Published by the decision of the Azerbaijan Ministiy of Education (order No. 139 dates on 02.2014)
Adviser: Qahramanov E.A. Rector of Azerbaijan University. PhD of economies, associate professor
Scientific editor: Qaziyeva M.Y. doctor of science, professor
Reviewed by: Abbasova A. doctor of philohg}’, professor Qarasharly C.M. doctor ofphilolofiv. associate professor
HUSSEIN MAQSUD OGLU. KAMALA JAFAROVA. Business Enqiish (for students of economics). Baku. Azerbaijan Univcr.sily, 2014. 488 p.
The presented Business English (l-or Students of Economics) manual was directed to solution of proper educational problems of students, specialists having economic profile and entrepreneurs.The aim of this manual is to acquaint students with different economic issues. as well as main conceptions and economic tenns in primary' stage, to teach, to read and to translate the literature independently on the subject of economics. Moreover, students may acquainted with practice of foreign tenns in the field of management and marketing in the condition of competition and commercial risk. The importance of this manual is that. While mastering business English habits, students get notions about business world, also enrich their business vocabulary- with necessary- terms and realities related to the learned subject. These knowledge and habits arc not only actual and required in business communication practice, but also provide the development of academic ability and habits.
ISBN: 978-9952-496-02-4 INTRODUCTION
In order to advance the economy and connect the complex financial system of the world we need modern, educated young people, knowing foreign languages, mastering the world experience. Heydar Aliyev National Leader of Azerbaijan
In the modem world there is a serious need and interest in learning the English language, that have gained the status of the language of international science, knowledge and communication. Most of the young people understand it and give a considerable effort to the study of the English language. In conveying the world our science, culture, and way of thinking adequately, the ability to communicate with the partner in the language he comprehends, has become an important cultural requirement in the globalized world. Any Azerbaijani, representing his personality, organization and nation, as well as professional knowledge, should have a good command on the widespread languages as well as English at the international level, and be able to communicate in the same way. Speaking about the importance of learning Business English, a specific field of the English language, a group of authors of Azerbaijan University by compiling the manual brought to your attention,that has been based on the ac
HUSSElN MAQSUDOGLU 5 KAMALA JAFAROVA BUSINESS ENGLISH cumulated experience in this field recent years tried to help teachers, carrying out the training of the course, and also students and masters and those who have a basis of the English language wanting to admit the terminology of economics and business. We consider that as the first attempt in this sphere, the manual, presented in three languages, will be useful to the users and in spite of the possible shortcomings, will have a positive impact on learning and teaching of Business English.
Eldar Qahramanov
HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
INTRODUCTION
Economic relations expanded and intensified considerably related to the integration of our country to the world economy, business relations with foreign partners became the daily reality, accordingly, appropriation of business communication habits won actuality in English language as international communication language. The presented “Business English” (for students of Economics) manual was directed to solution of proper educational problems of students, specialists having economic profile and entrepreneurs. The aim of this manual is to acquaint students with different economic issues, as well as main conceptions and economic terms in primary stage, to teach, to read and to translate the literature independently on the subject of economics. Moreover, students may acquaint with practice of foreign firms in the field of management and marketing in the condition of competition and commercial risk. The manual, at the same time, is considered for independent work and auditorium of the students of economy faculty, also for the people interested in economics who wants to improve their business English, for specialists wished to get primary information about rules for firm and bank activity, accounting and audit, prices, inflation, foreign trade, taxes, business correspondence and to learn the main term and concepts. This manual consists of 14 units. Units belong to concrete subjects on economy organized with principle from general up to special consisting of 4-5 texts related to each
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Other for their meaning. Every text consists of theoretical materials and different practical tasks, exercises and texts for strengthening of habits and knowledge gained. Texts, accordingly, consist of the main text, vocabulary on text, questions, exercises for control of learning of text and development of vocabularies and dialogues conforming to the unit to improve the speech of students at the end of each units. Great attention is paid to lexicon, reading, writing, speaking (writing of business letters, essays, discussions and presentations) in this manual. The presented materials, with its modernity and actuality, give opportunity not to learn only the explanation of the characteristics of international economic and trade relations, our business specifications, but also to appropriate to this ability, to understand and learn the business relations in English in the world business practice. This manual covers economics and business subjects: management; marketing; economics; company’s structure and activity; bank activity; finance; money functions; money falsification, etc. The importance of this manual is that, while mastering business English habits, students get notions about business world, also enrich their business vocabulary with necessary terms and realities related to the learned subject. These knowledge and habits are not only actual and required in business communication practice, but also provide the development of acadmic ability and habits.
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This manual was made on the basis of program on business English for non-language higher educational institutions certified by Ministry of Education of the Republic of Azerbaijan. We should like to express our great gratitude to E.Gahramanov, associate professor, rector of AU for his assistance to publishing of this manual. We are thankful in advance to the people, who wish to signify his/her offers and commentaries about the manual.
Authors
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UNIT I ECONOMY
YOUR VOCABULARY
Economy - a system according to which the money, industry, and trade of a country or region are organized. - a country’s economy is the wealth that it gets from business and industry. - careful spending or the use of things in order to save money. - large-size packages of goods which are cheaper than the normal sized packages on sale. Economic - concerned with economics and with the organization of the money, industry, and trade of a country, region, or social group. - relating to services, businesses, etc. that produce a profit. Economical - something that is economical does not require a lot of money to operate. - using the minimum amount of time, effort, language, etc. that is necessary. Economics - the study of the production of wealth and the consumption of goods and services in a society, and the organization of its money, industry, and trade. Economist - an expert or student of economics.
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Economize - save money by spending it very carefully and not buying expensive things. Economic Institution - a physical or mental structure that significantly influences economic decisions. Economic policy - an action (or inaction) taken, usually by government, to influence economic events. Economic model - simplified representation of reality. Normative Economics - the study of how the economy should be, from society’s standpoint. Positive Economics - the study of what is, and how the economy works.
■ TEXT 1
ECONOMICS AS A SCIENCE WHAT IS ECONOMICS?
Economics is the study, description, and analysis of the ways in which a society produces and distributes. In economics, the term goods and services refers to everything that is produced in the economy - all products and services, including government “services,” such as national defense and the prison system. Economics is one of the social (as opposed to natural or physical) sciences, as are psychology and anthropology. Social sciences examine and explain human interaction. Because of this, the findings and knowledge produced by a social science generally cannot be as exact or predictable as those of a physical science, such as physics or chemistry.
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For instance, if you put water in a saucepan on a stove, you know with certainty that it will boil when it reaches 212° Fahrenheit. But if you are the governor of a state and you raise the state sales tax, you cannot be certain about the effect it will have. And you won’t be able to answer any of the following basic questions: How much money will the tax raise? In order to avoid the tax, will people take more of their business across the state line? Will they shop more often on the Internet, where there is no sales tax (yet)? Will companies in the state experience lower sales and generate lower corporate income taxes as a result? Economics deals with these kinds of questions, but it seldom comes up with totally precise explanations or correct predictions. Why? Because human behavior in the economic realm is as complex and mysterious as it is in any other sphere of life.
VOCABULARY NOTES government - hökumət - правительство prison - həbsxana - тюрьма national defense - milli təhlükəsizlik - национальная безопасность interaction - qarşılıqlı əlaqə- взаимосвязь certainty - əminlik - уверенность sales tax - satış vergisi - налог с продажи income tax - gəlir vergisi - подоходный налог behaviour - davranış - поведение to avoid - qaçmaq, çəkinmək - избегать to raise - qaldırmaq - поднимать to experience - sınaqdan, təcrübədən keçirtmək - испытывать to deal with - nə iləsə məşğul olmaq - чем-то заниматься
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ANSWER THE QUESTIONS. 1. What is economics? 2. What do the social sciences deal with? 3. Is economics a social science or not? 4. Can you enumerate the differences of social sciences from physical? 5. What does economics describe and analyse? 6. Why economics is not as exact as chemistry or physics? 7. What term does refer to everything that is produced in the economy?
ASSIGNMENTS I. To show that you understand the words given on pages, choose the best word to complete the following sentences, Add noun, verb or adverb endings if necessary, 1. Home ... is a subject studied at school and college in which students are taught how to run a house well and efficiently. 2. New England’s ... is still largely based on manufacturing. 3. All Western ... are competing against each other. 4. These businesses contribute hundreds of millions of pounds to the ... of the country. 5. I switched off the lights as an ... measure. 6. If you make ..., you take action in order to save money, by not spending it on unnecessary things. 7. You’ll have to travel ... class. 8. Buy our new ... packs of 100. 9. If you are really going to buy a car, we’ll have to ... on other things. 10. In his works he explains the ideas of the great English ... J.M. Keynes. 11. She thought of herself as an ... wife.
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BUSINESS ENGLISH
12. This system was extremely ... because it ran on half- price electricity. 13. What has gone wrong with the ... system during the last ten years? 14. The book is very ... written, but very warm. 15. ... is the oldest of social sciences.
II. Complete the definition. Economy is Economics is An economist is
a) a person who ...... b) a science which ...... c) a system of......
III. Choose the correct word. 1.1 am a student of (economy, economics) now. 2. At school 1 didn’t study the (economy, economics) of Great Britain. 3.1 hope he’ll make a good (economist, economy). 4. There are many (economic, economical) problems in the world. 5. This car is very (economic, economical). 6. 1 try to spend money and time (economical, economically). 7. This car (economize, economizes) fuel.
IV. Match these words as they go together in the text. produce and tax goods and defense national distribute prison system human services sales interaction
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V. Say if the following is true or false. Correct the false statements. 1. Social sciences study the natural world around us. 2. Physical sciences are more exact than social sciences. 3. Government “services,” such as national defense and the prison system are not studied by economics. 4. Human behaviour can be examined and predicted with much precision. 5. Water boils at 212° Fahrenheit. 6. The raise of sales tax always causes lower sales.
VI. Think and say what economics has in common with these sciences. Explain the reason. • Psychology • Mathematics • History • Biology
■ TEXT2
HISTORY OF ECONOMICS
In the 1500s there were few universities. Those that existed taught religion, Latin, Greek, philosophy, history, and mathematics. No economics. Then came the Enlightenment (about 17008) in which reasoning replaced God as the explanation of why things were the way they were. Pre-Enlightenment thinkers would answer the question, “Why am I poor?” with, “Because God wills it.” Enlightenment scholars looked for a different explanation. “Because of the nature of land ownership” is one answer they found. Such reasoned explanations required more knowledge of the way things were, and the amount of information expanded so rapidly that it had to be divided or categorized for
HUSSEiN MAQSUDOGLU J5 KAMALA JAFAROVA BUSINESS ENGLISH an individual to have hope of knowing a subject. Soon philosophy was subdivided into science and philosophy. In the 1700s, the sciences were split into natural sciences and social sciences. The amount of knowledge kept increasing, and in the late 1800s and early 1900s social science itself split into subdivisions: economics, political science, history, geography, sociology, anthropology, and psychology. Many of the insights about how the economic system worked were codified in Adam Smith’s “The Wealth of Nations”, written in 1776. Notice that this is before economics developed as a subdiscipline, and Adam Smith could also be classified as an anthropologist, a sociologist, a political scientist, and a social philosopher. Throughout the 18th and 19th centuries economists such as Adam Smith, Thomas Malthus, John Stuart Mill, David Ricardo, and Karl Marx were more than economists; they were social philosophers who covered all aspects of social science. These writers were subsequently called Classical economists. Alfred Marshall continued in that classical tradition, and his book. Principles of Economics, published in the late 1800s, was written with the other social sciences in evidence. But Marshall also changed the question economists ask; he focused on the questions that could be asked in a graphical supply-demand framework. In doing so he began what is called neo-classical economics. For a while economics got lost in itself, and economists learned little else. Marshall’s analysis was downplayed, and the work of more formal economists of the 1800s (such as Leon Walras, Francis Edgeworth, and Antoine Cournot) was seen as the basis of the science of economics. Economic analysis that focuses only on fonnal interrelationships is called Walrasian economics.
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VOCABULARY NOTES
to exist - mövcud olmaq - существовать taught religion - tədris olunan din - обучаемая религия Greek - yunan - греческий enlightenment - maarifçilik - просветительство explanation - şərh, izahat - комментарий, пояснение land ownership - torpaq mülkiyyəti - земельная собственность to expand - genişləndirmək - расширить rapidly - sürətlə - быстро to be divided - bölünməlidir - должен делиться categorize - təsnif etmək - классифицировать to be split - bölünmüş - разделенный to increase - çoxaltmaq - умножать subdivision - bölmə - подразделение to be codified - şifrələnmək - быть зашифрованным subdiscipline - burada: ikinci dərəcəli fənn - здесь: второстепенный предмет subsequently - sonradan - потом, в последствии focused - diqqətini cəmləmək, cəmləşdirmək - концентрировать внимание, сосредоточить supply - təklif - предложение demand - tələb - спрос to downplay - azaltmaq - уменьшить interrelationships - qarşılıqlı əlaqələr - взаимоотношения framework - stuktur, çərçivə - структура, рамка expansion - artım - рост, прибавление recession - azalma - уменьшение
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ANSWER THE QUESTIONS.
1. Which studies were taught in universities in the 1500s? 2. When did the Enlightenment come? 3. What is the difference between pre-Enlightenment thinkers and Enlightenment scholars ? 4. Can you enumerate subdivisions of social science? 5. Who is Adam Smith? 6. Who were called Classical economists? 7. When Marshall’s Principles of Economics is published? 8. What is called Walrasian economics? 9. What did Marshall do in economics? 10. Whose analysis was seen as the basis of the science of economics?
VIL Match the parts of the sentences and write them down into your notebook, ECONOMICS can predict understand government policies, business development, and consumer behaviour provides context in the areas of getting and spending money deals with the likely results of economic activity is well equipped to help us fundamental, often life-to-death issues for making decision in is concerned with human your business, behavior professional and financial life
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VIIL Match these words as they go together in the text
likely decisions life-or-death poverty overcome issues government policies business life consumer behavior making results financial developments
IX. The text you^ve read gives a very brief view of the history of Economics. What other names (schools, theories) canyon give to continue the story?
X. Read the text and choose the most suitable title for it
What Is Economics and Who Cares? It*s Not Perfect, but It Helps! Will That Be Large or Small? The good news, however, is that economics can tell us the likely results of a sales tax. In addition, as a scientific discipline, economics provides extremely useful analytical tools and frameworks for understanding human behavior in the areas of getting and spending money, which (let's face it) occupies the majority of most people's waking hours. Economics deals with fundamental, often life-or-death issues. That is why economics is important. Its challenge lies in its mysteries: We don't know when the next expansion or recession will come. We don't know if a federal tax cut will help the economy grow. We don't know which new technologies should be encouraged and which ones won't pan out. And, tragically, we don't know how to overcome poverty, hunger, crime, and other evils rooted in economic
HUSSEIN MAQSUDOGLU 19 KAMALA JAFAROVA BUSINESS ENGLISH reality. But economics is the branch of the social sciences most concerned with these matters, and it is the one that's well equipped to help us deal with them. Economics provides a framework for understanding government policies, business developments, and consumer behavior here and abroad. It provides a rich context for making decisions in your business, professional, and financial life. The economy is to business as the ocean is to fish. It is the environment in which business operates. The more you know about this environment, the better you will function as a manager, analyst, and decision-maker.
■ TEXTS
ECONOMIC SYSTEMS
The wants people have are almost unlimited. However, each society has a limited amount of resources from which they provide the goods and services to satisfy these wants. This scarcity of resources forces every society to make decisions about the following questions: - Which goods and services will be produced? - How will these goods and services be produced? - How will the goods and services be distributed? The answers for every particular country will depend on its priorities. Some countries consider it very important to be powerful and to feel safe. Other countries are concerned with providing food and clothing to all inhabitants. The decision that a country make will determine the type of economic system it has. The basic types of economic systems are traditional, command and market. Traditional system is the system in which people do things the way they have always done them. They rely on
20 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH the same tools and methods used by their parents. There is little or no change in such systems because most methods are based on habit, custom and religious belief. Individuals are not free to make decisions according to what they want to have. Traditional system is not as widely spread as it was before. Though it is still a major force in some areas on the west coast of Canada, in Latin America, Africa and Middle East. In a command system, the basic economic decision of what and how to produce and distribute is made by a central authority. The members of the society in the system obey. The central authority consists of one person or a small group who control factories, equipment and land. This system is still powerful in China and Cuba and recently in our country and the countries of Eastern Europe operated under strong command system. In a market system, the basic economic decision is based on the actions of people and business firms participating in many different markets. A market system produce goods and services that people are willing to buy and that can bring a profit to the sellers. The interaction of consumers and producers makes the system work. US, Canada and Japan are the best examples of this type of economic system. The fact is that none of today's economic system is based totally on one of three principles just described. Modem economics have some element of all three influences in them. However one of the principles is usually stronger than the others and defines the whole system. A society's standard of living is one way to evaluate an economic system. The standard of living is a measure of how well the people live. It depends on the amount and kind of goods and services the people of a country enjoy, or their income.
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VOCABULARY NOTES: the wants of people - insanların istəkləri - желания людей to determine - müəyyən etmək, dəqiqləşdirmək - определять, уточнять to evaluate - qiymətləndirmək - оценивать to rely on - etibar etmək, bel bağlamaq - полагаться, доверять to obey - tabe olmaq - подчиняться to satisfy, to meet - təmin etmək, qarşılamaq - обеспечить, встретить amount - miqdar, say - количество habit - vərdiş - привычка custom - adət-ənənə - обычай, традиция authority - hakimiyyət- власть profit - gəlir, qazanc - прибыль, доход influence - təsir - влияние measure - ölçü - мера income - gəlir-доход to force smb. to do smth. - kimisə nəsə etməyə məcbur etmək - заставлять кого-либо сделать что-то to concern with - məşğul olmaq - заниматься to base on - nəyəsə əsaslanmaq - обосновываться (на) to influence - təsir etmək - влиять
ANSWER THE QUESTIONS. 1. What is meant by the word «system»? How do you understand it? 2. Why do people have to limit their wants? 3. What are the basic questions of economy? 4. What systems do you know? Give your examples. 5. What defines the type of economic system the country has? 6. What types of economic systems do you know? 7. Why is there no change in traditional system?
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8. Who makes the basic decision in command system? 9. How do you understand that interaction of consumers and producers makes market system work? 10. How do economists evaluate people’s standard of living? 11. To what systems do you belong?
XI. Look at the following derivatives. Use your knowledge of English and logical reasoning to explain the meaning of each word below. system, systematic, systematically, systematize, systemic Use these words in the following sentences. 1. The police made a .... search of the building. 2. You need some ... in your work if you want to succeed. 3.1 wish they’d organize themselves more .... 4. ...insecticides spread all through a plant and kill any insects that feed on it. 5. This method helps ... the information received.
XII. Match 1-7 with a-g to make meaningful phrases.
1. to provide a) the type of economic system 2. to satisfy b) the central authority 3. to determine c) goods and services 4. to rely d) the income 5. to obey e) people’s wants ^ 1 6. to evaluate f) to work hard 7. to encourage g) on the same tools and methods |
XIII. Translate into English using the words from the text. 1. Adətlər, vərdişlər və dini inanclar insanları həmişə istifadə etdikləri əmək metodlarına və vasitələrinə istinad etmək məcburiyyətində qoyur.
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Обычаи, привычки и религиозные верования заставляют людей полагаться на те же методы и средства труда, которыми они пользовались всегда. 2. Ehtiyat qıtlığı insanları istək və ehtiyaclarını məhdudlaşdırmağa məcbur edir. Дефицит ресурсов заставляет людей ограничивать свои желания и потребности. 3. Əmtəə mallannm istehsalı və xidmətlərin göstərilməsi istehlakçı ilə istehsalçı arasındakı qarşılıqlı əlaqələrdən asılıdır. Производство товаров и услуг зависит от взаимосвязи потребителя и производителя. 4. İdarəemə sistemində iqtisadiyyatdakı bütün dəyişikliklər hökumətdən asılıdır. В системе управления все изменения в экономике зависят от правительства. 5. Hökumət əhalinin yaşayış səviyyəsinin yüksəldilməsi ilə məşğul olur. Правительство занимается повышением уровня жизни населения. 6. Bu şirkət bölgü məsələləri ilə məşğul olur. Эта компания занимается проблемой распределения. 7. Ənənəvi sistem adətlərə, ənənələrə və inanclara əsaslanır. Традиционная система основана на обычаях, традициях и верованиях. 8. Ehtiyatların miqdarı istehsal həcminə təsir edir. Количество ресурсов влияет на объём производства. 9. İqtisadi sistem yalnız bir prinsipə əsaslana bilməz. Экономическая система не может основываться только на одном принципе. 10. Komanda sistemində iqtisadiyyatın inkişafı mərkəzi hakimiyyətin təsiri altında olur. Развитие экономики в командной системе находится под влиянием центральной власти.
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XIV. Define advantages and disadvantages of each economic system and fill in the table below. Then tell about them. to have one's own role in the society; to be stable / unstable; to discourage new ideas and ways of doing things; to accept new methods and products; to make / not to make dramatic change in a short time; to provide / not to provide each person with a job, medical and social services; to meet / not to meet consumers’ needs; to encourage / not to encourage to work hard; to adjust / not to adjust to changes of consumers' wants and needs; to be / not to be safe socially and psychologically; to be / not to be subjected to crises and depression.
Economic system Advantages Disadvantages Traditional to be stable, To discourage new ideas and ways of doing things, .. Command Market
XV. Read these sentences and define the economic systems they refer to. 1. There will be no form of personal income which is derived from the ownership of property. 2. The basic economic problems do not arise as problems to be discussed and argued about. 3. All land, housing, factories, power stations, transport systems and so on are usually owned by the state. 4. The elders, the heads of families, the women and the children will receive shares according to ancient custom. 5. Businesses are free to choose whom to buy from and sell to and on what terms, and free to choose whom to compete with.
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6. People use methods of production and distribution which have become the accepted ways of doing things by a long process of trial and error. 7. Incomes take the form of wages, interest, rent, and profits - the latter three of which arise from the ownership of various types of property. 8. Private ownership of property leads to great inequalities of wealth, and this, in turn means that the wealthier groups are able to exercise great economic power. 9. The running of such an economy will require large numbers of planners and administrators to draw up and operate the national plan.
XVI. Work with a partner or in small group. Choose an economic system to speak about but don *t tell your partner which. Imagine you live in this economic system. Tell about the way you live and work. Let your partner guess the system.
XVII. Summarize the information of the Unit to be ready to speak on Economics. The first step to be done is to write the plan of your future report.
XVIII. Choose any question (problem, topic) relating to Economics and prepare a 5-7 minute report. Refer to different additional sources to make your report instructive, interesting and informative.
XIX. Read the following DIALOGUE between two friends talking about their job:
Jack: Hi, Peter. Can you tell me a little bit about your current job? Peter: Certainly. What would you like to know? Jack: First of all, what do you work as?
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Peter: I work as a computer technician at Schuller's and Co. Jack: What do your responsibilities include? Peter: I'm responsible for systems administration and in-house programming. Jack: What sort of problems do you deal with on a day- to-day basis? Peter: Oh, there are always lots of small system glitches. I also provide information on a need-to- know basis for employees. Jack: What else does your job involve? Peter: Well, as I said, for part of my job I have to develop in-house programs for special company tasks. Jack: Do you have to produce any reports? Peter: No, I just have to make sure that everything is in good working order. Jack: Do you ever attend meetings? Peter: Yes, I attend organizational meetings at the end of the month. Jack: Thanks for all the information, Peter. It sounds like you have an interesting job. Peter: Yes, it's very interesting, but stressful, too!
USEFUL VOCABULARY
computer technician - kompüter mühəndisi - компьютерный инженер day-to-day basis - gündəlik baza - ежедневная база glitch - qəza, toqquşma, əlaqənin kəsilməsi - сбой, авария to be good in working order - yaxşı iş vəziyyətində olmaq - находиться в хорошем рабочем состоянии
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in-house - xüsusi, şəxsi (yalnız bir idarəyə, şirkətə, adama və s. aid olan) - частный, персональный (относящийся только к одной компании или одному человеку, учреждению и т. д.) need-to-know basis - vacib olan əsas məlumat - основная информация, которую необходимо знать organizational meeting - təşkilati iclas - организационное заседание stressful - gərgin - напряженный to be responsible for - nəyəsə cavabdeh olmaq - быть ответственным за что-л. to develop - işləyib hazırlamaq - разрабатывать to involve - özündə birləşdirmək - включать в себя to produce reports - hesabatlar tərtib etmək - составлять отчеты to work as -.. .vəzifəsində işləmək,.... kimi işləmək - работать в качестве..., работать в должности ....
ANSWER THE QUESTIONS BASED ON THE DIALOGUE.
1. Where does Peter work? 2. Does he like his job? 3. What are his responsibilities? 4. What skills are necessary for his job? 5. What sort of problems does he deal with on a day-to- do basis? 6. Does he have to produce any reports?
28 HUSSEIN MAQSUOCXSLU KAMALA JAFAROVA BUSINESS ENGLISH
UNIT II INTERNATIONAL FUND
■ YOUR VOCABULARY
Bank An institution that handles savings and checking accounts, issues loans and credit, and deals in government and corporate issued securities. Bank Capital The difference between the value of a bank’s assets and its liabilities. The bank capital represents the net worth of the bank or its value to investors. Bank Card Any card issued against a depositary account, such as an ATM card or a debit card. Sometimes the phrase is also used to refer to Visa and Master card, since these are also issued by banks, but they are credit cards and not linked directly to a depositary account. Bank Credit The amount of credit available to a company or individual from the banking system. It is the aggregate of the amount of funds financial institutions are willing to provide to an individual or organization. Bank Deposits Money placed into a banking institution for safekeeping. Bank deposits are made to deposit accounts at a banking institution, such as savings accounts, checking accounts and money market accounts.
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Bank Draft A type of check where the payment is guaranteed to be available by issuing bank. Bank Fees Many banks charge nominal fees for various services, such as requesting a deposit slip or counter check or notarizing a document. Bank fees generally constitute a major portion of revenue for the bank, particularly for regional and local branches.
