1.  Read and translate the text. Write down  the  translation of the third paragraph. 

                                            What is Inflation?

1. In economics, inflation is a rise in the general level of prices of goods and services in an economy over a period of time. When the general price level rises, each unit of currency buys fewer goods and services. Consequently, inflation also reflects an erosion in the purchasing power of money -  a loss of real value in the internal medium of exchange and unit of account in the economy.

2. Effects of inflation on an economy are various and can be simultaneously  positive and negative. Negative effects of inflation include a decrease in the real value of money and other monetary items over time, uncertainty over future inflation may discourage investment and savings, and high inflation may lead to shortages of goods if consumers begin hoarding out of concern that prices will increase in the future. Positive effects include ensuring central banks can adjust nominal interest rates (intended to mitigate recessions), and encouraging investment in non-monetary capital projects....


 

II.  Decide whether the statements are true (a), false (b) or information is not available (c).

1.  Inflation causes only negative effects.

2. Hyperinflation is the result of increase in money supply.

3. Contemporary economists agree with Marxian attitude to unemployment.

III. Complete the sentences (1-6) with the most suitable prepositions (a-d).

1. Top managers have to manage a business's relations .......customers, suppliers,

distributors, investors and so on.

     a) between      b) with        c) of                 d) for

2.  The competition was so fierce we were driven .......the market.

      a) off              b)  out         c) into            d) out of         

3. Workers pulled together and asked the management ..........a raise.

     a) of                b) with       c) for                d) on

4. A successful business is built ........careful financial management.

    a) on                b) up          c) with              d) at           

5.  Coordination ..........production and design is my responsibility.

     a) among        b) between      c) of              d) with       

6. The basic elements of modern management practices  can  be traced ..........ancient times.

    a) in                b) for               c) at               d) to
 

IV.  Match the words (1-8) with their definitions (a-h).

1. cashflow                       a) any investments, cheques, bank deposits, stock or

                                          work-in-progress that can easily be converted into cash

2. profitability                   b) the notional fall in value of equipment over time

3. current assets                 c) the money paid to shareholders out of profits

4. depreciation                   d) ratio of cost to benefit

5. overdraft                        e) the ability of a company to pay suppliers, employees,

                                           shareholders, tax authorities, etc.

6. liquidity                         f) regular costs and  money owed

7. liabilities                        g) the total amount borrowed from a bank

8. dividend                         h) money from sales and money going out to meet costs,

                                           both fixed and variable

V.  Complete each sentence (1-10) with a suitable word (a-j) from the box.
 

a) electronic      b) forms     c) capital     d) reports  e) (ttps://en.wikipedia.org/wiki/Deposit_account)   f) paper

g) human      h) make       i) (ttps://en.wikipedia.org/wiki/Merchant)   j) (ttps://en.wikipedia.org/wiki/Banknote)

 

1. Financial statements have been created on … for hundreds of years.

2. The growth of the Web has seen more and more financial statements created in an … form which is exchangeable over the Web.

 3. Common … of electronic financial statements are PDF and HTML.

4. These types of electronic financial statements have their drawbacks in that it still takes a … to read the information.

5. Owners and managers require financial statements to … important business decisions.

6. Employees also need these … in making  (ttps://en.wikipedia.org/wiki/Collective_bargaining) agreements (CBA) with the management.

7. A bank is a financial institution that accepts … from the public and creates  (ttps://en.wikipedia.org/wiki/Demand_deposit). 

8. Lending activities can be performed either directly or indirectly through  (ttps://en.wikipedia.org/wiki/Capital_market).

9. Banking began with the first prototype banks of … of the ancient world.

10.The  (ttps://en.wikipedia.org/wiki/Bank_of_England) was the first to begin the permanent issue of … in 1695.

VI. Match (1-10) with (a-j) to make up sentences.
 

VII. Put the words in the correct order to make up sentences.

1.events, visitors, My, is, for, organize, job, to, important

.....................................................................................................................................

2. our, products, We, need, about, to, more, spend, on, so, marketing, know, people

.....................................................................................................................................

3. tight, very, a, The, schedule, of, company, chairman, the, has

.....................................................................................................................................

4.  management, has, The, company, from, suffered, years, several, of, bad

.....................................................................................................................................

5.  make, We, analysis, an, our, products, all, of, them, before, sell, we

....................................................................................................................................

VIII. Complete the sentences with the correct form of the words in capitals.

1.Financial__________was below expectations and we  are working on

 improvements. PERFORM

2. The company president has mapped out a strategy for_________ growth.

SUSTAIN

3. The group's strategy of overseas________ helped it overcome  tough conditions at home.  DIVERSITY

4.  If this project fails it will affect not only our department, but also the whole __________. ORGANIZE

5. The way to be successful in business is always to stay one jump ahead of your _________ . COMPETE

IX.    Listen to the text    "Managing Conflict"

 using http://learnenglish.britishcouncil.org/en/professionals-podcasts/managing-conflict   and answer the following questions:

 1. What is the dispute the people are resolving?

     a) about a special project

     b) about pay and conditions

     c) about personal problems

2.    How far do they reach an agreement?

     a) not at all

     b) to a certain extent

     c) completely

3.  How successful is the moderator?

    a) a total failure

    b)  partially successful

    c) completely successful