Limba Engleza 2 Zi_SE 11_12

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Universitatea „Nicolae Titulescu”

Anul I

SEMESTRUL al II-lea

LIMBA ENGLEZĂ 2

Unit 1: MANAGEMENT

Unit 2: COMPANY STRUCTURE

Unit 3: MANAGEMENT AND CULTURAL DIVERSITY

Unit 4: BANKING

Unit 5: ACCOUNTING

Unit 6: MARKETING AND ADVERTISING

Unit 7: BUSINESS ETHICS

Seminar Instructor: FELICIA BUCUR

Anul universitar 2011-2012

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Unit 1: MANAGEMENT

OBJECTIVES This unit will help you:

- get familiar with the management concept - revise vocabulary and acquire new vocabulary related to management - revise and practice language needed for agreeing and disagreeing - improve the skills you need for writing argumentative essays - improve your translation skills LEAD IN A. What is management? Is it an art or a science? An instinct or a set of skills and

techniques that can be taught? B. What do you think makes a good manager? Which four of the following qualities do

you think are the most important? a. being decisive: able to make quick decisions b. being efficient: doing things quickly, not leaving tasks unfinished, having a tidy desk,

and so on c. being friendly and sociable d. being able to communicate with people e. being logical, rational and analytical f. being able to motivate and inspire and lead people g. being authoritative: able to give orders h. being competent: knowing one‟s job perfectly, as well as the work of one‟s

subordinates i. being persuasive: able to convince people to do things j. having good ideas

Are there any other qualities that you think should be added to this list? C. Which of these qualities can be acquired? Which must you be born with?

READING AND COMPREHENSION

1. This text summarises some of Peter Drucker’s views on management. As you read about his description of the work of a manager, decide whether the five different functions he mentions require the four qualities you selected in your discussion, or others you did not choose.

WHAT IS MANAGEMENT?

Peter Drucker, the well/known American business professor and consultant, suggests that the work of a manager can be divided into planning (setting objectives), organising, integrating (motivating and communicating), measuring, and developing people.

First of all, managers (especially senior managers such as company chairmen – and women – and directors) set objectives, and decide how their organisation can achieve them. This involves developing strategies, plans and precise tactics, and allocating resources of people and money.

Secondly, managers organise. They analyse and classify the activities of the organisation and the relations among them. They divide the work into manageable activities and then into individual jobs. They select people to manage these units and perform the jobs.

Thirdly, managers practise the social skills of motivation and communication. They also have to communicate objectives and to the people responsible for attaining them. They

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have to make the people responsible for performing individual jobs form teams. They make decisions about pay and promotion. As well as organising and supervising the work of their subordinates, they have to work with people in other areas and functions.

Fourthly, managers have to measure the performance of the staff, to see whether the objectives set for the organisation as a whole and for each individual member of it are being achieved.

Lastly, managers develop people – both their subordinates and themselves. Obviously, objectives occasionally have to be modified or changed. It is generally the job of

a company‟s top managers to consider the needs of the future, and to take responsibility for innovation, without which any organisation can only expect a limited life. Top managers also have to manage a business‟s relations with its customers, suppliers, distributors, bankers, investors, neighbouring countries, public authorities, and so on, as well as deal with any major crises which arise. Top managers are appointed and supervised and advised (and dismissed) by a company‟s board of directors.

Although the tasks of a manager can be analysed and classified in this fashion, management is not entirely scientific. It is a human skill. Business professors obviously believe that intuition and “instinct” are not enough; there are management skills that have to be learnt. Drucker, for example wrote over 20 years ago that “Altogether this entire book is based on the proportion that the days of the “intuitive” manager are numbered,” meaning that they were coming to an end. But some people are clearly good at management, and others are not. Some people will be able to put management techniques into practice. Others will have lots of technique, but few good ideas. Outstanding managers are rather rare.

2. Complete the following sentences with these words: achieved board of directors communicate innovations manageable performance resources setting supervise 1. Managers have to decide how best to allocate the human, physical and capital resources

available to them. 2. Managers – logically – have to make sure that jobs and tasks given to their subordinates are

___________. 3. There is no point in ___________ objectives if you don‟t ___________them to your staff. 4. Managers have to ___________ their subordinates, and to measure, and try to improve, their

___________. 5. Managers have to check whether objectives and targets are being ___________. 6. A top manager whose performance is unsatisfactory can be dismissed by the company‟s

___________. 7. Top managers are responsible for the ___________ that will allow a company to adapt to a

changing world.

3. The text contains a number of common verb-noun expressions (e.g. achieve objectives, deal with crises etc.). Match up these verbs and nouns to make common collocations.

1. allocate (g) 2. communicate 3. develop 4. make 5. measure 6. motivate 7. perform 8. set 9. supervise

a. decisions b. information c. jobs d. objectives e. people f. performance g. resources h. strategies i. subordinates

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VOCABULARY DEVELOPMENT

1. Complete the dialogue between the Managing Director (MD) and the Personnel Manager (PM). Choose form the words in the box. The first has been done for you.

a. sales b. MBA c. how to take decisions d. accounting for managers e. communications f. distribution g. specialised management-training courses h. results

i. new technology j. cost and price decisions k. manage l. promotion and marketing m. learn about management structures n. read the balance sheet o. computer systems

MD: PM: MD: PM: MD: PM: MD: PM: MD: PM: MD: PM:

John we must think about (1) specialised management-training courses for our junior managers. Yes, our promising younger people need to (2) _____ _____ _____ _____. They need to know (3) _____ _____ _____ _____, and the (4) _____ of these decisions. And, of course, (5) _____ _____ _____ is essential. And they must know how to (6) _____ _____ _____ _____. Without it, they will never (7) _____ successfully, and they won‟t know anything about stock control, costing, pricing … you name it. Yes, (8) _____ _____ _____ _____ depend on knowing this. Of course, that‟s not the only thing they need to know. (9) _____ _____ means that they need to know about things like (10) _____ _____. What else? (11) _____, for example. Yes, and I think that the (12) _____ _____ _____ departments need managers with this background, as well as the (13) _____ department. Even the (14) _____ managers could benefit, too. Perhaps we should only appoint managers with a Harvard (15) _____!

2. Match these verbs and nouns to make common word partnerships.

1) form 2) launch 3) look for 4) penetrate 5) reach 6) set 7) take

a) an agreement b) an alliance c) a bid d) an objective e) a market f) a partner g) a stake

3. Use the word partnerships above to complete the following sentences:

1) We have found a company we can _____________ with in the Far East. 2) We will never _____________ for the under-35s unless we change our advertising strategy. 3) By buying a lot of shares quickly, we were able to _____________ in one of our competitors

before taking them over. 4) The CEO thinks we should _____________ in Eastern Europe rather than trying to set up our

own subsidiary here. 5) After a long and difficult negotiation we were able to _____________ . 6) It took all our financial resources to _____________ for such a well-known company. 7) At the AGM the Board _____________ of increasing turnover by 8% in the next two years.

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4. Choose the best answer a, b, c or d.

1) Multinational companies usually have __________ in different countries. a. daughter b. subsidiaries c. factories d. colleagues

2) One aim of all companies which sell goods or services to increase their __________. a. market part b. market percentage c. market share d. market offer

3) In order to improve their services to customers, banks need to become more __________. a. customer oriented b. profitable c. competitive d. efficient

4) Having only __________ in different countries gives global companies more flexibility to move their manufacturing activities from one country to another.

a. subsidiaries b. employees c. research centres d. assembly operations

5) Cultural differences are one of the potential __________ of international mergers. a. threats b. pitfalls c. attractions d. benefits

5. Match the verbs with appropriate nouns in the table below. Sometimes there is more than one possibility.

designs ideas problems research solutions tests

analyse

brainstorm

carry out

come up with

conduct

develop

do

find

patent

solve

tackle

LANGUAGE FOCUS: AGREEING AND DISAGREEING You can use the following words and expressions depending on the formality of the situation:

1. Agreeing

More formal Informal

I completely / totally / entirely agree. Yes, definitely. Yes, I‟d go along with that. Yes, I agree with that wholeheartedly.

Right. Sure. Fine. Great.

2. Disagreeing

More formal Informal

I don‟t agree. Ridiculous.

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I can‟t go along with that. I disagree with that completely. For me that is out of the question.

No way. Over my dead body! You‟re joking.

3. So do I/ Neither do I etc.

If you are in agreement with someone or have something in common, you can use so or neither to replace the noun phrase:

I‟m very interested in archaeology I can’t stand waiting in airports. My wife and I play tennis a lot. I‟ll be going to London soon. I don’t believe in politicians.

So am I. Neither can I. So do we. So will I. Neither do I.

4. Shades of opinion

You may have mixed feelings or not hold a strong opinion either way. In that case you can express a doubt or reservation: I agree with you to some extent but ... Yes, I‟d go along with that up to a point but ... That may well be the case although ... You may have a point but ... Yes, but on the other hand ... Maybe, but we still have to remember that ... Sometimes, especially in BE, these expressions are used to show politeness when you actually disagree, but want to acknowledge the other speaker‟s contribution.

PRACTICE: AGREEING AND DISAGREEING

A. Read the statements made by several speakers and agree with them, using so or neither:

1. I didn‟t like Jurassic Park. … 2. I can‟t stand people who are rude. … 3. I should really exercise more. … 4. I‟ve never been to Fiji. … 5. I enjoy going to the theatre. … 6. I generally take a holiday in the summer. …

B. How do you feel about the following? Write your ideas with a suitable expression

of agreement or disagreement, as in the example.

I agree entirely. I agree to some extent.

I don‟t really agree.

I completely disagree.

1. All men and women should do military service.

2. There should be a single world currency.

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3. National industries should be protected.

Yes, I’d go along with that up to a point but you can’t ignore market forces entirely.

4. Smoking at work should be banned.

5. Men and women should retire at 55.

SKILLS FOCUS: Writing – GIVING OPINION Reread the last paragraph of the text in the READING COMPREHENSION section. Do you agree with the opinion that some people are clearly good at management, and others are not? Justify your answer. (10 – 15 lines)

TRANSLATION 1. Translate the following text into Romanian:

Organizations and companies don't run by themselves. You need able and efficient employees, effective leadership from all levels of management, teamwork and cooperation of the various departments to carry out the services, operations and processes.

The objective of organization is to set up relationships and procedures in which employees can obtain the best results from their combined efforts. This is to be accomplished by minimizing and overcoming the negative factors of conflict, confusion and frustration. The stronger the structure of the organization, the more efficient and smoothrunning the company will be.

http://www.allbusiness.com/company-activities-management/management-corporate-culture/5844279-1.html#ixzz1hujaHlSm

2. Translate the following sentences into English, paying attention to the examples in the LANGUAGE FOCUS section:

1. Guvernul nu este de accord să se mărească taxele locale. 2. Într-o oarecare măsură, consiliul director este de acord să se organizeze în curând o

adunare generală a acţionarilor. 3. S-ar putea să ai dreptate, dar te-aş ruga să te mai gândeşti şi la alte posibilităţi. 4. - Ar trebui să organizăm o călătorie de afaceri în Olanda luna viitoare să ne întâlnim cu

partenerii noştri şi să semnăm noul contract. - Cred că glumeşti! Suntem atât de ocupaţi cu extinderea că nu vom avea timp pentru asta

atunci. În nici un caz. 5. - Sunt în totalitate împotriva măririi impozitelor. - Si eu am aceeaşi părere. 6. - Compania mea a avut la început 2 angajaţi: pe mine şi pe soţia mea. - Şi a mea la fel. 7. Nu-mi plac deloc simulările de incendiu. - Nici mie, dar uneori pot fi folositoare.



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Unit 2: COMPANY STRUCTURE


- get familiar with the various types of company structure - revise vocabulary and acquire new vocabulary related to companies - revise and practice language needed for giving advice - improve the skills you need for writing descriptions - improve your translation skills LEAD IN 1. Try and answer the following questions: If you are still studying:

what kind of organisation do you want to work for? in which department? do you think it will later be possible to change department? what do you think your first position will be? do you expect to have one immediate boss, to work for more than one superior, or to be

part of a team? If you are already working:

what is your function or job title? what are responsible for? who are you responsible to? (who do you report to?) does anybody report to you? what other units, departments or divisions do you regularly have to work with? what other departments do you occasionally have conflicts with?

2. Match up the words on the left with the definitions on the right:

1. autonomous (C) 2. decentralisation 3. function

4. hierarchy 5. line authority

6. report to

7. subordinates

A. a system of authority with different levels, one above the other B. a specific activity in a company, e.g. production, marketing, finance C. independent, able to take decisions without consulting a higher

authority D. people working under someone else in a hierarchy E. dividing an organisation into decision-making units that are not

centrally controlled F. the power to give instructions to people at the level below in the chain

of command G. to be responsible to someone and to take instructions from him or her

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READING AND COMPREHENSION

1. Read the text below, about different ways of organising companies, and then label the diagrams, according to which of these they illustrate:

line structure matrix structure functional structure staff structure A B C D

COMPANY STRUCTURE 5 10 15 20 25

Most organizations have a hierarchical or pyramidal structure, with one person or a group of people at the top, and an increasing number of people below them at each successive level. There is a clear line or chain of command running down the pyramid. All the people in the organization know what decisions they are able to make, who their superior (or boss) is (to whom they report), and who their immediate subordinates are (to whom they can give instructions).

Some people in an organization have colleagues who help them: for example, there might be an Assistant to the Marketing Manager. This is known as a staff position: its holder has no line authority, and is not integrated into the chain of command, unlike, for example, the Assistant Marketing Manager, who is number two in the marketing department.