■ TEXTl
THE WORLD BANK
The International Bank for Reconstruction and Development (IBRD) is better known as the World Bank. It is an international organization whose original mission was to finance the reconstruction of nations devastated by World War II. Now its mission has expanded to fight poverty by means of financing states. The World Bank's activities are now focused on developing countries in education, agriculture and industry. The World Bank provides loans at preferential rates to countries experiencing economic difficulties. The World Bank provides long-term loans, grants, and technical assistance, to help developing countries implement their poverty reduction strategies. The IBRD provides loans to governments and public enterprises. The funds for the lending come from a combination of the repayment of loans and the issuing of bonds on the global capital markets. The IBRD is one of the biggest borrowers on the international markets, and is able to borrow
30 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH at relatively low interest rates. It lends to countries at interest rates that are attractive to them by adding a small margin (about 1 %) to its borrowing costs to cover administrative overheads. In addition to financing, the World Bank Group provides advice and assistance to developing countries on almost every aspect of economic development. The World Bank started on December 27,1945 after the international ratification of the agreements at the Bretton Woods Conference of July 1— July 22,1944. Together with four affiliated agencies created between 1956 and 1988, the IBRD is part of the World Bank Group. The Group's headquarters are in Washington, D.C. An unwritten rule establishes that the president of the World Bank must be from the United States of America. The IBRD's four affiliated agencies are the International Finance Corporation (IFC), established in 1956, the International Development Association (IDA), established in 1960, the Multilateral Investment Guarantee Agency (MIGA), established in 1988, and the International Centre for Settlement of Investment Disputes (ICSID), established in 1966. The institutions of the World Bank Group are run by a Board of 24 Executive Directors, with each Director representing either one country (for the largest countries), or a group of countries. The work of the Bank is subject to strong criticism from a range of NGO's and academics. It was accused of being a US or western tool for imposing economic policies that support western interests. One general critique is that the Bank is under the political influence of certain countries that would profit from advancing their interests. Another critique is that the Bank operates under the belief that the market can solely bring prosperity to nations that practice free competition. In this perspective, reforms bom of "neo-liberal" inspiration are not always sui
KUSSElN MAOSUDOGLU 31 KAMALA JAFAROVA BUSINESS ENGLISH table for nations experiencing conflicts (ethnic wars, border conflicts, etc.), or that are oppressed (dictatorship or colonization) and do not have stable, democratic political systems. The World Bank is a closed system. The decision-making processes are not open for those who fund the projects, mostly the taxpayers in the member nations. Membership gives certain voting rights that are the same for all countries but there are also additional votes. The additional votes depend on financial contributions to the organisation. Many critics say that it implies undemocratic decision-making.
VOCABULARY NOTES
The International Bank for Reconstruction and Development - Beynəlxalq Yenidənqurma və İnkişaf Bankı - Международный банк реконструкции и развития The World Bank - Dünya Bankı - Всемирный Банк devastated - müflisləşmiş - разоренный nations - dövlətlər - государства poverty - yoxsulluq, kasıbçılıq - нищета, бедность developing countries - inkişaf etməkdə olan ölkələr - развивающиеся страны loans at preferential rates - güzəştli kreditlər - кредиты по льготным ставкам long-term loan - uzunmüddətli kredit - долгосрочный кредит grant - maliyyə yardımı, istiqraz, dotasiya - облигация, дотация, финансовая помощь to implement - yerinə yetirmək, həyata keçirtmək - выполнять, реализовать public enterprise - dövlət müəssisəsi - государственное предприятие, учреждение
32 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
repayment of a loan - kreditin ödənərək geri qaytarılması - выплата кредита issuing of bonds - istiqrazların buraxılması - выпуск облигаций capital market - ticarət kapitalı - торговый капитал borrower - borcalan - заемщик interest rates - faiz dərəcələri, faiz norması - процентные ставки, норма процента borrowing costs - borc məbləğinin dəyəri - стоимость заимствования administrative overheads — inzibati əlavə xərclər - административные накладные расходы affiliated — filial, törəmə - филиал,производный headquarters — qərargah - штаб, квартира The International Finance Corporation - Beynəlxalq Maliyyə Korporasiyası - Международная финансовая корпорация The International Development Association - Beynəlxalq İnkişaf Assosiasiyası - Международная Ассоциация Развития The Multilateral Investment Guarantee Agency - Çoxtərəfli İnvestisiyalar üzrə Zəmanət Agentliyi - Гарантийное агентство по Многосторонним инвестициям The International Centre for Settlement of Investment Disputes - İnvestisiya mübahisələrinin həlli üzrə Beynəlxalq Mərkəz - Международный центр по урегулированию инвестиционной полемики Board of Directors - direktorlar şurası - совет директоров NGO (Non-Governmental Organization) - qeyri- hökumət təşkilatları - внегосударственные организации academics - (burada) alimlər, tədqiqatçılar - зд. ученые, исследователи to impose - tətbiq etmək - применять
33 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
to advance somebody's interests - kiminsə maraqlann- dan çıxış etmək - выступать по чьим-то интересам solely - yalnız - исключительно, только prosperity - tərəqqi, inkişaf - прогресс, развитие ethnic war - etnik müharibə - этническая война border conflict - sərhədboyu münaqişə - приграничный конфликт oppressed - sıxışdırılmış, əzilmiş - угнетенный, вытесненный decision-making process - qərarvermə prosesi - процесс принятия решений financial contribution - maliyyə dəstəyi - финансовая помощь
ANSWER THE QUESTIONS.
1. What is the shorter name for the International Bank for Reconstruction and Development? 2. What was the original mission of the World Bank? 3. What is the current mission of the World Bank? 4. What types of assistance does the World Bank provide to countries in need? 5. Where do the funds for the lending come from? 6. Why is the IBRD able to borrow at low interest rates? 7. What does the organization charge when it lends money? 8. What other types of services does the World Bank provide? 9. What affiliated agencies are there in the World Bank Group? 10. Where are the headquarters of the World Bank Group? 11. Who runs the institutions of the World Bank group?
34 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
12. What was the World Bank accused of? 13. What do critics say about "neo-liberaf politics of the World Bank? 14. Why is the World Bank a closed system? 15. What determines the number of additional votes for the member nations?
ASSIGNMENTS
/. Find English equivalents for Ihe follomng Azerbai- jani /Russian phrases: > göstərdiyi təşəbbüslərə müvafiq olaraq iqtisadi sta- billiyə nail olmaq; rəhbərlik islahatların tərəfdarıdır; ödəniş balansında çətinlik çəkən ölkələr; riskləri istisna etmək; nailiyyətlərin siyahısı; təkrar gözdən keçirtmək; aylıq yoxlanışlara məruz qalmaq; məntiqi səmərəliliyi şübhə altında qoymaq; son dərəcə əlverişli şərtlər; məcburiyyət baxımından; islahatlara verilən dəstəyi kəsmək; yalnız sosial müdafiə sistemi olarsa bunu etmək mümkündür. > в соответствии со стремлением достичь экономической стабильности; руководство привержено реформам; страны, испытывающие трудности с платежным балансом; исключить риск; перечень достижений; пересматривать; подвергаться ежемесячному контролю; ставить под сомнение разумность; чрезвычайно выгодные условия; в абсолютном выражении; подорвать поддержку реформ; это возможно только при наличии системы социальной защиты
HUSSEIN UAOSUDOGLU 35 KAMALA JAFAROVA BUSINESS ENGLISH
//. Match the verbs from (a) with the nouns from (b) below: a) to address to b) export controls affect to individuals provide to relationships define to interests reconcile to accounts impact impose to benefits strengthen to functions adjust to settle problems
IIL Read the dialogue, translate the Azerbaijani/Rus- sian remarks into English and act it out: Mr. Aliyev: Hamıya məlumdur ki, Dünya Bankının bir əsas məqsədi var - bu da, inkişaf etməkdə olan ölkələrə həyat səviyyəsini artırmağa kömək etməklə həmin ölkələrdə iqtisadi və sosial tərəqqiyə yardım etməkdir. Siz inkişaf etməkdə olan ölkələrə təhsil, səhiyyə, ətraf mühitin müdafiəsi və s. bu kimi sahələrdə layihələrin həyata keçirilməsi üçün kreditlər verirsiniz. 1998-ci ildə Bank tərəfindən verilən kreditlərin məbləği rekord həddə yüksək idi. Bunun səbəbi nə idi? Общеизвестно, что Всемирный Банк имеет одну основную цель - содействовать экономическому и социальному прогрессу в развивающихся странах, помогая им повысить свой жизненный уровень. Вы предоставляете кредиты развивающимся странам для реализации проектов в области образования, здравоохранения, защиты окружающей среды и т.д. Сумма кредитов, предос
36 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
тавленных Банком в 1998 году, была рекордно высокой. Чем это было вызвано? Mr. Black: The World Bank's lending really jumped to record levels boosted by its support for countries hit by the financial crisis and by the support for social safety nets, I mean social security for the unemployed and pensioners in some countries. Mr. Aliyev: 1998-ci ildə siz həmçinin qasırğalardan, daşqınlardan, quraqlıqdan, zəlzələlərdən ziyan görmüş ölkələrə də əhəmiyyətli dərəcədə yardımlar etmisiniz. Müxtəlif maliyyə mexanizmlərindən istifadə edərək siz, yollan, körpüləri yenidən bərpa etməyə, yeni məktəblər, xəstəxanalar tikməyə, biznesin inkişafına kömək etmisiniz. Bu məqsədlər üçün hansı maliyyə vasitələrindən istifadə etmisiniz? В 1998 году вы также оказывали значительную помощь странам, пострадавшим от ураганов, наводнений, засух, землетрясений. Используя различные механизмы финансирования, вы помогали восстанавливать дороги, мосты, строить новые школы, больницы, развивать бизнес. Какие финансовые средства вы использовали для этих целей? Mr. Black: We used our own resources, mobilized donor resources, we also worked in tandem with the IMF. Mr. Aliyev: Bu aydındır ki, siz İkinci dünya müharibəsindən sonra dünyanın bütün iqtisadi və maliyyə intizamı quruluşunu qoruyub saxlamaqdan ötrü yaradılan iki qohum təşkilatlarsınız. Это понятно, вы две родственные организа-
HUSSEİN MAQSUDOGLU 37 KAMALA JAFAROVA BUSINESS ENGLISH
ЦИИ, созданные после Второй мировой войны для поддержания всей структуры мирового экономического и финансового порядка. Mr. Black: That's right, but there is a great difference between us. The World Bank is an investment bank. The IMF is an association of governments.
■ TEXT 2
THE INTERNATIONAL MONETARY FUND
The International Monetary Fund (IMF) is the international organization which oversees the global financial system by monitoring reign exchange rates and balance of payments, as well as offering technical and financial assistance when asked. The IMF describes itself as "an organization of 184 countries, working to foster global monetary cooperation, to secure financial stability, to facilitate international trade, promote high employment and sustainable economic growth, and to reduce poverty". Of all UN member states only North Korea, Cuba, Liechtenstein, Andorra, Monaco, Tuvalu and Nauru are either integrated or represented by other member states or choose not to participate. An unwritten rule establishes that the IMF's managing director must be European. Agreement for the creation of the IMF came at the Monetary and Financial Conference in Bretton Woods, New Hampshire, United States, on July 22,1944. The creators of the IMF at the Bretton Woods Conference were the Fabian Society member John Maynard Keynes and the Assistant Secretary of the United States Treasury, Harry Dexter
38 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
White. The Articles of Agreement came into force on December 27, 1945, the organization came into existence in May 1946, as part of a post-World War II reconstruction plan, and it began financial operations on March 1,1947. The IMF is sometimes referred to as "a Bretton Woods institution", along with the Bank for International Settlements (BIS) and the World Bank. Together, these three institutions define the monetary policy shared by almost all countries with market economies. A country may apply for membership status within the IMF. The application will be considered, first, by the IMF’s Executive Board. After its consideration, the Executive Board will submit a report to the Board of Governors of the IMF with recommendations in the fonn of a "Membership Resolution." These recommendations cover the amount of quota in the IMF, the form of payment of the subscription, and other conditions of membership. After the Board of Governors has adopted the "Membership Resolution," the applicant state needs to take the legal steps required under its own law to enable it to sign the IMF's Articles of Agreement and to fulfill the obligations of IMF membership. A member's quota in the IMF determines the amount of its subscription, its access to IMF financing, and its allocation of SDRs. Part of the IMF's mission is to provide assistance to countries that experience serious economic difficulties. Member states with balance of payments problems may request assistance in the form of loans and/or organizational management of their national economies. In return, the countries are obliged to launch certain refonus. The role of three Bretton Woods institutions has been controversial to many since the Cold War period. Critics claim that IMF policy makers deliberately supported capitalist military dictatorships friendly to American and
HUSSEIN MAQSUDOGLU 39 KAMALA JAFAROVA BUSINESS ENGLISH
European corporations. Critics also claim that the IMF is generally hostile to the views of democracy, human rights, and labour rights. These criticisms generated a controversy that helped to inspire the anti-globalization movement. Others claim the IMF has little power to democratize sovereign states. Arguments in favour of the IMF say that economic stability is necessary in democracy. Overall the IMF success record is limited. It was created to help stabilize the global economy, however, since 1980 over 100 countries have experienced a banking collapse that reduced GDP by four percent or more. Much more than any previous time in history. The considerable delay in response to a crisis, and the fact that it tends to respond to rather than prevent them, has led many economists to argue for reform. Whatever the feelings people in the Western world have for the IMF, research by the Pew Research Centre shows that more than 60 percent of Asians and 70 percent of Africans feel that the IMF and the World Bank have a positive effect on their country. Such research has made proponents of IMF claim the IMF-critique misleading, as it would be difficult to speak of suffering if the sufferers don't feel hurt. There is much confusion about the difference between the IMF and the World Bank. The IMF keeps account of trade balances between member states as an independent auditor. The World Bank, on the other hand, gives more long-term loans for more general purposes. What it does, as an investment bank, is to intermediate between lenders and borrowers. It sells bonds to corporations, individuals, and sometimes governments, and lends that money to borrowing governments. The IMF was originally founded to stabilize countries currencies in relation to each other, and to oversee the cur
40 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH rency exchange market. Since the IMF is not really a bank, it doesn't give loans as such. Rather, it has finances from which member countries can borrow when they need to stabilise their currency quickly. All loans from the IMF must be paid back within 5 years.
VOCABULARY NOTES
The International Monetary Fund - Beynəlxalq Valyuta Fondu - Международный валютный фонд to oversee the global financial system - qlobal maliyyə sistemini izləmək, müşahidə etmək - наблюдать за мировой финансовой системой to monitor - izləmək, yoxlamaq - наблюдать, следить, контролировать exchange rate — valyuta məzənnəsi - валютный курс, обменный курс balance of payments - ödəniş balansı - платежный баланс to foster - gücləndirmək, böyütmək - усиливать, преувеличивать to secure - təmin etmək, zəmanət vermək - обеспечивать, гарантировать to facilitate - asanlaşdırmaq - облегчать to promote - artırmaq, irəliyə çəkmək - продвигать, увеличивать sustainable economic growth - sabit iqtisadi artım - устойчивый экономический рост UN member state - Birləşmiş Millətlər Təşkilatının üzvü olan ölkə - страна, которая является членом Организации Объединенных Наций unwritten rule - yazılmamış qayda - неписанное правило
HUSSEIN MAQSUDOGLU 41 KAMALA JAFAROVA BUSINESS ENGLISH
United States Treasury — ABŞ-ın Maliyyə Nazirliyi - министерство финансов США Articles of Agreement - müqavilənin bəndləri - пункты договора to come into force - qüvvəyə minmək - войти в силу come into existence - meydana çıxmaq - начать существование post-World War II reconstruction plan - 11 Dünya müharibəsindən sonra yenidənqurma planı - план реконструкции после Второй Мировой войны The Bank for International Settlements - Beynəlxalq Hesablaşmalar Bankı - Банк международных исчислений Executive Board - icraedici şura - исполнительный совет to submit a report - hesabatı təqdim etmək, məlumat vermək - представлять отчет, доложить Board of Governors - İdarə Heyəti - Совет Управления Membership Resolution - qətnamə, üzvlük barədə qərar - резолюция, решение о членстве subscription - abunə, üzvlük haqqı - подписка, членский взнос conditions - şərtlər - условия to fulfill obligations - öhdəlikləri yerinə yetirmək - исполнять обязательства SDRs (special drawing rights) - xüsusi borcalma hüquqlan (Beynəlxalq Valyuta Fondundan) - специальные права заимствования (из Международного валютного фонда) to launch - başlamaq - начинать, приступить к проведению deliberately - qəsdən, bilərək şüurlu şəkildə - сознательно, осознанно, умышленно human rights - insan hüquqları - права человека
42 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
controversy - debat, müzakirə, mübahisə - дебаты, дискуссия to inspire - ruhlandırmaq - вдохновить sovereign state - suveren dövlət - суверенное государство in favour of - xeyrinə - в пользу banking collapse - bankın dağılması (bank böhranı) - банковский крах (кризис) delay in response - gecikmiş reaksiya - запоздалая реакция proponent - tərəfdar - сторонник to suffer - əziyyət (əzab) çəkmək - страдать to keep account of - hesabını aparmaq, hesablamaq - вести учет, учесть trade balances - ticarət balansı - торговый баланс independent auditor - müstəqil müfəttiş, auditor - независимый контролер (ревизор), аудитор to intermediate - vasitəçilik etmək - посредничать to stabilize - sabitləşdirmək - стабилизировать currency exchange market - valyuta mübadiləsi bazarı - рынок обмена валют
ANSWER THE QUESTIONS.
1. What is the IMF? 2. How many countries are members of the IMF? 3. What are the main goals of the organization? 4. Where was the agreement for the creation of the IMF reached? 5. Who were the main creators of the IMF? 6. When did the Articles of the Agreement for the creation of the IMF come into force? 7. What institutions are often called Bretton Woods institutions?
HUSSEIN KWQSUDOGLU 43 KAMALA JAFAROVA BUSINESS ENGLISH
8. If a country applies for a membership status, where is the application considered? 9. What is a Membership Resolution? 10. What happens when the Board of Governors adopts the Membership Resolution? 11. What does a member's quota determine? 12. What kind of assistance does the IMF provide to countries with economic difficulties? 13. Why was the role of the Bretton Woods institutions controversial? 14. Why was the IMF success record limited? 15. What does the research by the Pew Research Centre show? 16. What is the difference between the IMF and the World Bank?
IV. Find English equivalents for the following Azerbaijani / Russian phrases: > bu təsirin ötürüldüyü yollar müxtəlifdir; boş iş yerlərinin (vakansiyaların) sayı artır; ixracat çiçəklənir; qiymətlər və keyfiyyət üzrə rəqabət aparmaq; valyuta məzənnəsinin dəyişilməsi; ixracat nəzarətinin həyata keçirilməsi; beynəlxalq valyuta sistemi sazişlər, qanunlar, təşkilatlar və s. məcmusudur; ödəniş balanslarında qarşılıqlı əlaqələrin xüsusiyyətləri; qarşılıqlı əlaqələr tənzimlənir; iqtisadi cəhətdən asılı olmaq; funksiyaları təyin etmək; ödəniş balansının vəziyyəti; ödəniş balansı vəziyyətinin düzəldilməsi; valyuta məzənnələrinin müəyyən edilməsi və dəyişdirilməsi > пути, по которым передается это воздействие, различны; число вакансий увеличивается; экспорт процветает; конкурировать по ценам и по качеству; изменение валютного курса; введение экспортного контроля; международная валютная система - это совокупность договоренностей.
44 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Правил, организаций и т.д.; характер взаимоотношений платежных балансов; взаимоотношения регулируются; быть экономически зависимым; определять функции; положение с платежным балансом; корректировка положения с платежным балансом; установление и изменение валютных курсов
И а) Fill each gap with a suitable word from the box, b) Describe the World Bank's activities. Say how they differ from those of the IMF, board encourage member financed bear setup growth provides per focused carries out operations imbalances policy purposes countries established
World Bank - International Bank for Reconstruction and Development (IBRD) The "World Bank" refers to the International Bank for Reconstruction and Development (IBRD) and its affiliate, the International Development Association (IDA). The Bank was ______together with the IMF by the Bretton Woods Conference of 1945 as an international bank for two ______: to help financing of the rebuilding of war- devastated areas and to aid in the advancement of less-developed ______. Operations started in 1946. The Bank is ______partly by contributions paid by countries, partly by bond issues. The national contributions constitute the bank's capital and relate to the individual countries' share of world trade. The bond issues finance the lending ______of the bank.
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In financing the economic of member coun- tries the International Bank complements the IMF, which finances temporary balance of payments ______. Loans are made to governments or government-guaranteed entities. Besides lending funds, the Bank ______technical advice to governments or other borrowers on a wide range of development problems. It ______general economic surveys for governments wishing to study resources and to plan long-range ______of development. At first devoted to the reconstruction needs of industrial countries, the World Bank by the 1950s had ______its at tention on the developing world. In 1956 the IBRD formed the International Finance Corporation (IFC) the purpose of which was to ______growth in the private sector of deve loping countries and to mobilize domestic and foreign capital for this purpose. In 1960 the IBRD ______the International Development Association in order to assist the poorer developing countries (those with an annual capita GNP of less than $731 in 1980 prices). Loans to these countries ______no interest and are repayable over 50 years with an initial grace period of 10 years. The Bank's strategy has been to ensure that its aid reaches the broad masses of the people; this is to be done by investments encouraging productivity and integrating the broad masses of people as active partners into the development process. The powers of the Bank are vested in a ______of Gover nors.
WORDS YOU MAY NEED
affiliate /? - filial - филиал war-devastated areas - müharibə nəticəsində talanmış ərazilər - разоренные войной территории
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bond issue - istiqrazların buraxılması - выпуск облигаций to complement v - tamamlamaq - дополнять survey n - icmal, tədqiqat - обзор, исследование International Finance Corporation - Beynəlxalq Maliyyə korporasiyası - Международная финансовая корпорация repayable adj - ödənilməli - подлежащий погашению (уплате) grace period - güzəşt müddəti - льготный период to integrate v - inteqrasiya etmək, (burada) daxil etmək, birləşdirmək - интегрировать; (зд.) включать, вовлекать to vest V - həvalə etmək - поручить
VL Translate into Azerbaijani/Russian, 1. The IMF has regular annual consultations with member countries. 2. The IMF fulfilled these oversight and surveillance roles in a variety of ways. 3. Total drawings from the IMF's General Resources Account during 1994/95 amount to SDR 10.6 billion. 4. Among the IMF's most important responsibilities was its mandate to oversee the effective functioning of the international monetary system. 5. In this connection 1995, the anniversary year, was the year of intense activity for the IMF. 6. Many of its powers are delegated to a Board of Executive Directors. 7. The international monetary system is afflicted with problems. 8. International monetary relations are governed by rules of the Articles of Agreement of the International Monetary Fund.
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9. Business activity is heavily influenced by international monetary conditions affecting prices, exchange rates, interest rates, imposition of controls on exports or imports or on capital movements. 10. Local governments may finance capital expenditure through municipal bonds.
■ TEXT3 SECURITIES Securities are traded on markets. Some, but not all markets have a physical location. The essence of a securities market is its formal or informal communications systems whereby buyers and sellers make their interests known and execute transactions. Securities are bought and sold at the Stock Markets. The origin of stock markets goes back to medieval Italy. During the 17th and 18th centuries Amsterdam was the principal centre for securities trading in the world. The appearance of formal stock markets and professional intermediation resulted from the supply of demand for and turnover in transferable securities. The 19th century saw a great expansion in issues of transferable securities. The popularity of transferable instruments as a means of finance continued to grow and at the beginning of the 20th century there was an increasing demand for the facilities provided by stock exchanges, with both new ones appearing around the world and old ones becoming larger, more organized and increasingly sophisticated. The largest, most active and best organized markets were established in Western Europe and the United States. Despite their common European origins there was no single model which every country copied.
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Members of stock exchanges drew up rules to protect their own interests and to facilitate the business to be done by creating an orderly and regulated marketplace. Investors were interested in a far wider range of securities than those issued by local enterprises. Increasingly, these local exchanges were integrated into national markets. The rapid development of communications allowed stock exchanges to attract orders more easily from all over the country and later the barriers that had preserved the independence and isolation of national exchanges were progressively removed, leading to the creation of a world market for securities. The 1980s saw the growing internationalization of the world securities markets, forcing stock exchanges to compete with each other. Cross-border trading of international equities expanded. Although many securities were of interest to only a small and localized group, others came to attract investors throughout the world. Increasingly, arbitrage between different stock exchanges ensured that the same security commanded the same price on whatever market it was traded. London, Paris, New York became dominant stock exchanges. Stock exchanges emerged as central elements in the financial systems of all advanced countries. Potential investors, insurance companies, pension funds, governments and corporate enterprises see securities as a cheap and convenient means of finance. An investor who purchases new securities is participating in a primary financial market. An investor who resells existing securities is participating in a secondary financial market. There are two basic types of stock markets - (1) organized exchanges, like the New York Stock Exchange
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(NYSE) or the London Stock Exchange (LSE), and (2) the less formal over-the-counter markets. The organized security exchanges are tangible physical entities, which have specifically designated members and elected governing bodies - boards of governors. In contrast to the organized security exchanges, the over- the-counter market is an intangible organization. It is a network of security dealers who buy and sell securities from each other, either for their own account or for their retail clients. The over-the-counter market is normally conducted by telephone and computer reporting of price quotations between brokerage firms that "make a market": that is, agree to buy and sell a particular security. Securities that are not listed on exchanges are traded "over-the-counter". In general these include stocks, preferred stocks, corporate bonds, and other securities. Investors need complete and reliable information about stocks and markets. In addition to the listings, the financial pages of newspapers in all countries contain price quotations and share indexes which give a broad indication of how the stock market, or a segment of the stock market, performed during a particular day.
VOCABULARY NOTES
stock market - ticarət fondu - торговый фонд origin - mənşə, (burada) yaranma - происхождение, (зд.) зарождение principal - əsas, baş - главный, основной intermediation - vasitəçilik - посредничество transferable securities - başqasına ötürülə bilən qiymətli kağızlar - ценные бумаги, которые могут быть переданы другому лицу expansion - artım - рост
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facilities - (burada) xidmətlər - (зд.) услуги sophisticated - (burada) mürəkkəb - (зд.) сложный to draw up - tərtib etmək (qayda-qanun) - составлять (правило) orderly - nizamlı - упорядоченный increasingly - daha... (burada: daha mürəkkəb) - более (зд. более сложный) to integrate - inteqrasiya etmək, daxil olmaq - интегрировать, входить communications - rabitə əlaqələri - средства связи to allow - icazə vermək, imkan yaratmaq - позволять, создать возможность barrier - əngəl, maneə - препятствие isolation - izolyasiya, təcrid olunma, ayrılma - изоляция, обособление to lead - gətirib çıxarmaq (nəyəsə) - приводить, вести (к чему-л.) internationalization - beynəlmiləlləşdirmə (iqtisadiyyatın, kapitalın) - интернационализация (экономики, капитала) to force - məcbur etmək - вынуждать, заставлять cross-border trading - beynəlxalq ticarət (sərhədboyu ticarət) - международная торговля (торговля по всему рубежу) equity - adi səhm - обыкновенная акция arbitrage - orbitraj, münaqişə - арбитраж, конфликт to emerge - meydana çıxmaq - появиться advanced countries - inkişaf etmiş ölkələr - развитые страны over-the-counter market - birjadan kənar bazar - внебиржевой рынок governing body - rəhbər orqan - руководящий орган in contrast to - fərqli olaraq - в отличие от чего-то network - şəbəkə - сеть dealer - diler, birja dəllalı - дилер, биржевой торговец
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for smb's account - kiminsə hesabına - за чей-либо счет retail client - kiçik müştəri - мелкий клиент to conduct - həyata keçirtmək - осуществлять quotation - hədd, ölçü, norma - котировка to list - siyahıya almaq - проводить перепись preferred stocks - imtiyazlı səhmlər - привилегированные акции listing - birja siyahısı - биржевой список share index - səhm indeksi - индекс акций indication - göstərici - показатель segment - bazar seqmenti - сегмент (рынка)
ANSWER THE QUESTIONS.
