклама, рекламування;
пропагування
transmit (v)  відправляти, надсилати,
передавати
time-saving method  метод, що заощаджує час
customer service  обслуговування клієнтів
real estate  нерухомість, нерухоме майно
Businesses and the Internet

Businesses today are faced with an overwhelming amount of
data and information about their customers, their competitors and
their own operations. The ability to manage this information can
mean the difference between success and failure.
The Internet opens up vast resources and business
opportunities for millions of users around the world. Computer
networks allow collegues to communicate effectively and to share
resources and information efficiently. Computers have helped
society by increasing productivity and simplifying many services
such as checking accounts, credit cards, and telephone service.
Because of their speed, accuracy, storage capabilities, and ability
418
to make comparisons, computers have emerged as a powerful tool
for information management.
Companies can use their presence on the Web to access the
growing number of websites of interest. There are different ways
in which businesses can benefit from its functions:
 Businesses use e-mail to deal with customers, to make and
respond to enquiries quickly and to communicate with employees.
 A corporate website may be used for publicity, for selling or
for sharing information.
 Marketing on the Web can be achieved by setting up a website
and making it attractive to visitors.
 The Internet is a powerful tool for gathering data. Companies
can use it to look up other companies and their products, access
financial information, find market information, foreign
exchange rates and so on.
 Using computer networks to transmit audio and video data
between two or more people in different locations (video-
conferences) is a time-saving method of communication.
 Many companies place their recruitment needs on their own
websites or on the websites of recruitment agencies.
 Large corporations place their annual reports on their websites
in order to provide a service to their shareholders.
 Online customer service. Major areas include financial services,
reservations for travel and holidays, sale of real estate, etc.
 Internet banking. With internet banking, it is possible to
transfer funds on-line from one account to another.

presence, response, publicity, location, recruitment, benefit,
transmission.

робити запит; спілкуватися з працівниками; обслуговування
клієнтів; корпоративна веб-сторінка; ділитися інформацією;
перевага; збирати дані; валютний курс; комп’ютерна мережа;
419
MODULE VІII INFORMATION TECHNOLOGIES IN BUSINESS
відеоконференція; метод, що заощаджує час; річний звіт; нада-
вати послугу; акціонери; отримувати користь; нерухомість;
конкуренти.
A B
access opportunity
respond broadcast
gather collect
transmit advantage
chance answer
benefit enter

1. Recently there has been considerable expansion of …
businesses which provide integrated media services through
networks such as the Internet.
2. The product has sold well considering it was not given much
advance … .
3. Our … is used for delivering stock and bond information.
4. The firm tried to avoid adverse … about its faulty products.
5. … on the Web can be achieved by setting up a website and
making it attractive to visitors.
6. A database of employees is maintained on your … .
7. He is the owner of a new … service, specialising in providing
a variety of foodstuffs which can be ordered on the Internet.
8. Cybercash could provide an important stimulus to … sales.
9. Her new job represents an excellent … to make much more
money.
10. She owns … in the country.
online (2); PC; marketing; opportunity; corporate website;

publicity (2); real estate; multi-media.
420

Financial services companies are rushing to provide
teenagers … easier ways … spending their savings online.
Teenagers are just the sort … people an Internet retailer
wants to sell …, and the things they want to buy – games, CDs
and clothing– are easily sold … the Web.
But paying online is a tricky business … consumers who are
too young to own credit cards.
… most cases, parents pay … these purchases … credit
cards, an arrangement that is often unsatisfactory … them and
their children.
One way to help them convert notes and coins … cybercash
is … prepaid cards such … Internet Cash … the US and Smart
cards … the UK.
(with (2), of (2), to, on, for (3), in (3), into, through, as)
Ex.6. Translate the following sentences into Ukrainian.

See how you translate the words «advantage» and
«disadvantage».
1. The greater experience of our company gives us an advantage
over our competitors.
2. The high cost of living is a disadvantage to living in a big city.
3. Our product is cheaper than the other, so we have an
advantage.
4. I will take advantage of my business trip to London to see
beautiful sights.
5. Many of the disadvantages of the project were quite clear.
6. She had all the advantages in life, such as wealthy parents and
first-rate education.
7. This contract has many advantages.
8. The salesperson took advantage of me by charging me too
much.
9. His inability to speak English puts him at a disadvantage when
he attends international conferences.
421
10. He always takes full advantage of the mistakes made by his rivals.
1. Why does a business need to manage information?
2. What business opportunities does the Internet open up for its
users?
3. How can companies use their presence on the Web?
4. What do businesses use the e-mail for?
5. What may a corporate website be used for?
6. How can marketing be achieved on the Web?
7. What can companies use the Internet for?
8. What is a time-saving method of communication?
9. How can companies use the Web for recruitment purposes?
10. Why do large corporations place their annual reports on their
websites?
11. What does online customer service include?
Ex.2. Sum up what you remember about doing business
on the Internet.
Grammar Revision
Possession
1.
a) We use ‘s or s’ to indicate possession with the following
nouns:
 human nouns
Tom’s report; Tom and Mary’s report
 animal nouns
the lion’s share
 time nouns
tomorrow’s meeting
 location nouns
Ukraine’s largest city
 organization nouns (= a group of people)
422
the company’s success

b) We add ’s to singular nouns
Mary’s brother
 We add ’only to plural nouns ending in –s
my parents’ shares
 If a plural noun doesn’t end in –s, we use ’s
the children’s books
2. We normally use … of … with things
the beginning of the report.
Ex.1. Join two nouns using either ‘s or … of …

