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UNIT 1. Finance and Financial System

 

TEXT 1.  FINANCE AND FINANCIAL SYSTEM

Task 1. Study the vocabulary:

public finance(s)	державні фінанси
provision	постачання, забезпечення
monetary relations	грошові відносини
formation	утворення, формування
distribution	розподіл
turnover	обіг, оборотність
economic entity	економічний суб’єкт
network of institutions	мережа закладів (організацій)
household	домашнє господарство
unit of government	державна організація
funds	фонди, засоби, гроші, капітал
surplus	надлишок, залишок
saver	вкладник
borrower	позичальник
intermediary	посередник
thrift institution	ощадний заклад
insurance company	страхова компанія
pension fund	пенсійний фонд
mutual fund	взаємний фонд
finance company	фінансова компанія
comprise	включати, охоплювати, містити
community	співтовариство, група осіб, що об’єднані за певними ознаками податок
government authorities	уряд, органи державної влади
benefit	вигода, користь, благо
financial flows	фінансові потоки
encouragement	підтримка, стимулювання, заохочення
particular	особливий, специфічний
implementation	виконання, здійснення
social policy	соціальна політика
budget	бюджет
goal	мета, завдання
maintenance of stable macroeconomic	підтримання стабільної
environment	макроекономічної ситуації
estimate	оцінка, кошторис
revenue(s)	доходи (державні)
ensuing	наступний, подальший
fiscal year	фінансовий рік
expenditure	витрати
deficit	дефіцит, нестача
forecasting	прогнозування
budget preparation	підготовка бюджету
adequate planning	розумне планування
planning of recurrent and capital expenditure	планування поточних та капітальних витрат
critically	вирішальним чином
accurate forecast	точний прогноз
availability	наявність
determination of the overall deficit	визначення, розрахунок загального дефіциту
macroeconomic impact   tax collection extra budgetary and reserve funds	макроекономічний вплив стягування, збирання податків позабюджетні та резервні фонди
increasingly	в більшій мірі, все більше
autonomous budget	автономний
to compile and present the budget	скласти та представити бюджет

 

Task 2.   Read and translate the text:

 

FINANCE AND FINANCIAL SYSTEM

Finance is the provision of money at the time when it is needed. It is a system of monetary relations leading to formation, distribution and use of money in the process of its turnover between economic entities.

The financial system is the network of institutions through which firms, households and units of government get the funds they need and put surplus funds to work.

Savers and borrowers are connected by financial intermediaries including banks, thrift institutions, insurance companies, pension funds, mutual funds, and finance companies.

Finance in an economic system comprises two parts: public finance and finance of economic entities.

Public finance is the provision of money (by the community through taxes) to be spent by national and local government authorities on projects of national and local benefit. It is a collective term for the financial flows and also the financial institutions of the public sector.

Public finance has the following four functions:

a)     the provision of essential services;

b)    the encouragement or control of particular sectors of the economy;

c)     the implementation of social policy in respect of social services;

d)    the encouragement of the growth of the economy as a whole.

The major instrument of any financial system is the budget. In a market-oriented economy, the budget is the most important tool for achieving national priority and goals through the allocation and distribution of resources, and the maintenance of stable macroeconomic environment.

The budget is an estimate of national revenue and expenditure for the ensuing fiscal year. When expenditure exceeds the revenue the budget has a deficit.

Revenue and expenditure forecasting is the most fundamental step in the process of budget preparation. Adequate planning of recurrent and capital expenditure depends critically on an accurate forecast of revenue availability. The determination of the expected overall deficit in the public sector and therefore the macroeconomic impact of fiscal policy requires accurate forecast of tax collection and expenditures.

In Ukraine, public finance is a sum of the budgets of all levels of subjects of the state, extra budgetary and reserve funds.

Budget preparation at the national level involves a number of institutions. The Ministry of Finance (MOF) is the central coordinating institution in charge of compiling and presenting the budget. It has major inputs from² ministries in various sectors of the economy and the state tax bodies.