Yet the activities of most companies are too complicated to be organized in a single hierarchy. Shortly before the First World War, the French industrialist Henry Fayol organized his coal-mining business according to the functions that it had to carry out. He is generally credited with inventing functional organization. Today, most large manufacturing organizations have a functional structure, including (among others) production, finance, marketing, sales, and personnel or staff departments. This means, for example, that the production and marketing departments cannot take financial decisions without consulting the finance department.

Functional organization is efficient, but there are two standard criticisms. Firstly, people are usually more concerned with the success of their department than that of the company, so there are permanent battles between, for example, finance and marketing, or marketing and production, which have incompatible goals. Secondly, separating functions is unlikely to encourage innovation.

Yet for a large organization manufacturing a range of products, having a single production department is generally inefficient. Consequently, most large companies are decentralized, following the model of Alfred Sloan, who divided General Motors-into separate operating divisions in 1920. Each division had its own engineering, production and sales departments, made a different category of car (but with some overlap, to encourage internal competition), and was expected to make a profit.

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30 35 40 45

Businesses that cannot be divided into autonomous divisions with their own markets can simulate decentralization, setting up divisions that deal with each other using internally determined transfer prices. Many banks, for example, have established commercial, corporate, private banking, international and investment divisions.

An inherent problem of hierarchies is that people at lower levels are unable to make important decisions, but have to pass on responsibility to their boss. One solution to this is matrix management, in which people report to more than one superior. For example, a product manager with an idea might be able to deal directly with managers responsible for a certain market segment and for a geographical region, as well as the managers responsible for the traditional functions of finance, sales and production. This is one way of keeping authority at lower levels, but it is not necessarily a very efficient one. Thomas Peters and Robert Waterman, in their well-known book In Search of Excellence, insist on the necessity of pushing authority and autonomy down the line, but they argue that one element - probably the product - must have priority; four-dimensional matrices are far too complex.

A further possibility is to have wholly autonomous, temporary groups or teams that are responsible for an entire project, and are split up as soon as it is successfully completed. Teams are often not very good for decision-making, and they run the risk of relational problems, unless they are small and have a lot of self-discipline. In fact they still require a definite leader, on whom their success probably depends.

2. Which of the following three paragraphs most accurately summarizes the text, and why?

First summary Although most organizations are hierarchical, with a number of levels, and a line of

command running from the top to the bottom, hierarchies should be avoided because they make decision-making slow and difficult. A solution to this problem is matrix management, which allows people from the traditional functional departments of production, finance, marketing, sales, etc. to work together in teams. Another solution is decentralization: the separation of the organization into competing autonomous divisions.

Second summary Most business organizations have a hierarchy consisting of several levels and a clear line

of command. There may also be staff positions that are not integrated into the hierarchy. The organization might also be divided into functional departments, such as production, finance, marketing, sales and personnel. Larger organizations are often further divided into autonomous divisions, each with its own functional sections. More recent organizational systems include matrix management and teams, both of which combine people from different functions and keep decision-making at lower levels.

Third summary Most businesses are organized as hierarchies, with a clear chain of command: a boss who

has subordinates, who in turn have their own subordinates, and so on. The hierarchy might be internally divided into functional departments. A company offering a large number of products or services might also be subdivided into autonomous divisions. Communication among divisions can be improved by the introduction of matrix management or teams.

3. The text mentions the often incompatible goals of the finance, marketing and production

(or operations) departments. Classify the following strategies according to which departments would probably favour them.

a. a factory working at full capacity b. a large advertising budget c. a large sales force earning high commission d. a standard product without optional features e. a strong cash balance f. a strong market share for new products g. generous credit facilities for customers h. high profit margins i. large inventories to make sure that products are available

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j. low research and development spending k. machines that give the possibility of making various different products l. self-financing (using retained earnings rather than borrowing)

VOCABULARY DEVELOPMENT 1. Match the halves of each of the following sentences. 1) A merger has been announced 2) They built up a 30% stake in the

company 3) We are planning to launch a bid 4) We are starting an expansion

programme 5) We are always looking for opportunities 6) In order to refocus the group 7) The MD wants to take the company

public 8) Diversifying into new sectors

a) to merge with suitable business. b) so we are looking for foreign partners c) will require new capital investment and

could be risky. d) and then took it over. e) several businesses have been sold off. f) for our main rival. g) between two major oil companies. h) to finance an ambitious expansion

programme 2. Some adjectives typically go with certain nouns. Fit the adjectives in the box below into

the letter.

accurate competitive critical easy future guaranteed verbal high large mixed positive right valued

Dear Marcelle, I am writing to you for another year of fruitful cooperation between our two companies. You are one of our most (1) _________ customers and we always try to give you as (2) _________a level of service as possible at an extremely (3) _________ price. We are sure that this is the (4) _________ approach. This is why we want to be one of the first to know about our plans to improve our (5) _________ prospects through expansion. We have already invested a (6) _________ sum of money in up-to-date distribution facilities and negotiations for further financing are now entering a (7) _________ stage. The result of all this will be (8) _________ ordering more (9) _________ figures on the status of your orders, and (10) _________ satisfaction for all. Of course, there has been a (11) _________ reaction from some of our newer customers, but I am sure that you will be patient with us during the period of transition. These changes will make a (12) _________ contribution to our continuing partnership and I can assure you that we shall continue to operate by (13) _________agreement on telephoned orders in the future as we have in the past. Please contact me if you need more information. With best regards, Alfredo McKay Customer Relations Managers 3. Write the full words for these sets of initials. The clues will help you.

a) OHP (for visual aids)

b) VCR (for home entertainment)

c) HQ (the centre of operations)

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d) ROI (what you get back from the money you put into a business)

e) PC (on your desk)

f) CEO (top job in the company)

g) JFK (an airport)

h) GNP (a measure of national wealth)

i) DTP (software to produce your own newsletter)

j) MBA (a qualification)

k) AGM (a meeting for the shareholders)

l) VAT (a tax)

m) USP (what every company should have)

n) AOB (the last item on the agenda)

4. Circle the odd one out in each of these groups of business words and phrases. 1) check 2) sack 3) predict 4) lay off 5) rewrite 6) timetable 7) banned 8) cancel 9) busy 10) you‟re welcome 11) a. nearly six

b. survey b. dismiss b. forecast b. employ b. redraft b. plan b. prohibited b. put off b. engaged b. Not at all b. about six

c. control c. demote c. anticipate c. take on c. reword c. strategy c. postponed c. put back c. tied up c. It was a pleasure c. sixish

d. monitor d. fire d. analyse d. recruit d. restore d. policy d. forbidden d. postpone d. unavailable d. Excuse me d. around six

5. Read the text. Then read the clues and complete the crossword. All the words can be

found in the text, and one has been done for you. The numbers in brackets () show how many letters there are in the word.

Each department in a division of a company relies on budgeting to make the company's

affairs profitable. A profit target is set, and the unit price of the goods (which depends on how much they cost to make and for how much they can be sold) is determined by this; the managers report how well this target has been met; the price of the goods leaving the factory (or ex works) is adjusted. Only after this has been done can the various departments in the company execute the orders.

Many businesses fail because they fall into the trap of ignoring their cash-flow, often because they allow too generous credit terms. The accounts department should make sure that a stop is put on the credit granted to bad payers. The smooth running of the company depends on a good relationship between the boss and the people who work on the shop-floor.

Senior managers, of course, must pass some of their tasks over to other people -they simply cannot do it all. This delegation of some jobs is essential, and the ability to do it well is one of the measures of good management. ACROSS 1 This depends on production costs, profit margins, and market sensitivity (5) 3 The cost of each item (4) 4 Word used for everything a company does (7) 5 The price of the goods depends on the ................... (4) of their production 8 A good manager is good at this; he does not try to do everything himself (10) 10 Price of goods ....................factory (2) 12 To withdraw credit (4) 13 Something which is aimed at (6)

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DOWN 1 Not only must a company make money, it must be ................... (10) 2 Each ................... (8) will usually have a senior manager and be organised in its own way 6 Smaller than 2 down (10) 7 Each 2 and 6 down does its own................... (9) and, if senior management agrees, controls its own financial affairs. 9 The workers in a company must................... (7) customers' orders, or they may lose their jobs because the company may fail. 11 Workers do this to managers (6)

1

2

3

4A F F A I R S

6 5

7

8 9

10 11

12

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LANGUAGE FOCUS: Advising

1. in my opinion, if I were you, it’s worth+ v+-ing, etc. In my opinion, it would be better to take on temporary staff. If I were you, I‟d take the train; it‟s faster. It’s worth trying to get an upgrade. My advice would be to lobby the government. In your shoes, I‟d make a strong complaint. Why not do some lateral thinking?

2. you’d better + v If you think you won‟t understand, you’d better use an interpreter. You’d better ask her for her permission before you go ahead. You’d better not use the software without a site licence.

3. Using the imperative Be nice to her. Think about it first. Remember to take your passport. Make sure you take enough money. If the situation is dangerous, the advice is more like a warning: Be careful. Check your tyres before setting off on a long journey.

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4. Using a negative form with don’t + v These statements offer advice in the form of a command: Don’t get discouraged. Don’t be afraid to take risks. The examples below function more as a warning: Don’t do anything without telling your boss first. Don’t buy shares in BKI – they are about to go in to liquidation.

PRACTICE: Advising

A. Complete the second sentence so that it means more or less the same as the first. 1. You‟d better hurry or you‟ll miss the plane. If you … 2. In my opinion, it would be better to sell your shares now. My advice … 3. It‟s not a good idea to drive through the city centre during rush hour. Don‟t … 4. Why don‟t you see a doctor if you„re feeling ill? You‟d … 5. I don‟t think it‟s advisable to tell her the good news yet. You‟d … 6. In my opinion, you ought to declare your overseas investments to the tax authorities. If I … 7. It‟s a good idea to ask for a second opinion. It‟s worth …

B. You work for a firm of consultants that deals with personnel and training issues.

What would be your advice in the following situation? Mr Mudd has been working in the same bank for 20 years and in Customer Relations

for the past 15. He has had some temporary postings in other sections and once worked as a replacement in another branch. His job involves applying rules to routine cases and although his performance is competent and reliable, he is unwilling to take the initiative.

His work is basically that of a clerk, but, because of his length of service, he earns quite a lot more than the other, younger employees who do much the same kind of work. He recently turned down the opportunity to train to become a branch manager saying „I‟m happy in my job and I enjoy working in a team. I don‟t want to be in charge.‟

SKILLS FOCUS: Writing – Description This is an example of part of a company organisation chart:

Board of Directors

with a Chairman (BE) or President (AE)

Managing Director (BE)

or Chief Executive Officer (AE)

Production

Marketing

Finance

Research &

Development

Personnel

Market Research

Sales

Advertising & Promotions

Financial Management

Accounting

Northern Region Southern Region

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The most common verbs for describing structure are: consist of contain include be composed of be made up of be divided into e.g. The company consists of three main departments.

The marketing department is made up of three units. The sales department is divided into two sections.

Other verbs frequently used to describe company organization include: be in charge of be responsible for support or be supported by assist or be assisted by be accountable to e.g. The marketing department is in charge of the sales force.

The marketing department is responsible for advertising, sale promotion and market research. The five department heads are accountable to the Managing Director.

Now write a description of either the organization chart on the other page, or a company you know in about 100-150 words.

TRANSLATION

A. Translate the following text into English: Ştim cu toţii că în Japonia compania este sacră. Angajaţii, o dată ce au fost acceptaţi, manifestă loialitate deplină faţă de companie, neexistând o linie clară de demarcaţie între viaţa lor personală şi serviciu. Loialitatea le este răsplătită prin asigurarea unui serviciu pe viaţă şi promovările care au loc cu regularitate. Ei urcă în mod constant treptele ierarhiei într-o societate organizată pe verticală şi sunt pe deplin mulţumiţi de statutul pe care îl dobândesc cu fiecare treapta urcată. Fidelitatea şi programul prelungit le garantează promovarea în funcţii importante, indiferent dacă sunt sau nu inteligenţi sau eficienţi. Acest lucru creează probleme în companiile care sunt nerăbdătoare să obţină profituri importante.

http://www.studentie.ro/campus/JAPONIA/c-135-a-15518

B. Translate the following text into Romanian: Giving good advice is a great gift. Yet, we sometimes run into trouble because of the way we offer it. The ability to give advice in a positive, constructive way is an art. Here are three points to help us offer advice with effectiveness and compassion. 1. Listen first. While this rule is true for all good communication, it is doubly true when we wish to give advice. Issues are often more complex than they initially appear. By first listening, we open a space for the speaker to more fully describe the situation and for us to more fully understand it. What is the point of offering advice based on partial information? 2. Ask permission. Unsolicited advice is a major cause of grief among friends and family members. It can be experienced as unwelcome intrusion into personal business. It might also be seen disrespectful, as implying that a person is incapable of caring for himself and resolving his own issues. 3. Offer without insisting. It is worth keeping in mind that even after we have listened, we can never know with certainty what is best for another person. There is so much that we are not aware of. So we offer our insights, experiences and ideas, with the attitude that our advice is another point of view, and we trust the listener‟s inner wisdom to discern what is right for him or her.

Adapted from http://www.selfgrowth.com/articles/Weingarten1.html

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Unit 3: MANAGEMENT AND CULTURAL DIVERSITY


- get familiar with the various types of cultures and the way management is related to them - revise antonyms and idioms related to companies - revise and practice various language functions - improve the skills you need for giving your opinion on various topics - improve your translation skills

LEAD IN 1. Try and find answers to the following questions: A. Multinational companies can either attempt to use similar management methods in all their

foreign subsidiaries, or adapt their methods to the local culture in each country or continent. Which procedure do you think is the most efficient?