1. What is the Stock Market? What contributed to the emergence and growth of stock exchanges? 2. Where were best organized stock markets established? 3. What general trend in the stock market development has been observed over the years of its existence? 4. What stock exchanges have become most dominant? What part do they play in the financial systems of advanced countries? 5. What are the basic types of stock markets? How are they conducted? 6. What do investors need?
VII. Find English equivalents for the following Azerbaijani / Russian phrases from the text: > qiymətli kağızlar alınır və satılır; qiymətli kağızlar ticarətinin əsas mərkəzi; fond bazarı .... nəticəsində yaranıb; maliyyələşdirmə vəsaitləri; vahid model mövcud deyildi; kiminsə maraqlarının müdafiəsi üçün qaydalar tərtib etmək; biznesin qurulmasım
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yüngülləşdirmək; nizamlı, tənzimlənən bazar; yerli müəssisələr tərəfindən buraxılan qiymətli kağızlar; yerli birjalar ümummilli fond bazarlarında birləşdirilmişdir; korporativ qiymətli kağızlar ticarəti genişlənmişdir; birjadankənar bazar; öz hesabına qiymətli kağızları almaq və satmaq; birjadankənar bazar əməliyyatları telefonla və kompüterlərin köməyi ilə həyata keçirilir; birjada qeydə alınmayan qiymətli kağızlar > ценные бумаги продаются и покупаются; главный центр торговли ценных бумаг; фондовый рынок появился в результате ...; средство финансирования; не существовало единой модели; составлять правила защиты чьих-л. интересов; облегчить ведение бизнеса; упорядоченный, регулируемый рынок; ценные бумаги, выпущенные местными предприятиями; местные биржи были объединены в общенациональные фондовые рынки; расщирилась торговля корпоративными ценными бумагами; внебиржевой рынок; купля и продажа ценных бумаг за свой счет; внебиржевой рынок осуществляет операции по телефону и с помощью компьютеров; ценные бумаги, не зарегистрированные на бирже
VIII. Think of word combinations with: market, stock, share, securities, debt, placement, trading
IX. Match the verbs from (a) with the nouns from (b) below:
a) to expand to b) barriers develop securities
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to resell stocks to remove trading to issue shares to list infrastructure to possess standards to meet capital to submit documents
Say in a few words what the text is about.
■ TEXT 4
CARAT
Gem stones generally are divided into two categories: precious and semiprecious. A precious gem stone has beauty, durability, and rarity, whereas a semiprecious gem stone has only one or two of these qualities. The diamond, emerald, ruby, and sapphire are considered precious gems. Some opal is precious, but most varieties are semiprecious. The beauty of a gem stone is determined by personal taste. In ancient times man preferred brightly colored, translucent or opaque stones. Today he prefers evenly tinted, transparent stones. The desired hues are blue, rose, green, and true canary yellow in the diamond; pigeon-blood red in the ruby; cornflower blue in the sapphire; and grass green in the emerald. Most diamonds, however, are colorless. The durability of a gem stone depends upon its hardness and lack of ready cleavage. A gem must be sufficiently hard to resist abrasion by objects normally found in everyday life and by dust.
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Rarity is one of the most important factors in establishing the price of a gem stone. Such gems as the diamond and ruby are rare, in addition to being beautiful and durable, and therefore are very expensive. Although the deep red py- rope garnet closely resembles the ruby in color, there is no comparison in expense and popularity. In gemology, the weight of precious stones are measured in units called carats. Carats have been the measure of weight used by the jewelry trade since antiquity. The word comes from the seed knara of the carob bean. Historically, the carat measurement varied greatly from geographic area to geographic area. In 1907 the gemstone measurement was standardized as the metric carat that weighs 200 mg, or 0.2 grams. Carats are broken down into smaller units ofpoints. There are 100 points to each carat, 75 points to each 3/4 carat, 50 points to each 1/2 carat, and 25 points to each 1/4 carat. Because gemstones vary so greatly in their densities or atomic weights, the size of a one-carat gemstone can be very different than a one-carat stone of another gemstone type. For example, all diamonds are made of carbon so therefore they all have the same density, or atomic weight. We know that a 1 -carat round brilliant diamond will be 6 to 6.1 mm in diameter. However, colored gemstones are a combination of elements and each of those elements have a different density/atomic weight. Amethyst, which has a density of 2.65 will, will produce a larger-sized gemstone weighing one carat than a ruby, with its heavier density/atomic weight of approximately 4.00, will. The size of a gemstone is normally noted in millimeters. The size measurements taken with the carat weight, give a much more accurate picture of a gemstone.
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Three additional units of measure have been used to describe gemstones by the jewelry industry. The gram weight measure is used to weigh less precious gemstones and gemstone rough. The gram (approximately 1/4 carat) is historically the measurement unit for pearls. Pearls are being more frequently measured in carats today. Мотте is an old Japanese measurement for cultured pearls and is rarely used today.
VOCABULARY NOTES
gem stones - qiymətli daşlar - драгоценные камни precious - qiymətli - драгоценный semiprecious - ucuz, aşağı qiymətlə - дешевый,по низкой цене durability - davamlılıq, möhkəmlik - прочность; дол- говеч- ность, устойчивость rarity - nadirlik - редкость diamond - almaz, brilyant - алмаз, бриллиант emerald - zümrüd - изумруд ruby - yaqut - рубин sapphire - sapfır - сапфир opal - opal - опал ancient times - qədim zamanlar - древние времена to prefer - üstünlük vermək - предпочитать translucent - yarışəffaf - полупрозрачный opaque stones - qeyri-şəffaf daşlar - непрозрачные камни tinted - tonlaşdırılmış, boyanmış - тонированный, окрашенный transparent stones - şəffaf daşlar - прозрачные камни hues - çalarlar - оттенки canary - açıq sarı - светло желтый pigeon-blood red - göyərçin qanı kimi qırmızı - красный как голубиная кровь
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cornflower blue - peyğəmbərçiçəyi kimi mavi - синий как василек grass green - ot kimi yaşıl - зеленый как трава colorless - rəngsiz - бесцветный cleavage - parçalanma - расщепление, раскалывание abrasion - sürtünmə - трение, абразия rare - nadir - редкий red garnet - qırmızı qranat - красный гранат gemology - gemmologiya - геммология weight - çəki - вес carat - karat - карат to break down - bölünmək, ayrılmaq - разделиться, разъединиться points - zərrə, zərrəcik, hissəcik - крупинка, частица density - sıxlıq, xüsusi çəki - плотность, удельный вес atomic weight - atom çəkisi - атомный вес amethyst - ametist - аметист larger-sized - böyük ölçülü - большого размера approximately - təxminən - приблизительно jewelry industry - zərgərlik sənayesi - ювелирная промышленность
pearl - inci, mirvari - жемчуг ANSWER THE
QUESTIONS.
1. What are made of carbon? 2. What gemstones are a combination of elements? 3. Can you describe a little a precious gem stone? 4. What size measurements give much more accurate picture of a gemstone? 5. When was the gemstone measurement standardized as the metric carat? 6. What stones do the people prefer today? 7. Can you enumerate categories of gem stones?
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8. What does the durability of a gem stone depend from? 9. What is your choice in precious and semiprecious stones? 10. What is one of the most important factors in establishing the price of a gem stone? 11. What gems are rare and expensive? 12.1n what units are the weight of precious stones measured ? 13. What units of measurement of the gemstones do you know?
XL Write questions that could produce the following answers and translate into Azerbaijani/Russian, 1. In ancient times man preferred brightly colored, translucent or opaque stones. 2. The durability of a gem stone depends upon its hardness and lack of ready cleavage. 3. Rarity is one of the most important factors in establishing the price of a gem stone. 4. The word comes from the seed kuara of the carob bean. 5. Carats are broken down into smaller units of points. 6. All diamonds are made of carbon so therefore they all have the same density, or atomic weight. 7. We know that a 1-carat round brilliant diamond will be 6 to 6.1 mm in diameter. 8. The size of a gemstone is normally noted in millimeters. 9. Colored gemstones are a combination of elements. 10. Pearls are being more frequently measured in carats today.
XII. Translate into English. 1. Qızılın ən yüksək əyarı 999, 9-a və ya 24 karata bərabərdir.
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Наивысшая проба золота равна 999,9, или 24 карата. 2. Bir çox qızıl məmulatları 750 əyarlı və ya 18 karatlı qızıldan hazırlanır. Большинство золотых изделий делается из золота пробы 750, или 18 карат. 3. Qiymətli daşlar üçün ölçü vahidi karatdır, əyar deyil. Для драгоценных камней карат - мера веса, а не проба. 4. Qiymətli daşların ölçü vahidi kimi 1 karat 0,2 qrama bərabərdir. 1 карат как мера веса для драгоценных камней равен 0,2 г. 5. Bizə 4 qiymətli daş növü məlumdur: brilyant, yaqut, zümrüd və sapfır. Нам известны 4 вида драгоценных камней: бриллиант, рубин, изумруд и сапфир. 6. Çoxlu yarımqiymətli daşlar da mövcuddur. Существует много полудрагоценных камней.
XIII. Fill each gap with a suitable word from the box. 1. In 1907 the gemstone measurement was standardized j size frequently millimeters durability precious I pearls semiprecious preferred weight jewelry rarity carbon metric carat hues combination as the that weighs 200 mg, or 0.2 grams. 2. The diamond, emerald, ruby, and sapphire are considered gems. 3. ______is one of the most important factors in establishing the price of a gem stone. 4. All diamonds are made of ______so therefore they all have the same density, or atomic weight. 5. The ______of a gem stone depends upon its hardness and lack of ready cleavage. 6. In gemology, the ______of precious stones are measured in units called carats. 7. The of a one-
HUSSElN MAQSUDOGLU 59 KAMALA JAFAROVA BUSINESS ENGLISH carat gemstone can be very different than a one-carat stone of another gemstone type. 8. The size of a gemstone is normally noted in ______. 9. Colored gemstones are a of elements and each of those elements have a different density/atomic weight. 10. Momme is an old Japanese measurement for cultured ______and is rarely used today. 11. In ancient times man ______brightly co- lored, translucent or opaque stones. 12. Three additional units of measure have been used to describe gemstones by the ____ industry. 13. Pearls are being more ______mea- sured in carats today. 14. The desired _ are blue, rose. green, and true canary yellow in the diamond. 15. Some opal is precious, but most varieties are ______.
XIK Write the synonym of the following words: to determine precious comparison durability divide colorless to measure different to establish
XK Read and tell the DIALOGUE: expert^ consultant and customer who is interested in buying gold. Customer: Good morning! Expert: Good morning. Sir. Can I be of any help to you? Customer: Where can I buy gold? Expert: You can buy gold in the largest banks of Rus sia, for example, Sberbank and VTB bank. Do you want to buy gold bullion bars or coins? Customer: What can you tell me about gold bullion bars? Expert: Bars are produced in many different sizes, from 1 kg to wafers of 1 gram. There are standard bars of 12,5 kg, but they are not for private customers, they are used as currency reserves.
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Customer; Are there any problems in buying gold bullion bars? Expert: First of all, the bank must be properly autho- rized to deal with precious metals. Besides, you are to pay a value added tax, if you buy gold. Customer; What does it mean? Expert: It means if you want to sell your gold bar, no- body will give you back the amount of the value added tax paid. Besides, the banking price of gold is different from that of world gold markets. The price for selling and the price for buying are different. The difference is called spread. So, if you sell gold, you will have to pay the amount of spread. Customer; And what shall I do? Expert: You can ask the bank to keep your gold at the so called metals account. In this case you won’t have to pay a value added tax. Customer; And, what about golden jewellery? Expert: It is a very bad choice for investment, actually. When you buy a piece of jewelry, you pay both for gold and a goldsmith’s work. And, if you choose to sell your necklace or bracelet or whatever it might be, nobody will return the amount of money you paid for a goldsmith’s work. Customer: Well, and, what about coins? Expert: If you want to invest your money in coins, you must know that there exist two types of them - proof like and bullion. Customer; And what is the difference? Expert: Proof like coins are levied with a value added tax, but bullion ones - not. Customer: And what does it mean, "a fineness of gold is 995.
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Expert: Oh, it is simple, it means, that the proportion of pure gold in the alloy of 1000 parts is 995 parts. Customer: And what is an ounce? Expert: A troy ounce is equal to 31,1 grams. Don’t mix it with an ounce which is equal to 28 grams. Customer: What is the origin of the world ’’troy” (ounce)? Expert: "Troy” is from the French Troyes, an ancient French town where there was a largest fair in old times. Customer: I see, thank you for your exhaustive consultation. Good-bye. Expert: You are welcome. Good-buy.
ANSWER THE QUESTIONS.
1. What are the sizes of most gold bullion bars? 2. What is a standard bar? What is its weight? Where are such bars used? 3. What is fineness? What are the synonyms to this word? 4. What should be the fineness of gold bullion bars? What is the maximum fineness of gold? 5. What paper guarantees the genuineness of gold bars? 6. What are the units for the weight of gold? 7. What is one ounce? 8. What are the currencies for the prices of gold? 9. When are these prices fixed?
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UNIT III FINANCE
■ YOVR VOCABULARY
Finance Charge The total dollar amount a person pays to use credit. Financial Goals A statement of something a person wants or needs to do that pertains to finances and/or money. Common reasons for setting financial goals are: saving for a comfortable retirement, saving for college, and managing finances to enable a home purchase. Financial goals should be Specific, Measurable, Attainable, Realistic, and Time-bound (SMART). Financial Planner A specialist who is trained to offer specific financial help and advice. Financial Planning A blueprint or plan for managing all aspects of a person’s money. Financial Services Programs that offer aid with money management.
■ TEXT 1
FINANCE AND FINANCIAL SYSTEM
Finance is essential for a business operation, development and expansion. Finance is the provision of money at
63 HUSSEIN MAOSUDOCLU KAMALA JAFAROVA BUSINESS ENGLISH 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 economy as a whole. The major instrument of any financial system is the budget. Budgeting is the changing of operational plans (for example, for purchasing, production, research, or sales) into financial results. The budget shows the financial position the company will be in if all plans are executed. A budget fulfils various functions: it is both a tool and a compass for management. By periodically comparing the budget plan with the actual results (‘feedback’) company processes can be controlled. Control requires a set of goals (the budget) and feedback as to how well those
64 HUSSEIN MAQSUD OGLU KAMALA JAFAROVA BUSINESS ENGLISH goals are being met. Budgeting obliges the management to contemplate the future. The budgeting stages formally determine the internal cohesion and necessary harmonizing of company activities which may be functionally divided between various departments. In this sense, a budget is an important means of co-ordination. Although the budget is typically a reflection of the financial results to be expected from the planned activities, quantity budgets which are only concerned with the number of units produced can also be included in the total budget system. A quantity budget is also ultimately converted to financial consequences, so it can be integrated into the master budget, but the price effect is eliminated so far as the performance report on this function is concerned. A good rule of thumb is to include in a budget only those elements which are controllable by the employee or manager concerned (controllability principle). Otherwise the budget would cease to be an accountability standard. An employee will generally not be accountable for changes in the general level of interest rates, to the extent that his or her strategic choices are to borrow long or short, to make a share issue, or to cover risks on the future market. Similarly at some levels and in some situations, wage levels are partially controllable by the personnel management. The most senior management is responsible for ‘the bottom line’, that is they are accountable for the end-result, be it profit or loss.
HUSSElN MAQSUDOGLU 65 KAMALA JAFAROVA BUSINESS ENGLISH
VOCABULARY NOTES public finance(s) - dövlət maliyyəsi - государственные финансы provision - tədarük, ehtiyat - закупка, запас monetary relations - valyuta əlaqələri - валютные связи formation - formalaşma, yaranma - образование, формирование distribution - bölgü, paylama - распределение, раздача turnover (of money/capital)-dövriyyə (pulun, vəsaitin)- оборот (денег/капитала) economic entity - iqtisadi obyekt - экономический объект network of institutions - idarə, müəssisə şəbəkəsi - сеть учреждений (организаций) household - ev (ailə) təsərrüfatı - домашнее хозяйство unit of government - hökümətin bir hissəsi - часть (подразделение) правительства funds - fondlar, vəsaitlər pul, kapital - фонды, средства, деньги, капитал surplus - izafi, artıq, çoxluq - излишек, избыток saver - əmanətçi - вкладчик borrower - borc alan - заемщик intermediary - ara, vasitəçi, vasitəçilik - посредник, посредничество thrift institution - əmanət müəssisəsi - сберегательное учреждение insurance company - sığorta şirkəti - страховая компания pension fund - təqaüd fondu - пенсионный фонд mutual fund - ümumi fond - общий фонд finance company - maliyyə şirkəti - финансовая компания
66 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
to comprise - daxil etmək, əhatə etmək, - включать, охватывать, содержать community - icma, cəmiyyət, şəxslər qrupu - сообщество, группа лиц, община tax - vergi - налог government authorities - hökümət, dövlət orqanları - правительство, государственные органы benefit - mənfəət, fayda, xeyir - выгода, польза, благо financial flows - maliyyə axınları - финансовые потоки encouragement - dəstək, təşviqat - поддержка, агитация in particular - xüsusən - в особенности implementation - yerinə yetirmə, həyata keçirmə - выполнение, осуществление social policy - sosial siyasət - социальная политика budget - büdcə - бюджет budget preparation - büdcənin hazırlanması - подготовка бюджета financial results - maliyyə nəticələri - финансовые результаты macroeconomic impact -makroiqtisadi təsir - макроэкономическое воздействие
ANSWER THE QUESTIONS.
1. What is finance and financial system? 2. What parts does finance comprise? 3. What functions does public finance perform? 4. What is a country's budget? 5. What does the process of budget preparation include?
HUSSEIN MAQSUDOGLU 67 KAMALA JAFAROVA BUSINESS ENGLISH
6. What functions does a budget fulfill? 7. Which elements are included in a budget? 8. What is the major instrument of any financial system? 9. Can you enumerate functions of public finance? 10. What does budgeting oblige?
ASSIGNMENTS
I. Find English equivalents for the following Azer- baijani/ Russian phrases: > maliyyə vəsaitlərinin verilməsi (təminatı); pul münasibətləri üzrə sistem; pul vəsaitlərinin yaradılması, paylanması və istifadəyə verilməsi; iqtisadi obyektlər arasında pul vəsaitlərinin dövriyyəsi; təşkilatlar şəbəkəsi; artıq pul vəsaitlərinin işə yaramasını təmin etmək; maliyyə vasitəçiləri ilə bağlı olmaq; iki tərkib hissəsi daxil etmək; sosial siyasətin həyata keçirilməsi; maliyyə sisteminin əsas vasitəsi; mədaxil və məxariclərin hesablanması; büdcənin hazırlanması; cari və kapital məxariclərin planlaşdıniması; büdcə- vergi siyasətinə makroiqtisadi təsir; daim artan sərbəst büdcə şəraitində işləmək; bir sıra təşkilatlar büdcə hazırlığına cəlb olunublar; büdcənin tərtib olunmasına və təqdim edilməsinə cavabdeh olmaq. > предоставление обеспечивание финансовых средств; система денежных отношений; создание, распределение и использование денежных средств; оборот денежных средств между экономическими объектами; сеть организаций; обеспечить использование денежных средств; иметь связь с финансовыми посредниками; включать две составные части; осуществление социальной политики; основной средство финансовой сис
68 HUSSEİN MAQSUDCXiLU KAMALA JAFAROVA BUSINESS ENGLISH
темы; исчисление доходов и расходов; подготовка бюджета; планирование текущих и капитальных расходов; макроэкономическое воздействие на бюджетно-налоговую политику; работать в условиях все увеличивающейся автономии бюджетов; в подготовку бюджета вовлечен целый ряд организаций; отвечать за составление и предоставление бюджета
//. Say in а few words what the text is about
IIL Read the dialogue, translate Azerbaijani/Russian remarks into English and act it out:
Foreigner: It's impossible to overestimate the importance of a good, balanced budget for a country. Azerbaijanian: Sizinlə tam razıyam. Büdcə ölkənin əsas maliyyə vasitəsidir. Bu, bir qayda olaraq bir illik plan və proqnoz mədaxil və məxaric qiymətləndirilməsidir. Hökümət öz ehtiyatlarım çox dəqiq paylamalı və gəlirlərini düzgün proqnozlaşdırmalıdır. - Полностью C вами согласен. Бюджет - это главный финансовый инструмент страны. Это план и прогноз, оценка доходов и расходов, как правило, на один год. Правительство должно очень тщательно распределять свои ресурсы и точно прогнозировать свои доходы. F.: I know that your Parliament, the legislative body of your country, is considering the draft budget now. Deputies have submitted a lot of amendments to the draft budget about restructuring debts and paying off pensions and children benefits. A.: Bəli, bu belədir. Deputatlar sənayenin inkişaf etmiş sahələrinə, sosial sahəyə və regional proqramlara ayrılan pul vəsaitlərinin artırılmasını istəyirlər.
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- Да, это так. Депутаты хотят, чтобы были увеличены ассигнования на развитие промышленности, на социальную сферу и региональные программы. 7^; Now that you have mentioned regional programs, I'd like to say that, as far as I know, the majority of your regions are sometimes asking the center for cash. A,: Bəli, siz haqlısınız. Bizim regionlar müxtəlif iqlim, demoqrafik və iqtisadi şəraitdə yerləşirlər, müxtəlif təbii sərvətlərə malikdirlər. Bunun nəticəsində regionlarda hər adambaşına olan gəlirin məbləği fərqlidir. Federal mərkəz bir çox regionlara yardım edir. Amma regionlar öz xərclərini daha diqqətlə planlaşdırmalı və gəlirlərin artması üçün tədbir görməlidirlər. - Да, вы правы. Наши регионы находятся в различ ных климатических, демографических и экономических условиях, имеют различные природные богатства. В результате этого они имеют различный доход на душу населения. Федеральный центр помогает многим регионам. Однако регионы должны более тшательно планировать свои расходы и принимать меры по увеличению доходов. Е: Recently you've reached а new agreement on how to distribute tax revenues among the members. A.: Bəli, biz həmçinin bu yaxınlarda regionlarda həyata keçirilməsinin yeni mexanizmini təqdir etdik. - Да, мы также недавно одобрили новый механизм осуществления трансферов в регионы. Е: You've settled one of the basic budget issues. I'm sure your budget will soon be approved.
/И Match the verbs from (a) with the nouns from (b) below: a) to make b) funds
70 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
to approve provisions to provide payments to formulate expenditure to cut revenue to cover deficit to provide for proposal to consider budget
■ TEXT 2
SOURCES OF FINANCE
Finance is the core limiting factor for most businesses and therefore it is crucial for businesses to manage their financial resources properly. Finance is available to a business from a variety of sources both internal and external. It is also crucial for businesses to choose the most appropriate source of finance for its several needs as different source shaves its own benefits and costs. Sources of finance can be classified based on a number of factors. They can be classified as Internal and External, Short-term and Long-term. It would be uncomplicated to classify the sources as internal and external.
Internal sources of finance:
Internal sources of finance are the funds readily available within the organization. Internal sources of finance consist of: • Personal savings • Retained profits •Working capital •Sale of fixed assets
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Personal savings: This is the amount of personal money an owner, partner or shareholder of a business has at his disposal to do whatever he wants. When a business seeks to borrow the personal money of a shareholder, partner or owner for a business financial needs the source of finance is known as personal savings. Retained profit: Retained profits are the undistributed profits of a company. Not all the profits made by a company are distributed as dividends to its shareholders. The remainder of the profits after all payments are made for a trading year is known as retained profits. This remainder of finance is saved by the business as a back-up in times of financial needs and may be used later for a company’s development or expansion. Retained profits are a very valuable no-cost source of finance. Working capital: This is used for paying everyday bills. It is the day-to-day finance for all businesses and consists of cash and those assets which can quickly be turned into cash (creditors and stock), less liabilities which need to be paid in the short term. Firms can ask for trade credit as a source of working capital. This is when they can delay payment for goods that have been delivered to them. Another source of working capital is a bank overdraft. Sales of assets: Current assets are also known as cash equivalents because they are easily convertible to cash. Current assets consist of Stock, Debtors, Prepayments, Bank and Cash. These assets are used up, sold or keep changing in the short run. Stock - this refers to the stock of goods available to the business for sale at a given time. It is very important to maintain the right amount of stock of goods for a business. If stock levels are too high it means that too much of money is being held up in the form of stock and if stock levels are too low the business will lose possible opportunities of higher sales. Debtors - are a business customers owing money to the business having been
72 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH bought the business goods or service on credit. If a business has cash flow problems it can maintain a low level of debtors by encouraging the debtors to pay as early as possible.
External sources of finance: • Loans • Share capital • Grants • Venture capitalists • Factoring LoanSf mainly from banks. Loan finance is open to all ownership types. Banks often ask for collateral when lending money. If the loan is not paid back, the bank takes possession of the collateral. Collateral acceptable to a bank is almost always a building. Share capital. Private and public limited companies can issue new, additional shares. These are then sold to new investors, who will use their own money (savings) to pay for them. The money they pay is added to the share capital of the business, and is thus a source of finance. The old owners now own a smaller share of the business: their stake has been diluted by the new shares that have been issued. Grants. Grants are, on principle, open to all ownership types. The government has an interest in supporting small firms, those using environmentally beneficial production methods and any businesses who will set up and create jobs in areas of high unemployment. However, the financial help will depend on what the company does, how many jobs it creates and what types of assets it buys. Two special external sources of finance are: Venture capitalists. These are fund managers who invest amounts of £100,000 to £2 million in promising new business ventures. As a business owner, you really need to convince a venture capitalist that your business is worth in
HUSSElN MAQSLtOOGLU 73 KAMALA JAFAROVA BUSINESS ENGLISH vesting in. The venture capitalists will seek to make a profit by investing when the firm is new, seeing the business become successful and grow, and then selling the investment at a high price. Factoring, If a business has sent out invoices which remain unpaid after a long period of time, it can sell these to a factoring company. The factoring company will pay a percentage of the value of the invoice, for example 50% to the business. It then seeks payment from the company that has not paid the invoice; this can take a long time and a lot of threats and persuasion. If the entire amount is paid, the factoring company has made a profit of 100%. Businesses use factoring services because they do not have the resources to chase debts, and because they get immediate - if smaller - cash inflow when they sell the invoice.