 

Task 3. Choose the best variant:

1.     Finance is … of money at the time when it is needed.

a) spending

b) making

c) provision

2.     The financial system is the network of …

a) financial institutions

b) banks

c)commercial banks

3. Savers and borrowers are connected by …

a) bankers

b) financial intermediaries

c) customers

4. Public finance is a collective term for the financial flows of the … sector.

a) private

b) public

c) financial

5. The budget is an estimate of national … … for the ensuing fiscal year.

a) revenue

b) expenditure

c) revenue and expenditure

 

Task 4. Match the words from column A with the words from column B:

                    A                                                                     B

1)         monetary relations                                a) державний дохід

2)         distribution and use of money               b) розподіл і використання грошей

3)         national revenue                                   c) грошові відносини  

4)         surplus  funds                                       d)  наступний фінансовий рік

5)         borrowers                                             e) прогнозування витрат

6)         financial intermediaries                         f) кошторис

7)         provision of money                               g) позичальники

8)         estimate                                                h) фінансові посередники 

9)         expenditure forecasting                         i) забезпечення грошей

10)    ensuing fiscal year                                 j) надлишкові кошти

 

Task 5. Read the sentences and fill in the gaps with the words given below:

1.       Finance is a system of  1.__________ leading to formation distribution and use of money in the process of its turnover between economic entities.

2.       Finance in an economic system comprises two parts: 2._________and finance of economic entities.

3. The budget is 3._________ of national revenue and expenditure for the ensuing fiscal year.

4. Revenue and expenditure 4.__________ is the most fundamental step in the process of budget preparation.

5. The Ministry of Finance is the central coordinating institution 5._________ compiling and presenting the budget.

An estimate, public finance, monetary relations, forecasting, in change of

 

 

 

TEXT 2. FINANCIAL MANAGEMENT

Task 1. Study the vocabulary:

to obtain data	отримувати  дані
to improve	покращувати, удосконалювати
to manage taxes	відати податками
to take up audit matters	займатися аудиторськими справами
to be aware of	бути усвідомленим
expenditures	витрати
various assets	різноманітні активи
treasurer	казначей
financial management	фінансове управління
to involve	містити в собі
to spent funds	витрачати кошти
to solve a problem	вирішувати проблему
to consider	обмірковувати
to acquire money	діставати кошти
expenses	втрати
to recover money	повертати кошти
to keep the track	підтримувати діяльність (бізнесу)
additional funds	додаткові кошти
equity financing	внутрішнє фінансування
to cover day-to-day spending	покривати щоденні витрати
unexpected bills	неочікувані рахунки

 

Task 2.   Read and translate the text:

 

FINANCIAL MANAGEMENT

The role of finance in business is huge. Financial managers use data obtained from accountants and recommend to the top management how to improve the financial strength of a firm. They plan budgets, control the funds, obtain and collect the funds, manage taxes and take up audit matters. A true manager must understand accounting, the same as a good accountant has to be aware of finance.

Finance is the function in business responsible for getting funds for a firm, managing funds within a firm and planning possible expenditures of funds on various assets. A person who obtains, plans and controls money effectively is known as a vice president of finance or treasurer. One may observe financial management as a logical structure involving corporate goals, financial plan, obtaining funds, managing these funds, spending the funds and managing taxes.

Even if the work performed by financial managers is perfect, different financial problems might appear. The most common are: poor cash flow, undercapitalization (when one has not enough money to start-up) and inadequate expense control. How to obtain the funds to solve these problems? We may speak about long-term and short-term financing as the ways to consider a difficult financial situation in a firm.

Long-term loan is money acquired from the owners of the firm or lenders not expecting this money being repaid within the period of 2 or more years. The money is usually used to finance larger expenses such as buying equipment or long-term assets or just expanding of an organization.

When an enterprise is starting its business, it’s hard to recover enough money to keep the track. Sometimes, additional funds are required. Then a company may obtain capital that involves the public sale of stock that is referred to as equity financing.

Businesses often have some smaller expenses such as unexpected bills, for instance or cash necessary to cover day-to-day spending. So, business needs short-term funds when other funds run out. Short-term loans are those necessary to be repaid in less than a year.

 

Task 3. Choose the best variant:

1. Financial managers use obtained data to ….. .

a) solve the problem

b) improve the financial strength of a firm

c) manage taxes

2. The role of finance is ….. .

a) complex

b) simple

c) huge

3. Finance is …. .

a) a branch of economy

b) the function in business

c) a field of science

4.  A treasurer is a person who …. .

a) obtains, plans and controls money

b) runs a factory

c) runs a bank

5. Long - term loan is money acquired from …

a) outside the company

b) public

c) the owners of the firm

 

Task 4. Match the words from column A with words from column B

A	B
1) expenditures	a) потік готівки
2) long-term loan	b) бути відповідальним
3) expenses	c) втрати
4) equity financing	d) вичерпувати
5) to obtain funds	e) покращувати
6) cash flow	f) витрати
7) to be responsible for	g) довгострокова позика
8) various assets	h) різноманітні активи
9) to run out	i) внутрішнє фінансування
10) to improve	j) діставати кошти