B. Do you think the culture of your country is similar enough to those of neighbouring countries to have the same management techniques? Or are there countries nearby where people have very different attitudes to work, hierarchy, organisation, and so on?

2. A Dutch researcher, Fons Trompenaars, and his associates, have asked nearly 15,000

business people in over 50 countries a number of questions which reveal differing cultural beliefs and attitudes to work. Here are five of them, adapted from Riding the Waves of Culture: Understanding Cultural Diversity in Business. They concern ways of working, individuals and groups, rules and personal friendship, and so on. What are your answers to the questions?

1. If you had to choose, would you say that a company is (a) a system designed to perform

functions and tasks in an efficient way, using machines and people, or (b) a group of people whose functioning depends on social relations and the way people work together?

2. What is the main reason for having an organisational structure in a company? (a) so that everyone knows who has authority over whom, or (b) so that everyone knows how functions are allocated and coordinated?

3. Will (a) the quality of an individual‟s life improve if he/she has as much freedom as possible and the maximum opportunity to develop personally, or (b) the quality of life for everyone improve if individuals are continuously taking care of their fellow human beings, even if this limits individual freedom and development?

4. A defect is discovered in a production facility. It was caused by negligence by one of the members of a team. Would you say that (a) the person causing the defect by negligence is the one responsible, or (b) because he/she is working in a team the responsibility should be carried by the whole group?

5. Imagine that you are a passenger in a car driven by a close friend who hits and quite seriously injures a pedestrian while driving at least 25 km/h too fast in town. There are no other witnesses. Your friend‟s lawyer says that it will help him a lot if you testify that he was driving within the speed limit. Should your friend expect you to do this?

READING 1. What nationalities could the managers below typically be?

A. I want to get this contract signed fast and get the plane home. B. He looks much too young to be doing a major deal like this.

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C. If I go on selling like this, I learn more than the boss! I can‟t let that happen. D. What an awful idea reporting to two different bosses. E. There is no hurry! Tonight, you come to eat at my house and tomorrow we will play golf.

2. Read the text below and see if your suggestions about coincides with the nationalities

mentioned.

5 10 15 20 25 30 35 40 45

CROSS-CULTURAL MANAGEMENT

Managing a truly global multinational company would obviously be much simpler if it required only one set of corporate objectives, goals, policies, practices, products and services. But local differences often make this impossible. The conflict between globalisation and localisation has let to the invention of the word “glocalisation”. Companies that want to be successful in foreign markets have to be aware of the local cultural characteristics that affect the way business is done.

A fairly obvious cultural divide that has been much studied is the one between, on the one hand, the countries of North America and north-west Europe, where management is largely based on analysis rationality, logic and systems, and, on the other, the Latin cultures of southern Europe and South America, where personal relations, intuition, emotion and sensitivity are of much greater importance.

The largely Protestant cultures on both sides of the North Atlantic (Canada, the USA, Britain, the Netherlands, Germany, Scandinavia) are essentially individualist. In such cultures, status has to be achieved. You don‟t automatically respect people just because they‟ve been in a company for 30 years. A young dynamic, aggressive manager with an MBA (a Master in Business Administration degree) can quickly rise in hierarchy. In most Latin and Asian cultures, on the contrary, status is automatically accorded to the boss, who is more likely to be in his fifties or sixties than in his thirties. This is particularly true in Japan, where companies traditionally have a policy of promotion by seniority. A 50-year-old Japanese manager, or a Greek or Italian or Chilean one, would quite simply be offended by having to negotiate with an aggressive, well-educated, but inexperienced American or German 20 years his junior. A Japanese would also want to take the time to get to know the person with whom he was negotiating, and would not appreciate an assertive American who wanted to sign a deal immediately and take the next plane home.

In northern cultures, the principle of pay-for-performance often successfully motivates sales people. The more you sell, the more you get paid. But the principle might well be resisted in more collectivist cultures, and the countries where rewards and promotion are expected to come with age and experience. Trompenaars gives the example of a sales rep in an Italian subsidiary of a US multinational company who was given a huge quarterly bonus under a new policy imposed by the head office. His sales – which had been high for years – declined dramatically during the following three months. It was later discovered that he was deliberately trying not to sell more than any of his colleagues, so as not to reveal their inadequacies. He was also desperately not to earn more than his boss, which he thought would be an unthinkable humiliation that would force the boss to resign immediately.

Trompenaars also reports that Singaporean and Indonesian managers objected that pay-for-performance caused salesmen to pressure customers into buying products they didn‟t really need, which was not only bad for long term business relations, but quite simply unfair and ethically wrong.

Other example of an American idea that doesn‟t work well in Latin countries is matrix management. The task-oriented logic of the matrix management conflicts with the principle of loyalty to the all-important line superior, the functional boss. You can‟t have to bosses any more than you can have two fathers. André Laurent, a French researcher, has said that in his experience, French managers would rather see an organisation die than tolerate a system in which a few subordinates have to report to two bosses.

In discussing people‟s relationships, with their boss, and their colleagues and friends, Trompenaars distinguishes between universalists and particularists. The former

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believe that rules are extremely important, the latter believe that personal relationships and friendships should take precedence. Consequently, each group thinks that the other is corrupt. Universalists say that particularists “cannot be trusted because they will always help their friends”, while the second group says of the first “you cannot trust them; they would not even help a friend”. According to Trompenaars‟ data, there are many more particularists in Latin and Asian countries than in Australia, the USA, Canada or north-west Europe.

3. Comprehension

1. How would you explain the concept of “glocalisation”? 2. Why might a 50-year-old Japanese manager be offended if he had to negotiate with or

report to a well-educated but inexperienced 30-year-old American? 3. Why was the American concept of pay-for-performance unpopular in Italy, and in Asia, in

Trompenaars‟ example? 4. Why do universalists disapprove of particularists, and vice versa?

4. Find words in the text which mean the following:

1. the use of reasoning rather than emotions or beliefs; 2. understanding or knowing without consciously using reason.; 3. respect, prestige or importance given to someone; 4. having a higher rank because one is older; 5. to have hurt feelings because someone is being disrespectful; 6. money or something else given in recognition of good work; 7. additional money given for better work or increased productivity; 8. a feeling of shame and loss of dignity or self-esteem; 9. to give up a job or a position; 10. according to accepted moral standards.

VOCABULARY DEVELOPMENT

1. The words in the two columns are opposites. Match them and then use them to fill in the sentences taken out from business discussions.

1. cons (c) 2. contract 3. decline 4. divest 5. fall 6. fire 7. lay off 8. loss 9. peripheral 10. reduce 11. weaknesses 12. withdraw

a. increase b. strengths c. pros d. rise e. profit f. expand g. deposit h. core i. hire j. accept k. acquire l. recruit

1. „We have to debate the cons and pros of this project before we go ahead with it.‟ 2. „Let‟s look at the _________ and _________ of each application in turn and then we‟ll draw up

a shortlist.‟ 3. „We expect _________ in sales next year followed by a steady _________ for two years after

that.‟ 4. „‟It‟s simple; we have to _________ our prices and _________ our costs.‟

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5. „You can see the general position if you look at the _________ and _________ account in front of you.‟

6. „Those were the golden years, ladies and gentlemen, when we saw the company _________ rapidly and successfully. Unfortunately, demand turned down and we were then forced to _________ our operations to something approaching our current size.‟

7. „We had managed to _________ quite a large sum of money in our account at the beginning of the month but then we had to _________ it almost immediately.‟

8. „We need to concentrate on our _________ business and sell our _________ businesses.‟ 9. „It‟s easier to _________ people when times are good than to _________ them when times are

hard.‟ 10. „We had hoped to _________ your kind invitation to visit your plant next month but

unfortunately we are obliged to _________ your offer due to a change of plan.‟ 11. „Our strategy is to _________ large, inefficient companies and then _________ them of their

smaller profitable parts at a profit.‟ 12. „Although we have been able to _________ a handful of skilled workers for our main factory,

we have also had to _________ several hundred office staff.‟

2. Match the underlined idioms with their meanings.

a. dangerous situation b. all the time c. be treated unfairly d. no conditions e. refused f. hide something g. adopt good tactics h. bureaucracy i. be discouraging j. experimental subject

1. They should never have tried to sweep that pollution scandal under the carpet. 2. That company will grow bankrupt if they don‟t cut some red tape. 3. At the end of our presentation, he spent ten minutes pouring cold water on our proposal. 4. The head of research herself agreed to be the guinea pig for the trials on the new drug. 5. We agreed to do exercises every morning but we drew the line at wearing the company

uniform. 6. We must be very careful about promoting ourselves as an ethical company – we‟re in a

minefield! 7. Chivers is going to damage his health – he‟s been working round the clock. 8. It‟s yours for a million and no strings attached. 9. They could get the contract if they play their cards right. 10. It looks as if Teddy got a raw deal.

LANGUAGE FOCUS: REVISING LANGUAGE FUNCTIONS 1. Choose the correct word or phrase underlined in each sentence. a) I‟m very busy. Would you mind / Let‟s giving me a hand? b) If I were you, I‟d write / How about you write the letter again? c) Why don‟t we go / going to the theatre tomorrow? d) Could you / Would you mind close the door, please? e) Do you like / Would you like some more water? f) I promise. I don‟t do it / I won‟t do it again. g) I‟m quite good at cooking too. Would I help / Shall I help you? h) I have a suggestion. Why don‟t you go / Could you go to the beach? i) Would I borrow / Could I borrow your ruler? j) Are you tired? I think you should go / you can go to bed early. 2. Complete the second sentence so that it has a similar meaning to the first sentence.

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a) Please take a seat. Would you mind taking a seat? b) Fruit juice would be better for me. I‟d rather ____________________. c) I‟d like you to help for me. Can ____________________? d) Will you allow me to leave the room? May ____________________? e) I‟d like you to turn off the television. Could ____________________? f) Let‟s go for a walk. How ____________________? g) I promise not to talk to Richard again. I ____________________. h) Would you like me to help you? Shall ____________________? i) When does the plane arrive? Would ____________________? j) My advice is to see a doctor. If I ____________________. 3. Put one suitable word in each space. More than one answer may be possible. a) I think you should spend more time on your homework. b) ________you help me carry these boxes? c) Excuse me. ________ you tell me what street this is? d) What a terrible noise! ________ you please be quiet? e) ________ go skating tomorrow. f) Would you ________ telling me what time it is? g) Thanks for the offer, but ________stay at home. h) ________you sign your name here, please, sir? i) ________ you like another slice of pizza? j) Please ________ I leave the table? 4. Choose the most suitable response. a) Do you feel like going to the cinema tonight?

1. That would be great. 2. Thank you very much for your kind invitation.

b) I‟m awfully sorry about your carpet. 1. Don‟t worry. It‟s all right. 2. Forget it.

c) More coffee anybody? 1. Would it be all right if I had some more? 2. I‟d love some.

d) Excuse me, but is it far from here to Anglesham? 1. Just keep going along this road. 2. Yes, it is.

e) I wish you wouldn‟t smoke in here. 1. I don‟t agree, I‟m afraid. 2. Sorry, shall I open the window?

f) Well, it was nice talking to you, but I have to dash. 1. Yes, I enjoyed talking to you too. 2. Ok, see you.

g) Could you tell me whether this train stops at Hatfield? 1. I believe I could. 2. I believe it does.

h) Shall I collect the tickets for you? 1. That would be a real help. 2. Yes, I think you shall.

i) What would you do in my situation? 1. I think you should ask for a loan from the bank. 2. I thought you would ask for a loan from the bank.

j) How do you do. I‟m Bill Thompson. 1. Very well thank you. 2. How do you do.

5. Match each sentence a) to j) with a functional label from 1) to 10). a) Wait a minute, let me see.

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b) What did you think of the film, then? c) I‟ll definitely bring your camera back tomorrow. d) Would it be all right if I left a bit early today? e) Sorry, no, I won‟t do it. f) Could you possibly turn on the air conditioning? g) I think I‟d rather have fish, actually. h) Why don‟t we have a party next weekend? i) That‟s very kind of you, I appreciate it. j) Don‟t worry, everything will go out all right.

1) Promising. 2) Refusing. 3) Suggesting. 4) Expressing a preference. 5) Pausing to think. 6) Making a request. 7) Thanking. 8) Asking for an opinion. 9) Reassuring. 10) Asking permission.

6. Match each sentence a) to j) with an explanation from 1) to 10). a) Congratulations! b) Look out! c) Oh bother! d) Whoops! e) Well done! f) Excuse me! g) Pardon? h) Bless you! i) Cheers! j) You poor thing!

1) Praising someone‟s performance. 2) Expressing annoyance. 3) Wishing someone good health when drinking. 4) Expressing happiness at someone‟s success. 5) Attracting attention or asking someone to move out of your way. 6) Expressing sympathy. 7) Expressing that something has/ has nearly gone wrong. 8) Giving a warning. 9) Showing that you have misheard or misunderstood. 10) Said when another person sneezes.

7. Complete the second sentence so that it has a similar meaning to the first sentence,

using the word given. Do not change the word given. You must use between two and five words.

a) What‟s your opinion of Roger‟s new book? think What do ____________________ Roger‟s new book? b) Thank you very much for your help. am I ________________________________ for your help. c) May I leave my bag here? if Is it _____________________________ leave my bag here? d) Let‟s go to the beach tomorrow. we Why ___________________________ to the beach tomorrow? e) I like going sailing more than going swimming. rather I‟d _________________________ swimming. f) Could you open the window? think Do ________________________________________ the window?

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g) Is it all right if you take care of the children? mind Do ____________________ care of the children? h) I recommend going by train. go I think you _______________________________ by train. i) Excuse me, I can‟t get past you! in Excuse me, you ______________________________ way. j) „You‟ve passed your driving test, Ron! Well done!‟ said Carol. on Carol congratulated ______________________________ driving test.