VOCABULARY NOTES financial resources - maliyyə ehtiyatları - финансовые ресурсы available - əldə edilə bilən, mümkün - наличный, доступный internal -daxili - внутренний external- xarici - внешний short-term- qısa müddətli - краткосрочный long-term - uzun müddətli - долгосрочный funds - fondlar vasitələr pul, kapital - фонды, средства, деньги, капитал personal savings -şəxsi əmanət - личный вклад, личные сбережения retained profits - qorunub saxlanılan gəlir - сохраненная прибыль working capital - dövriyyədə olan kapital - оборотный капитал
74 HUSSEIN MAQSUO OGLU KAMALA JAFAROVA BUSINESS ENGLISH
sale of fixed assets - dövriyyədə olmayan (sabit) aktivlərin (vəsaitlərin) satışı - реализация внеоборотных активов amount - miqdar, məbləğ - сумма, количество shareholder - səhmdar - акционер, пайщик disposal - satış üçün sərəmcam, ixtiyar (məs. aktivlərdə) - полномочие, распоряжение, продажа (например, активов) partner - ortaq, partnyor, şərik - компаньон, партнер, совладелец owner - sahibkar - владелец, хозяин undistributed profits - bölüşdürülməmiş gəlir - нераспределенный доход (прибыль) distributed - bölünmüş, paylanmış - распределенный, размешанный dividend - qazanc payı - дивидент back-up - ehtiyat - резервный remainder - qalıq, qalan hissə - остаток, остатки no-cost source - dəyəri olmayan, qiymətsiz mənbə - бесценный источник cash - pul, nağd pul - деньги, наличные assets - aktivlər - активы liabilities - passivlər - пассивы overdraft - cari hesab üzrə kredit - кредит по текущему счету convertible - dəyişilən, əvəz edilən- изменяемый, заменимый stock - ehtiyat - запас debtors - debitorlar, borclular - должники, дебиторы loans - kreditlər - кредиты share capital - səhm kapitalı - акционерный капитал grants - maliyyə yardımı, pul köməyi - финансовая помощь, денежная помощь venture capitalists - riskli müəssisələrə kapital qoyan əmanətçilər - вкладчики капитала в рискованные предприятия
HUSSEIN MAQSUDOGLU 75 KAMALA JAFAROVA BUSINESS ENGLISH
factoring - komissioner, vasitəçi - комиссионер, посредник ownership - mülkiyyət, xüsusilik - собственность, частность collateral - əmlak girovu - имущественный залог investor- investor, sərmayəçi - инвестор environmental - ekoloji, ətraf mühit - экологический, окружающая среда to dilute - zəiflətmək - расслабить unemployment - işsizlik - безработица invoice - ödənilməyən faktura, invois - счет-фактура, инвойс percentage - faiz, faiz nisbəti - процент, доля threat - təhlükə - угроза persuasion - əqidə, inam - убеждение, вера, доверие to chase debts - borcları təqib etmə - преследовать долги
ANSWER THE QUESTIONS.
1. What are the two main reasons for businesses to raise new finance? 2. Name five factors which should be considered when deciding on which type of finance to raise. 3. What are the five sources of external finance? 4. What is meant by collateral? 5. What is meant by “dilution of ownership”? 6. What is a share? 7. What are the four internal sources of finance? 8. What is meant by trade credit? 9. Under what circumstance would a business sell assets to raise finance?
76 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
10. What is meant by working capital? 11. Why is working capital very important for a business? 12. For what three main reasons does the government give grants to businesses? 13. What is the most common source of finance for businesses?
K Match the words similar in their meaning»
1. well-established a. credit 2. expensive b. to obtain 3. to acquire c. to let 4. to allow d. to give 5. to grant e. reliable 6. loan f dear
VI. Make your own financing decision.
In each of the lines of the following table, you will see a business ownership form, what the business wishes to finance and one possible proposed method of financing. Consider the merits and drawbacks of this form of financing. Suggest an alternative, and justify why you think this alternative is suitable.
Business ownership What is to be finance Proposed financing
A sole trader Start up in business Bank loan, with owners’ flat as collateral A sole trader Buy another delivery Overdraft from bank van A partnership Introducing a new Refurbish the entire partner who can bring finance office HUSSEIN MAQSUDOGLU 77 KAMAL4 JAFAROVA BUSINESS ENGLISH
A partnership Set up a branch office Loan from a UK abroad bank, partners provide collateral
Private limited company Expand factory Venture capitalist
Private limited company Buy another company Private share issue of almost equal size as your own
Public limited company Finance your Bank loan expansion overseas, where 100 new branches of your shops will soon be opened
Public limited company Paying off a loan for Public share issue which a high interest rate is being charged
VIL Translate into Azerbaijani/Russian without using a dictionary: 1. Modem banks offer a wide choice of facilities so that their customers could benefit from a package of financial products and services. 2. People can enjoy the state-of-the-art banking technology that removes traditional banking limitations of time and location. 3. If you want to avoid hefty transaction charges and save on currency exchange costs, you can easily initiate Internet Banking services and enjoy the benefits of the worldwide access to your money. 4. Some customers prefer the personal touch, so traditional banking services are available in all high street branches where efficient bankers are on hand if you want
78 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH their service or advice. 5. The new state-of-the-art technology gives you unparalleled access to your money and sometimes you are offered a package of financial products and services that will change your expectations of a bank. 6. As a rule, banks offer rather a wide range of services; they accept money deposits, collect and pay cheques, discount bills, grant loans, arrange for overdraft facilities, transact stock and share business and provide safe-deposit facilities. 7. To conduct your business conveniently you can download your account details and enjoy the benefits of online banking. Short of making deposits or cash withdrawals, you have a choice of methods that will speed you through automated procedures. 8. You can change your standing order or transfer funds and you have to devote valuable time to these routine transactions, or fit your business into banking hours. 9. If you often travel or invest internationally, you want banking finances. 10. All modem banking techniques have been designed to dovetail with existing financial software, giving a customer a choice of account reporting and payment processing facilities and a smooth transfer of account formation to and from other packages.
■ TEXT3
FINANCE AND BANKING
Banking is the transactions carried on by any person or firm engaged in providing financial services to consumers or business. For these purposes there exist commercial bank, central bank, saving banks, finance companies and merchant banks. Banking consists of safeguarding and
79 HUSSEIN MAOSU0O6LU KAMALA JAFAROVA BUSINESS ENGLISH transfer of funds, lending or facilitating loans and exchange of money. In other words banking is the acceptance, transfer and creation of deposits. The depository institutions are central banks, commercial banks, savings and mutual saving banks. The Banking system refers to the network of personal and business bank accounts that help deposit and lend consumers money. Different aspects of the Banking System include: Central banks. The central banking system is a major sector of any modem monetary system. It is of great importance to the fiscal policy of the national government and the functioning of the private sector. They are responsible for the implementation of monetary policy and supervision over the banking system. In particular, they control the money supply, fix the minimum interest rate, act as lenders of last resort to commercial banks with liquidity problems, issue coins and bank notes, influence exchange rates by intervening in foreign exchange markets. To ensure the safety of the banking system, central banks impose reserve requirements, obliging commercial banks to deposit a certain amount of money with the central bank at zero interest. Central banks in different countries also impose different "pmdential ratios" on commercial banks such as capital ratio and liquid ratio. Affiliated bank - bank whose stock has been acquainted by a bank holding company. Bankers’ banks - group of banks that are given a legal permit to create regional service firms in order to facilitate the delivery of certain customer services, such as rapid transfer and investment of customer funds and the execution of orders to buy or sell securities. Correspondent banking - a system of formal and informal relationships among large and small banks estab
80 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH lished to facilitate the exchange of certain services, such as clearing checks. Nonbank banks - financial service firms that either offer checking account services or grant commercial loans but not both of these services. Unit banks - banks that offer the full range of their services from one office, through a small number of services (such as taking deposits or cashing checks) may be offered from limited service facilities (such as drive-in windows and automated teller machines). The aim of banking system is to provide security and confidence in the economy. If banks were allowed to go bankrupt and consumers lost savings it would cause widespread financial panic and many consumers would withdraw their savings and hold as cash. If there was a withdrawal of money it would cause a shortage of funds for lending. This is why Central Bank acts as lender of last resort.
VOCABULARY NOTES
banking - bank işi - банковское дело financial services - maliyyə xidmətləri - финансовые услуги merchant banks - ticarət bankları - торговые банки deposit - əmanət, depozit - вклад, депозит monetary system - valyuta sistemi - валютная система fiscal policy- vergi siyasəti - налоговая политика liquidity problems - satış (pula çevrilmə) problemləri - проблемы с ликвидностью capital ratio - kapital nisbəti (əmsalı) - сравнение (коэффициент) капитала liquid ratio - satış (pula çevrilmə) nisbəti (əmsalı) - ликвидная относительность (коэффициент)
HUSSEIN MAOSUDOGLU 81 KAMALA JAFAROVA BUSINESS ENGLISH
target - hədəf, nəzarət rəqəmi - цель, контрольная цифра open market operations - açıq bazar əməliyyatları - открытые рыночные операции restriction - məhdudiyyət - ограничение clearing checks - klirinqi qəbzlərin (banklar arasında qarşılıqlı hesablamalar sistemi) qəbzlər - клиринг (система взаимных расчётов между банками) чеки commercial loans - kommersiya kreditləri - коммерческие кредиты to go bankrupt -iflas olmaq, bankrot olmaq - обанкротиться to withdraw - geri götürmək - брать назад affiliated bank - bank filialı - филиальный банк **prudential ratios” - “tədbirli (ehtiyatlı) əlaqələr” - "благоразумные отношения"
ANSWER THE QUESTIONS.
1. What are central banks responsible for? 2. What functions do central banks perform? 3. What is done to ensure the safety of a banking system? 4. Why are "prudential ratios" imposed on commercial banks? 5. What bank types do you know? 6. What does banking consist of? 7. What depository institutions do you know? 8. What is banking? 9. What is the affiliated bank? 10. What authorities are given to the Bankers’ Bank? 11. What is Nonbank bank? 12. What systems do we call as a correspondent banking?
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13. What is the aim of banking system?
VIIL Match the following nouns on the left with their definitions on the right. 1.account a. a person who works at the counter in a bank
2. bill b. the value of money of one country or the cost of buying currency from another country 3. exchange rate c. money kept in the bank that can be added to or taken from 4. teller d. an office of a bank, store that is not the main office 5. branch e. paper money
6. interest f the amount of money remaining 7. balance g. money paid for the use of money
S.discount house h. a place where you keep objects of a particular type 9. deposit i. a sum of money lent for an agreed period of time and at agreed rate of interest 10. loan j. demand or request for a thing considered one’s due 11 .charter k . a document granting rights, issued by a legislature 12. lend 1. any of several usually equal payments for something 13. borrow m. money left without an organization for safe keeping or to earn interest 14.denomination n. class of measurement of money. 15. claim 0. company or bank on the discount market that specializes in discounting bills of exchange 16. installment p. acquire temporarily, promising or intending to return 17. repository q. allow the use of money at interest
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IX. Make up sentences using the words in brackets and translate them into Azerbaijani/Russian.
1. Banks are (money, receiving, institutions, safeguarding, for, and, money). 2. Banks may (mortgages, arrange, also, arrange, and, insurance). 3. Banks (and, make loans, on behalf of, make, and, receive, payments, their, customers, accept, deposits). 4. Banks link people who want to save (to invest, people, money, to who, with, those, want). 5. The average person (banks, most, interacts, frequently, with). 6. Banks play (the money supply, an, determining, important, role, in). 7. Banks play (money, role, a, critical, in, the, creation, of). 8. Many people keep (in, banks, financial, of, their, a, large, proportion, wealth). 9. If you need (a local bank, obtain, a loan, a car, can, to buy, you, it, from). 10. Financial (allows, to be channeled, funds, intermediation). 11. People can (indirectly, their, to, various, companies, intermediaries, lend, money, through, financial). 12. Financial intermediaries include (unions, banks, commercial, and, loan savings, associations, insurance, savings, mutual, banks, credit, companies, pension, mutual, funds, funds, and etc.). 13. Financial (economy, dynamic, promote, efficient, intermediaries, a, more, and). 14. To lend money means (condition, that, it, returned, money, to, give, on, is). 15. To borrow money means (promise, return, with, money, it, to, take, the, to).
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X. Find English equivalents for the following Azerbai- jani/Russian phrases:
mərkəzi bank sistemi; mühüm (əhəmiyyəti) olmaq; pul- kredit siyasətinin həyata keçirilməsinə cavabdeh olmaq; pul miqdanna nəzarət etmək; faiz dərəcələrini təyin etmək; pula çevrilə bilən vəsaitlərin çatışmaması problemləri; pul emissiyasının (qiymətli kağızlar, bank biletləri və kağız pullar buraxılması) həyata keçirilməsi; bank sisteminin etibarlığı; pul vəsaitini mərkəzi bankda 0%-lə depozitə qoymaq; maliyyə mühitində tanınmaq; bankdan çıxanlmış; qəbzləri (talonları) bankda depozitə qoymaq; hesablamalar aparmaq; açıq bazarda əməliyyatlar bir çox banklan müflisləşdirdi. система центрального банка; быть важным (иметь значение); быть ответственным за осуществление кредитно-денежной политики; контролировать денежную сумму; устанавливать процентную ставку; проблемы нехватки ликвидных средств; осуществлять эмиссию денег; надежность банковской системы; депонировать средства в центральном банке под нулевые проценты; быть известным в финансовых кругах; выписанные из банка; депонировать чеки в банке; вести счета; операции на открытом рынке обонкротили многие банки.
XI. Write down the Azerbaijani/Russian equivalents and make up your own sentences:
2-tier system, to issue banknotes, banking system, bank currency, bank draft, public finance, trade credits, loans, long-term credits, short-term credits
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XIL Complete the gaps with the words from the box, jcredit car interest down 'payment charges in denominations of jinstallment plan cheque teller money balance bank bills
1. ______is usually the slowest method of payment: your suppliers may have ______from their own bank and also from banks in your country since a cheque has to be cleared through the international banking system before they receive credit. 2. Americans would say the best way to carry money is to have a major ______-like Visa, MasterCard or Ame rican Express. 3. American ______comes in coins worth Ic (pennies), 5c (nickels), 10c (dines), 25c (quarters) and 50 c, though half dollars aren’t very common. Paper money is ______$ 1, $5, $ 10 and $20. Two, fifty and one-hundred dollar ______exist, but they aren’t common. 4. Don’t be surprised if a bank ______or store clerk looks very closely at a hundred dollar bill to make sure it’s real! 5. The credit card company sends you a bill once a month that shows the purchases you made and any left to pay from the month before. Usually you have thirty days to pay before they charge you
6. Many stores that sell expensive items - home appliances like washing machines and refrigerators, for example - allow their customers to pay for them on the ______. Customers make a ______of 10% or more on the purchase price and pay the rest in monthly installments; they also have to pay interest. 7. Most ______s in the U.S. open at 9:00 or 10:00 and close between 3:00 and 5:00, but stay open later on Fridays.
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XIII. Prepare a short talk on the following: a) the structure of the CBA (Bank of England), how it provides services to banks, stabilizes the banking system and shares in economic policy-making. b) define money and list the assets used as money in different countries.
XIV. Read the DIALOGUE^ sum up its content and act it out.
Mr. Blake: What is characteristic for the Azerbaijan banking system these days? Bank manager: The banking system in Azerbaijan is organized as a 2-tier system. The first tier is represented by the Central Bank of Azerbaijan. The second tier consists of commercial banks as well as branches and representations of foreign banks. Mr. Blake: The interest rate policy has become more dynamic, hasn't it? Bank manager: Yes, a new system of refinancing commercial banks was created and the share of special-purpose credits was reduced. Mr. Blake: So, now your commercial banks get credits through auctions and other market mechanisms. Is the CBA involved in open-market operation? Bank manager: Yes, our Central Bank acts in the primary market, attracting financial resources to cover the state budget deficit by non-inflationary means. As elsewhere, the Central Bank of Azerbaijan guarantees the stability of the national currency and the banking system. Mr. Blake: Now that you've mentioned stability of the banking system, I think it's the most important function of the CBA, particularly in the light of recent bankruptcies.
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Bank manager: You are right. To achieve this, some measures are being worked out to make banks increase the minimum size of authorized capital to correspond to the international standards. Mn Blake: I'm sure these measures include provisions about reserves for possible losses on loans and securities. Bank manager: They do. The banking system is developing. Mr. Blake:^o, foreign banks can be set up and can operate in Azerbaijan, can’t they? Bank manager: They can have branches and representation offices. Mr. Blake:Yo\xv banking system has made tremendous progress. How will it be developing in the future? Bank manager: Our experts have prepared drafts of laws which must give a further boost to the development of the banking system. 1 mean laws on hypothecation, on obligatory insurance of bank deposits and bank bankruptcy. Mr. Blake: Your Central bank is exempt from taxes. And what tax treatment is applied to your commercial banks? What taxes are paid by commercial banks? Bank manager: Tax on profit, tax on property, tax on income from securities and charges to the Pension Fund, to list the main.
USEFUL VOCABULARY
2-tier system - iki pilləli sistem - 2 ступенчатая система interest rate -faiz dərəcəsi - процентная ставка
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refinancing - yenidən maliyyələşdirmə - рефинансирование stability -stabillik - стабильность loans - kreditlər - кредиты boost - kömək, dəstək, təkan - помощь, поддержка, толчок drafts - layihə, plan - проект, план а great many banks... -bir çox banklar - многие банки to make banks increase ... - banklan inkişaf etməyə məcbur etmək - заставить банки развиваться... bankruptcy - müflislik, iflas - банкротство tremendous - böyük, möhtəşəm - огромный, величественный hypothecation - ipoteka - ипотека obligatory insurance - məcburi sığorta - обязательное страхование to be exempt from taxes - vergilərdən azad olmaq - быть освобожденным от налогов tax treatment - vergi rejimi - налоговый режим apply -tətbiq etmək - применять charges - (burada) çıxılmış, tutulmuş məbləğ - (зд.)- отчисления to list the main - əsas şeyləri sadalamaq - перечислять основные... Central Bank of Azerbaijan (CBA) - Azərbaycanın mərkəzi bankı - центральный банк Азербайджана
ANSWER THE QUESTIONS.
1. How is the Azerbaijan's banking system organized? 2. Has the role of the CBA changed over the years of the economic reforms? 3. What are the functions of the CBA?
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4. What measures are being worked out to ensure stability of the Azerbaijan banking system? 5. How will the Azerbaijan banking business be developing? 6. What tax treatment is applied to banks in Azerbaijan? XK Say in a few words what the dialogue is about. Use the words and phrases from Useful Vocabulary.
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UNIT IV MARKET & MARKETING
■ YOUR VOCABULARY
Market A medium that allows buyers and sellers of a specific good or service to interact in order to facilitate an exchange. The price that individuals pay during the transaction may be determined by a number of factors, but price is often determined by the forces of supply and demand. The general market where securities are traded. People with the desire and ability to buy a specific pro- duct/service. Market Economy An economic system in which economic decisions and the pricing of goods and services are guided solely by the aggregate interactions of a country's citizens and businesses and there is little government intervention or central planning. Marketing to make goods available to buyers in a planned way which encourages people to buy more of them. Marketing Campaign Specific activities designed to promote a product, service or business. Marketing Fraud Illegal practices perpetrated by a company in the promotion of a product or service. Marketing fraud often centers around making false claims. This includes exaggerating
HUSSEIN MAQSUDOGLU 91 KAMALA JAFAROVA BUSINESS ENGLISH the qualities of a product or service, selling imitations as the genuine article, or hiding negative aspects or side effects,
■ TEXTl
MARKET Marketers know that their product or service cannot appeal to everyone. To do their job, they look for people who might have an interest in or a need for their product. They also look at people who have the ability to pay for their product. These people often share other similar needs and wants. All people who share similar needs and wants and who have the ability to purchase a given product are called a market. A market is a place where many things are sold, like a street market or a supermarket. The word ‘market’ is used to mean, on the one hand, customers over a great area and, on the other hand, goods and services for sale. In other words, market is all the people and organizations taking part in buying and selling particular goods or services. What is a market exactly? Market can be defined in different ways; the number of all actual and potential buyers of a good or service; the place where people buy and sell; the people who trade in a particular good; an area where there is a demand for certain goods. People and organizations, who market a product, make decisions as to how, when and to whom it is to be sold, and decisions on its design. price, and distribution. They are called marketers or marketers who work in marketing. Markets bring together buyers and sellers of goods and services. In some cases, such as a local fruit stall, buyers and sellers meet physically. In other cases, such as stock market, business can be transacted over the telephone, al
92 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH most by remote control. We use a general definition of markets. A market is a short expression for a complicated process. By this process households make decisions about consumption of alternative goods, firms make decisions about how much and for whom to work. Companies quick to respond to the needs of a market are market-driven, market-led or market-oriented. It means they are controlled by what and how much people want to buy; they track and respond to customer needs and preferences to satisfy customers in the best way. A company selling locally sells its goods in the local market. If a company sells its goods at the same place where they are produced, it uses the home or domestic market. A firm selling abroad is an exporter. It sells on the international or overseas market. The goods it exports are exports. An importer buys goods abroad and imports them into its own country. It must be remembered that there are two main kinds of markets. Markets in which people purchase goods and services for direct consumption or personal use are called consumer markets. Consumers’ needs and wants generally fall into a few categories that address their lifestyles. For the most part, consumers are interested in products that will save them money, make their life easier, improve their appearance, create status in the community, or provide satisfaction related to some other personal motivation. There exists an enormous producer or industrial or business market. It consists 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. The goals and objectives of business firms are to improve profits. Companies want to improve productivity, increase sales, decrease expenses, or in some other way make their work more efficient.
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Few consumers realize that the producer market is actually larger than the consumer market. 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. Thus, it is more industrial than consumer marketing. Market share is the proportion of sales that a company or a product has in a particular market expressed as a percentage of total sales in a given market. In many markets there is a firm with a much larger market share than its competitors, called a market leader. A company that is number two in an industry but which would like to become number one is known as a market challenger. A smaller company in an industry more or less content with its existing market share is called a market follower. Small specialized companies which target segments within segments are called market nichers. A company’s position in a market, whether it is the leader, a close challenger, or one of many market followers, is called market standing. They all contribute to market growth - the rate at which the overall market is growing.
VOCABULARY NOTES
market - bazar - рынок potential buyers - potensial alıcılar - потенциальные покупатели trade - ticarət - торговля marketers - marketoloqlar - маркетологи
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Stall - köşk - ларёк, киоск stock market - fond birjası - фондовая биржа households - ev təsərrüfatları - домохозяйства consumption - istehlak, məxaric - потребление, расход market-driven - bazar (sifət) - рыночный market-led - bazara rəhbərlik edən - управляющий рынком market-oriented - bazar yönümlü - ориентированный на рынок local market - yerli bazar - местный рынок domestic market - daxili bazar - внутренний рынок exporter - ixracatçı - экспортер overseas market - xarici bazar - зарубежный рынок importer - idxalçı - импортер consumer markets - istehlakçı bazarları - потребительские рынки business market - biznes bazarı - бизнес-рынок to acquire - ələ keçirtmək, əldə etmək - приобретать equipment - avadanlıq - оборудование Consulting - məsləhət - консалтинг market share - bazar payı - доля рынка market leader - bazar lideri - лидер рынка market challenger - bazarda iddiaçı olan - претендент на рынке market follower - bazarı izləyən - следящий за рынкам market nichers - bazarda yerlər (məs. bazarın rəqabətdən azad müəyyən seqmentini təşkil edən firma, məhdud ixtisaslı kiçik mağaza, məhdud müştəri və göstərilən xidmət dairəli investisiya bankı və s.) - рыночные нищи (фирма, занимающая определенный сегмент рынка, свободный от конкуренции (напр., небольщой магазин с узкой специализацией, инвестиционный банк с ограниченным
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кругом клиентов и предоставляемых услуг и т. п.) market standing - bazardakı nüfuz - репутация на рынке market growth - bazann genişlənməsi, inkişafı, - расширение рынка
ANSWER THE QUESTIONS.
1. What is a market? 2. Who are marketers? 3. Whom does market bring together? 4. What companies are market-driven? 5. What kinds of markets are there in the world? 6. When does market generally occur? 7. What kinds of companies are mentioned according to their market standing? 8. How can we define a market? 9. What company does use the home or domestic mar- ket? 10. What firm is an exporter? 11. Who is an importer? 12. What is a business market? 13. What is a market share? 14. What is called marketing standing? 15. What is the difference between producer market and consumer market? 16. What is a market follower? 17. What is a market leader? 18. What is a market challenger?
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ASSIGNMENTS
I. Match the underlined words in the text with their explanations: 1. happening or existing in a country across the sea from your country; 2. the process of supplying goods from one central place to shops; 3. used for describing the whole of something, without considering the details; 4. very large in size or quantity; 5. to follow the development or progress of something; 6. a very large shop that sells food and other products for the home; 7. the tools, machines, or other things that you need for a particular job or activity; 8. to answer; 9. the way that something is made so that it works in a certain way or has a certain appearance; 10. to get something, for example by buying it or being given it; 11. far away in distance or space; 12. in or to a foreign country; 13. a feeling of liking or wanting someone or something more than someone or something else; 14. a business which specializes in giving advice and support to companies about marketing and markets.
//. Match the words with their definitions: 1. All the people or organizations that buy goods and services used in the production or supply of other goods and services. 2. The people who live in a house or flat considered as a single unit.
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3. A person, business, or country that sells goods to another country. 4. An organization or product that has the highest sales in its market or industry, or a company with the largest market share. 5. The individuals and households that buy products for their own personal consumption. 6. A person, company, or country that brings goods into their country in order to sell them. 7. The company or product with the second largest market share that may take the place of the company or product that has the highest sales in the market. 8. A small company in a market which presents no threat to the market leader. 9. The sales of a particular company or product expressed as a percentage of total sales in a given market.
a) industrial market c) b) market follower d) consumer market e) market leader f) market market share g) challenger h) exporter importer i) household
IIL Complete the sentences according to the text: 1) Markets bring together ... 2) The producer market is ... 3) A market is a place where ... 4) Marketers make decisions ... 5) Households make decisions about... 6) Market-driven companies are companies that... 7) Consumer markets are markets where ... 8) Consumers are interested in products that... 9) There are three main types of companies -... 10) Industrial market consists of .. .
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IK Find the English equivalents of the follomng words in the text 1: bazar; potensial alıcı; nə iləsə ticarət etmək; bazarda ticarət etmək, satmaq, bazarda reallaşdırmaq; satıcı, mal satan, alverçi; reallaşdırma və ya satış; bazarda çadır dükan; fond biıjası; ailə və ya ev təsərrüfatı; istehlak; bazarın tələbatına tez bir şəkildə reaksiya verən şirkət; yerli bazar; daxili bazar; xaricdə; xarici bazar; ixrac; idxal; ixracatçı (ixrac edən); idxalçı (idxal edən); istehsalçı bazan; istehlak bazan; ölçü və ya həcm; bazarda apancı şirkət və ya mal bazannda ən çox tələb olunan əmtəə, bazar payı; qida satışı ilə məşğul olan şirkət; firmanın bazardakı vəziyyəti və ya onun etibarı; tələb və təklif; mənfəət; məhsulun emalı nəticəsində yaranan forma üzrə mənfəət; satış üzrə mənfəət; tələb vaxtı üzrə mənfəət, malın vaxtında təklif olunması ilə yaranan təlabat mənfəəti; alış dəyəri üzrə mənfəət; məhsul üzrə hüquqların ötürülməsi.
