ответы английский. Методические рекомендации для преподавателя к учебнику английский язык экономика и финансы environment часть 3
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часть прибыли компании, распределяемая среди акционеров - dividend ограниченная ответственность (акционера)-limited liability получить сертификат об инкорпорации (лицензию)- to obtain a charter of incorporation B. A private limited company (private joint stock company) in England can have from two to fifty members (this figure does not include those who work in it). A private company does not have to send accounting records to the Registrar of companies (the Registrar), but every year it must state that it had not offered its shares or bonds to the public. A private company is often a family affair, whose capital was raised among the family members who, as a consequence, own shares in the company. But the shares ownership may be transferred to other people only with the consent of the Board of the company. Of course, it's a big disadvantage for the holder of the shares of private companies. Since each share has one vote, the holder must own at least 51% of the shares, to get the majority of votes required for permission to transfer shares to another person. Shares of the public limited company (PLC) can be freely sold on the stock exchange or during private negotiations. PRACTICE Language focus
_________________________________ To operate the business successfully, the manager needs to make decisions that maximize the returns to the owners of the company. Such decisions range from buying supplies from high-quality, low-cost suppliers, to hiring the best available workers, to investing in the best available projects. The first form of equity is owner’s capital. This is the most exposed form of capital since a return is received only after all other calls on a company’s profits have been satisfied. Then in an extreme case – bankruptcy – the owner’s equity will be repaid only after everyone else, including employees, creditors, banks, etc., has received what they are owed. In successful times, the owners have a claim on all the net profit of the company. They can go to other sources of equity finance: firstly, venture capital (it is usually provided by venture firms interested in financing high-growth companies). However, the provider usually demands a much faster and higher rate of return than an owner would expect to form his /her own capital. On the other hand, the venture capital company doesn’t usually interfere in the running of the company.
Small businesses are managed by their owner(s) and have a relatively small (1) … share of the market. Small manufacturing firms (2) … employ fewer than 200 people. Large firms are typically incorporated (limited companies), where ownership and management are separated. Large companies that (3) … exploit economies of scale enjoy a cost advantage over small firms in the same industry. In particular, large firms have access to the following technical and financial economies. Technical economies occur in the production of a good. As the firm expands, there is greater scope for specialisation and (4)… the division of labour . Large factories can employ specialist skilled workers to do the same job all day with no time lost in changing tools or doing unfamiliar tasks. The indivisibility of certain types of (5) capital means that many production processes are impossible on a small scale. Large firms can (6) benefit by linking production processes that would otherwise be car-ried out in separate factories (a large manufacturer of shirts can (7) reduce transport costs by combining the weaving and cutting of cotton under the same roof). Financial economies allow large firms to raise capital (8) on advantageous terms. Large firms are considered to be reliable and are therefore charged (9) a low rate of interest and (10) have access to capital markets such as the stock exchange. Selling shares is a relatively inexpensive method of raising large (11) amounts of capital. Despite (12) the cost advantage to large firms of producing in bulk, small businesses find a niche by providing specialized products for small markets (e.g. hairdressing cannot easily achieve a large scale of operation, and tends (13) to be dominated by small firms). An irregular or limited demand for a product pre-vents mass production. Small firms have the required flexibility and low over-heads. Often small firms survive by accepting subcontracting work from large companies. In printing, where fixed costs form only (14) a small percentage of total costs, low set-up costs (15) encourage the development of small firms. Where the market for a good is restricted and highly localized, small firms survive, e.g. village shops. In an attempt (16) to stimulate the supply side of the economy the government has introduced a number of schemes to help small firms to survive: the Enterprise Allowance is a weekly sum paid to (17) the unemployed while they are setting up their own businesses; the Business Expansion Scheme provides relief against income tax to investors in unquoted companies.
Skills focus 2.5.3 a. Read the text, ignoring the missing parts. The greater the proportion of long-term debt, …(1) the more exposed the company is in times of economic difficulty . This is connected with making decisions about the gearing of the company. When a company is said to be “high geared”, the level of borrowing is high when compared to its ordinary share capital. A lowly-geared company has borrowings which are relatively low. High gearing has the effect of increasing a company’s profitability when the company’s trading is expanding; if it slows down, …(2) then the high interest charges associated with gearing will increase the rate of slowdown . There will also be a drop in profits if working capital is raised without a corresponding rise in production or margins. We can distinguish between permanent and temporary working capital. …(3) The former keeps the business flowing throughout the year, while the latter is needed from time to time to take account of seasoned, cyclical or unexpected fluctuations in the business. . The temporary working capital is usually serviced from an overdraft facility. Inventories (raw materials, work in progress and finished goods) are part and parcel of working capital. …(4) If inventories are not well managed there will be an enormous amount of excess working capital . It is the job of financial manager to minimize the stocks of raw materials, the level of the work in progress and the quantity of finished goods. His task is also to see that generous credit terms are negotiated with suppliers but minimal credit is offered to customers. …(5) It is often referred to as the debtor side, because working capital is required to finance the gap between payment due to suppliers and payment owed by customers . A balance must be achieved between getting and giving good credit terms …(6) in order to attract customers and maintain positive relationships on the one hand, and minimizing cash outlay on the other hand . Another thing is that adequate cash should always be available for meeting the company’s day-to-day debts and …(7) there should always be a reserve on hand to meet contingencies . The expected cash flows that will result from potential investment projects should be measured carefully. b. Look at the missing parts A-H and fit them in the gaps. There is one extra you don’t need.
2.5.3 a. Read the text, ignoring the missing parts. The greater the proportion of long-term debt, …(1)… the more exposed the company is in times of economic difficulty. This is connected with making decisions about the gearing of the company. When a company is said to be “high geared”, the level of borrowing is high when compared to its ordinary share capital. A lowly-geared company has borrowings which are relatively low. High gearing has the effect of increasing a company’s profitability when the company’s trading is expanding; if it slows down, …(2)… then the high interest charges associated with gearing will increase the rate of slowdown. There will also be a drop in profits if working capital is raised without a corresponding rise in production or margins. We can distinguish between permanent and temporary working capital. …(3)… The former keeps the business flowing throughout the year, while the latter is needed from time to time to take account of seasoned, cyclical or unexpected fluctuations in the business. The temporary working capital is usually serviced from an overdraft facility. Inventories (raw materials, work in progress and finished goods) are part and parcel of working capital. …(4)… If inventories are not well managed there will be an enormous amount of excess working capital. It is the job of financial manager to minimize the stocks of raw materials, the level of the work in progress and the quantity of finished goods. His task is also to see that generous credit terms are negotiated with suppliers but minimal credit is offered to customers. …(5)… It is often referred to as the debtor side, because working capital is required to finance the gap between payment due to suppliers and payment owed by customers. A balance must be achieved between getting and giving good credit terms …(6)… in order to attract customers and maintain positive relationships on the one hand, and minimizing cash outlay on the other hand. Another thing is that adequate cash should always be available for meeting the company’s day-to-day debts and …(7)… there should always be a reserve on hand to meet contingencies. The expected cash flows that will result from potential investment projects should be measured carefully. b. Look at the missing parts A-H and fit them in the gaps. There is one extra you don’t need.
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