Задания. Содержание Introduction
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Part of the problem of running a business is that cash flow at the beginning is bound to be slow. Set up costs must be incurred before revenues start to flow in. That is why firms need financial capital to start the business. If the business prospers, revenues will build up and eventually there will be a healthy cash inflow. CAPITAL AND DEPRECIATION Physical capital is the machinery, equipment, and buildings used in production. Rent-a-Person owns little physical capital. Instead, it rents office space, typewriters, and desks. In practice, businesses frequently buy physical capital. Economists use ‘capital’ to denote goods not entirely used up in the production process during the period. Buildings and lorries are capital because they can be used again in the next year. Electricity is not a capital good because it is used up entirely during the period. Economists also use the terms ‘durable goods’ or ‘physical assets’ to describe capital goods. How should the cost of a capital good such as typewriters be treated in calculating profits and costs? The essential idea is that it is the cost of using rather than buying a piece of capital equipment that should be treated as part of the firm’s costs within the year. If Rent-a-Person leases all its capital equipment, its costs include merely the rentals paid in leasing capital goods. Suppose however that Rent-a-Person buys eight typewriters at the beginning of the year for £1000 each. It should not count £8000 as the cost of typewriters in calculating costs and profits for that year. Rather the cost should be calculated as the reduction in the value of the typewriters over the year. Suppose the wear-and-tear on the typewriters over the year has reduced their value from £1000 to £700 each. The economic cost of the use of eight typewriters over the year is £2400 (8 £300). This amount of depreciation is the cost during the year. Depreciation is the loss in value resulting from the use of machinery during the period. The cost during the period of using a capital good is the depreciation or loss of value of that good, not its purchase price. The existence of depreciation again leads to a difference between economic profits and cash flow. When a capital good is first purchased there is a large cash outflow, much larger than the depreciation cost of using the good during the first year. Profits can be high but cash flow low. However, in subsequent years the firm makes no further cash outlay, having already paid for the capital goods, but must still calculate depreciation as an economic cost since the resale value of goods is reduced still further. Cash flow will now be higher than economic profit. The consequence of treating depreciation rather than purchase price as the true economic cost is thus to spread the initial cost over the life of the capital good; but that is not the reason for undertaking the calculation in this way. Rent-a-Person could always have sold its typewriters for £5600 after one year, restricting its costs to £2400. The fact that the firm chose to keep them for reuse in the next year indicates that the latter strategy is even more profitable. Hence the true economic cost of using the typewriters in the first year can be at most £2400. II. Exercises 1. Переведите текст на русский язык, используя словарь в конце урока. 2. Найдите в тексте ответы на поставленные вопросы и запишите их. 1) What is a firm’s revenue? 2) What are the firm’s costs? 3) What are the firm’s profits? 4) How can you calculate profits? 5) What is the difference between economic revenues and costs and actual receipts and payments? 6) When may profitable firms have a poor cash flow? 7) Why do firms need financial capital to start a business? 8) What goods are included into physical capital? 9) How should the cost of a capital good be treated in calculating profits and costs? 10)What is depreciation? 11)When is the firm’s cash flow higher than economic profit? 12)What is the best way of calculating the true economic cost of a capital good? 3. К выделенным жирным шрифтом словам в тексте подберите слова, противоположные по значению, из следующего списка: revenue, receipt, to hire, constant, outlay, consequence, previous, to incur expenses, to extend. 4. Найдите в тексте предложения, соответствующие по смыслу данным ниже, и запишите их в тетрадь. 1) Износ это снижение стоимости основного фонда в результате его использования в данный период времени. 2) Основной капитал это оборудование, не полностью использованное в производственном процессе за данный период времени. 3) При закупке основного капитала требуется большой расход наличности. 4) При подсчете прибылей и убытков учитывается фактическая деятельность фирмы в течение целого года, а не выплата и поступление наличных денег. 5) При ведении дела поток наличности вначале бывает незначительным. 6) Для того, чтобы начать дело, фирме нужен финансовый капитал, так как предстоят учредительские расходы. 7) После подсчета чистого дохода необходимо вычесть налоги, которые фирма платит государству. 8) Расходы предпринимателей включают арендную плату за помещение, покупку места для рекламы, оплату счетов за телефонные переговоры и зарплату служащих. 5. Образуйте существительные от данных глаголов. Проверьте их по тексту. Переведите их. to exist, to complicate, to pay, to rent, to restrict, to equip, to advertise, to depreciate, to indicate, to treat. 6. Образуйте наречия от данных прилагательных. Переведите их: simple, entire, temporary, immediate, actual, slow, financial, healthy, eventual, initial, subsequent. 7. Изложите краткое содержание текста А на английском языке в письменном виде. 8. Прочтите список ключевых слов к тексту В: income statement баланс, балансовый отчет proceed продолжать flow of money денежный поток trading operations коммерческие операции balance sheet баланс, балансовый отчет to list перечислять assets активы liabilities пассивы, обязательства to go through тщательно разобрать on the left слева cash наличность to owe быть должным customer клиент accounts receivable счета дебиторов, дебиторская задолженность inventories товарные запасы warehouse склад originally первоначально to be worth стоить to add up складывать on the right справа accounts payable счета кредиторов, кредиторская задолженность salary заработная плата mortgage закладная to negotiate совершать сделку insurance company страховая компания bank loan банковская ссуда shorter-term краткосрочный cash needs потребность в наличных деньгах debt долг net worth собственный капитал (предприятия) excess избыток to wonder интересоваться shareholder акционер take-over bid предложение о покупке контрольного пакета акций компании prospects перспективы growth рост proven record проверенная репутация to bid предлагать цену going concern функционирующее предприятие customer loyalty приверженность клиентуры intangibles нематериальные активы goodwill “цена” нематериальных активов фирмы, репутация фирмы 9. Прослушайте и постарайтесь понять текст В. 10. Напишите краткое изложение текста на русском языке. 11. Прочтите утверждения и выберите те, которые соответствуют содержанию текста Вх): 1) The income statement shows the flow of money during a given year. 2) The balance sheet lists the assets the firm owns and its liabilities. 3) The balance sheet gives us a picture of the firm during the whole time of its existence. 4) ‘Net worth’ of the firm is the excess of its assets over its liabilities. 5) Assets are what the firm owes and liabilities are what the firm owns. 6) Making a take-over bid you are buying not only the firm’s assets but also its goodwill. III. Vocabulary to Text A
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