8. Look carefully at each line. Some lines are correct, but some have a word which should

not be there. Tick each correct line. If a line has a word which should not be there, write the word in the space.

Say One Thing, Mean Another Do you ever get annoyed by people who say one thing but mean another? For example, they say you, „That‟s a very kind of you, I‟d love to‟ when you are invite them to the cinema, but really they are thinking of an excuse so they can avoid you! People who ask for an advice also annoy me. They say things like „What do you think I should do?‟ but then they don‟t listen to what you tell with them. Sometimes they don‟t even let you answer, but answer themselves! This really gets on to my nerves. Politeness is also a problem. When people ask to you to open a window, they say „Excuse me, but it could you possibly open the window for me?‟ I prefer to be more direct. Why shouldn‟t we just ever say „Can you to open the window?‟ or something like that? I‟ve tried this a few times, but people either look annoyed, or they don‟t do it what I ask them to. I wonder why?

__you___

1. ________ 2. ________ 3. ________ 4. ________ 5. ________ 6. ________ 7. ________ 8. ________ 9. ________ 10. ________ 11. ________ 12. ________ 13. ________ 14. ________ 15. ________

SKILLS FOCUS: Writing – Giving Opinion Give short written answers to the following questions:

1. Would you like to work for a company that had a pay-for-performance policy? Does this only work for sales people, or could it be extended to all jobs?

2. Would you say that you, personally, were individualist or collectivist? Particularist or universalist? (Remember your answers in 1.a. above.)

3. What about the majority of people in your country? 4. Would you like (or do you like) to work in a team? Do you like the idea of matrix

management, or would you rather report to one powerful boss? 5. Do you believe that it is possible to sum up national characteristics in a few words? Is there

usually some (or a lot of) truth in such stereotypes? Or, on the contrary, do you find such stereotyping dangerous?

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TRANSLATION A. Translate the following text into English, using the following idioms for the italicised words in Romanian: to work like a horse, like a fish out of water, like a bird in a cage, like a man possessed, like a cat on hot bricks, as useless as a chocolate kettle, as easy as selling peas, go like hot cakes, as like two peas, to sleep like a log 1. Credeam că învaţă pentru examen, dar el dormea buştean. 2. Pentru mine, să reţin toate aceste numere de telefon e floare la ureche. 3. Nu-i poţi deosebi pe gemeni; seamănă ca două picături de apă. 4. A muncit pe brânci toată vara, dar a luat bani frumoşi pentru recoltă. 5. Neavând voie să ies din casă toată ziua, m-am simţit ca un animal într-o cuşcă. 6. Noua slujbă era atât de grea, încât se simţea ca peştele pe uscat. 7. Stătea ca pe ace când am atins subiectul salariului. 8. Muncea ca un posedat ca să uite probabil prin ce trecuse. 9. Nu eşti bun de nimic! Stai acolo şi te uiţi în loc să dai o mână de ajutor. 10. Noul tip de telefon mobil se vinde ca pâinea caldă. B. Translate the following text into Romanian:

As far as multinationals make their businesses overseas, they have to play the game according to the rules of the country they are working in. But it's a matter of common knowledge, that because of their global approach, multinationals very often make decisions which are against the interests of their host countries. And of course that is the time when they have to face some constrains – restrictions on managerial actions.

The examples are numerous: a multinational can decide to close down its plants in country "A" because it wants to concentrate production in country "B" – it leads to unemployment for all the personal in country "A", and as a result the government of this country will put some pressure on the multinational to change its mind. Difficulties often arise when a multinational wishes to transfer its earnings back to Head Office. The host country may feel that the transfer will have a bad effect on the exchange rate of its currency.

http://www.articlesbase.com/management-articles/management-and-cultural-diversity-1286769.html

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Unit 4: BANKING


- get familiar with the various types of banks - revise and/or acquire vocabulary related to banking - revise and practice language related to asking for information - improve the skills you need for writing a formal letter - improve your translation skills

LEAD IN

1. Match up these terms with the definitions below:

(A) cash card (B) cash dispenser (C) credit card (D) home banking (E) loan (F) mortgage (G) overdraft (H) standing order (I) current account (J)deposit account

1. an arrangement by which a customer can withdraw more from a bank account than has been

deposited in it, up to an agreed limit; interest on the debt is calculated daily. 2. a card which guarantees payment for goods and services purchased by the cardholder, who

pays back the bank or finance company at a later date. 3. a computerised machine that allows bank customers to withdraw money, check their balance

and so on. 4. a fixed sum of money on which interest is paid, lent for a fixed period, and usually for a specific

purpose. 5. an instruction to a bank to pay fixed sums of money to certain people or organisations at stated

times. 6. a loan usually to buy property, which serves as a security for the loan. 7. a plastic card issued to bank customers for use in cash dispensers. 8. doing banking transactions by telephone or from one‟s own personal computer, linked to the

bank via a network. 9. one that generally pays little or no interest, but allows the holder to withdraw his or her cash

without any restrictions 10. one that pays interest, but usually cannot be used for paying cheques, and on which notice is

often required to withdraw money. 2. Answer the following questions, keeping in mind the information in exercise 1. 1) Which of the banking facilities listed in exercise 1 do you use? 2) What other services do commercial banks offer in your country? 3) What changes have there been in personal banking recently? 4) What further changes do you foresee in the future? READING 1. Read the text below and write short headings (one or two words) for each paragraph. TYPES OF BANK

(1) ____________________ Commercial or retail banks are businesses trade in money. They receive and hold deposits, pay money according to customers‟ instructions, lend money, offer investment advice,

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5 10 15 20 25 30 35 40 45

exchange foreign currencies, and so on. They make a difference from the difference (known as spread or margin) between the interest rates they pay to lenders or depositors and those they charge to borrowers. Banks also create credit, because the money they lend, from their deposits , is generally spent (either on goods or services, or to settle debts), and in this way transferred to another bank account – often by way of a bank transfer or a cheque (BE) / check (AE)rather than the use of notes or coins – from where it can be lent to another borrower, and so on. When lending money, bankers have to find a balance between yield and risk, and between liquidity and different maturities.

(2) ____________________ Merchant banks in Britain raise funds for industry on the various financial markets, finance international trade, issue and underwrite securities, deal with takeovers and mergers, and issue government bonds. They also generally offer stockbroking and portfolio management services to rich corporate and individual clients. Investment banks in the USA are similar, but they can only act as intermediaries offering advisory services, and do not offer loans themselves. Investment banks make their profits from the fees and commissions they charge for their services.

(3) ____________________ In the USA, the Glass-Steagall Act of 1934 enforced a strict separation between commercial banks and investment banks or stockbroking firms. Yet the distinction between commercial banks and investment banking has become less clear in recent years. deregulation in the USA and Britain is leading to the creation of „financial supermarkets‟: conglomerates combining the services previously offered by banks, stockbrokers, insurance companies, and so on. In some European countries (notably Germany, Austria and Switzerland) there have always been universal banks combining deposit and loan banking with share and bond dealing and investment services.

(4) ____________________ A country‟s minimum interest rate is usually fixed by the central bank. This is the discount rate, at which the central bank makes secured loans to commercial banks. Banks lend to blue chip borrowers (very safe large companies) at the base rate or the prime rate; all other borrowers pay more, depending on their credit standing (or credit rating, or creditworthiness: the lender‟s estimation of their present and future solvency. Borrowers can usually get a lower interest rate if the loan is secured or guaranteed by some kind of asset, known as collateral.

(5) ____________________ In most financial centres, there are also branches of lots of foreign banks, largely doing eurocurrency business. A Eurocurrency is any currency held outside its country of origin. The first significant Eurocurrency market was for US dollars in Europe, but the name is now used for foreign currencies held anywhere in the world (e.g. yen in the US, euro in Japan). Since the US$ is the world‟s most important trading currency – and because the US has for many years had a huge trade deficit – there is a market of many billions of Eurodollars, including the oil-exporting countries‟ “petrodollars”. Although a central bank can determine the minimum lending date for its national currency, it has no control over foreign currencies. Furthermore, banks are not obliged to deposit any of their Eurocurrency assets at 0% interest with the central bank, which means that they can usually offer better rates to borrowers and depositors than in the home country.

2. Which of the following three paragraphs most accurately concisely summarises the text, and what is wrong with the others? 1) Commercial banks hold customers‟ deposits and make loans. Investment banks raise funds for

industry. Deregulation in Britain and the US is leading to the creation of financial conglomerates similar to the universal banks that have always existed in German-speaking countries. A country‟s minimum interest rate is usually fixed; banks charge progressively higher rates to less secure borrowers. Many banks also do Eurocurrency business – lending foreign currencies, notably dollars, at lower rates than in the currencies‟ home countries.

2) Commercial banks receive deposits and make loans. Merchant and investment banks arrange security issues and offer other investment services. Yet the traditional distinction between commercial and investment banks is now breaking down. Domestic interest rates are fixed by

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central banks. Many banks also have branches abroad that do Eurocurrency business, making loans in other European currencies.

3) Commercial banks receive deposits, lend money, and provide other services. Merchant and investment banks lend money to industry. British and American banks are now joining together in conglomerates. The interest rates that banks charge depend on the borrowers‟ creditworthiness. European banks also do a lot of Eurodollar and petrodollar business.

3. Find the words or expressions in the text above which mean the following. 1) to place money in a bank; or money placed in a bank 2) the money used in countries other than one‟s own 3) how much money a loan pays, expressed as a percentage 4) available cash, and how easily other assets can be turned into cash 5) the date when a loan becomes repayable 6) to guarantee to buy all the new shares that a company issues, if they cannot be sold to the

public 7) when a company buys or acquires another one 8) when a company combines with another one 9) buying and selling stocks or shares for clients 10) taking care of all a client‟s investments 11) the ending or relaxing of legal restrictions 12) a group of companies, operating in different fields, that have joined together 13) a company considered to be without risk 14) ability to pay liabilities when they become due 15) anything that acts as a security or a guarantee for a loan 4. The text contains a number of common verb-noun expressions (e.g. to lend money, to finance international trade). Match up the verbs and nouns below to make common collocations.

charge do exchange issue make offer pay raise receive underwrite

advice bonds business currencies deposits funds interest loans profits security issues

VOCABULARY DEVELOPMENT 1. Read the text below about the use of gold. Choose the correct word from A, B, C or D to fill each gap.

Gold is a measure of wealth which is recognised all over the world. For century it was the foundation of the international monetary system and (1) ______ today, it remains one of the most important components of a country‟s foreign currency reserves.

What (2) ______ gold attractive is that it has a value of its own for both industrial and ornamental purposes, (3) ______ paper banknotes, which are worthless (4) ______ themselves. As a result, gold is bought as an (5) ______ in times of financial uncertainty.

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Until the 1930s, several European currencies were based on the Gold Standard, which meant that the value of a (6) ______ of currency was fixed in (7) ______ of a stated quantity of gold. People could freely (8) ______ any banknotes they had for gold. In 1931, world-wide financial problems (9) ______ the Gold Standard to be dropped. Then, in 1935, the USA, France and the UK (10) ______ the price of gold at $35 an ounce, which remained the price until 1971. Because the demand for gold (11) ______ so fast, however, the price of gold for ornamental and industrial purposes was (12) ______ to rise. Today, one ounce of gold costs $390 in London.

Gold for jewellery is mixed (13) ______ a metal alloy and the purity of the gold is measured in carats. Most gold sold to the public has 40% gold and is (14) ______ nine-carat gold. Gold investors can buy pure gold from dealers in the (15) ______ of gold bars and gold coins.

1. A. yet B. just C. now D. even 2. A. makes B. turns C. gives D. forms 3. A. against B. unlike C. contrary D. opposite 4. A. on B. for C. to D. in 5. A. expense B. allowance C. investment D. interest 6. A. unit B. piece C. bit D. part 7. A. conditions B. reference C. terms D. ways 8. A. convert B. exchange C. alter D. refund 9. A. created B. resulted C. made D. caused 10. A. fixed B. attached C. laid D. stood 11. A. grew B. raised C. heightened D. gained 12. A. granted B. allowed C. accepted D. passed 13. A. down B. by C. up D. with 14. A. called B. thought C. known D. believed 15. A. sort B. fashion C. form D. type

2. BORROWING AND LENDING. Choose the correct alternative to complete each sentence. 1) If you possess something, you can say that you ________ it. a. owe b. own c. owner 2) If you have to reimburse or repay someone, you ________ money. a. owe b. own c. yield 3) To let someone else have the use of your money for a certain period of time, after which it must

be paid back, is to ________. a. borrow b. lend c. credit 4) To take money that has to be repaid is, on the contrary, to ________. a. borrow b. lend c. steal 5) An amount of money lent is a ________. a. debit b. debt c. loan 6) A person who has borrowed money is a ________. a. creditor b. debtor c. owner 7) Another word for a lender is a/an ________. a. creditor b. debtor c. owner 8) The income received by someone who lends money is called ________. a. dividends b. interest c. interests 9) The borrower has to pay back the loan itself, also known as ________. a. principal b. principle c. premium 10) The amount of money a lender receives for a loan or an investment, expressed as a

percentage, is known as its return or ________. a. credit b. income c. yield 3. INTEREST RATES. Choose words to complete the sentences. In some cases there is more than one possibility. 1) The Bank of England fixes a minimum interest rate, called the discount rate, at which it makes

secured loans to ___.