рынок; потенциальный покупатель; торговать чем- либо; торговат на рынке, сбывать, реализовывать на рынке; продавец, сбытчик или торговец; реализация или сбыт; палатка на рынке; фондовая биржа; семейное или домашнее хозяйство; потребление; компания, быстро реагирующая на потребности рынка; местный рынок; внутренний рынок; за границей; внешний рынок; экспорт; импорт; экспортер; импортер; рынок производителей; потребительский рынок; мера или объем; ведущая компания на рынке или пользующийся наибольшим спросом на рынке товар, доля на рынке; компания, занимающаяся пищевой реализацией; положение фирмы на рынке или ее репутация; спрос и предложение; выгода; выгода по форме, возникающая в результате переработки продукта; выгода по месту сбыта; выгода по времени спроса, порождаемая свое
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временным предложением товара; выгода по стоимости приобретения; передача права на продукт.
К Translate into Azerbaijani/ Russian the sentences with * market^: 1. Chesterham is a small market town with a population of2000. 2. Access to new foreign markets is not an easy matter. 3. A market consists of people with their needs, the ability to buy, and the desire and ability to sell. 4. This device was first marketed bv a Japanese firm. 5. They have never had to operate in a market economy. 6. Ifs a seller’s market at the moment. It means that demand exceeds supply, which is profitable for sellers. 7. In order to market a product well you need to be aware of public demand. 8. The company brings over what in Holland is standard bottled lager and markets it as Heineken export. 9. One of the first things that Hanson did when it bought a battery maker was to sell the research centre and put the remaining scientists nearer the marketers. 10. Like Nike, Reebok is basically a marketer, not a maker, of sports shoes. Its products come from shoe manufacturers in Asia. 11. Japanese consumers delight in buying the latest shiny new models from their country’s electronic giants. But thanks to cunning product development and marketing strategies, these purchases are destined never to be quite new enough and their owners quickly discard obsolete models and fork out the latest ones. In 1990 Tokyoites threw out 128,000 televisions, 88,000 washing machines, 100,000 fridges and 190,000 bicycles. 12. Body Shop was * market-driven’, that is, it identified real demand from real people, for something that those people were prepared to pay for.
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13. If we can bring in the new Adidas and change it from being product-driven to market-led. I think we’ve got a good chance. 14. Japan has tried to block imports of various uncomfortably cheap foreign products, claiming unique conditions in the Japanese market. French skis, e.g., were not allowed in because it was said that Japanese snow was different from Alpine snow and therefore they could not function. 15. Boeing has produced figures showing that there will be striking growth in the market for aircraft with 350 or more seats.
■ TEXT 2
WHAT IS MARKETING?
The answer to the question ‘What is marketing exactly?’ depends on the individual. Law, finance, economics and consumers all view marketing in a different way. Many definitions of marketing begin with the production of goods and services and end when the goods or services reach the consumer or user. But nowadays marketing actually begins with an idea for a product or service and ends only after the consumer has had sufficient time to evaluate the product thoroughly, which might be months or years later. So, a broader definition is needed in today’s rapidly changing competitive environment. The following one is more applicable, “marketing is the process by which decisions are made in a totally interrelated changing business environment on all the activities that facilitate
101 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH exchange in order that the targeted group of customers is satisfied and the defined objectives of the organization are accomplished.^’ This definition has four major aspects. First, to establish and to obtain objectives. The basic objective of a profit organization is to make a profit. To obtain this purpose the firm plans to do business year after year in the long run. The objectives of a nonprofit organization do vary greatly. A university tries to attract the best students, a doctor wants to have a good practice curing his patients and a church is aimed to have more people in the coming year. The second aspect is that the customer should be the focus of all the firm’s activities. The customer’s wants and needs must be constantly analyzed. It enables the firm’s offer to be exactly what is desired. Without this focus the customer can easily choose an alternative product or service from a competitive firm. The third aspect is all the activities that facilitate ex- ehange. They include all the controllable marketing elements which can be classified in four areas; product, price, distribution and promotion (i.e. the marketing mix). And the final aspect of the definition is business environment. It indicates that marketing exists in a totally interrelated and changing external and internal environment. Decisions within one firm as well as those made in competitive firms affect the rate of this environment change together with other variables in the external environment. Consequently, marketing is the process of developing, pricing, distributing and promoting the goods and services that satisfy customers’ needs. Marketing therefore combines market research, new product development, distribution, advertising, promotion, product improvement, etc. According to this definition, marketing begins and ends
102 HUSSEIN ^^AQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH with the customer. Truly successful marketing understands the customer so well that the product or service satisfies a need so perfectly that the customer is desperate to buy it. The product almost sells itself Of course this will only happen if the product or service is better than those of competitors.
VOCABULARY NOTES
objectives - məqsədlər - цели, объективы customer - alıcı, müştəri - клиент, покупатель business environment - iş (biznes) mühiti - деловая среда law - hüquq, qanun - право, закон consumer - istehlakçı - потребитель user - istifadəçi - пользователь sufficient - kifayət qədər - достаточный to evaluate - qiymətləndirmək - оценить thoroughly - hərtərəfli, dolğun - всесторонне, содержательно broader definition - daha geniş dəqiqlik - более широкая чёткость competitive environment - rəqabət mühiti - конкурентная среда applicable - müvafiq, tətbiq edilə bilən, yararlı - применимый, подходящий, пригодный to facilitate - asanlaşdırmaq, kömək etmək - облегчать, способствовать targeted - hədəf, planlaşdırılmış - цель, планированный to satisfy - təmin etmək, qane etmək, cavab vermək (tələblərə) - удовлетворять, отвечать (требованиям), обеспечить
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to accomplish - yerinə yetirmək, bitirmək, başa vurmaq - достигать, доводить до конца, совершать to obtain objectives - məqsədə nail olmaq üçün - для достижения цели nonprofit - qeyri-kommersiya (sifət) - некоммерческий vary - fərqli - отличающийся, различающийся customer - müştəri - клиент to enable - imkan vermək, icazə vermək - разрешать, давать возможность to be desired - arzu olunan olmaq - быть желанным а competitive firm - rəqib firma - конкурентная фирма controllable marketing - idarə olunan marketinq - управляемый маркетинг distribution - paylanma - распределение promotion - yüksəliş, irəliləyiş - продвижение, прогресс to interrelate - qarşılıqlı əlaqədə olmaq - быть взаимосвязанным с ... external - xarici - внешний internal - daxili - внутренний to advertise - reklam etmək - рекламировать to desperate - çox istəmək, can atmaq - стремиться, очень хотеть competitors - rəqiblər - конкуренты
ANSWER THE QUESTIONS.
1 .What is marketing? 2. What is the role of the individual in defining ‘marketing’? 3. What is the most applicable definition of marketing in the changing competitive environment?
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4. What are the four major aspects of the definition? 5. What does marketing combine? 6. How must be truly successful marketing? 7. Explain the aspect of ‘objectives’ of the definition. S.Explain the aspect of ‘the customer’ of the definition. 9. Explain the aspect of ‘all the activities that facilitate exchange’ of the definition. 10. Explain the aspect of‘business environment’ of the definition.
VL Find the EngUsh equivalent of the following words in the text above: müəyyən etmə, kifayət qədər vaxt, qiymətləndirmək, rəqabətə uyğun mühit, qərar qəbul etmək, qarşılıqlı əlaqəli, mübadiləyə imkan yaratmaq, hədəf istehlakçılar qrupu, müəyyən edilmiş məqsədlər, iş mühiti, məqsədə çatmaq, məqsəd qoymaq, kommersiya təşkilatı, xeyir əldə etmək, uzun müddət ərzində, iş/biznes aparmaq, qeyri-kommersiya şirkəti, istehlakçıların istək və tələbləri, firmanın təklifi, rəqabət aparan firma, marketinqin idarə edilən elementləri, daxili və xarici mühit, dəyişən (dəyişkən kəmiyyət), bazarın tədqiqi, məhsulun təkmilləşdirilməsi. определение, достаточное время, оценивать, конкурентоспособная среда, принимать решение, взаимосвязанный, способствовать обмену, целевая группа потребителей, определенные цели, деловая среда, достигнуть цели, поставить цель, коммерческая организация, получить прибыль, на протяжении долгого времени, вести дело/ бизнес, некоммерческая организация, желания и потребности потребителей, предложение фирмы, конкурирующая фирма, контролируемые элементы маркетинга, внешняя и внутренняя среда, пе
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BUSINESS ENGLISH
ременные (изменяемые величины), исследование рынка, совершенствование товара.
VIL Fill the missing words in the sentences below choosing from the following:
I customers place needs product (2) service developing price profit time distribute producing promote want 1. Marketing is concerned with getting the right (1) ... to the right (2) ... at the right (3) ... . 2. Marketing is about meeting consumer (4) ... at a (5)
3. Marketing makes it easier for (6) ... to do business with you. 4. 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.
VIIL There are some statements about the role of marketing below. Read them, answer the questions after the statements and formulate your own definition of marketing: 1 .“Marketing is too important to be left to the marketing department.” (David Packard) 2. “In a truly great marketing organization, you can’t tell who’s in the marketing department. Everyone in the organization has to make decisions based on the impact on the consumer.” (Professor Stephen Burnett) 3. “Most people mistakenly think of marketing only as selling and promotion ... This does not mean that selling and promotion are unimportant, but rather that they are part
106 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH of a larger marketing mix, a set of marketing tools that work together to affect the marketplace.” (Philip Kotler) 4. “The aim of marketing is to make selling superfluous. The aim is to know and understand the customers so well that the product or service fits him and sells itself.” (Peter Drucker) 5. “Marketing is a social and managerial process by which individuals and groups obtain what they need and want through creating and exchanging products and value with others.” (Philip Kotler) 6. “Marketing is the performance of business activities that direct the flow of goods and services from producer to consumer.” 7. “Marketing is getting the right goods and services to the right place at the right time at the right price with the right communication and promotion.” 8. “Marketing is the creation and delivery of a standard of living.”
/. Which statement suggests that eveiybocfy in a company is a marketer? 2. Which statement completely discounts the importance of selling? 3. Which statement emphasizes the role of the four P s (product, price, place, promotion) ? 4. Which statement sees marketing more in a sociological role?
IX. Restore the word order in the following statements: 1 )Marketing assess the needs of the is the ability to consumer. 2) Marketing the available resources is the ability to use. 3) Marketing goods is the ability to design the.
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4) Marketing the goods is the ability to produce. 5) Marketing advertise the goods at the right time is the ability to and at the right place and price. 6) Marketing at the right place and price to the customer is the ability to deliver the goods at the right time and.
X. Read and understand the text about eight marketing tasks and choose the right translation for them given below:
EIGHT MARKETING TASKS
1. Conversional marketing is the difficult task of reversing negative demand, e.g. for dental work, or hiring disabled people. 2. Stimulational marketing is necessary where there’s no demand, which often happens with new products and services. 3. Developmental marketing involves developing a product or service for which there is clearly a latent demand, e.g. a non-polluting and fuel-efficient car. 4. Remarketing involves revitalizing falling demand, e.g. for churches, inner city areas, or aging film stars. 5. Synchromarketing involves altering the time pattern of irregular demand, e.g. for public transport between rush hours, or for ski resorts in the summer. 6. Maintenance marketing is a matter of retaining a current (maybe full) level of demand in the face of competition or changing tastes. 7. Demarketing is the attempt (by governments rather than private businesses) to reduce overfull demand, permanently or temporarily. 8. Countermarketing is the attempt to destroy unwholesome demand for products that are considered un
108 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH desirable, e.g. cigarettes, drugs, handguns, or extremist political parties. passiv (potensial) tələbatın aktiv (fəal) tələbata çevrilməsi, stimullaşdırıcı marketinq, kontrmarketinq, de- marketinq (qiymətləri qaldırmaq və ya reklama aynlan vəsaitləri azaltmaqla çətin tapılan mallara alıcı tələbatının aşağı salınması), təkrar marketinq, dəstəkverici marketinq, konversiya marketinqi (yeni məhsulun buraxılmasına keçid), sinxromarketinq
процесс превращения пассивного (потенциального) спроса в активный, стимулирующий маркетинг, контрмаркетинг, демаркетинг (понижение покупательского спроса на дефицитный товар посредством повыщения цен или сокращения средств на рекламу), повторный маркетинг, поддерживающий маркетинг, конверсионный маркетинг (переход на выпуск новой продукции), синхромаркетинг
XI. Match up these actions with the eight tasks described above: 1. Alter the pattern of demand through flexible pricing, promotion, and other incentives. 2. Connect the benefits of the product with people’s needs and interests. 3. Find new target markets, change product features, develop more effective communication. 4. Find out why people dislike the product, and redesign it, lower prices, and use more positive promotion. 5. Increase prices, reduce availability, make people scared. 6. Keep up or improve quality and continually measure consumer satisfaction. 7. Measure the size of the potential market and develop the goods and services that will satisfy it.
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8. Raise prices, reduce promotion and the level of service.
XII. Fill in the gap with the suitable word: 1. ... is reducing excess demand by temporarily or permanently discouraging certain customers. a) remarketing b) demarketing c) countermarketing 2. The transformation of latent demand into actual demand, when a product or service first appears. a) developmental marketing b) conversional marketing c) stimulational marketing 3. The attempt to destroy demand for something considered to be harmful is called unselling or ... . a) demarketing b) remarketing c) countermarketing 4. Converting people’s attitudes so that they buy something they previously disliked is called .... a) conversional marketing b)syncromarketing c) maintenance marketing 5. Marketing an existing good or service for which demand has declined. a) remarketing b) countermarketing c) demarketing 6. The attempt to alter the timing of demand is called ... a) maintenance marketing b) syncromarketing c) remarketing 7. Creating demand for products or services about which consumers are uninterested or indifferent. a) stimulational marketing b) Synchromarketing c) maintenance marketing 8. The attempt to keep up full demand is ... . a) economies of scale b) the theory of supply c) maintenance marketing and demand
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XIJI. Read the list of concepts of the marketing process. Rearrange them in accordance with their importance:
• marketing is more than selling and advertising; • pinpointing consumers' need; • predicting demand; • establishing distribution systems; • calculating price; • developing communication campaigns; • gauging competition.
■ TEXT3
COMPETITION The activities of companies that are trying to be more successful than others are known as competition. Competition describes the activity of trying to sell more goods and services and be more successful. Competition is the economic rivalry that occurs among businesses when producers in a given industry attempt to gain a larger share of the market. Competitors are organizations selling products or services in the same market. Competitors may also be the products or services themselves. In other words, two or more companies which sell or manufacture the same product are competitors. Competitors compete with each other or they are in competition. They compete for customers. To be ahead of its rivals the company must be competitive. There are things that give one company or product its competitive advantage or competitive edge over others. Competitors in a market are sometimes called players, and the most important ones are key players. Key players
HUSSEIN MAOSUDOGLU 111 KAMALA JAFAROVA BUSINESS ENGLISH are the main competitors in a particular industry. Smaller competitors are minor players. Companies without competitors are monopolies. When competition is strong, you can say that it is intense, stiff, fierce, cut-throat, ferocious or tough. If not, it may be described as low-key. To be competitive in the marketplace, each firm has to make SWOT analysis. It means the analysis of strengths, weaknesses, opportunities and threats. • In formulating strategy, a company should look at its strengths and weaknesses in relation to its competitors. For example, a good sales team is a strength and poor internal communication is a weakness. • The company should look at opportunities and threats in its environment: the strength of competitors, government regulation, the way that society is changing, etc. These are external factors. For example, a change in a country’s legislation on broadcasting might present an opportunity for a group that wants to buy a television company there. The change would probably pose a threat to existing broadcasters. The ways a company organizes and combines its human resources, know-how, equipment and other assets are its core competencies. These are internal factors. A company’s marketing system is surrounded by a host of competitors. The best way for a company to remain competitive is to take the viewpoint of a buyer. Let us consider the following case: Suppose a person has been working hard and needs a break. The person asks, ‘What do I want to do now?’Among the possibilities that pop into his mind are socializing, exercising and eating. These are desire competitors. Suppose the person’s most immediate need is to eat something. Then the question becomes, ‘What do 1 want to eat?’ Different foods come to mind, such as potato chips.
112 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH candy, soft drinks, and fruit. These can be called generic competitors in that they represent different basic ways to satisfy the same need. At this point the person decides on candy and asks, ‘What type of candy do 1 want?’ Different candy forms come to mind such as chocolate bars, licorice, and sugar drops. They all represent product from competitors. Finally the consumer decides on a chocolate bar and faces several brands such as Hershey, Nestle and Mars. These are the brand competitors. Unfortunately, company executives tend to focus primarily on the brand competitors and on the task of building brand preference. In fact, companies are myopic if they focus only on their brand competitors. The real challenge is to expand their primary market rather than fight for a larger share in a fixed-size market.
VOCABULARY NOTES
competition - rəqabət - конкуренция to compete - rəqabət aparmaq - конкурировать competitive - rəqabət aparan - конкурирующий competitive advantage - rəqabət üstünlüyü - конкурентное преимущество key players - aparıcı oyunçular - ведущие игроки minor players - kiçik oyunçular - незначительные игроки monopolies - inhisarlar - монополии intense - intensiv, gərgin, güclü - интенсивный, сильный, напряженный stiff - sərtlik - жесткость fierce - amansız, zalım - безжалостный; беспощадный cut-throat - kəskin dərəcədə - резко
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ferocious - qəddar - жестокий low-key - adi, elementar - элементарный, обыкновенный external factors - xarici amillər - внешние факторы core competencies - əsas səlahiyyətlər (bilik və bacanqlar) - основные компетенции (знание и способности) internal factors - daxili amillər - внутренние факторы desire competitors - istəkləri ilə rəqabət aparan - конкурирующий со своими желаниями generic competitors - qərarları ilə rəqabət aparanlar - конкурирующий со своими решениями brand competitors - brend-markalarla rəqabət aparanlar - конкурирующий с брендами
ANSWER THE QUESTIONS. 1. What do companies usually focus on? 2. On competitive advantages of their competitors. 3. On external factors in their environment. 4. On the brand competitors. 5. On SWOT analysis of rival firms. 6. What is a competitor? 7. What must a company have to be competitive? 8. What kinds of competitors do you know? 9. When can we describe a competition as low-key? 10. What is the real challenge for the company?
XIV, Read the text and find their English equivalents. rəqabət, rəqib, rəqabət aparmaq, rəqabət aparan, rəqib (sifət) və ya rəqabətə gücü çatan, rəqabət üstünlüyü, rəqabət qabiliyyəti olan, aparıcı (əsas) oyunçu, ikinci dərəcəli oyunçu, inhisar (monopoliya) və ya inhisarçı şirkət, güclü
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VƏ ya sərt rəqabət, aşağı rəqabət, güclü və zəif tərəflərin təhlili, imkanlar və təhlükələr (vəziyyət təhlil), xarici qüvvələr, daxili qüvvələr, əsas səlahiyyətlər, mal (məhsul) rəqibi, məhsul növü üzrə rəqib, marka (nüfuz) üzrə rəqib, istəklər üzrə rəqib. конкуренция, конкурент, конкурировать или вести конкурентную борьбу, соперник, конкурирующий, конкурентный или конкурентоспособный, конкурентное преимущество, конкурентоспособность, ведущий (основной) игрок, второстепенный игрок, монополия или монополистическая компания, сильная или жёсткая конкуренция, низкая конкуренция, анализ сильных сторон и слабостей, возможности и опасности анализ ситуации, внешние силы, внутренние силы, основные компетенции (умения), товарно-продуктовый конкурент, товарно-видовой конкурент, марка-конкурент, желание-конкурент.
ХК Complete the sentence: Competition takes place when the company ... a) expands its primary market. b) has many strengths and opportunities according to SWOT analysis. c) tries to gain a larger share of the market. d) organizes well its human resources, know-how, equipment and other assets.
XVL Define if the statement is True, False or No information: a) Competitors do not produce or sell the same goods and services. b) Different ways to satisfy the same need is called generic competitors.
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c) Extemal factors are more important than internal ones.
XVII. Match the words with their definitions: 1. To try to get business for oneself or one’s company, against rivals in the same industry, or to try to do better than another person or company. 2. Relative position in the marketplace. 3. A plan for achieving a company’s objectives; a particular utilization of resources. 4. Rivaliry between businesses in the same market; a contest with prizes used as a sales promotion. 5. A rival organization offering similar goods or services. 6. Able to offer a good price compared with rivals. 7. The value created by a company and passed on to its customers that makes it better than its competitors (e.g. a cheaper or a better product). 8. The situation in which there is only one seller of a product or service. a) monopoly b) competitive d) c) competitor compete f) e) competitive advantage competitiveness h) g) competitive strategy competition
XVIII. Read the DIALOGUEf sum up its content and act it out. Jack: What's your opinion of the present-day position of the corporate securities market in Azerbaijan? Azer: The market is still rather strong. Compared with Western markets the number of actively traded stocks is small, liquidity is limited. Share prices of many corporations are going up but is still improving. Jack: It's not surprising. The market, due to the situation in Azerbaijan, is quite attractive to investors.
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Foreign investors are interested in investing big money into Azerbaijan. Azer: The situation is flourishing, particularly because it is recognized that the stock market stimulates economic development. Jack: In this connection, what measures are going to be taken to encourage the process of the securities market development? Azer: There's no simple answer to this question. Attempts are being made to create international electronic networks for long-distance trading in shares. We've started trading in the world's major stock markets. Jack: Do Azerbaijan's commercial banks play an active role in the development of the stock market? Azer: Yes, they possess the required capital, developed infrastructure and highly qualified personnel. Very often they act as dealers in the primary market. Jack: In my country to have stocks listed, that is accepted for trading on the stock exchange, a firm must meet certain standards. Among other things, it must have a certain amount of earnings before tax, assets, etc. Are there any requirements that companies issuing shares have to comply with in your country? What documents are to be submitted by the companies going through the listing procedure? Azer: For the primary offering, or primary distribution, the company must submit a prospectus of issuance. This document must contain full information about the securities the company is going to issue and all the details of the nature of the company's business, its capital structure and as-
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sets. The company is also required to complete the Azerbaijan stock exchange questionnaires to show its financial position. Jack: Are the results of the stock exchange examinations and relevant materials about the companies listed at the exchange made public? Azer: Yes, you can find all this information in specialized publications. The information is also broadcast by the Interfax channels.
USEFUL VOCABULARY
corporate securities market- korporativ qiymətli kağızlar bazarı- рынок корпоративных ценных бумаг sluggish- ləng, az fəal - малоактивный liquidity- satış- ликвидность due to- ....sayəsində, ....görə- благодаря foreign investors- əcnəbi (xarici) investorlar- иностранные инвесторы to be cautious- ehtiyatlı olmaq, tədbirli olmaq - быть осторожным, быть предусмотрительным to sink money- pulu batırmaq- ухлопать (погружать) деньги attempt- cəhd, təşəbbüs - попытка, инициатива international electronic networks - beynəlxalq elektron şəbəkələr - международные электронные сети major stock markets- əsas fond birjaları- главные фондовые биржы possess - malik olmaq- обладать, владеть infrastructure- infrastruktur- инфраструктура highly qualified personnel - yüksək ixtisaslı heyət (personal)- высококвалифицированный персонал
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dealers- dilerlər- дилеры assets- aktivlər, əmlak- активы, имущество to be submitted- təqdim olunmaq - быть представленным listing procedure- siyahıya alma proseduru - процедура внесения в список primary offering- ilkin təklif- первичное предложение primary distribution- ilkin bölüşdürmə (paylaşdırma)- первичное распределение prospectus- (burada) emissiya elanı (reklamı)- (зд.) проспект эмиссии to complete- doldurmaq -заполнять questionnaires- sual vərəqəsi, sorğu vərəqəsi, anket - вопросник, анкета relevant- münasib, uyğun, işə aid olan- относящийся к делу, уместный, соответствующий specialized publications- ixtisaslaşdırılmış nəşrlər- специализированные публикации
ANSWER THE QUESTIONS.
1. What is characteristic for the corporate securities market in Azerbaijan? 2. Can you say differences between Western and Azerbaijan markets? 3. What is being done to contribute to the development of the Azerbaijan Stock market? 4. What listing procedure is adopted by the Azerbaijan Stock Exchange? 5. How is the securities market in Azerbaijan? 6. Why Azerbaijan is not attractive to investors?
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7. What banks do play an active role in the development of the stock market? 8. Why the company must submit a prospectus of issuance?
XIX. Find English equivalents for the following Azer- baijani/Russian phrases from the text: bazarda hələ də fəallıq azdır; satılan səhmlərin miqdan azdır; satış məhduddur; səhmlərin qiymətləri aşağı düşür; investorlar ehtiyat edirlər; iqtisadi inkişafa təkan vermək; infrastrukturu inkişaf etdirmək; ilkin (əsas) bazar; birja qeydiyyatından keçirmək; ilkin bölüşdürmə (paylaşdırma); emissiya elanını (reklamını) təqdim etmək; kapitalın quruluşu. рынок все еще малоактивный; количество продаваемых акций невелико; ликвидность ограниченна; цены на акции падают; инвесторы проявляют осторожность; стимулировать экономическое развитие; развивать инфраструктуру; первичный рынок; зарегистрировать на бирже; первичное размещение; представить проспект эмиссии; структура капитала.
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UNITV INSURANCE
■ YOUR VOCABULARY
Insurance A method for spreading individual risk among a large group of people to make losses more affordable for all. Insurance Policy Insurance contract. Insurance Rates Rates are based on risk. Risk is the chance of losing something. An insurance company has greater risk when there is a greater chance of an accident. The greater the risk to an insurance company, the higher rates it charges. Liability Insurance Protects you whether you are driving or someone else is driving your car with your permission. Life Insurance A form of insurance on the life of a person. If the person dies, then the insurance policy pays out a sum of money to the policyholder (such as a person's family). Long Term Disability Insurance A disability insurance designed to offer income payments for long-term injuries, illnesses or disabilities. Longterm is often considered over 90 days. Whole Life Insurance Insurance on the life of the insured for a fixed amount at a definite premium that is paid each year in the same amount during the entire lifetime of the insured.
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■ TEXT 1
WHAT IS INSURANCE?