1) the newspaper/yesterday
2) the president/the company
3) the results/the negotiations
4) the financial policy/the company
5) the office/the accountant
6) the financial statement/the beginning
7) the financial results/last year
8) the decision/the Board of Directors
9) the shares/the company
10) the new car/Lucy
11) the E-mail address/John
12) the walk/five minutes
13) the social policy/the government
14) the name/the user
15) the failure/the company
16) the firm/my aunt and uncle
Ex.2. Translate into English using possessive forms of

nouns:
повідомлення ділового партнера; вибори нового президента
компанії; капітал акціонерів; електронна адреса нашої компанії;
рішення Ради директорів; абонентська поштова скринька;
успіх компанії; заробітна плата працівника; прибуток компанії;
борги підприємства; обов’язки керівництва; права споживача;
423
цінні папери біржового маклера; аудиторський звіт, офіс
кeрівника компанії.
Ex.3. Decide if each of the phrases is correct, and if it is

not, correct it.
1. Have you bought today’s newspaper?
2. Tomorrow conference has been cancelled.
3. My office is about ten minutes drive from my house.
4. Ukraine imports have fallen lately.
5. The personal manager’s assistant looks through all the application
forms.
6. Those are two friends’ of my boss.
7. Is that E-mail address yours or your friends?
8. This company is the country top suppliers of software.
9. This radio station will be broadcasting our Managing Director
speech at 2 p.m.
10. The employees’ salaries will be increased twice.
11. A shareholders’ meeting will be the last this fiscal year.
12. The manager reaction was unexpected.
Ex.4. In a department store you often see signs like «Men’s

Shoes» or «Children’s Toys». Think of some other
things that are just for men, women, children, etc.
Ex.5. Look through a newspaper article and underline

possessive forms of nouns.
424
Ex.1. Discuss with your groupmates why a business needs

to manage information and how computers have
revolutionized information management.
Ex.2. Speak about the role of E-business in a contemporary

world.
Ex.3. Discuss with your groupmates which of these things

will change a lot in future, and how:
 communications
 E-business
 online services
Ex.4. Speak about advantages and disadvantages of Internet

banking.
Ex.5. Discuss with your groupmates the Pros and Cons of

virtual pocket money.

use them.
1. You have to take what he says with a grain of salt because he
doesn’t always tell the truth.
2. Both toy companies are doing well; their sales are neck and
neck.
3. She is up to her neck in financial problems.
4. He found his new job through the old boy network.
5. She is a very active manager and has a finger in every pie.

«Everybody’s business is nobody’s business.»
425
LESSON 2
Text: E-commerce
Grammar: Numbers (fractions, decimals,
percentages)
Terms to remember:
e-commerce/online trading  електронна торгівля
storefront/shop front  магазин
checkout  контроль, каса
intermediary  посередник
suit (v)  задовольняти,
влаштовувати, підходити
brick-and-mortar  традиційна торгівля
click-and -mortar  поєднання електронної
торгівлі з традиційною
premises  приміщення
delivery  поставка, доставка
piracy  піратство, порушення
авторського права
maintenance  утримання, догляд,
технічне обслуговування
і поточний ремонт
measure (v)  вимірювати
426
E-commerce
The phrase «e-commerce» refers to the part of e-business
related to buying and selling. Retailers set up an electronic
storefront (BrE shop front) and shoppers place items they want
to buy in an electronic cart (BrE trolley). When the shopper is ready,
they go to the «checkout» where their payment is processed.
E-commerce or «online trading» is an increasingly popular
method of distribution which has proved to be very successful for
some companies. It suits both the customers, who can choose how
and when to shop, and companies, who do not have to hand over
part of their profits to intermediaries. One of the advantages of
this form of trading is that users can come to the website 24 hours
a day. But there still exist some problems.
For customers, key problems include:
 Fraud (the safety of online payment systems).
 Merchandise delivery and returns.
 The difficulty of speaking directly to a customer service
representative.
For companies, key problems include:
 The protection of intellectual property (piracy).
 Website costs and maintenance.
 Measuring the effectiveness of the website.
E-commerce has even acted as a form of advertising and
increased levels of business in traditional bricks-and-mortar
shops. But to succeed, a company needs a combination of
traditional retailing and e-commerce: clicks-and-mortar. In this
case companies have some part of their business on the web, but
also physical premises.
427

retailer, shopper, payment, trading, success, user, advertising,
combination, delivery, protection, maintenance, distributor.