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a. big companies b. private individuals c. commercial banks d. new businesses 2) British Commercial Banks lend to blue-chips borrowers at the ________. The American

equivalent is the prime rate. a. base rate b. basic rate c. discount rate d. market rate 3) All other borrowers pay more, depending on the learner's estimation of their present and future

solvency, also known as their creditworthiness or ________ or ________. a. credit b. creditors c. credit standing d. credit rating 4) Borrowers can usually get a ________ interest rate if the loan is guaranteed by securities or

other collateral. a. higher b. long-term c. lower d. riskier 5) Banks make their profits from the difference between the interest rate charged to borrowers

and that paid to depositors, also known as a ________ or ________. a. margin b. mistake c. range d. spread 6) Long-term interest rates are generally higher than short-term ones, except when the central

bank temporarily reduces the money supply i.e. makes money ________ or ________. a. loose b. scarce c. tight d. uncommon 7) These days many loans are made with ________ or variable interest rates that change

according to the supply and demand for money. a. drowning b. floating sinking swimming 8) Borrowers and lenders can sometimes arrange limits beyond which rates cannot move. The

upper limit is called a ________ or a ________. a. cap b. ceiling c. roof d. summit 9) 9. The lower limit on a variable rate is known as ________. a. bottom b. carpet c. floor d. maturity 10) A _________ is an arrangement that fixes both the upper and lower limits. a. collar b. tie c. shirt d. suit 11) Central banks cannot determine the minimum lending rate for so-called Eurocurrencies -

currencies held ______. a. outside their country of origin b. in Europe 12) Banks are able to offer better rates to borrowers of Eurocurrencies because there are no

_______ imposed by the Central Bank. a. discount rates b. maturities c. money surplus d. reserve requirements 4. OPPOSITES. Complete the sentences with a word that is (in an obvious sense) the opposite of one of the words in the box. If the word is a verb, you will need to use the appropriate form. asset credit deposit depreciate endogenous floating privatize retail profit trough 1) The bank seems to have _________ my account by $100 by mistake. 2) I have to get to the bank before half past four to _________ some money. 3) After the war, the French government _________ all the major banks and insurance

companies. 4) If things go on like this, we are going to make a huge _________ at the end of the year. 5) Investors are beginning to worry that the business cycle will soon reach a _________. 6) The government always claims that economic difficulties are the result of _________ factors. 7) Until the beginning of the 1970's, we had a _________ exchange rate. 8) Since the beginning of the year, the currency has _________ by over 5%. 9) He likes his new job at the bank because now he's only dealing with _________ business. 10) He is useless. He keeps making mistakes. In fact, I'd say that he's a real _________ to the

department.

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LANGUAGE FOCUS: Asking for information 1. Asking for a Yes or No response All these questions use an auxiliary as the first word in the question and require a positive (Yes)or negative (No) answer: Is Mohammad in his office? Can you speak Arabic? Are you ready? Do you belong to a union? Does your firm have a language policy? Has she finished the report? Have the goods arrived at the frontier? Should we have complained? Did they give a discount? Will they change the price?

Yes, he is. No, I can‟t. No, I‟m not. No, I don‟t. No, it doesn‟t. Yes, she has. No, they haven‟t yet. Yes, definitely. No, they didn‟t actually. No, they won‟t.

2. Open questions We use this question form when we want more information than a simple confirmation or denial: When will the order be sent? Where would you like to work? Who is in charge of human resources? What brand of washing powder do you use?

Which is the best area to live in? Why is he never on time? Whose car is blocking the entrance? How have you changed in the last five years?

The question word is placed before the auxiliary verb. When we use a verb in a simple tense (present or past) we have to use the auxiliary do/does/did or a modal (can/will/should etc.): Where do you live? Where can I get a taxi? When does she want it? When shall I arrive? Who do you work with?

Who should I ask for? Why didn’t they come? Why couldn’t she do it? Where did you get it from? Where would you like to go?

3. Negative questions We use a negative question when we suspect the answer will be No, having first thought it would be Yes. Can’t you get there earlier? (I think it‟s possible) Didn’t you tell them about the deal? (I thought you would) Won’t 8 o‟clock be too late? (I suspect it will be) Aren’t you going to the conference? (I thought you were) 4. Who, what and which When who, what or which is the subject of a sentence, an auxiliary is not used: Who wants a lift to the station? (NOT *Who does want …) What happened at the meeting? (NOT *What did happen …)

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Which costs more? (NOT *Which does cost more?)

PRACTICE: Asking for information A. Fill in this questionnaire by writing the correct question forms.

Subject Question Answer 1. NAME ………………. is your name? Per Lysvag.

2. STATUS ………………. you single or married? I‟m separated

3. ADDRESS ……………….do you live? In Coventry.

4. AGE ………………. are you? 27

5. OCCUPATION ………………. do you do for a living? I‟m an engineer.

6. LENGTH OF SERVICE ………………. have you been working

for your present employer? Three years.

7. SALARY ………………. do you earn? £40,000 a year.

8. FOREIGN TRAVEL ………………. do you go abroad? Three or four times a year,

mostly back to Sweden.

9. ENGLISH AT WORK ………………. did you last have to

make a presentation in English?

Last week at a meeting in

Birmingham.

10. REASON FOR

LANGUAGE TRAINING

………………. do you need training in

foreign languages?

To speak with my colleagues

and customers abroad.

11. LANGUAGE ABILITY

………………. of these words

describes your ability in English:

beginner, intermediate or advanced?

Advanced, I hope!

B. Sue Watson is phoning Bill Daniels about a recent open day, but her mobile phone battery is low and sometimes she can’t be heard. Write the questions Bill has to ask. Sue Bill Sue Bill Sue Bill Sue

It was a great success. More than xxxxx people visited the plant. Sorry. (1) ……………….………………. the plant? Over 2,000. And xxxxx congratulated you on your excellent organization! I can‟t hear you. (2) ……………….………………. me? The xxxxx Director complimented you on your organization. Sorry? (3) ……………….………………. complimented me? The Divisional Director. Look, It‟s a really bad line. I‟ll talk to you later.

SKILLS FOCUS: Writing a formal letter to a bank A customer may have regular payments to make such as a monthly insurance premium or an annual subscription to a sports club. In this case the bank can be given a single instruction to make these payments. An example of a standing order is shown on the next page:

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Glenbarrow Crescent Porchester

Wiltshire SW9 8PQ 15th May 200-

The Manager Barclays Bank PLC High Street Porchester SW2 1WR Dear Sir, Please pay to National Westminster, Station Road, Porchester on account of the Porchester Lawn Tennis Club (a/c number 634/541) the sum of £50 on the 1st of May next and the same amount on the same date each year until further notice. Yours sincerely, DAVID MILLER

Your task: Play the part of David Miller and write a letter for him to his bank manager. You have been informed by the tennis club that the subscription rate was increased to £60 last year and another £10 is now due.

TRANSLATION

1. Translate into English, paying attention to the new words related to banking: (1) Serviciile bancare sunt solicitate în vederea obţinerii unor împrumuturi pe termen lung. (2) Profitul va fi folosit pentru extinderea activităţilor comerciale. (3) Dobânda este sursa cea mai importantă de formare a profitului. (4) Banca Agricolă efectuează împrumuturi pentru achiziţionarea de terenuri. (5) Când se constituie o banca, acţionarii vor strânge capital, apoi li se va da un statut din partea

guvernului. (6) O parte din rezervele băncii sunt păstrate în contul de rezerve. (7) Majoritatea băncilor publică extrase de conturi lunar. (8) Consiliul de administraţie al băncii este ales dintre acţionarii acesteia. (9) Acţionarii primesc dividende cu regularitate. (10) O mare parte a activităţii bancare este legată de acordarea de credite.

2. Translate the following texts into Romanian:

Banking represents transactions carried on by any individual or firm engaged in providing financial services to consumers, businesses, or government enterprises. In the broadest sense, a bank is a financial intermediary that performs one or more of the following functions: safeguards and transfers funds, lends or facilitates lending, guarantees creditworthiness, and exchanges money. These services are provided by institutions such as commercial banks, central banks, savings institutions, trust companies, finance companies, life insurance companies, and firms that specialize in investment banking.

A narrower and more common definition of a bank is a financial intermediary that accepts, transfers, and, most important, creates deposits. This includes depository institutions such as central banks, commercial banks, savings and loan associations, and mutual savings banks.

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Unit 5: ACCOUNTING


- get familiar with accounting - revise and/or acquire vocabulary related to accounting - revise and practice complaining and apologising - improve the skills you need for giving your opinion on various topics - improve your translation skills

LEAD IN 1. Match the remarks on the left with their responses on the right:

1. You‟re an accountant?

Does that mean that you spend your time writing down debits and credits, and adding up columns of figures all day? Can‟t be very exciting!

2. So what do accountants do?

3. You mean the shareholders?

4. So you prepare reports for managers?

5. And the costs of the accounts department?

6. You mean what they do in the front of shops?

7. Ah, now that‟s interesting …

8. Not at all. As a matter of fact, I‟m a tax inspector …

a. Ha! Now you‟re going to ask me to tell you how you can pay less tax

b. No, managerial accountants do, but I work in cost accounting. We have to work out the rest of the real cost of each item the company makes, which means finding a way to allocate the overheads to different products.

c. Not, not only. Managers always need the help of accountants. They need financial statements, and budgets, and cash-flow projections, and so on, to measure the success of what they‟ve done, and to make decisions about allocating resources for future projects.

d. Of course. But like I said, we‟re necessary. And useful. Haven‟t you heard of „window dressing‟?

e. Sure, but it‟s also another name for what some people call „creative accounting‟ – making a company‟s financial situation look as good as possible in the balance sheet, and so on. It‟s not very legal, but it happens. The accountants in my firm also have lots of wonderful ways of reducing our tax bill.

f. That‟s bookkeeping. Not quite the same thing. g. Well, accountants do record cash flows, and the value of assets

and liabilities, and they calculate profits and losses, and so on. But it‟s not just writing down numbers. We‟re really in the business of supplying people with information.

2. Match up the terms on the left with the definitions on the right:

1) bookkeeping

2) accounting

3) managerial accounting

4) cost accounting

5) tax accounting

6) auditing

7) „creative accounting‟

A. calculating an individual‟s or a company‟s liability for tax

B. writing down the details of transactions (debits and credits)

C. keeping financial records, recording income and expenditure, valuing assets and liabilities, and so on

D. prepare budgets and other financial reports necessary for management

E. inspection and evaluation of accounts by a second set of accountants

F. using all available accounting procedures and tricks to disguise the true financial position of a company

G. working out the unit cost of products, including materials, labour and all other expenses

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3. Match up the words with the definitions below: assets liabilities creditors (BE)or accounts payable (AE) overheads (BE) or overhead (AE) depreciation turnover debtors (BE) or accounts receivable (AE) revenue or earnings or income shareholders (BE) or stockholders (AE) stock (BE) or inventory (AE)

1. a company‟s owners 2. all the money received by a company during a given period 3. all the money that a company will have to pay someone else in the future, including taxes,

debts and interest and mortgage payments 4. the amount of business done by a company over a year 5. anything owned by a business (cash investments, buildings, machines, and so on)that can

be used to produce goods or pay liabilities 6. the reduction in value of a fixed assets during the years it is in use (charged against profits) 7. sums of money owed by customers for goods or services purchased on credit 8. sums of money owed to suppliers for purchases made on credit 9. (the value of) raw materials, work in progress, and finished products stored ready for sale 10. the various expenses of operating a business that cannot be charged to any one product,

process or department READING 1. Insert the words in the exercise 2, on the previous page, in the gaps in the following text. ACCOUNTING AND FINANCIAL STATEMENTS 5 10 15 20 25 30

In accounting, it is always assumed that a business is a „going concern‟, i.e. that it will continue indefinitely into the future, which means that the current market value of its fixed assets is irrelevant, as they are not for sale. Consequently, the most common accounting system is historical cost accounting, which records (1) _____________ at their original purchase price, minus accumulated depreciation charges. In times of inflation, this understates the value of appreciating assets such as land, but overstates profits as it does not record the replacement cost of plant or (2) _____________. The value of a business‟s assets under historical cost accounting – purchase price minus (3) _____________ - is known as its net book value. Countries with persistently high inflation often prefer to use current cost or replacement cost accounting, which values assets (and related expenses like depreciation) at the price that would have to be paid to replace them (or to buy a more modern equivalent) today.

Company law specifies that (4) _____________ must be given certain financial information. Companies generally include three financial statements in their annual reports.

The profit and loss account (BE) or income statement (AE) shows (5) _____________ and expenditure. It usually gives figures for total sales or (6) _____________ and costs and (7) _____________ . The first figure should obviously be higher than the second, i.e. there should be a profit. Part of the profit goes to the government in taxation, part is usually distributed to shareholders (stockholders) as a dividend, and part is retained by the company.

The balance sheet shows a company‟s financial situation on a particular date, generally the last date of the financial year. It lists the company‟s assets, its (8) _____________, and shareholders‟ (stockholders‟) funds. A business‟s assets include (9) _____________ as it is assumed that these will be paid. Liabilities include (10) ____________ as these will have to be paid. Negative items on financial statements such as creditors, taxation, and dividends paid are usually enclosed in brackets.

In accordance with the principle of double-entry bookkeeping (that all transactions are entered as a credit in one account and as a debit in another), the basic accounting equation is Assets = Liabilities + Owner‟s (or Shareholders‟) Equity. This can be rewritten as Assets – Liabilities = Owner‟s Equity or Net Assets. This includes share capital (money received from the issue of shares), share premium (BE) or paid-in surplus (AE) (any money received by

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selling shares at above their nominal value), and the companies reserves, including the year‟s retained profits. Shareholders‟ equity or net assets are generally less than a company‟s market capitalisation (the total value of its shares at any given moment, i.e. the number of shares times their market price), because net assets do not record items such as goodwill.