 

Task 5. Fill in the gaps with the words given below:

1. Financial managers use obtained data 1._________ the financial strength of a firm.

2. Finance is the function in business 2._________ getting funds for a firm.

3. A treasurer is a person who 3.__________ money effectively.

4. How to obtain the funds 4.___________ these problems?

5. Long – term loan is money 5.__________ from the owners.

 

responsible fo, plans and controls, acquired, to improve, to solve

 

Task 6. Read the statements and decide whether they are true or false:

1. Financial managers plan budgets, control the funds but never manages taxes.

2. A person who obtains, plans and controls money effectively is known as a vice-president of finance.

3. A true manager must understand finance but not accounting.

4. Long – term loan is used to finance larger expenses.

5. Equity – financing is capital obtained from the public.

6. Short – term loans must be repaid in some months.

 

 

 

TEXT 3. FINANCIAL PLANNING

Task 1. Study the vocabulary:         

to start up business	розпочати справу
to get along with the business efficiently	вести справу ефективно
perfect financial management	досконале фінансове керівництво
money flows	потоки грошей
objective	ціль
to optimize profits	оптимізувати прибутки
to guarantee	гарантувати
to earn money	заробляти гроші
venture	комерційне підприємство
security market	ринок цінних паперів
stock	акція
bond	облігація
mutual funds	спільні кошти
stock exchange	фондова біржа
to accumulate capital	накопичувати капітал
a comprehensive program	зрозуміла програма
insurance	страхування
to protect life	захищати життя
accident	нещасний випадок
failure	невдача, банкрутство
losses	збитки
to promote	сприяти (просувати)
reduce taxes	скорочувати податки
to cope  with difficulties	долати труднощі

 

Task 2.   Read and translate the text:

 

FINANCIAL PLANNING

One should know how to obtain and manage the funds one needs to start up and get along with the business efficiently. Perfect financial management begins with planning. Financial planning stands for short-run and long-run money flows to and from a firm. Its objective is to optimize profits and guarantee the best use of money.

People in business may earn money in different ways, either producing and selling goods and services or investing into other ventures. Security markets enable businesses and investors to buy and sell stocks, bonds and mutual funds. Stock exchanges let their members buy and sell securities to the public. A middleman who buys and sells securities for the clients is called a stockbroker.

The principle of successful business is very simple: one has to be aware of how to accumulate capital, invest it to get as much income as one can and to earn more than one spends. To build one's capital account, it's advisable one should make the list of "WHAT TO DO NEXTs". There are people who assist families in developing a comprehensive program involving insurance, invest­ments, taxes etc., called financial planners. Those involved in business should consider the problem of insurance coverage pro­tecting life, health and a firm from the possible accidents, failures and losses. They should meditate over the best way of investing money to promote a venture, reduce taxes as much as possible and use help from professionals to cope with difficulties.

 

Task 3. Match the words from column A with the words from column B:

A	B
1) insurance	a) ринок цінних паперів
2) losses	b) потоки грошей
3) bonds	c) ефективно
4) stocks	d) акції
5) security market	e) страхування
6) stock exchange	f) облігації
7) to earn money	g) заробляти гроші
8) money flows	h) скорочувати податки
9) to reduce taxes	i) збитки
10) efficiently	j) фондова біржа

 

Task 4. Read the statements and decide whether they are true or false:

1.  Perfect financial management begins with obtaining funds.

2.  The objective of the financial planning is to optimize profits.

3.  Financial planning stands for only long-run flows to and from a firm.

4.  People in business may earn money in one way.

5.  Security markets enable businesses and investors to sell and buy goods and services.

6.  Stock exchanges let their members sell securities to the public.

7.  A stockbroker is a person who buys and sells securities for the clients.

8.  Successful business has to be aware of how to accumulate and invest capital.

9.  Financial planners assist families in developing a comprehensive program involving insurance, investments, taxes etc.