електронна торгівля, традиційна торгівля, поєднання
електронної торгівлі з традиційною, шахрайство, порушення
авторського права, роздрібний торговець, покупець, реклама,
приміщення, доставка товару, захист інтелектуальної власності,
посередник, прибуток.
A B
e-commerce satisfy
brick-and-mortar traditional retailing
buyer storefront
set up online trading
shop front goods
merchandise shopper
suit establish
phrases.
«bricks-and-mortar» trade, shopper, retailer, successful.
Ex.5. Make a proper selection.
clicks-and-mortar the activity of buying goods and services
via the Internet;
bricks-and-mortar deceit with the purpose of gaining
another’s money or property;
piracy the taking of goods to a place of business,
a home, etc;
fraud a traditional business that does not
operate on the Internet;
428
delivery copying and selling the work of others
without permission;
online shopping used for describing a business that
operates in traditional ways and by using
the Internet.
1. … has become a major online service; it reduces company
costs.
2. … represents 30 per cent of our total business.
3. … is a traditional business that does not operate on the
Internet.
4. A business with no online presence is a … organization.
5. Most businesses are … – they have some part of their
business on the web, but also physical premises.
6. … opens up vast possibilities for managers.
7. Many banks offer … services to their clients.
8. This company promises fast … .
9. The company offered property for sale in Arizona, but it was
…; the property didn’t exist.
10. … is the business or activity of selling goods or services via
the Internet.
online retail, online trading, e-commerce, bricks-and-mortar (2),
clicks-and-mortar, the Internet (2), delivery, a fraud

Why waste your time surfing the Internet, when we can find
your favourite piece … music .. you … seconds? We specialise …
finding melodies to suit every taste … hard rock … country
music. Just visit our website and … a matter … seconds you’ll be
downloading files containing your favourite songs. You can also
browse … our catalogue .. over a million titles and find … more
… your favourite stars … accessing our huge database.
(of (3), for, in(3), from, to, through, out, by, about)
(From D. Evans. Business English Verbs, Penguin Quick Guides)
429
1. What is the phrase «e-commerce» referred to?
2. What is one of the advantages of the e-commerce?
3. What are the key problems of online trading for customers?
4. What are the key problems of online trading for a company?
5. What are bricks-and-mortar shops?
6. What does a company need to succeed in trade?
7. Do you shop on the Internet? What are the advantages and
disadvantages?
 e-commerce
 bricks-and-mortar shops
 the key problems of online trading for customers and
companies
Grammar Revision
Numbers
(fractions, decimals, percentages)
1. Most fractions are expressed using ordinal numbers
1 1 1 5
a third ( 3 ), a fifth ( 5 ), a seventh ( 7 ), five eighths ( 8 )
But there are some exceptions:
a half (½), a quarter (¼), three quarters (¾), two and a half
(2½), four and three quarters (4¾)
2. A full point is used when writing decimals:
0.5 (zero point five), 1.5 (one point five):
233 (two point three three); 4.75 (four point seven five); 5.07
(five point oh seven)
3. Percentages
50 % (fifty percent); 0,25 % (a quarter of one percent); 2½ %
(two and a half percent); 6.25% (six point two five percent)
4. Numbers are singular
Four thousand; three hundred, two million
5. When a noun following a number is used adjectively, it has no
–s plural.
430
It was a four-year contract.

Ex.1. Write the numbers as words:
1 4 1 4 3 1
3 ; 4.25; 5 ; 0.25; 3.2; 8 ; 0.75; 2 5 ; 2.05; 5 4 ; 6.85; 1 2 ;
2
13.62; 3 ; 0.43; 0.125; 60.17.
Ex.2. Speak about interest rates. The National Bank of

Ukraine has raised interest rates by:
0.5%; 0.3%; 0.25%; 0.15%; 0.4%; 0.2%; 0.32%; 0.44%;
0.17%; 0.21%; 0.08%.
Ex.3. Remember the words which are used to give appro-

ximations when we are speaking about amount:
approximately, about, roughly, around
Speak about the approximate percentage of total leisure time
devoted to various activities by 20-30 year olds in Ukraine
(sports; visiting bars; televisions; computer games; reading;
tourism; visiting discos; social activities; hobbies; walking; other
activities).
Ex.4. Finish each of these sentences so that it means the

same as the sentence printed before it.
1. The interview lasted two hours. It was __________ .
2. I had to pay a parking fine of five euros. It was __________.
3. My employment contract is for five years. This is __________.
4. Our new manager is 32 years old. He is _________.
5. He received a bank note for $ 100. It was __________.
6. His business trip will last ten days. It will be __________.
7. His advanced course in English lasted three months. It was
_________.
8. The flight from Kyiv to Vienna took approximately two hours.
It was __________.
9. Her new house cost $ 50,000. It was _________.
10. She offered the driver a note of ten pounds. It was _________.
431
Ex.1. Speak about the role of e-commerce in a contemporary

world.
Ex.2. Discuss the main benefits of online shopping.