The third financial statement has various names, including the source and application of funds statement, and the statement of changes in financial position. This shows the flow of cash in and out of the business between balance sheet dates. Sources of funds include trading profits, depreciation provisions, sales of assets, borrowing, and the issuing of shares. Application of funds include purchases of fixed or financial assets, payment of dividends, repayment of loans, and – in a bad year – trading losses.

2. Using information from the text above, complete the following sentences: 1. Companies record their fixed assets at historical cost because … 2. Historical cost accounting usually underestimates … 3. Countries with a regularly high rate of … 4. Company profits are usually split … 5. Double-entry bookkeeping requires that … 6. A company‟s net assets consist of … 7. A company‟s stock market capitalisation … 8. Flows of cash both in and out of the company …

VOCABULARY DEVELOPMENT 1. Fill in the missing words in the sentences below. Choose from the following. You should use each word more than once. account accounts accountant accounting accountancy

1. Can you check that the figures have been entered correctly in the bank ____________? 2. He's at university studying ____________. 3. The management of the company have not yet decided on their ____________ policies. 4. A bookkeeper writes details of financial transactions in the ____________. 5. Most people in the profession read ____________ magazines and journals in order to stay

informed. 6. She's been working as an ____________ with this firm for several years now. 7. The directors of the company approve the ____________ at the end of the ____________

year. 8. The chief ____________ has completed the draft ____________ for this year. 9. Each branch maintains its own full ____________ system. 10. They have opened an ____________ for the consignment to Bombay. 11. ____________ is really not an exact science. 12. A business manager needs some _______ knowledge in order to understand what he

reads in the company ________ 2. Complete the following words (see example): 1. This company has supplied goods, but has not received any money from them yet. CREDITOR 2. Companies make this when they sell their goods for more than it costs them to make them. P_

_ _ _T 3. Companies make this when they sell their goods for more than it costs them to make them. L _

_ _ 4. Goods which are bought by the company. P_ _ _ _ _ _ ES

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5. Goods which the company has available to sell. S _ _ _K 6. Customers who have received goods but not paid for them yet. D_ _ _ _ RS 7. A reduction in the price which is offered to customers. D_ _C_ _ _ _ 8. This is the name of the difference between the credit and the debit side of an account. B_ _ _

_C_ 9. This is drawn up to check that the two sides of the accounts are the same. T_ _ _L B_ _ _ _ _ _ 10. The cost of transporting goods is called this. C_ _ _ _ _GE 3. Complete the following words: 1. This is the name for buildings, machinery, money in the bank and money owed by customers. A_ _ _ _S 2. The loss of value of the things in number (1). D_P_ _ _ _ _ _ _ _N 3. Money which is borrowed. L_ _ _ 4. The extra money a company or person pays for borrowing money. I_ _ _ _ _ST 5. The total sum of money which is supplied by the owners of a company to set it up. C_ _ _T_ _ 6. Cash or goods which the owner takes from the company for his own private use. D_ _ _W_ _ _S 7. These are bought by people wishing to invest in the company. S_ _ _ _S 8. The extra amount which is paid for a company above the value of its assets. GOO_ _ _ _ _ 9. The purchase of another company. ACQU_ _ _ _ _ _ _ 10. An official examination of the accounts. A_ _ _T 11. A financial plan for the future. B_ _ _ _T 12. A statement of the financial position of the company. B_ _ _ _ _E SHEET 4. PROFIT AND LOSS. Fill in the missing words in the sentences below. Choose from the following:

administrative expenses cost of sales distribution dividend extraordinary ordinary retained turnover

1. As A.Z. Designs Ltd. is a small printing company, all their printing contracts are known as ________ activities. 2. Recently, a film company paid A.Z. Designs a large amount of money to use the company's premises when they were making a film. This was recorded in the P&L account as ________ income. 3. Income which the company makes in its normal activities is known as ________. 4. At the end of the year, some of the profits may be shared out among the shareholders who will receive a ________. 5. The costs of getting the goods to the customers are shown as ________ costs in the P&L Account. 6. Materials which are used up in manufacturing and workers' wages are recorded as ________. 7. The secretary's salary, and expenses incurred in the office are shown as ________. 8. The company may decide to keep some of the profits at the end of the year and the amount is shown as ________ profits. 5. TYPES OF ASSETS. Match these accounting terms with the definitions below, and then use five of them to label the drawings. current or circulating or floating assets net assets fixed or capital or permanent assets net current assets or working capital intangible assets wasting assets liquid or available assets 1. ________ are anything that can quickly be turned into cash.

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2. ________ are the excess of current assets (such as cash, inventories, debtors) over current liabilities (creditors, overdrafts, etc.) 3. ________ are those which are gradually exhausted (used up) in production and cannot be replaced. 4. ________ are those which will be consumed or turned into cash in the ordinary course of business. 5. ________ are those whose value can only be quantified or turned into cash with difficulty, such as goodwill, patents, copyrights and trade marks. 6. ________, or shareholders' equity, on a business's balance sheet, is assets minus liabilities (which is generally equal to fixed assets plus the difference between current assets and current liabilities). 7. ________, such as land, buildings and machines, cannot be sold or turned into cash, as they are required for making and selling the firm's products. 6. BANKRUPTCY. Choose the correct alternative to complete each sentence: If a person or business has more debts than money to pay them, this means they have more (1) ________ than assets, and they are (2) ________. If a (3) ________ takes the matter to court, the person or company is declared bankrupt. A bankrupt company goes into liquidation or receivership or is wound up. The court appoints a liquidator (or receiver or administrator) who realises (sells) the company's (4) ________ in order to repay creditors. A failing business can choose voluntary winding up, in which case it appoints its own liquidator. In America, a (5) ________ in difficulty can 'file for Chapter Eleven' and propose a recovery plan; it is then temporarily protected from its creditors, and given some time to attempt to solve its problems. A failing business that knows it has no reasonable chance of avoiding bankruptcy should stop trading. Continuing to (6) ________, and building up debts with creditors that will never be paid, is called wrongful trading and is illegal. There are limits to limited liability! 1. a. equity b. liability c. liabilities 2. a. illegal b. illiquid c. insolvent 3. a. borrower b. creditor c. debtor 4. a assets b. debts c. liabilities 5. a. corporation b. partnership c. proprietor 6. do business b. earn c. make business

LANGUAGE FOCUS: Complaining and apologising 1. Complaining to someone you know well If you are annoyed at someone‟s behaviour you can say: I’m fed up with your attitude. I’ve had enough of it. I wish you wouldn’t ... I’d rather you didn’t ... If your complaint mentions the person concerned we use a pronoun + verb + -ing: I’m fed up with him telling me what to do all the time. I’m sick (to death) of them complaining. You can also use always + the present progressive to express your annoyance: You are always trying to control what to do. You are always making such a fuss.

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2. Taking a complaint further If you have already complaint and nothing has been done you can say: I want to see the manager / the person in charge. I’m afraid I’m not satisfied with the standard of service. I‟d like to make a formal complaint about the hygiene. 3. Complaining in writing You can start your letter in a number of ways: I regret to have to complaint about ... I‟m writing to complain about ... I‟m writing to express my concern about ... I would like to make a complaint about ... 4. Threatening In order to back up your complaint you can promise to do something unpleasant if you do not receive satisfaction. You can make a threat by using if or unless: Unless, I receive compensation I will have to take legal action. I would be reluctant to change suppliers, but if the situation does not improve I will be forced to look elsewhere. 5. Apologising In speech it is common to say I’m sorry / I’m extremely sorry for (the delay). In writing you can use: We (sincerely) apologise for the misunderstanding. I assure you we are doing everything in our power to put things right. I fully appreciate your position and very much regret the inconvenience this has caused.

PRACTICE - Complaining and apologising A. The sentences in this letter of complaint have been jumbled. Put them back in the correct order and insert these words and expressions: a) I‟m writing to express my concern b) Regrettably c) I will have no alternative but to

1. Yours sincerely,

2. However, if the delay continues .......................... give instructions to suspend payment of your last invoice.

3. .......................... about the failure to supply the essential components which were promised us for 1 April and which do not seem to have reached us.

4. Given the long standing relationship between our two firms I would be reluctant to change suppliers.

5. I look forward to your response.

6. Dear Mrs O‟Mailley,

7. .......................... this delay is now causing a bottleneck in our production.

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B. This is the e-mail that was sent by Mrs O’Mailley in reply. Complete it with these phrases: a) We very much regret b) Once again, we apologise

c) We are very concerned d) hope you will understand the reason

e) I assure you are doing everything in our power 1) .......................... to hear that the consignment of spare parts that was ordered from us in February has not reached you. 2) .......................... the disruption this has caused to your production. 3) .......................... to make sure the consignment arrives as soon as possible. The delay is due to an expected delivery of components from Spain which has been held up as a result of industrial unrest. However, the components have now arrived and the consignment has been sent to you by airfreight. 4) .......................... for the inconvenience and 5) ...........................

SKILLS FOCUS: Giving arguments to support your opinion If you possess a large amount of money, what are the advantages and disadvantages of the following?

putting it under the mattress

buying a lottery ticket

taking all your money to Las Vegas

putting it in a bank

buying gold

buying a Van Gogh painting

investing in property or real estate

buying bonds

buying shares

TRANSLATION

1. Translate the following sentences into English, paying attention to words and expressions related to accounting:

(1) Fondul de rulment se calculează scăzând obligaţiile curente din activele curente. (2) Activele imobiizate sunt formate în principal din terenuri, construcţii şi utilaje. (3) Ni s-a spus că avem dreptul la nişte scutiri fiscale considerabile. (4) Profiturile înaintea impozitării obţinute de companiile americane au crescut cu 15% în primul

semestru al anului 2002. (5) Costurile de exploatare din acest an sunt în creştere faţă de anul 2009. (6) Angajaţilor li s-a oferit posibilitatea de a investi în propria lor companie. (7) Filiala franceză a înregistrat o creştere a venitului net de 132% faţă de anul 2010, iar profitul

înaintea impozitării s-a triplat. (8) Într-o scrisoare adresată acţionarilor săi, firma constată o creştere cu 12% a cifrei de afaceri la

sfârşitul lunii iunie. (9) Profitul pe anul 2011 a fost raportat şi va fi impozitat în următorul an financiar. (10) Contribuţia la asigurările sociale se calculează asupra totalului brut al salariilor. (11) V-aţi notat cifrele anului trecut şi v-aţi scris raportul.

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(12) Pentru a subscrie la capitalul unui holding, angajaţii au posibilitatea de a contracta împrumuturi, beneficiind de considerabile avantaje fiscale.

(13) În activul bilanţului, contul stocurilor se împarte în trei grupe: materii prime, semifabricate şi produse finite.

(14) Fondul de rulment care până în prezent a permis autofinanţarea întreprinderii nu va mai fi de ajunj pentru a acoperi cheltuielile generale.

(15) Dacă mai aud vreun cuvânt despre fluxul de numerar sau despre capitalul social atras al unei companii o să dau cu un registru în cineva.

2. Translate the following text into Romanian:

Accounting and Bookkeeping represent the process of identifying, measuring, recording,

and communicating economic information about an organization or other entity, in order to permit informed judgments by users of the information. Bookkeeping encompasses the record-keeping aspect of accounting and therefore provides much of the data to which accounting principles are applied in the preparation of financial statements and other financial information.

Personal record keeping often uses a simple single-entry system, in which amounts are recorded in column form. Such entries include the date of the transaction, its nature, and the amount of money involved. Record keeping of organizations, however, is based on a double-entry system, whereby each transaction is recorded on the basis of its dual impact on the organization's financial position or operating results or both. Information relating to the financial position of an enterprise is presented in a balance sheet, while disclosures about operating results are displayed in an income statement. Data relating to an organization's liquidity and changes in its financial structure are shown in a statement of changes in financial position. Such financial statements are prepared to provide information about past performance, which in turn becomes a basis for readers to try to project what might happen in the future.