10.  Financial planners should consider over the best way of investing money.

Task 5. Choose the best answer:

1.       Who meditates over obtaining and managing funds in a firm?

a)  an accountant

b)  a broker

c)   a director

d)  a financial manager

2.     What does the financial management begin with?

a)  auditing

b)  planning

c)   assessment

d)  accumulating

3.     What does the financial planning stand for?

a)  short-run money flows

b)  long-run money flows

c)   short-run and long-run money flows

d)  short-run and long-run money flows to and from a firm

4.     What do Securities markets enable businesses and investors?

a)  to bay stocks

b)  to sell bonds

c)   to buy and sell stocks, bonds and mutual funds

d)  to buy and sell stocks and funds

5.     What is the principle of successful business?

a)  to accumulate capital

b)  to invest capital

c)   to earn more than one spends

d)  all of them

6.   What problems should businessmen consider of?

a)  reducing taxes

b)  insurance protecting a firm from failures and losses

c)   raising taxes

d)  lowing taxes

 

 

TEXT 4. WHY FINANCE

Task 1. Study the vocabulary:

primary	першочерговий
consideration	рішення (тут)
sufficient	достатній
to operate a business	вести бізнес
ongoing expenses	поточні витрати
purchase	купувати
necessary	необхідний
assets	активи
inventories	запаси
equipment	обладнання
property	власність
to obtain money	придбати гроші
to use money	використовувати гроші
in large measure	значно, у великій мірі
acquired capital	отриманий капітал
to determine	визначати
to secure	забезпечувати, гарантувати
to utilize	використовувати
to expand	розширювати
essential assets	найнеобхідніші активи
to support research	підтримувати дослідження
salary	заробітна плата
credit extension	кредитне розширення
advertising	реклама
insurance	страхування
growth	ріст, зростання
charge-account	поточний рахунок

 

Task 2.  Read and translate the text:

 

WHY FINANCE

       One of primary considerations when going into business is money. Without sufficient funds a company cannot begin operations. The money needed to start and continue operating a business is known as capital. A new business needs capital not only for ongoing expenses but also for purchasing necessary assets. These assets – inventories, equipment, buildings, and property – represent an investment of capital in the new business.

       How this new company obtains and uses money will, in large measure, determine its success. The process of managing this acquired capital is known as financial management. In general, finance is securing and utilizing capital to start up, operate, and expand a company.

       To start up or begin business, a company needs funds to purchase essential assets, support research and development, and buy materials for production. Capital is also needed for salaries, credit extension to customers, advertising, insurance, and many other day-to-day operations. In addition, financing is essential for growth and expansion of a company. Because of competition in the market, capital needs to be invested in developing new product lines and production techniques and in acquiring assets for future expansion.

       In financing business operations and expansion, a business uses both short-term and long-term capital. A company, much like an individual, utilizes short-term capital to pay for items that last a relatively short period of time. An individual uses credit cards or charge accounts for items such as clothing or food, while a company seeks short-term financing for salaries and office expenses. On the other hand, an individual uses long-term capital such as a bank loan to pay for a home or car-goods that with last a long time. Similarly, a company seeks long-term financing to pay for new assets that are expected to last many years.

       When a company obtains capital from external sources, the financing can be either on a short-term or a long-term arrangement. Generally, short-term financing must be repaid in less than one year, while long-term financing can be repaid over a longer period of time.

       Finance involves the securing of funds for all phases of business operations. In obtaining and using this capital, the decisions made by managers affect the overall financial success of a company.

 

Task 3. Choose the best variant:

1.                To start a business a company needs…

a)    a bank loan

b)    equipment

c)     sufficient funds

2.     The money to start and operate a business is knows as…

a)    funds

b)    capital

c)     assets

3.     Financial management is the process of … the acquired capital.

a)    utilizing

b)    using

c)     managing

4.     Financing is essential for … … of a company.

a)    growth

b)    expansion

c)     both

5.     A company seeks long-term financing to pay for …

a)    new assets

b)    a bank loan

c)     salaries

 

Task 4. Match the words from column A with words from column B

A	B
1.        1) sufficient funds	a)  майбутнє розширення
2) ongoing expenses	b)  найнеобхідніші активи
3) acquired capital	c)  достатні кошти
4) essential assets	d)   відносно короткий період
5) product lines	e)  зовнішні джерела
6) future expansion	f)   набутий капітал
7) long-term capital	g) банківська позика
8) a relatively short period	h)  поточні витрати
9) a bank loan	i)  довгостроковий капітал
10) external sources	j)  виробничі лінії

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Task 5. Fill in the gaps:

1.     A  new  business  needs  capital  not  only  for  ongoing expenses  but  also for  1._________ necessary assets.

2.     In general finance is 2._________ capital to start up, operate and expand a company.

3.     A company utilizes 3.__________  capital to pay for Items that last a relatively short period of time.

4.     An individual uses 4.__________ for such items as clothing or food.

5.     Finance involves the 5.__________ of fund for all phases of business operations.

 