«E-commerce is a wonderful thing … until you want to
speak to anyone about anything».

use them.
1. First, he lost a lot of money in the stock market, and then
when his house burned down, that really cooked his goose.
2. He makes unnecessary mistakes and leaves himself wide open
to being fired.
3. That college admits only the cream of the crop of high
school students.
4. He fired one employee after another and each time cried
crocodile tears.
5. He wheels and deals in selling used cars.

«Man’s character is his fate».
(Chesterfield)
432
TEST 8 (MODULE VIII)

definition.
1. Deceit with the purpose of gaining another’s money or property.
a) fraction b) fraud c) fortune
2. The taking of goods to a place of business, a home, etc.

a) demand b) delight c) delivery
3. Copying and selling the work of others without permission.

a) piracy b) pirate c) piper
4. A traditional business that does not operate on the Internet.

a) bricks-and-mortar b) clicks-and-mortar c) e-business
5. A computer networking link restricted to a specific group of users.

a) Internet b) Intranet c) WWW
6. A place on the Internet where information is available about

a particular subject, organization, etc.
a) website b) web cast c) web traffic
7. Property that cannot be moved, such as land, houses, etc.

a) real delight b) real estate c) real life
8. Calculated or devised to save time by facilitating work.

a) team-saving b) time-sharing c) timetable
9. A system for sending messages from one computer to another.

a) mailbox b) mail carrier c) e-mail
10. A business that supplies goods or services to a purchaser.

a) shipper b) supplier c) producer
433
11. One who purchases or inspects goods in shops.

a) shoplifter b) shopper c) shopkeeper
12. A chance to do something or a situation in which it is easy for
you to do something.
a) opinion b) opportunity c) opponent
13. Buying and selling goods on the Internet.
a) e-mail b) e-commerce c) trade
14. A cash desk
a) check-up b) checkout c) checklist
15. This term refers to the way that companies behave towards
their customers, for example how well they treat them.
a) customer base b) customer service c) customer experience
16. To look for information on a computer, especially on the Internet.
a) to wipe b) to attach c) to browse
17. To make a computer do something by pressing a button on
the mouse.
a) to edit b) to click c) to insert
18. A computer fanatic, often someone who illegally enters computer
systems.
a) hacker b) hackney c) hacksaw
19. A business that operates in traditional ways and by using the Internet.
a) bricks-and-mortar b) clicks-and-mortar c) online business
20. A piece of land and the buildings upon it, considered as a place
of business.
a) premises b) premise premium
REVISION TEST
434
Choose the alternative that best suits the context.

1. … is the business of selling goods in large quantities and
usually at low prices.
a) retailing b) wholesaling c) franchising
2. ... are large shops which sell a wide variety of products.
a) Department stores b) Greengrocery c) Grocery
3. When two or more people want to start a business together they
can set up a ….
a) concern b) corporation c) partnership
4. The … line was shut down for two hours as a result of
damaged machinery.
a) delivery b) production c) control
5. Information on … prices is available to brokers throughout the world.
a) share b) production c) trading
6. Hewlett Packard is known as one of the most reputable … in the electronic and computer industry.
a) customers b) buyers c) suppliers
7. During the bear market a lot of firms went ….
a) ahead b) bankrupt c) melding
8. Monthly salaries of our staff go directly into their ….
a) interests b) invoices c) accounts
9. If you own some shares of a company, you receive … per share.
a) dividends b) interest c) salary
10. He asked his parents if they would pay off his ….
a) debts b) liabilities c) rents
11. We are planning to … $3 million on advertising.
a) lose b) invest c) spend
12. … act as agents in buying and selling shares.
435
a) Wholesalers b) Brokers c) Investors

13. He … most of his savings in the Stock Exchange.
a) gave b) fixed c) invested
14. To acquire … in the company which you work for may prove advantageous.
a) a stake b) an investment c) part
15. If I open a saving account I will receive … .
a) a share b) an interest c) a benefit
16. … receive income, known as a dividend, from the companies in which they invested.
a) Stockbrokers b) Shareholders c) Owners
17. In order to raise capital the company intends to issue shares ….
a) on the consumer market b) on the production market
c) on the stock market
18. Of course, our goods are not very cheap, but the prices are quite … for the average consumer.
a) costly b) reasonable c) high
19. Our company specialized in producing … goods.

a) consumer b) consumerism c) consumption
20. … can result if you have no more income to pay your debts.
a) Transfer b) Bankruptcy c) Discount
21. Banks … very high rates of interest on credit loans.