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Unit 6: MARKETING


- get familiar with marketing - revise and/or acquire vocabulary related to marketing - revise and practice getting things done - improve the skills you need for supporting your opinion with arguments - improve your translation skills

LEAD IN 1. Read the following definitions: This is a modern definition of marketing (as opposed to selling): There will always, one can assume, be a need for some selling. But the aim of marketing is to make selling superfluous. The aim of marketing is to know and understand the customer so well that the product or service fits him and sells itself. Ideally, marketing should result in a customer who is ready to buy. (Peter Drucker: Management: Tasks, Responsibilities, Practices) This is another, more poetic definition. (A crop is an agricultural product, especially cereals and fruit.) Marketing is the creation of long-term demand, while sales is the execution of marketing strategies. Marketing is buying the land, choosing what crop to grow, planting the crop, fertilizing it, and then deciding when to harvest. Sales is harvesting the crop. Salespeople in general don‟t think strategically about the business. (Robert X. Cringely: Accidental Empires) 2. Now complete the following definition of marketing, by inserting these verbs in the gaps below: design develop identify influence modify persuade Marketers have to: (1) _________ or anticipate a consumer need; (2) _________ a product or service that meets that need better than any competing products or services; (3) _________ target consumers to try the product or service; and, in the long term, (4) _________ it to satisfy changes in consumer needs or market conditions. Marketers can (5) _________ particular features, attractive packaging, and effective advertising, that will (6) _________ consumers‟ wants. Marketing thus combines market research, new product development, distribution, advertising, promotion, product improvement, and so on. 3. Match up the words or expressions on the left with the definitions on the right. 1. distribution channel 2. to launch a product 3. market opportunities 4. market research

A. all the companies or individuals involved in moving a particular good or service from the producer to the consumer B. an idea for a new product which is tested with target consumers before the actual product is developed C. attributes or characteristics of a product: quality, price, reliability, etc. D. dividing a market into distinct groups of buyers who have different requirements or buying habits

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5. market segmentation 6. packaging 7. points of sale 8. product concept 9. product features 10. sales representative

E. places where goods are sold to the public – shops, stores, kiosks, market stalls, etc. F. possibilities of filling unsatisfied needs in sectors in which a company can profitably produce goods or services G. someone who contacts existing and potential customers, and tries to persuade them to buy goods or services H. collecting, analysing and reporting data relevant to a specific marketing situation (such as a proposed new product) I. to introduce a new product onto the market J. wrappers and containers in which products are sold

READING 1. Look quickly through the following text and decide which paragraphs are about these subjects: _________ - company-to-company marketing _________ - identifying market opportunities _________ - the marketing mix _________ - the selling and marketing concepts _________ - the importance of market research THE CENTRALITY OF MARKETING

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10

15

20

25

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(1) Most management and marketing writers now distinguish between selling and marketing. The „selling concept‟ assumes that resisting consumers have to be persuaded by vigorous hard-selling techniques to buy non-essential goods or services. Products are sold rather than bought. The „marketing concept‟, on the contrary, assumes that the producer‟s task is to find wants and fill them. In other words, you don‟t sell what you make, you make what will be bought. As well as satisfying existing needs, marketers can also anticipate and create new ones. The markets for the Walkman, video games, personal computers, and genetic engineering, to choose some recent examples, were largely created than identified. (2) Marketers are consequently always looking for market opportunities – profitable possibilities of filling unsatisfied needs or creating new ones in areas in which the company is likely to enjoy a differential advantage, due to its distinctive competencies (the things it does particularly well). Market opportunities are generally isolated by market segmentation. Once a target market has been identified, a company has to decide what goods or services to offer. This means that much of the work of marketing has been done before the final product or service come into existence. It also means that the marketing concept has to be understood throughout the company, e.g. in the production department of a manufacturing company as much as in the marketing department itself. The company must also take account of the existence of competitors, who always have to be identified, monitored and defeated in the search for loyal customers.

(3) Rather than risk launching a product or service solely on the basis of intuition or guesswork, most companies undertake market research (GB) or marketing research (US). They collect and analyse information about the size of a potential market, about consumers‟ reactions to particular product or service features, and so on. Sales representatives, who also talk to consumers, are another important source of information.

(4) Once the basic offer, e.g. a product concept, has been established, the company has to think about the marketing mix, i.e. all the various elements of a marketing programme, their integration, and the amount of effort that a company can expend on them in order to influence the target market. The best known classification of these elements is the „4 Ps‟: product, place, promotion and price. Aspects to be considering in marketing products include quality, features (standard and optional), style, brand name, size, packaging, services and guarantee. Place in a marketing mix includes such factors as distribution channels, locations of points of sale, transport, inventory size, etc. Promotion groups together advertising, publicity, sales promotion, and personal selling, while price includes the basic list price,

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discounts, the length of the payment period, possible credit terms, and so on. It is the job of a product manager to increase sales by changing the marketing mix.

(5) It must be remembered that quite apart from consumer markets (in which people buy products for direct consumption) there exists an enormous producer or industrial or business market, consisting of all the individuals and organizations that acquire goods and services that are used in the production of other goods, or in the supply of services to others. Few consumers realise that the producer market is actually larger than the consumer market, since it contains all the raw materials, manufactured parts and components that go into consumer goods, plus capital equipment such as buildings and machines, supplies such as energy and pens and paper, and services ranging from cleaning to management consulting, all of which have to be marketed. There is consequently more industrial than consumer marketing, even though ordinary consumers are seldom exposed to it.

2. Which of the following three paragraphs most accurately summarizes the text and why? First summary: Marketing means that you don‟t have to worry about selling your product, because you know it satisfies a need. Companies have to identify market opportunities by market segmentation: doing market research, finding a target market, and producing the right product. Once a product concept has been established, marketers regularly have to change the market mix – the product features, its distribution, the way it is promoted, and its price – in order to increase sales. Industrial goods – components and equipment for producers of other goods – have to be marketed as well as consumer goods. Second summary: The marketing concept has now completely replaced the old-fashioned selling concept. Companies have to identify and satisfy the needs of particular market segments. A product‟s features are often changed, as are its price, the places in which it is sold, and the way in which it is promoted. More important than the marketing of consumer goods is the marketing of industrial or producer goods. Third summary The marketing concept is that a company‟s choice of what goods and services to offer should be based on the goal of satisfying consumers‟ needs. Many companies limit themselves to attempting to satisfy the needs of particular market segments. Their choice of action is often the result of market research. A product‟s features, the methods of distributing and promoting it, and its price can all be changed during the course of its life, if necessary. Quite apart from the marketing of consumer products, with which everybody is familiar, there is a great deal of marketing of industrial goods.

VOCABULARY DEVELOPMENT 1. Fill in the missing words in the sentences below. Choose from the following. One word is used twice. customers developing distribute needs place price producing product profit promote service time want Marketing is concerned with getting the right (1) __________ to the right (2) __________ at the right (3) __________. Marketing is about meeting consumer (4) __________ at a (5) __________. Marketing makes it easier for (6) __________ to do business with you. Marketing aims to find out what people (7) __________; then (8) __________ and (9) __________ a (10) __________ or (11) __________ that will satisfy those wants; and then determining the best way to (12) _________, (13) __________and (14) __________ the product or service.

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2. Choose the word or phrase with the same meaning as the definition. 1. Providing money to cultural or sporting activities in exchange for advertising rights. a. promotion b. grant aid c. sponsorship 2. A business which specializes in giving advice and support to companies about marketing and markets. a. marketing consultancy b. counselling service c. company analysis 3. An economy which allows open and reasonably free exchange between private companies. a. command economy b. conservative economy c. free market economy 4. A market in which there are too many suppliers producing goods that a lot of people want to buy. a. saturated market b. buyers‟ market c. heavy market 5. A market in which there are few suppliers producing goods that a lot of people want to buy. a. weak market b. sellers‟ market c. light market 6. A company which sells more of a particular type of product than its competitors. a. trend setter b. multinational c. market leader 7. A person with specialist knowledge of a specific market who often predicts what will happen and tries to explain what has happened. a. a market analyst b. forecast c. market broker 8. A specific promotional activity over a limited period of time. a. a campaign b. season c. trend 9. The activity of moving goods from the producer to the consumer. a. shipment b. distribution c. orientation 10. The activity of selling goods to other countries. a. multinational distribution b. exporting c. exchange 11. The proportion of the total market which one company controls. a. dominion b. market place market share 3. Fill in the missing words in the table.

VERB NOUN (PERSON) NOUN (CONCEPT)

1. marketer

2. distribute

3. competition

4. advertising

5. supplier

6. sponsor

7. consume

8. produce

9. analyst

10. researcher

11. import

4. SPEAR, a mail order company, is planning a new advertising campaign. Below is an extract from an internal report to senior marketers in the company. Fill in the missing words and phrases in the report. Choose from the following: advertisements commercials hard sell advertising mix competition impulse buying campaign consumer awareness mail shot catalogue direct mail

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ADVERTISING PLAN

Our plan is to sell products through a (1) ____________ and mail order service. We will use a high pressure, (2) ____________ approach. We can attract customers to order the goods by offering special (3) ____________ prizes. Once the catalogue arrives, consumers will order goods which have an instant appeal: we will depend on (4) ____________. Another approach is to run a long advertising (5) ____________ to increase (6) ____________ of our products. We plan a variety of advertising techniques: this (7) ____________ will consist of television (8) ____________, newspaper (9) ____________, and street advertising. We have a good target customer database, so we will use (10) ____________. We plan to do a (11) ____________ twice, to put extra pressure on those who do not answer the first time. 5. Put each of the following words or phrases in its correct place in the passage below: hoardings classified advertisements publicize commercials posters advertising agencies persuade eye-catching Advertisements are everywhere, from columns of small (1) _______ for houses, jobs, cars etc. in newspapers to big (2) _______ on walls and enormous advertisements on (3) _______ by the side of the road. The job of the (4) _______ is to (5) _______ the products of the firms who employ them. They design (6) _______ advertisements and make television (7) _______ to (8) _______ us to buy, buy, buy. 6. Using the clues, find the names of the people involved in the movement of goods from the producer to the consumer. 1. This person sells products on behalf of one or more

producers. 2. Responsibility for moving goods from producer to retailer is this person‟s job. 3. This person travels around persuading retailers to stock products. 4. When you want to buy a product, you go to this person. 5. Another word for this person‟s job is middleman.

1. _ G _ _ _ 2. D _ _ _ _ I _ _ _ _ _ 3. _ _ L _ _ _ _ _ _ _ S _ _ _ _ _ _ V _ 4. _ _ T _ _ _ _ _ 5. _N _ _ _ M _ _ I _ _ Y

7. Fill in the missing words in the sentences. Choose from the following: commission agent container port distribution agreement electronic trading franchise agreement independent distributor sales force shelf space shipping line vending machine

1. An agent who receives a percentage of the sales is a _________. 2. An agreement to sell only one manufacturer‟s goods is called a sole _______. 3. All the people involved in selling a company‟s goods or services are the _______. 4. A place where ships are loaded with special metal boxes full of goods is called a

_________. 5. _________s buy from companies and sell to retailers. 6. Trading through computers, with orders and payment transmitted along telephone network,

is called _________. 7. The amount of space given over in a shop for displaying a particular product is called

_________. 8. An agreement to pay a licence fee to use a well-known name is called a _______. 9. A machine in which you put coins to buy confectionery or other small items is called a

_________. 10. A company that owns a lot of ships is called a _________.

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LANGUAGE FOCUS: Getting things done 1. If we arrange for something to be done by someone else, we say that we get or have them done for us. Have is slightly more formal:

Subject get / have Object Past Participle

We Could you They We‟ve always

are getting have get had

our offices this payment their catalogue the machines

redecorated. authorised by the accounts department? printed in Mexico. assembled on another site.

2. We can use have followed by an object + base form of the verb if we want to emphasize who does or did the work we arranged: I always have my secretary check my spelling. I had the maintenance people test the air conditioning. She had the catering staff prepare a meal for the guests. If we want to use get, we have to use an object + long infinitive (to + base form) I always get my secretary to check my spelling. I got the maintenance people to test the air conditioning. She got the catering staff to prepare a meal for the guests. 3. There are a number of verbs that describe action undertaken to make sure something is done: attend to contend with cope with deal with follow up (on)

handle process see to tackle take care of Mrs Baker deals with all requests for product information. It‟s my job to see to all routine maintenance work. There are a lot of things to attend to before the trade fair. You should allow three working days for your order to be processed. It is our policy to follow up on all customer complaints. Her assistant is ill and I don‟t know how she is coping with the extra workload.

PRACTICE - Getting things done A. Rewrite the sentences using have or get. Decide whether or not you want to emphasise who does or did the work. 1. All our export risks are insured. We ....................................................................................................................................................... 2. The garage services my car every 15,000 kilometres. I ........................................................................................................................................................... 3. A specialist agency translates all the company documentation and manuals. (2 possible answers)

We ....................................................................................................................................................... We ....................................................................................................................................................... 4. We‟ve asked the contractors to build a new extension. (2 possible answers)

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We‟re ................................................................................................................................................... 5. The legal department drew up the contract on my instructions. (2 possible answers)

I ........................................................................................................................................................... I ........................................................................................................................................................... B. React to the statements below using the word in brackets, as in the example. Example: My export expires soon. (renew) I need to have it renewed. 1. The printer works sporadically. (fix) ................................................................................................ 2. Mrs Baxter is going on a training course. (replace) ......................................................................... 3. The outside windows are incredibly dirty. (clean) ........................................................................... 4. I‟m not sure the figures are entirely accurate. (check) ....................................................................

SKILLS FOCUS: Writing - Supporting your opinion with arguments Read the following questions carefully and provide suitable answers. Give arguments to support your opinion(s). Write between 200 and 250 words. Are there any adverts that you particularly like from television / posters / magazines / cinema / etc.? Can you describe the ads and say why you like them and why they are effective?

TRANSLATION 1. There are not so many homonyms in Romanian as there are in English. However, they may raise problems in versions. There are cases when one and the same Romanian word takes two or more English words to express it according to the context. Translate the following sentences into English, paying attention to the Romanian italicised words. The following suggestions might be useful: 1. pay off – acquit Şi-a achitat toate datoriile. La sfârşitul procesului, judecătorul l-a achitat. 2. course – lecture Cursul evenimentelor a demonstrat contrariul. Cursul lui e frecventat de multi studenti. 3. sort/kind – fellow/chap Ce tip de ţesătură e acesta? Şeful tău e un tip cam ciudat. 4. be – fiind out S-a aflat acolo la momentul potrivit. S-a aflat de faptul că ai încercat să dai mită. 5. in due time – term Mărfurile vor fi predate la termen. Nu-mi vine în minte un termen adecvat.

6. gross – crude Care este venitul tău brut? Petrolul brut se prelucrează în rafinării. 7. adjourn – suspend Au suspendat procesul pentru o săptămână. L-au suspendat din funcţie. 8. Stock Exchange - grant S-a îmbogăţit făcând speculaţii la bursă. I s-a acordat o bursă de studii în Italia. 9. client - customer Clientul ai a pierdut procesul prin neprezentare. E clientul magazinului nostru 10. bachelor degree - licence Când veţi susţine examenul de licenţă? Ai căpătat o licenţă ca să-ţi instalezi sediul în această clădire?

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2. Translate the following text into Romanian. Advertising informs consumers about the existence and benefits of products and services,

and attempts to persuade them to buy them. The best form of advertising is probably word-of-mouth advertising, which occurs when people tell their friends about the benefits of products or services that they have purchased. Yet virtually no providers of goods or services rely on this alone, but use paid advertising instead. Indeed, many organizations also use institutional or prestige advertising, which is designed to build up their reputation rather than to sell particular products.