People seek security. A sense of security may be the next basic goal after food, clothing, and shelter. An individual with economic security is fairly certain that he can satisfy his needs (food, shelter, medical care, and so on) in the present and in the future. Economic risk (which we will refer to simply as risk) is the possibility of losing economic security. Most economic risk derives from variation from the expected outcome. To insure means to buy insurance to protect yourself against something bad happening to you, your family or your possessions. The insurer is a person or company that provides insurance. The insured is the person or people who are insured. Insurance is a contract in writing between an insurance company and the insured, whereby the insurance company will pay the insured a stated sum of money on the happening of a stated event. Frequently the word insurance and “assurance” are used in the same way. The insurer undertakes to pay the insured some specified amount in the event that the insured suffers loss through the occurrence of a contingent event covered by the insurance contract (insurance policy). By pooling the financial contributions of a large number of policyholders, the insurer is usually able to absorb losses incurred over any given period much more easily than would the uninsured individual. One measure of risk, is the standard deviation of the possible outcomes. As an example, consider the cost of a car accident for two different cars, a Porsche and a Toyota. In the event of an accident the expected value of repairs for both cars is 2500. However, the standard deviation for the Porsche is 1000 and the standard deviation for the Toyota
122 HUSSEIN MAQSUDOCLU KAMALA JAFAROVA BUSINESS ENGLISH is 400. If the cost of repairs is nonnally distributed, then the probability that the repairs will cost more than 3000 is 31% for the Porsche but only 11% for the Toyota. While the destruction of an automobile in a traffic accident imposes a heavy financial loss on an individual, for example, one such loss is of relatively small consequence to an insurer who is collecting sufficient premiums (insurance premium is the money that you pay regularly to an insurance company) on a large number of automobiles.
VOCABULARY NOTES
outcome - nəticə - результат variation - kənara çıxma, uzaqlaşma - отклонение insurance - sığorta - страхование the insurer - sığorta edən idarə - страховщик the insured - sığorta olunan - страхователь to insure - sığorta olunmaq - страховать(ся) to suffer losses - ziyana düşmək - терпеть убытки occurrence - hadisə - происшествие to incur - uğramaq, məruz qalmaq - навлечь на себя, подвергаться contingent - təsadüfi, gözlənilməz- непредвиденный, случайный insurance policy - sığorta müqaviləsi - страховой договор to absorb -ört-basdır etmək, ödəmək - покрывать insurance premium - sığorta haqqı - страховой взнос
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ANSWER THE QUESTIONS.
1. What is insurance? 2. Why do we need economic security? 3. What is an economic risk? 4. What does “to insure” mean? 5. Who is the insurer? 6. Who is the insured? 7. What obligations does the insurer undertake? 8. What is the standard deviation?
ASSIGNMENTS
/. Restore the word order in the following statements I. To yourself against something bad happening to insure means to buy insurance to protect you. 2. The insurance insurer is a person who provides. 3. The who is insured insured is a person. 4. Insurance an insurance company and the is a contract in writing between insured. 5. Security may be clothing the a sense goal after food, and shelter of next basic. 6. Most risk derives from from the variation expected outcome economic. 7. By the insurance contract the insurer undertakes to pay the insured some that the insured suffers loss through the occurrence of a contingent event covered specified amount in the event. 8. However, the Toyota is 400 the standard deviation and the standard deviation for for the Porsche is 1000. 9. The person or people who are insured the insured is. 10. Economic security economic risk is the possibility of losing.
II, Agree or disagree with the following statements, 1. Insurance is a contract for reducing losses from the
124 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH accident incurred by an individual party through a distribution of the risk of such losses among number of parties. 2, Insurance is an arrangement with a company in which you pay them money each year and they pay the costs if anything bad happens to you, such as illness or an accident. 3. To insure means to sell insurance to protect yourself against something bad happening to you. 4. The insurer is a person who plays a confidence trick on you in order to get your money. 5. The insurer is someone who deceives people to gain money. 6. The insured is a victim of insurance fraud. 7. The insurer takes responsibility for paying the insured some specified amount when the insured incurs losses. 8. The insurer is able to take up losses much more easily than the uninsured individual would. 9. To incur means to put yourself in an unpleasant situation by your own actions.
HI, Translate the following words and phrases from Azerbaijani / Russian into English. nəyinsə vasitəsi ilə, müəyyən edilmiş, bədbəxt hadisə, əvəzində, dəqiq müəyyən etmək, öz üzərinə öhdəliklər götürmək, halında, zamanı, əhatə etmək, ümumi fondda birləşdirmək, dağılma, uçulma, qoymaq, nisbətən, dair, nəticə, kifayət qədər, sığorta müqaviləsi, azaltmaq, müqavilədə tərəflər, bölüşdürmə, razılıq, baş vermək, etibardan sui-istifadə edilməsi, aldatmaq, qazanmaq, qurban, sığorta zamanı fırıldaq, məsuliyyət, ziyana düşmək, ziyanı ödəmək, xoşagəlməz vəziyyət, sığorta, sığorta edən idarə, sığorta edən insan, sığorta etmək, xərclər, kompensasiya, hadisə, özünə qarşı nəsə (məsələn, şübhə) oyandırmaq, sığorta polisi, ödəmə, vermə, amortizasiya etmək, sığorta ödənişi посредством чего то, установленный, несчастный случай, в обмен, точно определять, брать на себя обя
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зательства, в случае, охватывать, объединять в общий фонд, разрушение, налагать, относительно, последствие, достаточный, договор страхования, уменьшать, сторона в договоре, распределение, соглашение, случаться, злоупотребление доверием, обманывать, заработать, жертва, мошенничество при страховании, ответственность, терпеть убытки, возместить убытки, неприятная ситуация, страхование, страховщик, страхователь, страховать, издержки, компенсация, происшествие, навлечь на себя, непредвиденный, страховой полис, взнос, амортизировать, страховой взнос
IV. Complete the following statements, 1.... means to buy insurance to protect yourself against something bad happening to you. 2.... is a person or company that provides insurance. 3. ... is the person or people who are insured. 4. ... is a contract in writing between an insurance company and the insured. 5. ... will pay the insured a stated sum of money on the happening of a stated event. 6. The insurer undertakes to pay ... in return for ... 7. The insurer is able ... by pooling ... 8. ... is the money that you pay regularly to an insurance company.
■ TEXT2
INSURANCE AND RISKS
Insurance relies heavily on the “law of large numbers”. In large homogeneous groups of population it is possible to estimate the normal frequency of common events such as deaths and accidents. Losses can be predicted with reasonable accuracy, and this accuracy increases as the size of the group expands. From a theoretical standpoint, it is possible
126 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH to eliminate all pure risk if an infinitely large group is selected. From the standpoint of the insurer, an insurable risk must meet the following requirements: 1. The objects to be insured must be numerous enough and homogenous enough to allow a reasonably close calculation of the probable frequency and severity of losses. 2. The insured objects must not be subject to simultaneous destruction. For example, if all the buildings insured by one insurer are in an area subject to flood, and a flood occurs, the loss to this insurer may be catastrophic. 3. The possible loss must be accidental in nature, and beyond the control of the insured. If the insured could cause the loss, the element of randomness and predictability would be destroyed. 4. There must be some way to determine whether a loss has occurred and how great that loss is. This is why insurance contracts specify very definitely what events must take place, what constitutes loss, and how it is to be measured. From the viewpoint of the insured person, an insurable risk is one for which probability of loss is not so high as to require excessive premiums. What is “excessive” depends on individual circumstances, including the insured’s attitude toward risk. What is “excessive” stands upon insurance adjusters who are employed by an insurance company to decide how much to pay people who have had an accident. At the same time, the potential loss must be severe enough to cause financial hardship if it is not insured against. Insurable risks include losses to property resulting from fire, explosion, windstorm, burglary etc.; losses of life or health; and the legal liability arising out of use of automobiles, occupancy of buildings, employment or manufacture. Unin- surable risks include losses resulting from price changes and competitive conditions in the market. Political risks such as war, cabinet crisis, monetary crisis or deepening
HUSSEIN MAQSUDOGLU 127 KAMALA JAFAROVA BUSINESS ENGLISH economic crisis are usually not insurable by governmental institutions. Very often insurance contracts can be drawn in such a way that an “uninsurable risk” can be turned into an “insurable” one.
VOCABULARY NOTES
groups of population - əhali qruplan, cəmiyyət təbəqələri - группы населения, слои общества reasonable - ağlabatan- разумный to expand - genişləndirmək, artırmaq - расширяться, увеличивать to eliminate - kənar etmək, istisna etmək - исключить, устранять infinitely - hədsiz - чрезмерный, неограниченный insurable risk - sığorta riski - страховой риск insurable - sığortalanmış - застрахованный numerous - çoxsaylı - многочисленный homogeneous - bircinsli, homogen - однородный, гомогенный severity - dəqiqlik, çətinliklər - точность, трудности severe losses - ağır itkilər - тяжелые убытки to occur - baş vermək, rastlaşmaq- происходить, встречаться catastrophic - fəlakətli - катастрофический accidental - təsadüfi - случайный randomness - qarışıqlıq, nizamsızlıq - беспорядочность, хаотичность predictable - proqnozlaşdınla bilən, öncədən bilinən - предсказуемый, прогнозируемый to specify - dəqiqləşdirmək, müəyyənləşdirmək - определять, уточнить
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to constitute - təyin etmək - назначать excessive - həddindən artıq - чрезмерный insurance adjuster - sığorta zərərinin həcmini qiymətləndirən - оценщик размера страхового убытка financial hardship - maliyyə ehtiyacı -финансовая нужда windstorm - fırtına - буря burglary - oğurluq - ограбление legal liability - hüquqi məsuliyyət- юридическая ответственность occupancy - məşğulluq - занятность competitive - rəqabətə qabiliyyətli - конкурентоспособный to draw - hazırlamaq, tərtib etmək - составлять, подготовить
ANSWER THE QUESTIONS.
1. On what does insurance rely? 2. What is possible from a theoretical standpoint? 3. What requirements must meet an insurable risk from the standpoint of the insurer? 4. What is an insurable risk from the viewpoint of the insured person? 5. What do an insurable risks include? 6. What kind of political risks do you know? 7. Are political risks insurable by governmental institutions or not? 8. What do the insurance contracts specify?
129 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
V. Complete the following statements. 1. Insurance relies ... 2. It is possible to estimate ... 3. Losses can be ... 4. Reasonable accuracy increases ... 5. It is possible to eliminate ... 6. The objects to be insured must be ... to allow ... 7. The insured objects must not be ... 8. The possible loss must be .... 9. An insurable risk is ... from the viewpoint o f . . . . 10. What is “excessive” depends on ... . 11. Insurance adjusters are ... 12. Insurance contracts can be drawn ....
VI. Translate the following words and phrases from Azerbaijani/Russian into English. müqavilə tərtib etmək, böyük zərərlər, səbəb olmaq, maliyyə çətinlikləri, mülkiyyət, partlayış, fırtına, tufan, hüquqi məsuliyyət, əmələ gəlmək, nöqteyi-nəzər, sığorta edən insan, sığorta edilən risk, ehtimal, zərər, ziyan, tələb etmək, hədsiz, həddən artıq, sığorta ödənişi, dərrakəli, məntiqə uyğun, lazımi, zəruri, nədənsə asılı olmaq, vəziyyət, şərait, daxil etmək, nəyəsə münasibət, sığorta zərərinin həcmini qiymətləndirən şəxs, işə götürmək, sığorta şirkəti, bədbəxt hadisə, potensial, yiyələnmə, mülk, məşğulluq, rəqabət aparan, güclü, əzəmətli, sığorta predmeti (obyekti) olmaq, hökümət (dövlət) böhranı, pul böhranı Составлять контракт, большой ущерб, быть причиной, финансовые трудности, собственность, взрыв, буря, юридическая ответственность, возникать, точка зрения, страхователь, страхуемый риск, вероятность, ущерб, требовать, чрезмерный, страховой взнос, разумный, логичный, необходимый, зависеть от, обстоятельство включать, отношение к, оценщик размера страхового убытка, взять на работу, страховая компания, несчастный случай, потенциальный, владение, занятость, конкурирующий, могущий, быть предметом
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BUSINESS ENGLISH
страхования, правительственный кризис, денежный кризис
VIL Fill in each gap with a suitable word from the box: j objects automobiles catastrophic burglary to eliminate require financial I occurred manufacture measured governmental insurer 1. From a theoretical standpoint, it is possible all pure risk if an infinitely large group is selected. 2. The insured ______must not be subject to simultaneous destruction. 3. There must be some way to determine whether a loss has ______and how great that loss is. 4. An insurable risk is one for which probability of loss is not so high as to ______excessive premiums. 5. Insurance con tracts specify very definitely what events must take place, what constitutes loss, and how it is to be ______. 6. The potential loss must be severe enough to cause ______hardship if it is not insured against. 7. Insurable risks include losses to property resulting from fire, explosion, windstorm, ______etc.; losses of life or health; and the legal liability arising out of use of ______, occupancy of buildings, employment or ______. 8. Political risks such as war, cabinet crisis, monetary crisis or deepening economic crisis are usually not insurable by ______institu tions. 9. If all the buildings insured by one insurer are in an area subject to flood, and a flood occurs, the loss to this insurer may be ______. 10. From the standpoint of the ______, an insurable risk must meet the following requirements.
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BUSINESS ENGLISH
VIII. Write one or two antonyms to the following words. to occur windstorm competitive reasonable to draw accident excessive numerous losses
■ TEXTS
LIFE AND INDUSTRIAL INSURANCE
Life insurance is a contract in writing whereby the insured person will pay the insurance company stated premiums, so that he/she will receive a certain sum of money with or without bonuses on reaching a certain age or at death, whichever is the sooner. There are two types of life insurance: 1. endowment; 2. whole life insurance. Endowment and whole life insurance are two different types of permanent life insurance. In endowment insurance, the premium-paying period is shorter than whole life insurance and the insurance amount is paid out within a certain period (ten, fifteen or twenty years) or at a certain age (of the insured person) after which the policy matures. At the time of maturity, a lump sum is paid back. Whole life insurance remains active throughout the life of the policy holders and premiums have to be paid every year. The insurance company guarantees a death benefit to the beneficiaries after the demise of the insured. Additional cash benefits can be availed by the policy holder during the life of the policy. Life policies are legal contracts and the terms of the contract describe the limitations of the insured events. Specific
132 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH exclusions are often written into the contract to limit the liability of the insurer; common examples are claims relating to suicide, fraud, war, riot and civil commotion. Life-based contracts tend to fall into two major categories: •Protection policies - designed to provide a benefit in the event of specified event, typically a lump sum payment. A common form of this design is term insurance. •Investment policies - where the main objective is to facilitate the growth of capital by regular or single premiums. Common forms (in the US) are whole life, universal life and variable life policies. Types of Endowment policies
There are three different types of endowment policies: with-profit, unit-linked and low-cost endowments insurance. Traditional with-profit endowments contain a guaranteed sum called "sum assured" that is paid at the time of death of the insured or when the policy matures. Additional payments or bonuses is dependant on the investment performance and can be paid as reversionary (annually) or terminal bonuses; in case of adverse market performance, the surrender value can also be reduced. This type of endowment insurance has been criticized for low rate of return and no flexibility for premium payments. Unit-lined insurance are ones in which the premiums are invested in units and the encashment value of the policy depends on the price of the units. Low cost endowment policies aim at repaying debts caused due to mortgage. However, the drawback of this policy is that if the insurance funds are not enough to repay the mortgage, the insurance company does not accept any responsibility to pay any more than the policy amount.
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Types of Whole Life Insurance Whole life insurance policies are of different types: nonparticipating, participating, indeterminate premium, economic, limited pay, single premium and interest sensitive. In non-participating insurance, premiums, death benefits, cash surrender value are determined at the time of issue of the policy and cannot be changed. Thus, as the case may be, the insurance company is entitled to any excess profit, if any, and in case the claims are underestimated, bears the risks and is responsible for paying the difference. In participating insurance, the excess profit from the premium is shared with the policy holder and is tax-free. An Indeterminate premium policy is like non-participating insurance except that the premium may vary each year but does not exceed the maximum premium agreed upon. Economic insurance policy is a hybrid of participating and term life insurance in which a part of the dividends is used to purchase additional term insurance. Thus, it may yield a higher death benefit in some years and lower death benefit in others. Limited pay insurance continues for the life of the insurance but the premiums are paid within the first 20 or so years. This policy may thus cost more upfront, to build sufficient cash value for the remaining years of the policy. Single premium policy as the name suggests involves one single large payment upfront. There is usually a fee charged in case the policy holder decides to cash in earlier. Interest sensitive policies, the interest accrued on the cash value varies with the market conditions. The death benefit remains constant though the premiums may vary up to a maximum preset value decided in the policy. Pros and Cons Endowments comprise of a limited premium-payment
134 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH period, which builds cash value faster. Also, it is possible to get a lump sum of cash in case of illness or at the time of maturity. The main disadvantage is that endowment insurance is more expensive and not so popular now. The advantage of whole life insurance is that level premiums distributed throughout life of insured and more affordable. The main disadvantage is that interest or growth rates of cash value are lower compared to other investments and can not be used as an investment. INDUSTRIAL INSURANCE is for workrelated injuries and illnesses, and pays for approved medical, hospital, and related services essential to an injured worker’s treatment and recovery. It also provides partial wage replacement for injured workers who are temporarily unable to work. Employers are required by Washington State law to carry industrial insurance (also known as workers’ compensation) for employees. In return, the employer ordinarily cannot be sued for damages if a work-related injury or illness occurs. Excluded types of employments: Some types of employments are exempt from the industrial insurance requirements. Excluded employments include: •Sole proprietors, partners, or LLC members with management responsibility. •Corporate officers who are directors and shareholders. If you select elective coverage for your executive officers, all executive officers must be covered. •Domestic servants in a private home if less than 2 employed, and those performing gardening, maintenance, or repair around the home. •Persons who provide services in return for aid or sustenance received from a religious or charitable organization.
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•Minors under 18 employed on the family farm. •Racing jockeys. •Entertainers and musicians. •Volunteer law enforcement officers. •Volunteers for private non-profit charitable organizations or local government. •Student volunteers. •Community service workers. •Cosmetologist, barbers, estheticians, or manicurists who lease stations. •Newspaper carriers. •Insurance agents, brokers and solicitors.
VOCABULARY NOTES
insurance (syn. assurance) - sığorta - страховка premium - ödəniş - плата whole life insurance - ömürlük sığorta - пожизненная страховка maturity - yetkinlik - зрелость а lump sum - ümumi məbləğ - общая сумма comparatively - nisbətən - сравнительно certain - müəyyən - определённый occurrence - hadisə - случай, происшествие endowment insurance - ianə sığorta - денежное страхование, смешанное страхование attainment - nailiyyət - достижение industrial insurance — istehsal sığortası- производственное страхование guarantee - zəmanət - гарантия beneficiary - xeyirli, faydalı - полезный, выгодный demise - ölüm - смерть
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to insure - sigortalamaq - застраховать policy holder - sığortaçı (sığorta edən insan) - страховщик life policy - həyat sığortası - по страхованию жизни limitation - məhdudiyyət - ограничение liability - öhdəlik, məsuliyyət - ответственность suicide - intihar - самоубийство fraud - fırıldaqçılıq - мошенничество war - müharibə - война riot - qiyam, iğtişaş - мятеж, бунт civil commotion - mülki çaxnaşma - народная паника life-based contract - həyata əsaslanan müqavilə -контракт основанный на жизнь protection policy - müdafiə siyasəti - политика защиты investment policy - investisiya siyasəti - инвестиционная политика to facilitate - asanlaşdırmaq, təsir etmək - облегчать, содействовать with-profit - mənfəətlə - с прибылью unit-linked - vahid-əlaqəli - фондовое low-cost - ucuz - недорогой, дешевый reversionary - geri - обратный flexibility - elastiklik - гибкость encashment - inkassasiya, inkassa etmə (ödənilmək üçün sənəd təqdim etmə və sənədlər üzrə pul alma) - инкассация mortgage - ipotekalı - ипотечный drawback - çatışmazlıq - недостаток indeterminate premium - qeyri-müəyyən ödəniş- неопределенный взнос limited pay - məhdud ödəniş - ограниченная плата sensitive - həssas - чувствительный death benefits - ölüm zamanı maddi yardım - пособие в случае смерти
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cash surrender - pulu çatdıran - человек, который доставляет деньги participating insurance - mənfəətli sığorta - страхование с прибылью tax-free - vergidən azad - освобожденный от налогов economic insurance - iqtisadi sığorta - экономическое страхование hybrid - hibrid, müxtəlif cinsli - гибридный, разнородный to yield - gətirmək, səbəb olmaq - приносить, являться причиной limited pay insurance - məhdud ödənişli sığorta - ограниченная платежная страховка single premium policy - vahid ödəniş siyasəti - единая платежная политика interest sensitive policy - siyasətə maraqlı hisslər - политика чувствительная к интересам to preset - əvvəlcədən müəyyən etmək - устанавливать заранее pros and cons - əleyhinə və leyhinə - аргументы за и против maturity - yetkinlik - зрелость affordable - yol verilə bilən - допустимый industrial insurance - sənaye sığortası - индустриальные страхования injuries - xəsarət - травмы to be sued for damages - ziyanın ödənilməsinə görə iddia qaldırmaq - предъявить иск о возмещении ущерба excluded - istisna olunmuş - исключенный sole proprietors - fərdi mülkiyyətçilər - индивидуальные предприниматели domestic servant - ev qulluqçusu - прислуга charitable organization - xeyriyyə təşkilatlan - благотворительные организации
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minors - yetkinlik yaşına çatmayanlar - несовершеннолетние racing jockeys - yarış jokeyləri - гонки жокеев entertainer -konferansye - конферансье volunteer - könüllü - доброволец, добровольный enforcement - mühafizə, təzyiq, məcburiyyət - принуждение, давление, охрана estheticians - estetiklər- эстетики brokers - brokerlər - брокеры solicitor - hüquqşünas - адвокат, юрист
ANSWER THE QUESTIONS.
1. What is life insurance? 2. What types of life insurance do you know? 3. What differences are between endowment insurance and whole life insurance? 4. What is life policy? 5. What is protection policy? 6. What is investment policy? 7. Can you enumerate the types of endowment policies? 8. Can you enumerate the types of whole life insurance? 9. What do the excluded employments include? 10. What is an industrial insurance? 11. In what insurance the excess profit from the premium is tax-free? 12. What is an economic insurance policy? 13. What is single premium policy? 14. How long the premiums are paid in limited pay insurance? 15. What is a non-participating insurance?
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ASSIGNMENTS
IX. Match these types of insurance with the definitions.
1. Third party only a. Home insurance covering the fabric j i of the building only. | 12. Third party firelb. Pays out if you die or after a set pe-l and theft riod - whichever is later. 3. Fully compre- c. Home insurance covering most risks, ! hensive !4. Buildings only id. Motor insurance. Will only pay claims made against you by others. 5.Buildings and e. Covers the costs of private health i contents i care. 16. Third party lia-jf. Motor insurance. Will pay claims ibility made against you by others plus da-i mage caused by fire. 7.Worldwide travel jg. Motor insurance covering all risks. i8. Private health 'h. Covers claims made against you by [Others, for example, if you run a busi- ness. j9. Indemnity insu- i. Insurance cover for problems while j ranсe I on holiday abroad. ' 10. Personal injury |j. Any insurance which covers financial loss (numbers 1 to 8 are types of indemnity insurance). j 11. Life k. Pays out in the event of a personal ' ! accident.
140 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
X. Put the words into the correct spaces. take out broker covered claim quote pay premium fill in out . ___ __ i
How to an insurance policy.
1. Choose an insurance , or contact an insurance company directly. 2. Phone up and get a (or you can do this on the internet). 3. Pay the 4. Now you're . 5. If you need to make a , contact the insurance company. 6. You will probably have to a claim form. 7. You may have to wait several weeks for the insurance company to ______.
XI, Choose the best words to go into each space. 1. A person who assesses insurance claims is called a
a. loss adjuster b. claim adjuster c. insurance adjuster 2. Your home insurance will be expensive if you live in a ______area. a. big risk b. risky c. high risk 3. An insurance broker usually ______several dif ferent insurance companies a. deals with b. contacts c. works for 4. In many cases, the insurance company doesn't take
HUSSEIN MAQSUOOGLU 141 KAMALA JAFAROVA BUSINESS ENGLISH the financial ______. a. problem b. risk c. damage such 5. The financial risk is taken by _____ as Lloyds of London. a. underwriters b. undertakers c. underpasses 6. Natural disasters usually mean that insurance under- writers suffer ______. a. heavy losses b. high expenses c. big debts 7. A ______proves you have insurance while the policy is being processed. a. cover letter b. cover paper c. cover note 8. If you agree to pay, for example, the first P200 of a claim, then your policy has a P200 ______. a. surplus b. extra c. excess 9. A company giving insurance cover is known as the
a. insurer b. insured c.insurance 10. A person who has taken out insurance cover is known as the ______... a. insurer b. insured c. insurance .. .or the ______. a. policyholder b. policy-taker c. policy 11. A life insurance policy pays out ______your death or after a set period, whichever is first. a. in case of b. if c. in the event of
XIL Reply to a letter. You are employed by Coldstream Insurance and have received the following letter from a potential client. Draft a suitable reply.
142 HUSSEIN MAQSUDOGUU KMfALA JAFAROVA BUSINESS ENGLISH
The Manager, Coldstream Insurance PLC Boddington House Dear Sir or Madam, I have received a life proposal form from your office with a request that I complete the document as soon as possible and return it to you. After reading through the document I find the questions about my private life to be impertinent. For instance, you ask: 1. What is my occupation? What has that got to do with my application for a life policy? Does it matter whether I am a milkman or a lorry driver? 2. Am I likely to live or work abroad? How can I answer that question? Yes, If 1 get the right opportunity I will go abroad. Would your reply be any different? 3. Do I smoke? If so, how much a day? What is my daily consumption of alcohol? What is my height? And my weight? Frankly 1 find all this probing into my private life grossly offensive. All 1 want is a £ 1.000 policy on my life. Do you really need to ask all those silly questions? Yours faithfully William Rivers
XIIL Use the following words in the sentences: mortgage injuries war maturity insure partner value advantage death responsibility profit policy
■ TEXT 4
INSURANCE AND OTHER DOCUMENTS
Among insurance documents there are insurance policies and insurance certificates. There is a certain difference
143 HUSSEIN MAOSUOOGLU KAMALA JAEAROVA BUSINESS ENGLISH between the two but it is very subtle and sometimes, besides, they are sued interchangeably. These documents state what goods are insures, in whose name they are insured, against what risks, for what amount, at what premium and so on.
Here is a part of a specimen insurance policy: INGOSSTRAKH Insurance Policy # 338 This is to certify the insurance cover to the order of Chemico, Baku, of: Chemicals ST, gross weight packed 5100 kgs, net weight 5000 kgs in 100 plastic bags in favour of: Petro Co Ltd Liverpool for the amount of: 875,000.00 English pounds sterling (eight hundred and seventy five thousand English pounds sterling)
Shipped from: Baku to Liverpool on board vessel: Sattarkhan on: 20 November, 2012 against: war, fire and marine risks premium: as agreed Besides insurance documents, transport documents, commercial invoices, some other documents may be involved in business transactions in accordance with contracts. They are: • import/export licenses; • customs declarations; • consular invoices; • veterinary certificates; • phytosanitary certificates and others.