a) offer b) pay c) charge
22. Some strategic industries, such as Atomic Energy and Defence, are too important to be left in … hands.
a) public b) private c) government
23. Ukrainian business is … a lot of foreign capital.
a) importing b) investing c) attracting
436
24. We’d like to know your views on the possibility of a … venture

with our company.
a) capital b) joint c) business
25. … fix their own commissions for buying and selling shares.
a) Stockbrokers b) Retailers c) Wholesalers
26. This alliance will help our companies survive in the fiercely … market of today.
a) contrasting b) contemporary c) competitive
27. The … of Harley-Davidson Motor Company are people with a
high average income.
a) suppliers b) target market c) budget
28. The successful candidate should have at least 3-year … in office management.
a) qualifications b) experience c) efficiency
29. Our company is determined to … so that we might reach our full potential.
a) increase b) recess c) expand
30. … is the term given to different activities involved in distributing
goods from the manufacturer to the final customer.
a) distribution b) marketing c) retailing
31. An advertisement on radio or television is called a ….
a) movie b) sales program c) commercial
32. … is used to increase sales by making the product or service known to a wider audience.
a) advertising b) promotion c) research
33. If you pay … I’ll give you a 5% discount.
a) price b) cash c) bill
34. They’ve just launched an advertising ….
a) promotion b) company c) campaign
35. An amount of money required to start or expand a business is ….
a) rent b) capital c) loan
437
36. People who buy goods or services are ….

a) users b) customers c) suppliers
37. People who work inside a company are its ….
a) customers b) suppliers c) employees
38. Last year we increased our market ….
a) stock b) stake c) share
39. She put all her money into government ….
a) investment b) shares c) bonds
40. The firm attempted … its nearest competitor.
a) to take after b) to take over c) to take off
41. I … for the position of a production manager.
a) applied b) employed c) recruited
42. We suggest you the high quality product, which is not expensive
….
a) to discount b) to buy c) to invent
43. Our … is to increase the market share within a few months.
a) responsibility b) ambitions c) objective
44. … situation is stabilizing at present.
a) Economy b) Economic c) Economical
45. They are very … in their expenditures
a) economics b) economic c) economical
46. Fixed assets are what a company ….
a) owes b) sells c) owns
47. Current liabilities are what a company ….
a) invests b) owes c) buys
48. Wealth used to produce more wealth is called ….
438
a) liabilities b) goods c) capital

49. Balance sheet is a statement of how much … has come in and how much has gone out.
a) capital b) money c) shares
50. I’m a salesman and work in the … department.
a) Advertising b) Accounting c) Export
51. New technologies make global … easier.
a) market b) communication c) travelling
52. Yon can buy the same software quite … at our local market.
a) reasonable b) cheaply c) free
53. He bought stocks during the … market, when the share prices
were the lowest, and sold them when they rose.
a) bear b) bull c) boom
54. A movement to a more important job, with more responsibility and money is ….
a) recruitment b) career c) promotion
55. To do business, to buy and sell is to ….
a) do research b) trade c) perform
56. To make the necessary arrangements for starting a business means to ….
a) maintain a business b) reorganize c) set up a business
57. A great number of companies in Russia were … by the 1998 financial crash.
a) affected b) infected c) effected
58. Due to our new supply system more products are … to consumers and supply costs are lower.
a) reduced b) limited c) available
59. Our company has 220 … at present.
a) employers b) employees c) workforce
60. Big companies cannot rely exclusively on their … markets. They have to become more international in
their outlook if they want to survive.
a) consumer b) competitive c) domestic
439
440
PART II
EFFECTIVE WRITTEN
COMMUNICATION
1. Business Letters
Business letters are an essential part of making and

confirming transactions in the commercial world. They are
important in creating a good impression, and therefore what is
written is as vital as how it is presented.
In terms of quantity the largest part of business
correspondence consists of routine letters – enquiries, replies to
enquiries, orders, etc. In these letters the writer needs little art; the
basic requirements are to be clear and accurate.
The following are examples of different types of business