Short-term, securing, securing and utilizing, purchasing, credit cards

 

Task 6. Read the statements and define whether they are false or true:

 

1.       With sufficient funds a company can start its operation.

2.     A new business needs capital for purchasing inventories, equipment, buildings and property.

3.     Capital is not essential for advertising and insurance.

4.     Capital is essential for developing new product lines and production techniques.

5.     In financing business operations and expansion, a business uses only long-term capital.

6.     When a company obtains capital from external sources, the financing can be on a short-term arrangement.

 

 

TEXT 5. Sources of Finance

Task 1. Study the vocabulary:   well-established досить добре заснована (компанія ) obvious очевидний, ясний own власний, володіти profit прибуток instead of замість того щоб to pay out виплачувати shareholder акціонер to retain утримувати to plough back тут, повертати назад proprietor підприємець a loan позика, кредит short-term короткостроковий long-term довгостроковий overdraft кредит по поточному рахунку bill of exchange вексель to hire орендувати hire розстрочка, оренда to lease орендувати to overdraft an account   перевищити залишок на рахунку amount сума, кількість interest відсоток to charge discount house призначати ціну, плату дисконтний будинок outstanding amount значна сума installment внесок в рахунок оплати ownership власність, право власності to prefer віддавати перевагу to obtain loans отримувати (діставати) позички to buy equipment купувати устаткування expensive дорогий Task 2.   Read and translate the text:   SOURCES OF FINANCE        For the well-established firm, the most obvious source of finance is its own profits. Instead of paying out all its profits to its shareholders, the firm can retain some within the business. Using retained profits in the business is described as «ploughing back the profits». It is an important source of finance for the larger firm.      In the case of a very small firm, the necessary money will be provided by the proprietor and his family and friends with, perhaps, a loan from the local bank.      Loans can be short-term and long-term ones. Short-term loans are usually repayable within three years. Many such loans are for periods of one year or less. The sources of loans are as follows: • overdrafts • bills of exchange • trade credits • hire purchases • leasing.      A bank overdraft is the most widely used type of short-term finance. The bank allows the company to overdraw its account by some agreed amount. Interest is charged by the bank only on the amount overdrawn. It is one of the cheaper forms of borrowing.      Bills of exchange enable the company to obtain short-term finance from a bank or discount house where they send bills of exchange for discounting.      Trade credits are quite normal in business. They are often granted by the sellers allowing the buyers to pay in some time, say in three months.      A firm may acquire some equipment such as cars, lorries, office equipment and some type of machinery on hire-purchase terms. It makes a deposit and pays the outstanding amount by installments over two or three years. Ownership passes to the buyer when the final installment is paid.     In case of leasing the firm will also pay the outstanding amount by installments over two or three years. When the final installment is paid ownership does not pass to the buyer. Sometimes companies prefer or have to obtain loans and buy the equipment. In these cases they try to obtain long-term credits though they are rather expensive, which means a high interest to be paid.     Task 3. Choose the best answer: 1.     What is the most obvious source of finance for the well-established firm? a)    borrowing b)    own profits c)     bank loans 2.     How is using retained profits in the business described? a)    as «ploughing forward the profits» b)    as «ploughing back the debts» c)     as «ploughing back the profits» 3.     When are usually short-term loans repayable? a)    within two years b)    within three years c)     within one years 4.     Is a bank overdraft the most widely used type of short-term finance? a)    yes, it does b)    yes, it is c)     yes, it is not 5.     Long-term credits are rather expensive, aren’t they? a)    No, they are not b)    No, it is not c)     Yes, they are   Task 4. Match the words similar in their meaning:                   A                                                                             B

1)    well-established                                                       a) income 2)    expensive                                                                 b) credit 3)    to acquire                                                                 c) property 4)    to allow                                                                    d) to hire 5)    to grant                                                                     e)  stockholder    6)    loan                                                                          f) dear  7)    shareholder                                                               g) to give 8)    to lease                                                                     h) to let 9)    ownership                                                                 i) to obtain 10) profit                                                                       j) reliable

 

Task 5. Fill in the gap with the words given below:

1.   Instead of paying out all its profit to its 1._________ the firm can retain some within the business.

2.     Short-term loans are usually 2._________ within three years.

3.     In case of a bank overdraft interest is charged by the bank only on the 3._________ overdrawn.

4.     Bills of exchange enable the company to obtain 4._________ finance from a bank or discount house.

5.     A firm may acquire some equipment on 5.__________ terms.

Shareholders, hire-purchase, amount, repayable, amount

 

Task 6.  Read the statements and define whether they are false or true:

1.     A bank overdraft is one of the cheaper forms of borrowing.

2.     Trade credits are seldom granted by sellers not allowing the buyers to pay in some time.

3.     On hire-purchase terms ownership passes to the buyer when the final installment is paid.

4.     In case of leasing when the final installment is paid ownership also passes to the buyer.

5.     Companies pay a high interest when they obtain long-term credits.

 

 

 

 

 

 

TEXT 6. Where to Locate the Lucre

Task 1. Study the vocabulary:

lucre	прибуток
to win (won, won)	вигравати
entrepreneur	підприємець
to find (found, found)	знаходити
enough cash	достатньо готівки
to be able	бути спроможним
to pay	платити
equipment	обладнання
rent	оренда
advertising	реклама
crucial	вирішальний
business venture	ділове підприємство
to bother	турбуватись
to create	створювати
to get one’s business going	підтримувати діяльність бізнесу
inventory	товарно-матеріальні запаси
to secure property	убезпечити майно
to purchase assets	купувати активи
success	успіх
to depend on	залежати
to hire	наймати
a salary	заробітна плата
to expand	розширювати
research	дослідження
growth	ріст, зростання
debt-financing	боргове фінансування
equity-financing	внутрішнє фінансування
to borrow	позичати у когось
to prove	довести, підтвердити
to raise capital (money)	залучати капітал (гроші)
to use the potential power	використовувати потенційну спроможність
to sell shares	продавати акції
stock	основні фонди
to own	володіти
to share a risk	розділяти ризик
corporate bond	промислова облігація
to share one’s gain	розділяти здобуток

 

Task 2.   Read and translate the text:

 

WHERE TO LOCATE THE LUCRE

If you have just won the national lottery, financing your new business will not be a problem for you. If, however, you are like most small entrepreneurs, you will wonder how you can find enough cash to be able to pay for your equipment, your rent and your advertising. Advertising is a crucial aspect of your business venture. Without it, perhaps, there is no use bothering to create your product. After all, you will not sell a single item if you do not find customers. One finds customers by advertising, and advertising takes money. You need capital to get your business going, to buy inventory, secure property, and purchase all necessary assets. The success of your business depends much on your knowing to manage your money.

If you hire anyone, you will, of course, need to pay a salary, and if you want your business to expand, you will need capital for research, growth, and expansion.

Fortunately for the new businessman, there are two basic ways of financing a business venture: debt financing and equity financing.

Debt financing is the money you borrow for you business. You can, of course, always try to borrow from your rich uncle, you can also, if you prove to yourself the risk is worth taking, borrow from a bank.

Equity financing is an interesting way of raising capital by using the potential power of your business. This means that you can shares the stock of your business to raise money, that is, the buyer of your stock owns a certain percentage of your business. If someone buys 150 shares of your business, it means that this person owns 150 shares of your resources, materials, plants, production, and profits. If such a person shares your risk, he/she will naturally enough also share your gain. Besides selling shares, you could also, possibly, sell corporate bonds. A corporate bond must be repaid with interest at a pre-agreed-upon date (the date of maturation).

         If your business succeeds all those who invested in you or lent you money will be glad they did!

 

Task 3. Match the words from column A with the words from column B

A	B
1)залучати гроші	a) to secure property
2)боргове фінансування	b) business venture
3)продавати акції	c) entrepreneur
4)виплачувати зарплату	d) to sell shares
5)ділове підприємство	e) debt financing
6)реклама	f) equity financing
7)підприємець	g) to purchase assets
8)внутрішнє фінансування	h) advertising
9)купувати активи	i) to pay a salary
10)убезпечувати майно	j) to raise money

 

Task 4. Fill in the gaps with the missing words:

1.     1._________ is a crucial aspect of your business.

2.     You need 2._________ to get your business going.

3.     The success of your business depends much on your knowing how 3._________  your money.

4.     If you hire anyone you will need to pay 4.___________.

5.     Debt financing is the money you 5.__________  for your business.

6.     Equity financing means to sell 6.___________ of your business to raise money.

 

borrow, to manage, capital, advertising, salary, shares of stock

 

 

12 3 4 5 6 7 8 9 10 11 12 13

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