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VOCABULARY NOTES
insurance cover (insurance policy) -sığorta (sığorta müqaviləsi)- страховка, страхование (договор страхования) to insure goods against marine risks (war, fire, flood) - malları dəniz (müharibə, yanğın, daşqın) riskinə qarşı sığorta etmək- застраховать груз от морских рисков (война, пожар, наводнение) а certain (subtle) difference - müəyyən (çox da gözə çarpmayan) fərq-определенная (едва заметная) разница interchangeably - qarşılıqlı əvəz oluna bilən, birmənalı- взаимозаменяемый, равнозначный in favour of - xeyrinə - в пользу consular invoices - konsulluq fakturası (hesab, qaimə)- idxalçı ölkənin konsulu tərəfindən təsdiqlənən hesab. Bu hesab çox vaxt xaricə ixrac edilən malların mənşəyinin, qiymətinin və bütün qrupun (partiyanın) ümumi dəyərinin təsdiqi üçün lazım olur. Adətən bu hesab dil çətinliklərinə görə zəruridir- консульский счет - счет, которые заверяется консулом страны импортера. Такой счет нередко нужен для грузов, экспортируемых за рубеж для подтверждения происхождения товара, его цены и стоимости всей партии. Обычно этот счет необходим из-за языковых трудностей. phytosanitary certificates - fitosanitar sertifikat- idxalçı ölkənin orqanları tərəfindən verilən beynəlxalq sənəd. Bu sənəd karantində olan bitkilərə (bu elə bitkilərdir ki, xəstəliklər yaya bilərlər) və ya dövlət tərəfindən qorunan bitkilərə (məsələn, nadir bitkilər) görə verilir - фитосанитарный сертификат - международный документ, выдаваемый органами стран-экспортеров в отношении растений, находящийся в карантине или под карантином (это такие растения, которые могут стать распрос
HUSSEIN MAQSUDOGLU 1 4 5 KAMALA JAFAROVA
BUSINESS ENGLISH
транителями болезней), или растений, охраняемых государством (например, редких).
ANSWER THE QUESTIONS.
1. What is an insurance policy? 2. What can you insure your goods against? 3. Is there any difference between insurance certificates and insurance policies? 4. Are they used interchangeably? 5. Does insurance usually cover risks of buyers or risks of sellers? 6. What documents are included to the insurance documents? 7. What documents may be involved in business transactions? 8. What do the insurance documents state?
XIK Choose the appropriate words and fill the gaps, marine risks, subtle, interchangeably, favour, first- class bank guarantee, envisages, failed, 1 .We can insure goods against war, fire, flood, ______. 2. The difference between insurance policies and insurance certificates is very ______. 3. Insurance policies and insurance certificates are used ______. 4. This insurance is in ______of Petro Co Ltd. 5. The contract stipulates that the buyers are to provide
6. The contract jDayment on a collec- tion.
146 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
7. The buyer to pay in time.
XK Read and retell the following DIALOGUE between Agent and Jackie discussing the problem of Insu rance.
Agent: Hello, Krashit Insurance. Jackie: Hi, I wanted to get a quote for car insurance. Agent: Sure, I can help you with that. I assume you want liability insurance, but what other coverage would you like to get? Jackie: Umm...Pm not sure. This is my first car. Agent: In that case, let me make a few suggestions. You’ll definitely want collision insurance. It pays to fix your car if you hit another car or run into something. Jackie: Okay, sure, I want that. Agent: You’ll also want comprehensive insurance. It pays for damage to your car. Jackie: How’s it different from collision insurance? Agent: Well, it pays for damage to your car that’s not a result of an accident, like in the case of theft, weather damage, or vandalism. Jackie: Okay, 1 want that, too. Agent: You’ll want property damage insurance to pay for damage you cause to someone else’s property. On top of that, you’ll want uninsured motorist insurance in case the other driver doesn’t have insurance or doesn’t have enough insurance to pay for the damage to your car. Jackie: Umm...I guess I’ll take that, too. Agent: And 1 don’t think you can do without me dical payments insurance. It pays for your medical bills and those of your passengers in case
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of an accident. Should I get you a quote for all of this coverage? Jackie: Why don’t you hold off on that? I’m not sure how I’m going to pay for all that and buy gas, too!
USEFUL VOCABULARY
a quote- qiymət təklifi- ценовое предложение to assume- təxmin etmək, güman etmək- предполагать coverage- (burada) üstünlük- (зд.) преимущество liability insurance- məsuliyyət sığortası - страхование ответственности collision insurance- qəza sığortası- аварийная страховка (страховка от аварий) to run into smth- nə iləsə toqquşmaq- столкнуться с чем-л comprehensive insurance- hərtərəfli sığorta- всеохватывающее страхование theft- oğurluq- кража, покража property damage insurance - maddi, zərərin sığortalanması - страхование материального ущерба on top of that- bundan başqa- кроме того uninsured motorist insurance- sığortasız sürücülərdən qarşı sığorta - страхование от незастрахованных водителей medical payments insurance- tibbi ödəniş sığortası - страховка медицинской выплаты passenger- sərnişin- пассажир to hold off on smth.- nəyisə təxirə salmaq, sonraya qoymaq - откладывать что-то, отменить
148 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
ANSWER THE QUESTIONS.
1. To what company did Jackie call? 2. What did Jackie talk about with Agent? 3. What is a collision insurance? 4. What is property damage insurance? 5. What is medical payments insurance? 6. What did Jackie want to insure? 7. What kind of insurance does pay for damage to your car? 8. What other kinds of insurance do you know?
XVL Define if the statement is True, False or No information, a) Liability insurance protects you whether you are driving or someone else is driving your car with your permission. b) We can insure everything. c) Endowment is a type of collision insurance. d) Insurance documents, transport documents, commercial invoices, some other documents may be involved in business transactions in accordance with contracts. e) Comprehensive insurance pays to fix your car if you hit another car or run into something.
HUSSEIN MAQSUDOGLU 1 4 9 KAMALA JAFAROVA BUSINESS ENGLISH
UNIT VI INVESTMENTS & AUDIT
■ YOUR VOCABULARY
Investment The use of savings to earn a financial return. Investing An item of value purchased for income or capital appreciation. Investment Advisor Someone who advises others how to invest their money. Investment Broker Investment brokers are individuals who bring together buyers and sellers of investments. They need a license to operate. They act on behalf of buyers and sellers of stock. They charge a commission on trades. Investment Vehicles Types of investments such as stocks, bonds, real estate, and hard assets.
■ TEXTl
INVESTMENTS In economic science, investment is capital expenditure on physical productive assets, e.g. machinery, factory buildings, roads, bridges, houses, and stocks. Real investments generally involve some kind of tangible asset. As a financial term investment embraces purchases of stock exchange securities or deposits of money in banks.
150 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH building societies, or other financial institutions, with a view to ineome and, in appropriate cases, capital gains. Users of capital, from governments to every kind of industrial or commercial joint-stock company, all depend for the supply of their financial resources on those who are willing to invest their funds, on investors. Investment is closely associated with other aspects of economic order such as the role of financial centres, labour migration, and the regime of international trade prevailing at the time. Technological advances, the removal of exchange controls and financial deregulation have all contributed to the expansion of international capital flows. As a result, foreign investment has become a fundamental feature of international economic development. There are two main ehannels for international investment: foreign direct investment (FDI) and foreign indirect investment, or portfolio investment. Foreign direct investment (FDI) occurs when citizens of one nation (the "home" nation) acquire managerial control of economic activities in some other nation (the "host" nation). Setting up a foreign operation through a joint venture, establishment of a foreign branch or the purchase or formation of a foreign subsidiary are examples of foreign direet investment. Firms controlling activities in several nations have become known as "multinational enterprises" (MNSs), "transnational corporations" (TNCs) and, more recently, "global eorporations". The reasons why effects of FDI are generally assessed as positive can be summarized as follows: first, FDI speeds the international diffusion of new technologies and other efficiency enhancing intangible assets, such as organizational skills. Then, FDI in many national markets will sti
151 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH mulate competition among firms. The process of supplying capital to a foreign institution, through a loan or purchase of stock, without sharing in the institutions management is foreign indirect investment. In financial circles, individuals or households that own securities are known as individual investors. Along with them, there are institutional investors. Institutional investors are a group of investors who have funds to invest as a consequence of the conduct of their business. The group includes insurance companies, banks, investment trusts, financial and industrial companies. The past 30 years have witnessed a concentration of financial power in the hands of institutional investors. In 1990 they controlled over $6 trillion assets, the majority invested in common stock and corporate and government bonds. An investor, when confronted with a list of investment possibilities, will want to assess the risks and general advantages and disadvantages connected with putting his or her money into this or that security. To receive higher return, investors must be prepared to accept a higher level of risk. Trying to limit or minimize the risk investors construct and diversify portfolios and spread their foreign investments among a number of different countries. Institutional investors have contributed to development of new types of investment management techniques, sophisticated portfolio monitoring, have pioneered the application of quantitative security valuation techniques, such as dividend discount models. In spite of the existing obstacles, recent years have seen a growing interest of foreign investors in the Azerbaijani market.
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VOCABULARY NOTES investment activity - investisiya fəaliyyəti - инвестиционная деятельность capital expenditure - əsaslı (kapital) xərclər - капиталовложения, вложение капитала physical productive assets - fiziki istehsal aktivlər - физически производственные активы real investment - real investisiya - реальная инвестиция tangible assets - maddi aktivlər - материальные активы to embrace - əhatə etmək - охватывать capital gains - kapitaldan mənfəət - доходы с капитала user -istifadəçi - пользователь investor - investor - инвестор labour migration - işçi qüvvəsinin miqrasiyası - миграция рабочей силы prevailing - üstünlük təşkil edən - преобладающий exchange control -valyuta nəzarəti - валютный контроль financial deregulation - maliyyə nizamsızlığı - финансовое дерегулирование international capital flows - beynəlxalq kapital axınları - поток международных капиталов international investment -beynəlxalq investisiya - международные инвестиции foreign direct investment (FDI) - birbaşa xarici investisiya - прямые иностранные инвестиции foreign indirect investment - vasitəçi xarici investisiyalar - посреднические иностранные инвестиции portfolio investment -portfel investisiya - портфельные инвестиции managerial control - idarəçilik nəzarəti - административный контроль
153 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
operation - əməliyyat, (burada) fəaliyyət - (зд.) деятельность а joint venture - birgə müəssisə - совместное предприятие foreign branch -xarici filial - заграничное отделение, иностранный филиал multinational enterprise -çoxmillətli müəssisə - многонациональное предприятие transnational corporation-transmilli korporasiya - транснациональная корпорация "global” corporation - «qlobal» korporasiya - «глобальная» корпорация to speed -sürətləndirmək - ускорить diffusion -difPuziya, yayılma - распространение, диффузия skill(s) -bacarıq(lar) - навык(и) sharing (in) - mübadilə - обмен individual investor - fərdi investor - индивидуальный инвестор institutional investor - institusional investor- институциональный инвестор investment management - investisiyalann idarə olunması - управление инвестициями technique(s) - üsullar, texnikalar - прием(ы), технологии quantitative security valuation - qiymətli kağızların kəmiyyət qiymətləndirilməsi - количественная оценка ценных бумаг dividend discount models - dividentin (qazanc payının) endirilməsi modelləri - модели дисконтирования дивидендов (доля прибыли) obstacle - maneə, əngəl - преграда, препятствие
154 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
ANSWER THE QUESTIONS.
1. What is investment? 2. Define the difference between real investment and financial investment. 3. In what ways can financial resources be raised? 4. Why does FDI take place? 5. What institutions handle investment in stocks and shares? 6. What role do institutional investors play? 7. How do investors make their choice of investment possibilities? 8. What is investment closely associated with? 9. What have institutional investors contributed to? 10. What is foreign indirect investment?
ASSIGNMENTS
/. Find English equivalents for the following Azerbaijani /Russian phrases from the text: investisiyalar kapital qoyuluşunu ifadə edir; real investisiyalar maddi aktivlərlə bağlıdır (əlaqəlidir); maliyyə investisiyalan qiymətli kağızların əldə olunması ilə əlaqəlidir; vasitələrin banklarda depozitə qoyulması; istifadəçilər; işçi qüvvəsinin miqrasiyası; müəyyən vaxtda mövcud olan beynəlxalq ticarət sistemi; texnologiya sahəsindəki uğurlar; valyuta məhdudiyyətlərinin ləğv edilməsi; dövlətin maliyyə sahəsinə göstərdiyi müdaxilə həcminin azaldılması; beynəlxalq maliyyə axınlarının genişləndirilməsi; beynəlxalq iqtisadi inkişafın əsas xüsusiyyəti; birbaşa (vasitəsiz) xarici investisiyalar; portfel investisiyalar; idarə nəzarəti əldə etmək; müştərək müəssisələrin təşkili; firmanın xarici şöbəsi; firmanın xarici filialının təşkili; çoxmillətli şirkət; yeni texnologiyaların
HUSSEIN MAOSUDOGLU 155 KAMALA JAFAROVA BUSINESS ENGLISH yayılmasının sürətləndirilməsi; təşkilati vərdişlər; idarə olunmada iştirak etmək; özəl və idarə investorlan; qiymətli kağızlar portfelinin idarə olunması üsullan инвестиции представляют собой вложение капитала; реальные инвестиции связаны с материальными активами; финансовые инвестиции связаны с приобретением ценных бумаг; депонирование средств в банках; пользователи; миграция рабочей силы; режим международной торговли, существующий в определенный момент; успехи в области технологии; отмена валютных ограничений; сокращение объема вмещательства государства в финансовую сферу; расщирение международных финансовых потоков; основная черта международного экономического развития; прямые иностранные инвестиции; портфельные инвестиции; приобретать управленческий контроль; организация совместных предприятий; иностранное отделение фирмы; организация иностранного филиала фирмы; многонациональная компания; ускорять распространение новых технологий; организационные навыки; участвовать в управлении; частные и институциональные инвесторы; способы управления портфелем ценных бумаг
//. Match the verbs from (a) with the nouns from (b) below: j a) to make I b) exchange control to invest in to remove investments to expand securities to minimize capital flows to assess risks to stimulate competition to share in return
156 HUSSEIN MAQSUDOGLU KAMALA JAFAROV/A BUSINESS ENGLISH to receive [ techniques to apply situation
Make a profit and make a difference The Aware Finance Ethical Investment Fund aims to offer everything you would expect from an ethical investment: capital growth, a competitive yield and the knowledge that your gain isn't at the expense of the environment or exploited workers. Naturally, we only invest in companies that have been thoroughly screened, and fiilly match up to ethical investment criteria. Yet Aware Finance goes one step further. 20% of the fund is invested in small, unquoted companies developing the next generation of renewable energy technologies. Of course, most of these technologies are in their infancies, and this fund is particularly aimed at investors looking for long-term growth potential. With Aware, the return on your investment isn't just financial.
The Neptune Tracker Fund Sometimes the simple things in life are the best. With The Neptune Tracker Fund there are no investment strategies and no fund managers to pay. The fund is invested in the 100 companies that comprise the Financial Times-Stock Exchange 100 Share Index. If the FTSE 100 goes up by 5%, the value of your holding goes up 5%. It's as simple as that. Despite the promises of high growth and high return associated with managed funds, the truth is that in seven out of the last ten years on average tracker funds have equalled or out-performed managed funds. And unlike managed funds, there are no hefty fees to pay. Entry to the fund costs 1.75% of the sum invested, with a tiny 0.5% administration fee payable each year thereafter.
157 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Yields can be reinvested in the fund or can be taken as income - the choice is yours.
///. Find words in the advertisements which mean the same as the words below. 1. a specific investment h ______2. as good, in financial terms, as others on the market
3. checked s 4. give a higher return than o
5. income from an investment y ____ 6. increase in value of a holding c g_ 7. an increase in value over several years 1 t ______g ______8. not listed on a stock exchange u ______9. principles for deciding how to invest i
IV. Answer the questions. 1. Which fund is probably Aware / Neptune higher risk? 2. which fund is likely to: Aware / Neptune have higher fees? j 3. Which fund is more suit- Aware / Neptune able for investors needing ai reliable yield? 4. Which fund is entirely in-1 Aware / Neptune vested on the stock market? 5. Which fund would you j Aware / Neptune prefer to invest in?
158 HUSSEIN MAQSUD OGLU KAMALA JAFAROVA BUSINESS ENGLISH
V. Match the term with the definition. 1. bond a. An agreement to buy commodities, cur- rencies or shares at a fixed price on a fixed date in the future. 2. futures b. Private investors can buy a small inte- j contract j rest in a large fund invested in many com- j panics. j3. share option c. An investment in which the issuer I ! (often a government) promises to payj back the invested sum plus interest. \A. trust fund !d. Prices are going down / up. ' 5. unit trust e. A fund which is managed by the I |trustee(s) for the beneficiary /bénéficia- ! I ries. A common example is money held in ^ a trust for a child or young person. 6. bear/bull f. Employees are offered shares in the I market j company at a reduced price.
VI. Put the words in the spaces in the sentences, blue chip closing price commission commodities downturn financial adviser fixed-interest flotation issue price portfolio public company put some money into Ishare certificates speculate ,
1. I've decided to ______stocks and shares. 2. I bought a five-year ______govem- ment bond. 3. Unfortunately for investors, there has been a signifi- cant in the market. 4. When I bought the bond, I didn't realize that the agent
HUSSEIN MAQSUDOGLU 1 5 9 KAMALA JAFAROVA BUSINESS ENGLISH who sold it to me would get a 3Vo ______. 5. To get advice on personal investments, you can see an independent ______. 6. Shell, British Airways, Sony and Nestle are companies. 7. Coffee, cotton, coal and aluminum are
8. A is owned by its sharehol- ders, and its share price is quoted on a stock exchange. 9. Shares in Western Gas were launched with an of 50p per share. 10. The ______of Western Gas on the stock exchange was in 1990. 11. Yesterday's ______for Western Gas was 178p per share, down 2p on the day before. 12. Jason has a ______of shares worth about half-a-million pounds. 13. Unfortunately, all Jason's ______were des troyed in a fire. 14. Investing is a form of gambling. As the saying goes "You have to ______to accumulate".
VII. Read the following DIALOGUE between Mr. Murphy and Mr. Azad about investment climate between two countries.
Mr. Azad: How do you assess the investment climate in your country? Mr. Murphy: As quite favourable. Foreign investments have been flowing into our country at an accelerating rate since we started our transition to a market economy. Mr. Azad: Who invests capital in your country? Mr. Murphy: Both foreign companies and individu-
160 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
als. The US heads the list of the major investors. The investment policy pursued by the government focuses on foreign direct investments, I mean setting up joint ventures and establishing foreign branches or subsidiaries. Mr. Azad: What is the major reason for this striking growth of foreign investments? Mr. Murphy:\nwQsXovs are willing to invest because of two reasons: increase in the middle class that is driving economic development, and the decrease in politically motivated interference in the free market. Mr. Azad: Do you think the situation will continue? Mr. Murphy: Definitely, the government has announced plans to privatize the banking, insurance, power, oil, steel and telecommunications industries, which is sure to encourage still more capital inflows. Mr. Azad: We know that your investment policy envisages setting up special economic zones as an additional vehicle for attracting foreign funds. Has anything been done in this direction yet? Mr. Murphy: Our National Technology Park has been designated for this purpose. There are highly trained workers, scientific and production facilities in this locality. Mr. Azad: Will the local companies benefit from this? Mr. Murphy: Of course. The benefits will include exemptions from all real estate taxes, as well as several options for the reduction of income taxes. Mr. Azad:\\'s been very interesting, thank you.
161 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
USEFUL VOCABULARY
investment climate- investisiya mühiti - инвестиционная среда favourable- əlverişli- благоприятный to flow- axın (etmək)- наплыв at an accelerating rate- daha sürətlə, daha cəld temp ilə- более быстрыми темпами the investment policy- investisiya siyasəti - инвестиционная политика to pursue of policy - siyasət aparmaq- вести, проводить политику joint ventures- birgə müəssisələr- совместные предприятия subsidiaries- filiallar (köməkçi ofislər, şirkətlər) - филиалы (подсобные офисы, компании) striking growth- təəccüblü (heyranedici, fövqəladə) artım - поразительный рост to invest- qoymaq (sərmayə, pul, kapital)- вкладывать (деньги, капитал) middle class- orta sinif- средний класс driving economic development- iqtisadi inkişafın istiqamətverici (hərəkətli) qüvvəsi- движущая сила экономического развития decrease- azalma, aşağı düşmə- снижение interference- (burada) müdaxilə - (зд.) вмешательство to privatize- özəlləşdirmək- приватизировать inflows - daxilolmalar, axın- приток, вхождения to envisage- nəzərdə tutmaq- предусматривать to designate- təyin etmək - назначить vehicle- vasitə- средство locality- ərazi, yer- местность exemption- azad edilmə- освобождение
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real estate tax- daşınmaz əmlak vergisi- налог на недвижимость option- variant, seçim- выбор, вариант reduction- azalma, güzəşt- снижение, скидка
ANSWER THE QUESTIONS.
1. How does the foreigner characterize the investment climate in his country? 2. Why are foreign investors willing to invest in the country? 3. What are the focal points of the country's investment policy? 4. From what time have the foreign investments been flowing into our country at an accelerating rate? 5. By whom did the investment policy pursue? 6. What has the government announced? 7. Why has the National Technology Park been designated?
VIIL Find English equivalents for the following Azerbaijani /Russian phrases from the text:
bazar iqtisadiyyatına keçmək; hökümət tərəfindən aparılan investisiya siyasətinin mərkəzində olmaq; orta təbəqənin artması; siyasi müdaxilə; özəlləşmənin aparılması planlarını elan etmək; siyasət nəzərdə tutur; vergilərdən azad olmaq. переход к рыночной экономике; находиться в центре инвестиционной политики, проводимой правительством; рост среднего класса; политическое вмешательство; объявить о планах проведения приватизации;
HUSSEIN MAQSUOOGLU 163 KAMALA JAFAROVA BUSINESS ENGLISH
политика предусматривает; быть освобожденным от налогов.
■ TEXT2
AUDITORS
Auditors are usually independent certified accountants who review the financial record of a company. These reviews are called audits. They are usually performed at fixed intervals - quarterly, semiannually or annually. Auditors are employed either regularly or on a part-time basis. Some large companies maintain a continuous internal audit by their own accounting departments. These auditors are called internal auditors. Not so many years ago the presence of an auditor suggested that a company was having financial difficulties or that irregularities had been discovered in the records. Currently, however, outside audits are a normal and regular part of business practice. Auditors see that current transactions are recordered promptly and completely. Their duty is to reduce the possibility of misappropriation, to identify mistakes or detect fraudulent transactions. Then they are usually requested to propose solutions for these problems. Thus auditors review financial records and report to the management on the current state of the company’s fiscal affairs in the form of Auditor’s Report or Auditor’s Opinion.
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Here is a specimen Auditor ^s Opinion:
Auditor’s Opinion The Board of Directors Johnson and Co.
I have examined the Balance Sheet of Johnson and Co., as of 31 December, 2011, as well as the related Statements of income and retained earnings and changes in the financial position for the year ending on that date. My examination was made in accordance with generally accepted standards of auditing. It included tests of the accounting records and those other procedures that 1 considered necessary. In my opinion, the accompanying Balance Sheet and Statement of Income and Retained Earnings present fairly the financial condition of Johnson and Co., on 31 December, 2011.
Daniel H. Peterson Certified Public Accountant New Yorkf N. Y. 30 January^ 2013
VOCABULARY NOTES
to certify -təsdiqləmək - удостоверять accountants - mühasiblər - бухгалтеры to have financial difficulties -maliyyə çətinliklərinin olması - существование финансовых трудностей to review - gözdən keçirtmək, yenidən (təkrarən) baxmaq - просматривать, просмотр
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to review records -qeydləri nəzərdən keçirtmək - рассмотреть отчеты quarterly - rüblük - ежеквартальный annually - illik - ежегодно semiannually - yarım illik - полугодовый to discover irregularities- pozuntular aşkar etmək - обнаружить нарушения currently - hal-hazırda, cari - в настоящее время, текущий current transactions - cari protokollar (sazişlər) - текущие протоколы (сделки) current state- cari vəziyyət - текущее состояние to identify mistakes -səhvləri müəyyən etmək - выявить ошибки to reduce the possibility of misappropriation - qanunsuz mənimsəmə imkanını azaltmaq- уменьшить возможность незаконного присвоения. to detect fraudulent transactions -saxta əməliyyatlan aşkar etmək - обнаружить фальшивые операции. to propose solution -həllyolu təklif etmək - предложить решение request - tələb, sorğu, xahiş - просьба, требование, запрос fiscal affairs - büdcə-(maliyyə) işləri - бюджетно-финансовые дела Auditor’s Report (Auditor’s Opinion) - müfəttişin məruzəsi (müfəttişin fikri və ya rəyi) - рапорт аудитора (мнение или взгляд аудитора) to maintain а continuous internal audit - davamlı daxili auditi qoruyub saxlamaq (daxili auditi davamlı olaraq tətbiq etmək) - сохранить постоянный внутренний аудит (практиковать внутренний аудит на постоянной основе)
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ANSWER THE QUESTIONS.
1. What will you do if you have financial difficulties? 2. What are the auditor’s duties? 3. How often are audits performed? 4. What transactions does the auditor check? 5. What is the final purpose of the auditor’s work? 6. Do auditors propose any solutions to the management of the company? 7. Does the management of the company request the auditor to prepare the auditor’s opinion? 8. Why do companies maintain a continuous internal audit?
IX, Fill the gaps using the words in brackets, 1. Auditors review of a com- pany. (financial records) 2. These reviews are called ______. (audits) 3. They are performed at fixed intervals . (quarterly, an- nually, semiannually) 4. Some large companies maintain a continuous . (internal audit) 5. Not so many years ago the presence of an auditor suggested that a company was having ______. (financial difficulties) 6. The auditor tries to identify in current ______.(mistakes, transactions) 7. The auditor also tries to discover (irregularities) 8. The duty of the auditor is the reduce the . of (possibility, mis appropriation) 9. The Auditor detected a trans-
167 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH action, (fraudulent) 10. The auditor proposed ______for these problems, (solution) 11. The auditors review financial records and report to the management on the current state of the company’s ______affairs in the form of ______. (fiscal. Auditor’s Opinion)
X, Say in a few words what the text is about.
XI. Write synonyms to the following words.
request to normal independent certify usually own current to difficulty reduce XII. Use the following words in the sentences. to identify, opinion, report, annually, management, to review, to detect, propose solution, presence, regular, financial records, condition.
■ TEXTS
PERFORMING AN AUDIT
Auditing is a process in which an independent accountant-auditor examines a firm's accounting records and financial statements and offers an opinion on their accuracy and reliability. There are different types of audits, for example, financial statements audits, income tax audits, "value for money" audits, environmental audits, administrative audits, financial management audits, etc.