letters. Consider these letters and use them as samples for your
business correspondence:
a) a letter of application;
b) a letter of enquiry;
c) a letter of reply;
d) an offer letter;
e) a letter of order;
f) a letter of complaint;
g) a letter of apology;
h) a letter of thanks.
441
CONTENTS
a) A letter of application
Dear Sir/Madam
I am writing in response to your advertisement for a Personal
Assistant to the Managing Director.
b) Aenclosing
I am letter ofaenquiry
copy of my curriculum vitae, which gives details
of my qualifications and experience. As you will see I have had
4 years experience in a business environment. Although I did not
have to travel
DearinSirs,
my job, I would be very willing to do so.
I will be available for an interview at any time, and look forward
We
to are thefrom
hearing manufacturers
you. of Broadway delivery vehicles. Our
company is a subsidiary of Broadway International Inc. of
Yours faithfully
Portland, Oregon.
Hilary Beachem
We are seeking an alternative supplier of lightweight batteries
to power our vehicles. We would need to have samples of the
batteries to test in our laboratories before placing an order. If
our laboratory tests are satisfactory, and you can provide us
with a good price and services, we will be happy to place more
substantial orders on a regular basis.
John North
Buying Manager
442
c) A letter of reply
Gentlemen:
Thank you for your enquiry of August 6. It will probably take a
few days until our engineer has prepared the necessary samples.
As soon as everything is available, we will send you samples of
batteries and our quotation.
Yours very truly
d) An
Bill offer letter
Black
Dear Sirs,
e) A letter of order
We think you will be interested in the new brands of coffee and
cocoa we have just introduced 443
to the trade. Samples of both have
been dispatched to you by separate mail.
We hope that the high quality of our products will meet your
customers’ requirements and you will place at least a trial order
CONTENTS
Gentlemen:
Please rush to us to reach our stockroom next Thursday 24 two-
occupant portable tents for camping out. This is for a special
sales week which is going well. Our stock on these items is
running out.
f)Our
A letter
regularofpurchase
complaint
order is being made out in the routine way
and should reach you in a day or two; but please do not hold
up delivery of this special order. A delay of even a few hours
may mean lost sales.
Sincerely yours,
Kenneth Miller
Dear Sir/Madam:
Last
g) week of
A letter I bought
apology a pocket calculator at your branch in Leeds.
It seemed to work in the shop. When I got home, I found that it
was faulty.
I will be grateful if you exchange444
the faulty calculator for a perfect
one. Please find enclosed the calculator, together with the receipt,
showing the price and the date of purchase, and the manufacturer’s
guarantee.
Dear Sir,
We regret very much that you should have cause to complain of
the goods supplied by us. We are at a loss to understand this, and
shall
h) be very
A letter much obliged if you return them to us. When we
of thanks
have examined them, we will write you again.
Yours faithfully
T. Watts
Manager
Dear Mr.Magues:
Thank you for your order for Clover Danish Blue Cheese. It is
being
2. shipped
Social out to you today.
Correspondence in Business
We enclose
It woulda catalogue of our
be unnatural to other
expectproducts. Pleasebeings,
that human note that
who
spend most of
with orders of their
$10.00waking hourscustomers
or more, in business,
maywould notfree,
receive, form
personal relationships
their choice of varying
of a jar of Current degrees of closeness in the
preserves.
course of their business. Consequently, there are many occasions
Yours
for sincerely
letters that should not be «strictly business», although they are
Einar Toksvig
essential to the conduct of business.
Examples are given below:
a) A letter of congratulations
445
CONTENTS
Dear Mr. Leonard:

What a pleasure it was to see the item in «The Times» business
section this morning about your promotion to the position of Sales
Manager. Actually I think I ought to write to the President of your
corporation,
b) A letterMr. Tate, to congratulate him. He had the good sense
of invitation
to recognize a good man. From what I know about people in the
field he couldn’t have picked a better man. Congratulations on a
well-deserved promotion!
Dear Mr. Canby:

It will be a pleasure to see you when I visit New Your next
month. Thank you for suggesting it. Indeed one of the prospects
that made the trip so pleasing to me was the opportunity it might
give me to become acquainted with you personally.
Dear Professor Bondarenko:
Sincerely yours invitations
Onc)behalf
Accepting
of the British Finance Society it is an honour for us to
Elmer Robinson
welcome you and to be your host in London during the International
Finance Conference, November 13-15.
It is a pleasure for us not only to invite you to a conference of
the highest scientific standard but also to present London and, if
you wish, other exciting places446in Great Britain.
I am glad to inform you that your abstract was accepted by our
Committee for poster presentation. We attach with the letter of
d) Declining invitations
Dear Mr. Hopkins:

Unfortunately I will be out of town during the week of March 10
and will not be able, therefore, to be present at the reception
celebrating the opening of your new store. Since I will not be
there to offer my congratulations to you in person, permit me to
do so here. And I wish to add my sincere best wishes for the
success of the new store and the continued growth of your business.
Sincerely yours,
Anthony Asch
e) A letter of sympathy
447
CONTENTS
Dear Walter:
When your secretary called this morning to tell me that you
wouldn’t be able to keep our appointment because of your sudden
illness, I was deeply disturbed. She told me that you were to
spend some days in the hospital. I hope you will be back in
your office very soon and in condition to renew our postponed
engagement. Now it’s your turn
Cordially yours,
Arthur Reinhardt
Write your own letters. You can make the
information up – it doesn’t have to be true. Use
the sample letters above to help you.
448
СПИСОК РЕКОМЕНДОВАНОЇ ЛІТЕРАТУРИ

1. Barbara Campbell «Guide to English for Business», Chambers,
2001.
2. Bill Mascull «Key Words in Business», Harper Collins
Publishers, 1996.
3. Bill Mascull. Cambridge University press, 2003.
4. Bob Obee «Cambridge First Certificate. Grammar and Usage»,
Cambridge University Press, 2005.
5. Chis Lewis «Using the Internet», Dorling Kindersley, 1997.
6. Collins Dictionary of Economics, Harper Collins Publishers,
1988.
7. David Evans «Business English Verbs», Penguin English, 2000.
8. Edwin Kovanda Reader Nakladatelstvi Fraus, Plzen 1998.
9. Ian Chambers, adviser Diane Wallace «Collins GEM Business
Studies Basic Facts», Harper Collins Publishers, 2003.
10. M. I. Balla English-Ukrainian Dictionary. – К. : Освіта, 1996.
11. Michael Lane «How to Set up and Run a Company», Easyway
Guides, 1998.
12. Miroslav Kaftan. Modern Business English in Enterprise. Leda
Praha, 2001.
13. Nick Brieger, Simon Sweeney, «The Language of Business
English», Prentice Hall, 2004.
14. Oxford Dictionary of Business English, Oxford University
Press, 1996.
15. Pride/Hughes/Kapoor «Business», Second Edition, Houghton
Mifflin Company, 1988.
16. Pride/Hughes/Kapoor, K. Hegar «Business. Study Guide»,
Third Edition, Houghton Mifflin Company, 2001.
17. Ricky W. Griffin, Ronald J. Ebert «Business», Third Edition,
Fall, 1992.
18. Sandra Costenett «The Language of Accounting in English»,
Prentice Hall, 1997.
19. The Cassell Concise Dictionary, 1997.
449
CONTENTS
20. The New International Webster’s Comprehensive Dictionary