Although large companies could easily set up their own advertising departments, write their own advertisements, and buy media space themselves, they tend to use the services of large advertising agencies. These are likely to have more resources, and more knowledge about all aspects of advertising and advertising media than a single company. The most talented advertising people generally prefer to work for agencies rather than individual companies as this gives them the chance to work on a variety of advertising accounts (contracts to advertise products or services). It is also easier for a dissatisfied company to give its account to another agency than it would be to fire its own advertising staff.

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Unit 7: BUSINESS ETHICS


- get familiar with business ethics - revise and/or acquire vocabulary related to business ethics - revise and practice requesting and offering - improve the skills you need for supporting your opinion with arguments - improve your translation skills

LEAD IN 1. Answer the following questions: I. What is the purpose of a business, in your opinion? Is it just to make money? II. What do you understand by these phrases?

a) business ethics b) a code of good practice c) a mission statement

III. Should mission statements include statements about ethics? 2. Rank the professions below according to how ethical you think they are:

accountant banker car sales executive

civil servant estate agent journalist

lawyer nurse dentist

police officer teacher taxi driver

3. Which of the views expressed below do you agree with?

1. Business is business. 2. Caveat emptor. 3. Companies have an obligation to maximise profits because shareholders expect the

maximum return on their investments. 4. All you have to do is adhere to conventional standards of morality. 5. Your only ethical obligation is to act within the law. 6. A company has responsibilities to its suppliers, customers, its employees, the local

community and society in general as well as to its shareholders. READING 1. Four of the views expressed above are referred to in the following text. Which are they? PROFITS AND SOCIAL RESPONSIBILITY 5 10

In the 1920s, many large American corporations began, on a wide scale, to establish pension funds, employee stock ownership, life insurance schemes, unemployment compensation funds, limitations on working hours, and high wages. They built houses, churches, schools and libraries, provided medical and legal services, and gave money to charities. Since this is fairly surprising behaviour for business corporations, there must be a good explanation.

In The Generous Corporation, Neil J. Mitchell argues that the reason for many of these actions, most of which clearly did not bring immediate cash benefits, was that large corporations had a legitimacy problem. The existence of large corporations showed the classical economic theory of perfect competition to be inadequate. Consequently, large

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corporations introduced 'welfare capitalism' as a way of creating favourable public opinion. Rational capitalists, starting with Henry Ford, also realised that a better educated work force would be a more efficient one.

Of course, pure free market theorists disapprove of welfare capitalism, and all actions inspired by 'social responsibility' rather than the attempt to maximise profits. Since the benefits of such initiatives are not confined to those who bear the costs, Milton Friedman has criticised them for being unbusinesslike, and for threatening the survival of not only the individual corporations but also the general vitality of capitalism. In a newspaper article titled 'The social responsibility of business is to increase its profits', he argued that:

In a free enterprise, private property system, a corporate executive is an employee of the owners of the business. He has direct responsibility to his employers. That responsibility is to conduct the business in accordance with their desires, which generally will be to make as much money as possible, while of course conforming to the basic rules of the society, both those embodied in law and those embodied in ethical custom.

Thus, executives should not make expenditures on reducing pollution beyond the amount that is required by law or that is in the best interest of the firm. Nor should they deliberately hire less-qualified, long-term unemployed workers, or workers from ethnic minorities suffering from discrimination. To do so is to be guilty of spending the stockholders' (or the customers' or the employees') money. Friedman does not consider the live a society with less pollution or less unemployment and fewer social problems.

An alternative view to the stockholder model exemplified by Friedman's article is the stakeholder model, outlined, for example, in John Kenneth Galbraith's book, The New Industrial State. According to this approach, business managers have responsibilities to all the groups of people with a stake in or an interest in or a claim on the firm. These will include suppliers, customers, employees and the local community, as well as the stockholders. A firm which is managed for the benefits of all is its stakeholders, will not for example, pollute the area around its factories, or close down a factory employing several hundred people in a small town with no other significant employers, and relocate production elsewhere in order to make small financial savings. Proponents of the stakeholder approach suggest that suppliers, customers, employees, and members of the local community should be strongly represented on a company's board of directors.

2. Write questions, relating to the text, to which these could be the answers:

1. According to Mitchell, in order to generate favourable public opinion. 2. So that the workers will probably be more loyal to the company, and will have more money

to spend on products made by the firm and others. 3. Because he believes such behaviour to be unbusinesslike, and therefore dangerous for the

company, and for capitalism in general. 4. According to Friedman, generally to receive as big a dividend as possible. 5. According to Friedman, only the country's laws and ethical customs. 6. Less pollution, or lower unemployment, for example. 7. Anyone who has a claim on or an interest in a firm, such as suppliers, customers and

employers. 3. Find words or expressions in the text which mean the following:

1. institutions or organisations that provide help for people in need 2. acceptability, according to law or public opinion 3. the situation when there are a large number of sellers and buyers, freedom to enter and

leave markets, a complete flow of information, and so on 4. a condition of general well-being (and government spending designed to achieve this) 5. menacing, endangering 6. liveliness, health, energy, strength 7. an economic system in which anyone can attempt to raise capital, form a business, and

offer goods or services 8. complying with or following (rules, etc.) 9. expressed, given a material form

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10. supporters, people who argue in favour of something 4. Milton Friedman, while discussing the notion of 'social responsibility', still argues that a business must conform to the basic rules of society. In your opinion, do the following activities, several of which are not illegal, conform to the basic rules of society or not?

1. Bribing corrupt foreign officials in order to win foreign orders, on the grounds that where bribery is a way of life, you have no alternative if you want to win a contract.

2. Industrial espionage – spying on competitors' R&D departments with concealed cameras and microphones, bribing their employees, etc. - rather than doing your own expensive research and development.

3. Selling supposedly durable goods with 'built-in obsolescence', i.e. which you know will not last more than a few years.

4. Spending money on lobbying, i.e. trying to persuade politicians to pass laws favourable to your particular industry.

5. Telling only half the truth in advertisements, or exaggerating a great deal, or keeping quiet about the bad aspects of a product.

6. Undertaking 'profit smoothing', i.e. using all the techniques of 'creative accounting' to hide big variations in profit figures from year to year, and threatening to replace the auditors if they object.

7. 'Whistle blowing', i.e. revealing confidential information to the police or to a newspaper, e.g. that a company is breaking health and safety regulations and therefore putting people's lives in danger, or illegally selling arms to foreign dictators.

VOCABULARY DEVELOPMENT 1. The sets and phrases below are related either to honesty or to dishonesty. Which word is different from the others in each set? Use a good dictionary to help you.

1. trustworthy 2. a slush fund 3. insider trading 4. a whistleblower 5. a bribe 6.fraud

law-abiding a sweetener industrial espionage a swindler a bonus deceit

crooked compensation disclosure a conman a commission integrity

2. Complete these sentences with words and phrases from the sets above . Choose from the first set to complete sentence 1, from the second set to complete sentence 2, and so on.

1. Our company does nothing illegal. We are very __________________. 2. We've got __________________ which is used in countries where it is difficult to do

business without offering bribes. 3. Their car looked so much like our new model. We suspect __________________. 4. They fired him because he was __________________. He informed the press that the

company was using under-age workers in the factory. 5. He denied accepting __________________ when he gave the contract to the most

expensive supplier. 6. I admire our chairman. He's a man of his word and is greatly respected for his

__________________. 3. Match the verbs and nouns in the table below to make word partnerships. Sometimes there is more than one possibility.

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companies contracts crimes documents laws products regulations sanctions

boycott

breach

break

commit

falsify

impose

4. Match the verb to the correct preposition:

accuse charge prosecute sentence sue

somebody

for damages for selling dangerous goods of offering bribes to three years in prison with breaking guidelines

5. Match the following prefixes to the verbs to describe some unethical business activities. The number of times that each prefix is used is given in brackets.

de- (1) dis- (1) mis- (5) over- (3)

under- (1)

book charge credit fraud inform lead mine price represent treat use

6. Now match the words you have made above to the following nouns:

a company facts

competitors goods

confidence information

consumers people

customers seats

staff

7. Choose the correct definition for the italicised words and phrases in these dialogues:

1. A: Was the company prosecuted for polluting the environment? B: Yes, but they were found not guilty because of a loophole in the law. a) clause b) gap c) case

2. A: How do the high taxes affect people in your country? B: Well for one thing there's a growth in the black economy and it's worrying the government. a) working underground b) night work c) working and not paying tax

3. A: What happened to John? B: He was found guilty of tax evasion and sent to prison for three years. a) not paying enough tax b) paying tax for another person c) paying the wrong tax

4. A: What do unethical companies do when they get large amounts of money illegally? B: Well, money laundering is quite common. It's very hard for the authorities to prove where the money has come from.

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a) investing in property b) keeping money in cash c) hiding the origin of the money 5. I wand durable products, but let's face it – built-in obsolescence is typical of most products

these days. a) very short guarantee b) designed not to last very long c) difficult to use

LANGUAGE FOCUS: Requesting and offering 1. Making a request Here are some ways of making requests, according to the degree of politeness: impolite Get me another glass.

I want another glass. Another glass, OK?

neutral Can I have another glass, please? I‟d like another glass, please. Is it all right if I have another glass?

slightly polite Could I have another glass, please? May I have another glass, please?

very polite I was wondering if I could have another glass. Could you possibly give me another glass, please? Do you mind if I have another glass? Would you mind me having another glass?

2. Accepting a request Yes, sure. Fine. No problem. Go ahead. Certainly. 3. Refusing a request I‟m sorry, I can‟t. / That‟s not possible Well, I‟m afraid … (+reason) If you want to refuse, you can say Well, (actually) I’d rather not (+reason): „Could you help me move this desk?‟ „Sorry, I‟d rather not. I‟ve got a bad back.‟ 4. Offering Would you like to …? Would you like me to …? Shall I …? You can make a spontaneous offer using I’ll: „The last train has gone.‟ „Don‟t worry, I‟ll give you a lift if you like.‟ Accepting offers Thank you very much.

That‟s very kind of you.

Declining offers No, that‟s all right, thank you. No, don‟t bother. / I can manage.

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PRACTICE: Requesting and offering A. The following short dialogues are not very polite. rewrite them to make them sound more acceptable. Example: I want to speak to Mrs Gosso. Could I speak to Mrs Gosso, please? She isn‟t here. What do you want to speak to her for? I’m afraid she isn’t here. Would you like to

leave a message? 1. A. I want to leave early.

B. No way. 2. A. Want a lift?

B. Yes. 3. A. Give me $50 until tomorrow.

B. I haven‟t got any money. 4. A. Want a glass of sherry?

B. No. 5. A. Bring me the bill.

B. OK. 6. A. Tell me the way to the station.

B. No idea where it is. B. Rearrange this jumbled dialogue between two colleagues and put these expressions into the blanks. could you possibly I was wondering if I‟m afraid go ahead I‟ll Shall I a) B: Well, (1) ……………………………….. I can‟t tomorrow. I‟m not coming in to the office. b) A: (2) ……………………………….. write it down for you? c) B: Yeah, (3) ……………………………….. . d) A: (4) ………………… you could phone these people in Spain for me. My Spanish is atrocious. e) B: Sure. (5) ……………………………….. do it first thing. f) A: Yes. Otherwise I‟ll forget! When do you want me to phone them? g) B: Well (6) ……………………………….. do it the day after tomorrow? h) A: Could I ask you a favour? i) B: No problem. Just tell me what you want me to say. j) A: Tomorrow.

SKILLS FOCUS: Supporting your opinion with arguments Do you agree with this statement? Give your reasons (write between 15 and 20 lines). 'If we face a recession we should not lay off employees. The company should sacrifice a profit. It's management's risk and management's responsibility. Employees are not guilty; why should they suffer?'

Akio Morita (1921-1999), co-founder of Sony

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TRANSLATION 1. There are not so many homonyms in Romanian as there are in English. However, they may raise problems in versions. There are cases when one and the same Romanian word takes two or more English words to express it according to the context. Translate the following sentences into English, paying attention to the Romanian italicised words. The following suggestions might be useful: 1. by – to – until Am stat acolo de la 5 până la 8, dar nu a venit. Vor termina de reparat podul până la 1 martie, nu-i aşa? Îţi promit că vom aştepta până te vei hotărî. 2. lose – miss – waste Pur şi simplu am pierdut noţiunea timpului ascultându-l. Am pierdut trenul pentru a doua oară săptămâna aceasta. Am pierdut prea mult timp cu alte lucruri şi nu am terminat eseul. 3. grow – raise – rise Au crescut tot timpul vite la ferma lor şi au trăit din vânzarea lor. Au crescut mari copiii şi în curând îşi vor lua zborul. Au crescut îngrijorător de mult dobânzile în ultima jumătate de an. 2. Translate the following text into Romanian. The results of our research, obtained from a survey of 50 Western managers working in Romania, show that differences exist between Western managers' ethics and those of their Romanian counterparts, especially with regard to bribery. Different backgrounds are at the basis of such divergence. Beyond the communist era and its heritage, the cultural aspect of bribery has been analyzed. Nevertheless, the results of our research suggest that culture may play a double role and the influence could come from both the home environment of Western managers and their new environment. Some Western managers who adapt to the Romanian environment appear to have been already conditioned to bribery from their home environment.

Western Managers Working in Romania: Perception and Attitude Regarding Business Ethics , by Zhan Su and Andre Richelieu

Limba Engleza 2 Zi_SE 11_12

Documents

practice language

translation

acquire vocabulary

make common

finance international

historical

companys financial

romanian italicised