of the English Language. Encyclopedic edition, Trident Press
International, 1996.
21. The Newbury House Dictionary of American English, 1996.
22. The Penguin Dictionary of English Idioms, Penguin Books, 1994.
23. Warrent R. Plunkett, Raymond F. Attner «Introduction to
Management», Fifth Edition, 2004.
24. Євтушенко Л.І. Англо-українсько-російський тематичний
словник ділової лексики / Л.І. Євтушенко, І.М. Гнатюк,
Н.Ф. Михненко та ін. – К. : Інкос, 2006.
25. Яшина С.Л. Английский для экономистов / С.Л. Яшина,
Е.А. Закоморная. – М. : Март, 2003.
26. Mark Skipper «Advanced Grammar and Vocabulary», Express
Publishing, 2008.
27. Paul Emmerson «Business English Handbook», Macmillan, 2012.
28. Will Capel, Jamie Flockhart, Sue Robbins «Business Vocabulary
in Practice», Collins, 2012.
29. Neil Wood ‘Business and Commerce», Oxford, 2010.
30. Bill Mascull «Business Vocabulary in USE», Cambridge
University Press, 2003.
31. «100 Phrasal Verbs for Business», Oxford University Press,
2008.
450
CONTENTS
TO THE STUDENT....................................................................4
DIAGNOSTIC PRE-TEST........................................................5
PART I BUSINESS TOPICS

MODULE 1 BUSINESS AND BUSINESSES
Lesson 1
Text: Business Organization...........................................................7
Grammar: Present Simple and Present Continuous......................17
Lesson 2
Text: Business Organization and the Economy............................22
Grammar: Past Simple and Past Continuous................................30
Lesson 3
Text: Ownership...........................................................................34
Grammar: Present Perfect Simple................................................41
Lesson 4
Text: Business Relationship.........................................................46
Grammar: Present Perfect Continuous.........................................53
Lesson 5
Text: Companies’ Restructuring...................................................57
Grammar: Past Perfect Simple.....................................................66
Lesson 6
Text: Organizational Structure.....................................................70
Grammar: Past Perfect Continuous..............................................78
Test 1 (Module I).........................................................................83
451
CONTENTS

Lesson 1
Text: Employment........................................................................85
Grammar: Tense Revision. Present time......................................94
Lesson 2
Text: Human Resources: the People.............................................98
Grammar: Tense Revision. Past time.........................................104
Lesson 3
Text: Recruitment Procedure......................................................108
Grammar: Future time (uses of shall/ will/going to/ present
continuous/present simple to talk about the future).....118
Lesson 4
Text: Interviewing......................................................................122
Grammar: Future time (Future Continuous, Future Perfect)......129
Lesson 5
Text: Executive Pay....................................................................134
Grammar: When and if sentences...............................................144
Lesson 6
Text: Leaving a Job....................................................................148
Grammar: Tense Revision. Progress Test I ...............................155
Test 2 (Module II).....................................................................158
MODULE III PRODUCTS, MARKETS AND

MARKETING
Lesson 1
Text: Customers, Consumers and Clients...................................161
Grammar: The Passive Voice (Simple)......................................167
Lesson 2
452
Text: Markets and Market Orientation.......................................171

Grammar: The Passive Voice (Continuous)...............................180
Lesson 3
Text: Products, Goods and Services...........................................183
Grammar: The Passive Voice (Perfect).
Grammar Progress Test II (Passive Voice).................192
Lesson 4
Text: Marketing..........................................................................196
Grammar: The Sequence of Tenses............................................203
Lesson 5
Text: Advertising........................................................................207
Grammar: Reported Speech (Statements)..................................213
Test 3 (Module III)...................................................................218

Lesson 1
Text: Costs. Assets and Liabilities.............................................220
Grammar: Reported Questions, Orders, Requests......................228
Lesson 2
Text: Raising Finance.................................................................232
Grammar: First Conditional........................................................239
Lesson 3
Text: Financial Centres...............................................................242
Grammar: Second Conditional...................................................247
Lesson 4
Text: Investments.......................................................................252
Grammar: Third Conditional.
Grammar Progress Test III (Conditionals)................258
Lesson 5
Text: Financial Statements.........................................................266
Grammar: Expressing Wishes and Regrets................................273
Lesson 6
Text: Bankruptcy........................................................................276
453
CONTENTS
Grammar: Modal Verbs (Ability. Permission)...........................283

Test 4 (Module IV)....................................................................286
MODULE V ACCOUNTING
Lesson 1
Text: The Field of Accounting...................................................288
Grammar: Modal Verbs (Obligation and Necessity)..................295
Lesson 2
Text: Budgeting..........................................................................299
Grammar: Modal Verbs (Certainty, Possibility, Probability).....305
Lesson 3
Text: Auditing.............................................................................308
Grammar: Modal Verbs with the Perfect Infinitive....................315
Test 5 (Module V).....................................................................318
MODULE VI MONEY AND BANKING

Lesson 1
Text: Money and its Functions...................................................320
Grammar: Grammar Progress Test IV (Modal Verbs)...............330
Lesson 2
Text: Types of Banks..................................................................334
Grammar: Comparison of Adjectives.........................................343
Lesson 3
Text: Banking Services...............................................................347
Grammar: Comparison of Adverbs. Other types
of comparison...........................................................353
Test 6 (Module VI)....................................................................358
MODULE VII GLOBAL BUSINESS
Lesson 1
Text: International Trade............................................................360
Grammar: The Infinitive.............................................................368
Lesson 2
454
Text: Export and Import.............................................................372

Grammar: The Gerund................................................................378
Lesson 3
Text: World Trade Organization................................................382
Grammar: Infinitive or Gerund?.................................................390
Lesson 4
Text: Globalization and Economic Policy..................................394
Grammar: The Participle............................................................401
Lesson 5
Text: Business Across Cultures..................................................405
Grammar: Countable and Uncountable Nouns.
Either … or; both … and; neither … nor...................411
Test 7 (Module VII)..................................................................416
MODULE VIII INFORMATION TECHNOLOGIES IN

BUSINESS
Lesson 1
Text: Businesses and the Internet...............................................418
Grammar: Possession.................................................................422
Lesson 2
Text: E-commerce......................................................................426
Grammar: Numbers (fractions, decimals, percentages).............430
Test 8 (Module VIII).................................................................433
REVISION TEST....................................................................435
PART II EFFECTIVE WRITTEN

COMMUNICATION...........................................441
СПИСОК РЕКОМЕНДОВАНОЇ ЛІТЕРАТУРИ...........449
455

BOOK

Uploaded by

Document Information

Original Title

Copyright

Available Formats

Share this document

Share or Embed Document

Sharing Options

Did you find this document useful?

Is this content inappropriate?

Copyright:

Available Formats

BOOK

Uploaded by

Copyright:

Available Formats

To the Student

«There are two ways of

Business plays a vital role in the economy.

Choose the most suitable word or phrase.

MODULE 1 BUSINESS AND

satisfy (v)  задовольняти

survive (v)  вижити; продовжувати існувати

depend on (v)  залежати від

business  бізнес, комерційна діяльність,

company  компанія, фірма

vary (v)  відрізнятися; змінюватися

multinational  міжнародна, мультинаціональна

set up a business (v)  створювати бізнес

establish a business (v)  створювати бізнес

start-up  нещодавно створена компанія

be in business (v)  займатися торгівлею, займатися

do business (v)  вести бізнес, займатися

deal with (v)  займатися (чимось); бути

expand a business (v)  розширювати бізнес

specialize (in something)  спеціалізуватися

affect (v)  діяти на

Exercises in Word Study

Ex.2. The following diagram shows some very commonly

image corporate ladder

Ex.3. Give the English for:

Ex.5. Find suitable opposites to the following words and

Ex.8. Study the following diagram and fill in the blanks

be in the fashion/ mean business

get down to funny

1. I have a few contracts in the ... business.

8. She has been in ... business for 10 years.

Ex.9. Use the terms in the box to complete the sentences.

Ex.10. The words in the box frequently occur after «business».

Find combinations that mean:

7) the organizations and people involved in business;

1) a very large organization that owns companies in more than

Ex.12. Write the appropriate word or phrase in the following

Commerce, go out of business, in business, to do business,

Economy – the organization of a country’s wealth-

Economic – related to the economy

Complete these sentences using the correct form of

Ex.2. Sum up what you remember about:

2. Look! The meeting starts/is starting. We’d better go in.

12. She (run) her own business.

Ex.3. True or false? Correct where necessary.

Ex.4. Translate into English.

8. Мій приятель вивчає економіку.

Speech and Discussion

Ex.3. Talk to your groupmates:

Ex.4. If you were to choose where to work, would you prefer

Ex.5. Talk to someone who has their own business. Find

Ex.6. Familiarize yourself with the following idioms.

Ex.7. Comment on the following proverbs and sayings.

Business Organization and the Economy

Exercises in Word Study

the primary sector the secondary sector the tertiary sector

Ex.7. Study the following diagram and fill in the blanks

1.The true size of the ... economy can never be known.

5.I am sure, if you ... a few economies, we’ll be able to afford a

Find combinations that mean:

Ex.9. Look at the words and phrases in the box. Match

1) the sale of goods in large amounts, and usually at lower prices,

Ex.10. Write the appropriate word or phrase in the following