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The accountancy profession has built up a significant amount of expertise in performing financial statements audits. Accounts audits were established as an instrument to protect third parties, the users of accounts, since the auditor's opinion helps establish credibility of financial statements. Special bodies of users, such as supervisory boards, employee representatives, government agencies may sometimes need an in depth audit report, which is usually confidential. It should be stressed that auditors do not monitor, they offer an opinion, and the audit process and audit procedures are complicated and manifold. The auditor's opinion is gradually being built up from a mass of detailed work to the final judgment through the planning and testing stages. The auditor normally starts with a study of the business environment the audited company is working in and performs a preliminary analytical review. Then he should direct his attention to the financial statements. Interestingly enough, however, the auditor's attention is not directed towards the financial statements’ elements as such, but towards the correctness of various assumptions made by the management for their preparation. For instance, the auditor needs to know if figures are complete and accurate and reflect what they should reflect, if income and expenses are recorded in the proper periods and if the legal position is reflected adequately. The auditor should focus on any misstatement whether it is intentional or unintentional. The management is responsible for the reliability of financial information. If the management is not prepared to take the responsibility it may be hard to complete the audit. In such situations the auditor should seek his own evidence by means of inde
169 KUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH pendent audit procedures. Although the financial statements are the ultimate objectives of an audit, normally such audits cannot be completed without a proper study and evaluation of the accounting system and assessment of the internal accounting controls. Defining the audit strategy the auditor has to decide whether to rely on internal controls or to resort to substantive testing applying analytical review procedures, such as tests in totals, comparison with budgets or even statistical analysis of figures. In the planning stage as well as during, the performance of audit procedures and, finally, in forming conclusions, "materiality" and "audit risk" are critical elements in the auditor's Judgment. "Materiality" refers to the magnitude or nature of a misstatement (including an omission) of financial information. "Audit risk" (including three different components - inherent risk, control risk, detection risk) is the risk that an auditor may give an inappropriate opinion on financial information that is materially misstated. The natural feminization of the audit process is the auditor's report, reflecting the auditor’s opinion on the financial statements. Unfortunately, audits do not always end up in an approval of the financial statements. Any deviation from the unqualified opinion should be explained in the auditor's report, including the uncertainty or the disagreement that caused the auditor to qualify his opinion. In order to protect the public interests and the profession's integrity an individual must be sufficiently educated and adequately trained before being certified to act as an auditor. Below you will find a sample of an auditor's opinion:
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To the Shareholders of... Ltd.:
We have audited the accompanying balance sheet of... Ltd. as of 31 December... and the related statement of income for the year then ended. Our audit was conducted in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessaiy in the circumstances to establish whether the balance sheet and related statement complied with Azerbaijani regulations and were in agreement with the underlying accounting records. In our opinion, the balance sheet and related statement of income of... Ltd. referred to above have been prepared in compliance with the relevant Azerbaijani regulations and are in agreement with the underlying accounting records. Baku, 24 March...
VOCABULARY NOTES
auditing - yoxlama, auditor yoxlaması - ревизия, аудиторская проверка auditor - auditor - аудитор to examine - yoxlamaq - проверять, проводить ревизию accounting records - mühasibat uçotu - бухгалтерский учёт financial statements - maliyyə hesabatları, bəyyanə- məsi - финансовые отчеты to offer an opinion - öz fikirini söyləmək - высказать
HUSSEIN MAQSUDOGLU 1 7 1 KAMALA JAFAROVA BUSINESS ENGLISH
свое мнение (по результатам аудиторской проверки) accuracy - dəqiqlik, düzgünlük- точность, правильность reliability - etibarlılıq, davamlılıq, möhkəmlik - достоверность, надежность, прочность audit - audit - аудит, аудиторская проверка, ревизия to build up - artırmaq, toplamaq, yığmaq - наращивать, накапливать account(s) audit - audit hesabı (hesabları) - счета аудита auditor's opinion - auditor rəyi - мнение аудитора, credibility - doğruluq - достоверность supervisory board - müşahidə şurası - наблюдательный совет government agency - dövlət orqanı (agentliyi) - правительственная организация (правительственное агентство) indepth audit report - təfsilatlı (əsaslı) audit hesabatı - углубленный (подробный) аудиторский отчет audit process - audit prosesi - процесс аудита audit procedures - audit prosedurları - процедуры аудита manifold - müxtəlif, çoxtərəfli - разнообразный, многосторонний judgement - mühakimə, qərar, cəza - приговор, решение, наказание planning stage - planlaşdırma mərhələsi - стадия (этап) планирования (аудиторской проверки) testing stage - sınaq mərhələsi - стадия (этап) тестирования audited company - audit şirkət - аудитная компания preliminary analytical review - ilkin analitik baxış - предварительный аналитический осмотр assumption - ehtimal, yol vermə - допущение, пред
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положение complete figures - tam məlumatlar (rəqəmlər) - полные данные (цифры) accurate figures - dəqiq məlumatlar (rəqəmlər) - точные данные (цифры) record - qeyd, qeydiyyat - регистрация, запись proper period - müvafiq dövr - соответствующий период legal position - hüquqi mövqe (status) - юридическая позиция, юридический статус misstatement - yalan bəyan məlumatların təhrif edilməsi - искажение сведений, ложный рапорт (un)intentional - qəsdən, şüurlu şəkildə ( və ya bilmədən, istəmədən, qeyri-şüuri şəkildə) - (не)преднаме- ренный, умышленно to take the responsibility - öz üzərinə məsuliyyət götürmək - брать (на себя) ответственность to complete the audit - auditi tamamlamaq - завершить аудит to seek evidence - dəlil axtarmaq - искать доказательства ultimate objective - son məqsəd - конечная цель evaluation - qiymətləndirmə - оценивание substantive test(ing) - maddi test - материальный тест tests in totals - yekun testlər - итоговые тесты to form а conclusion - nəticə hazırlamaq - формировать вывод materiality - maddilik, zərurilik - существенность, материальность audit risk - audit riski - аудитный риск critical - kritik, həlledici - решающий, критический magnitude - əhəmiyyət, vaciblik, həcm - величина, важность, значимость omission - əldən vermə - упущение
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inherent risk - daxili risk - внутренний риск controlling risk - nəzarət olunan risk - контролируемый риск detection risk - aşkar olunan risk - обнаруженный риск approval of the financial statements - maliyyə hesabatlannin təsdiq edilməsi- подтверждение финансовых отчетов deviation - yayınma- отклонение, уклон unqualified opinion - qeyri-mütəxəssis rəyi - неквалифицированное (неуточненное) мнение to qualify the opinion - rəyi qiymətləndirmək (dəqiqləşdirmək) - квалифицировать (уточнить) мнение integrity - bütünlük, tamlıq - целостность, полнота to certify - təsdiqləmək - удостоверять audit - audit, auditor yoxlanışmın apaniması - аудит, проведение аудиторской проверки accompanying - müşayiət edən - сопровождающий balance sheet - balans hesabatı - балансовый отчет the related statement of income - gəlirlə bağlı hesabat - соответствующий отчет о прибылях to conduct an audit - audit yoxlanışını həyata keçirmək - проводить аудиторскую проверку generally accepted auditing standards - ümumi qəbul olunmuş audit standartları- общепринятые стандарты аудита accordingly - müvafiq - соответственно in the circumstances - mövcud şəraitdə - при существующих обстоятельствах to comply with regulations - qaydalara, tələblərə riayət etmək (və ya tələblərə, qaydalara və s. tabe olmaq) - соблюдать требования, правила и т.д. in agreement with - kimin və ya nəyinsə razılığı ilə - по согласованию с...
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underlying - əsas, bünövrəsində olan - лежащий в основе, основной in compliance with - nəyəsə uyğun olaraq - в соответствии с relevant - uyğun; münasib - уместный, сходный
ANSWER THE QUESTIONS.
1. What is auditing? 2. What audits are practised nowadays? 3. What does the auditor’s opinion help establish? 4. How is an audit planned? 5. What do auditors normally start with? 6. What do auditors direct their attention to when they analyse financial statements? 7. What responsibilities do managers (directors) undertake with regard to the audit? 8. What are the responsibilities of auditors? 9. Do auditors study and evaluate the accounting system and the internal accounting control during the audit? Do they rely on internal controls? 10. What are the most critical elements in the auditor's judgement? 11. Do all audits end up in the approval of the financial statements? Why do auditors sometimes disclaim or qualify their opinions? 12. Who has the right to act as an auditor? 13. What audit was conducted by the auditors whose opinion is stated in the sample? 14. What were the auditors responsible for? 15. What opinion was expressed?
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XIИ, Find English equivalents for the followingAzer- baijani/ Russian phrases from the text: hesaba alma üzrə aparılan sənədləşməni yoxlamaq (təftiş etmək); maliyyə hesabatı auditi; gəlir vergisinin hesablanmasının düzgünlüyünün yoxlanılması; pul vəsaitlərindən səmərəli istifadə auditi; ətraf mühitin müdafiəsi üzrə tədbirlər auditi; rəhbərliyin fəaliyyətinin düzgünlüyünün yoxlanılması; rəhbərliyin maliyyə fəaliyyətinin effektivliyinin yoxlanılması; auditor rəyi maliyyə hesabatını etibarlı edir; auditorlar nəzarət etmirlər, onlar maliyyə hesabatının dəqiqliyinə və düzgünlüyünə rəy verirlər; məlumatların qərəzli və ya qərəzsiz şəkildə olmadan təhrif edilməsi;... görə öz üzərinə məsuliyyət götürmək; auditor təftişinin aparılması proseduru (üsulu); daxili nəzarət sisteminin qiymətləndirilməsi; sərbəst təftişlərə müraciət etmək; maliyyə-təsərrüfat fəaliyyətinin təftişi; maliyyə hesabatını təsdiq etmək; şübhəsiz rəy. проверять (подвергать ревизии) учетную документацию; аудит финансового отчета; ревизия правильности начисления подоходного налога; аудит оптимального использования денежных средств; аудит мероприятий по защите окружающей среды; ревизия правильности действий руководства; проверка эффективности финансовой деятельности руководства; заключение аудитора делает финансовый отчет надежным; аудиторы не контролируют, они дают заключение в отношении точности и достоверности финансового отчета; преднамеренное или непреднамеренное искажение данных; брать на себя ответственность за...; процедура проведения аудиторской проверки; оценка системы внутреннего контроля; прибегать к непринужденным проверкам; анализ финан
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сово-хозяйственной деятельности; подтвердить финансовый отчет; безусловное заключение.
Х1К Match the verbs from (a) with the nouns from (b) below: a) to share b) certificate to take assumption to foster responsibility to seek faults to submit services to give advice to make point of view to obtain financial statements to find evidence to render standards
XV. Fill in each gap with a suitable word from the box. free proper standards audit (2) opinion (2) preparing performed management statements responsibilities accordance view
Independent Auditors' Report to the Board of Directors and Stockholders of Company
We have audited the consolidated balance sheets of ___ Company and Subsidiaries at December 31,... and ... (years) and the related consolidated statements of income, stockholders' equity and cash flows for each of the years in the period ended December 31,... (year). Respective ______of directors and auditors are as fol lows: the company directors are responsible for the prepa-
HUSSEIN MAOSUOOGLU 177 KAMALA JAFAROVA BUSINESS ENGLISH ration of financial ______; our responsibility is to form an independent ______based on our audit of these statements and to report our opinion to you. Basis of opinion. We conducted our ______in accor- . dance with generally accepted auditing ______Our audit includes examination, on a test basis, of evidence relevant to the amounts and disclosures in the financial statements. It also includes an assessment of the significant estimates and judgements made by the ______in the preparation of the financial statements, and of whether the accounting policies are appropriate to the company’s circumstances, consistently applied and adequately disclosed: We planned and ______our audit so as to obtain all the information and explanations which we considered in order to provide us with sufficient evi dence to give reasonable assurance that the financial statements are ______from material misstatements, whether caused by fraud or other irregularity or error. In ______our opinion we also evaluated the overall ade quacy of the presentation of information in the financial statements. We believe that our ______provides a rea sonable basis for our opinion. Opinion. In our ______the financial statements referred to above give a true and fair ___ of the consolidated financial position of ______Company and Subsidiaries at December 31,... (year) and have been properly prepared in ______with generally accepted ac counting principles and the Company Act 1985.
XVI. Read the dialogue, sum up its content and act it out:
Phill:As far as 1 know, when you started your economic reforms some people believed that under market
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conditions the controlling function of the state would be losing its importance. Has this idea proved to be true? Ramin: It's clear now that the idea was erroneous. Although results of audits and inspections reveal some breaches of the tax law, misuses of public money, misappropriations and budget funds squandering are not so numerous. Phill: How can you account for some financial infringements in Azerbaijan now? Ramin: The situation we are having now some consequence of weak legal base. Phill: What infringements are most frequent? Ramin: Well, first of all, I would mention some facts of diverting of money away from the stated purposes into lucrative deals for personal gain. I mean funds allocated as returnable resources and budget resources allocated as the state support for different branches of economy. Then I would mention transfer of state funds to commercial units, embezzlements, defalcations, and misappropriation of funds. Phill: We have heard about some cases in your country when managers illegally placed so-called "free money" in commercial banks and used the profit made to satisfy their own needs, like buying cars and real estate, going abroad on holiday and so on. Ramin: That’s not true. In some cases, managers underreport their taxable profit, do not disclose income in accounting documents, start business operations without licenses, avoid paying excise duties, etc. But the number of such cases are decreasing. Do you have similar problems?
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Phill: Well, yes, we have, but on a smaller scale. There is an efficient system of government auditing in our country. We examine accounting and performance of all government agencies and public corporations. What are the functions of government auditing in Azerbaijan? Ramin: Generally, we focus on compliance of government agencies, juridical persons with financial legislation of the Azerbaijan Republic, we audit execution of the budget and extra-budget funds, control money circulation, use of credit resources, external and internal state debt, state reserves, safe keeping and use of state property. We are also responsible for many other things. Phill: What measures do you take when you detect financial misdeeds? Do you hand your reports to investigating authorities? Ramin: Yes, we do. Investigating authorities institute proceedings on the basis of our reports. We must work to improve the system of financial control in Azerbaijan because it does not fully meet the present-day requirements. Phill: You mean the vigorous emergence of the private sector? Ramin: Yes, the development of market relations and public and private finances.
USEFUL VOCABULARY
erroneous- yanlış, səhv- ошибочно to reveal- göstərmək- показывать inspection - yoxlama, təftiş, - осмотр, инспекция
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breach- pozuntu- нарушение the tax law- vergi qanunu- налоговый закон to misuse- sui istifadə etmək, yanlış istifadə etmək - неправильное употребление, злоупотребление misappropriations- qanunsuz (qeyri-qanuni) mənimsəmələr - незаконные присвоения squandering- xərcləmə, sərf etmə, (vəsaitlərin, pullann) puç edilməsi - проматывание, трата (средств), расход consequence- nəticə- последствие shortcomings- çatışmazlıq, qüsur - недостаток, дефект infringement- pozma (qanunu)- нарушение (закона) to single out - seçmək, ayırmaq- выбирать, отбирать diverting of money- pulları uzaqlaşdırmaq- отклонение денег lucrative- gəlirli, əlverişli- прибыльный, выгодный personal gain- şəxsi mənfəət (qazanc, gəlir)- личная выгода (прибыль, доходы) allocated- yerləşdirilmiş, müəyyən olunmuş, bölüşdürülmüş- размещенный, назначенный, распределённый returnable resources- geri qayıdan ehtiyatlar- возвращающиеся ресурсы embezzlement- israfçılıq, mənimsəmə- растрата, присвоение defalcation- bədxərclik- расточительность ’’free money”- havayı pullar- безвозмездные (необратимые) деньги to satisfy- təmin etmək - удовлетворить, обеспечить to underreport- məlumatları azaltmaq, yalan məlumat vermək- занижать сведения, дать ложную информацию excise duties - aksiz rüsumları (vergiləri)- акцизные сборы (налоги)
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misuse of budget funds- büdcə kapitallarının (fondlarının) yanlış istifadəsi (sui-istifadəsi) - неправильное употребление (злоупотребление) бюджетных капиталов (фондов) wastefulness- bədxərclik, israfçılıq- расточительность а smaller scale- kiçik miqyas- меньший масштаб financial legislation - maliyyə qanunvericiliyi - финансовое законодательство audit execution of the budget - büdcə nəzarətinin (auditinin, təftişinin) icrası - выполнение аудита (контроля) бюджета extra-budget funds - əlavə büdcə fondları (kapitalları)- экстра (дополнительные) бюджетные фонды (капиталы) money circulation - pul dövriyyəsi- денежный оборот external and internal state debt - xarici və daxili dövlət borcları - внешний и внутренний государственный долг state reserves - dövlət ehtiyatları - государственные запасы to detect - aşkar etmək- обнаруживать financial misdeeds- maliyyə cinayətləri (səhvləri) - финансовые преступления (ошибки) investigating authorities - istintaq orqanları- следственные органы to institute proceedings - məhkəmə təhqiqatını başlatmaq, işə məhkəmə tərəfindən baxılmanı təyin etmək - начинать судебное расследование, назначить слушания vigorous emergence- güclü (qüvvətli) şəkildə peyda olma (üzə çıxma)- сильное (могучее) появление
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ANSWER THE QUESTIONS.
1. What is auditing? 2. When did auditing appear? 3. Do auditors perform a useful service to the community? 4. How do auditors conduct audits? 5. What is the aim of audits? 6. Is it difficult to become a practicing auditor? Are professional qualifications high? 7. What is government auditing? 8. Are there any international professional organizations of auditors? 9. What bodies in Azerbaijan perform government auditing? 10. Do many young people want to make a career in auditing? Why?
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UNITVn MONEY
■ YOVR VOCABULARY
Money An officially-issued legal tender generally consisting of currency and coin. Money is the circulating medium of exchange as defined by a government. Money Laundering The process of creating the appearance that large amounts of money obtained from serious crimes, such as drug trafficking or terrorist activity, originated from a legitimate source. Money Flow Calculated by averaging the high, low, and closing prices, and multiplying by the daily volume. Comparing that result with the number for the previous day tells you whether money flow was positive or negative for the current day. Monetary Policy Changes in the supply of money and the availability of credit initiated by a nation's central bank to promote price stability, full employment and reasonable rates of economic growth. Money Management How a person manages money coming in and going out. Money Market A savings account in which the interest rate varies as market rates change.
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■ TEXTl
THE HISTORY OF MONEY
The use of money is as old as the human civilization. Money is basically a method of exchange, and coins and notes are just items of exchange. But money was not always the same form as the money today, and is still developing. The basis of all early commerce was barter, in other words the direct exchange of one product for another, with the relative values a matter for negotiation. Subsequently both livestock, particularly cattle, and plant products such as grain, come to be used as money in many different societies at different periods. The earliest evidence of banking is found in Mesopotamia between 3000 and 2000 B.C. when temples were used to store grain and other valuables used in trade. Various items have been used by different societies at different times. Aztecs used cacao beans. Norwegians once used butter. The early U.S. colonists used tobacco leaves and animal hides. The people of Paraguay used snails. Roman soldiers were paid a "salarium" of salt. On the island of Nauru, the islanders used rats. Human slaves have also been used as currency around the world. In the 16th century, the average exchange value of a slave was 8000 pounds of sugar. Gradually, however, people began exchanging items that had no intrinsic value, but which had only agreed-upon or symbolic value. An example is the cowries shell. Metal tool money, such as knife and spade monies, was also first used in China. These early metal monies developed into primitive versions of round coins at the end of the Stone Age. Chinese coins were made out of copper, often containing
185 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH holes so they could be put together like a chain. The Chinese invented also paper money during the T'ang Dynasty. Outside of China, the first coins developed out of lumps of silver. They soon took the familiar round form of today, and were stamped with various gods and emperors to mark their authenticity. These early coins first appeared in the Kingdom of Lydia (now in Turkey) in the 7th century B.C.. Paper money was adopted in Europe much later than in Asia and the Arab world - primarily because Europe didn't have paper. The Bank of Sweden issued the first paper money in Europe in 1661, though this was also a temporary measure. In 1694 the Bank of England was founded and began to issue promissory notes, originally handwritten but later printed. To make travelling with gold less dangerous, goldsmiths, or people who made jewelry and other items out of gold, came up with an idea. The goldsmiths started writing out notes on pieces of paper that said the person who had the note could trade the note in for gold. These promissory notes were the beginning of paper money in Europe. If you look at a British bank note today, you'll see it still says: I promise to pay the bearer on demand the sum of twenty pounds.
VOCABULARY NOTES
coin - sikkə- монета notes - əskinaslar - купюры, бумажные деньги commerce - ticarət - коммерция to barter - mübadilə yolu ilə ticarət, mübadilə etmək товарообмен, меновая торговля, менять, обменивать
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negotiations - danışıqlar - переговоры subsequently - nəticədə, sonralar - впоследствии, позже livestock - mal-qara - скот temple - məbəd - храм cacao beans - какао paxlası (dənələri) - какао-бобы tobacco leaves - tütün yarpaqları - листья табака animal hides - heyvanların dərisi - шкуры животных snails- ilbizlər- улитки salarium - təqaüd, əmək haqqı və ya xidmətlər üçün kompensasiya - пенсия, зарплата или компенсация за услуги intrinsic value - daxili dəyər - внутренняя стоимость cowries shell - ilbiz qabığı (“cowries”- Kauri (Kupraei- dae) canli orqanizm qrupunun adıdır. Bu qrupa dəniz molyuskaları və ilbizlər aiddir)- раковина (“cowries”- Каури (Купраэидае)- название рода живых организмов. Сюда относятся морские молюски и раковины) spade monies - qaratoxmaq pullar (pis yollardan, məsələn, qumardan qazanılan pullar) - пиковые деньги (деньги, заработанные черными путями, например, на азартных играх) authenticity - etibarlılıq, əsllik - подлинность, достоверность copper - mis - медь promissory notes - sadə (uzunmüddətli) veksellər - простые (долгосрочные) векселя bearer - sənədi (qəbzi) təqdim edən şəxs - предъявитель документа (чека)
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ANSWER THE QUESTIONS.
1 .Was the money always the same form as the money today? 2. What is barter? 3. Which products were used as money at different periods? 4. What was first used in China? 5. When did early metal monies develop? 6. Why Chinese coins were containing holes? 7. When did the Chinese invent paper money? S.Where and when did early coins first appear? 9. Why paper money was adopted in Europe much later than in Asia and the Arab world? 10. When did the Bank of Sweden issue the first paper money? 11. Who started writing out notes on pieces of paper? 12. What will you see, if you look at a British bank note today?
ASSIGNMENTS
I. Match these words as they go together in the text.
I method of :beans j [human I value ! cacao j leaves intrinsic [notes I ____ promissory ; slaves ^Tobacco lex^an^
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//. Say ifthe following is true orfalse. Correct the false statements. 1 .The use of money is not as old as the human civilization. 2. Money was always the same form as the money today. 3. Plant products such as grain, come to be used as money in many different societies at different periods. 4. The earliest evidence of banking is found in Asia between 3000 and 2000 B.C.. 5. The early U.S. colonists didn’t use tobacco leaves and animal hides. b.These early coins first appeared in the United Kingdom in the 7th century B.C.. 7.Outside of China, the first coins developed out of lumps of silver. S.The Bank of Sweden issued the first paper money in Europe in 1671. 9.In 1694 the Bank of England was founded. lO.These promissory notes were the beginning of paper money in Asia.
III. Use the following words in your own sentences: money, commerce, paper, snails, evidence, positive, to product, to promise, society, tobacco, to invent, familiar, negative, colonist
IV. Write the antonyms of the following words: to begin, exchange, slave, human, to adopt, currency, method, symbolic, example, value, primitive, between, negotiation, first
HUSSEIN MAQSUDOGLU 1 8 9 KAMALA JAFAROVA BUSINESS ENGLISH
■ TEXT2
WHAT IS MONEY? Money can be anything that is generally accepted in payment for goods and services. Almost every society now has a money economy based on coins and paper notes of one kind and another. However, this has not always been true. In primitive societies a system of barter was used. Barter was a system of direct exchange of one good or service for another. Somebody could exchange a sheep, for example, for anything in the market-place if they considered to be of equal value. Barter, however, was a very unsatisfactory system because people's precise needs seldom coincided. People needed a more practical system of exchange, and various money systems developed based on goods, which the members of a society recognized as having value. Cattle, grain, teeth, shells, feathers, skulls, salt, elephant tusks and tobacco have all been used. Precious metals gradually took over because, when made into coins, they were recognizable and divisible into larger and smaller units of value. A coin is a piece of metal, usually disc-shaped, which bears lettering, designs or numbers showing its value. Until the eighteenth and nineteenth centuries coins were given monetary worth based on the exact amount of metal contained in them, but most modern coins are based on face value, the value that governments choose to give them, irrespective of the actual metal content. Coins have been made of gold (Au), silver (Ag), copper (Cu), nickel (Ni), lead (Pb), plastic, and in China even from pressed tea leaves. Nowadays however valuable metal has generally been replaced by paper notes. The use of paper money in Western civilization began
190 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH in the Middle Ages. The major forms of money in those days, gold and silver coins, were inconvenient to carry and liable to be stolen. To make business transaction safer and more convenient, people began deposing their coins with local goldsmiths, who gave them a written receipt in exchange for the coins. In this way, the goldsmiths became a kind of medieval banker. Merchants accepted the receipts in payment for goods because they could redeem the receipts for the gold at the goldsmith’s shop. In time, the goldsmith’s receipt became very popular with merchants and travelers who had to move large sums of money. As their use spread, the earliest form of paper money in Western Europe came into being. Now most governments issue paper money in the form of notes, which are really 'promises to pay'. It may or may not be backed by gold or silver. Paper money is obviously easier to handle and much more convenient in the modem world. Cheques, bankers' cards, and credit cards are being used increasingly and it is possible to imagine a world where 'money' in the form of coins and paper currency will no longer be used.
VOCABULARY NOTES
paper notes - kağız oskinaslar (pullar) - бумажные купюры (деньги) direct exchange - birbaşa mübadilə - прямой обмен equal value - bərabər dəyər - равная стоимость unsatisfactory- qeyri-qənaətbəxş - неудовлетворительный precise - dəqiq - точный
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to coincide - üst-üstə düşmək, uyğun gəlmək - совпадать cattle - mal-qara - крупный рогатый скот grain - taxıl - зерно shells - balıqqulağı - ракушки feather - lələk - перо skull - kəllə sümüyü - череп elephant tusks - fil dişləri- клык (бивень) слона disc-shaped - disk formalı - в форме диска to bear lettering- üzərində yazı olmaq - носить надпись face value - nominal dəyəri - номинальная стоимость gold - qızıl - золото silver - gümüş - серебро nickel - nikel - никель lead - qurğuşun - свинец liable - cavabdeh- ответственный goldsmith - zərgər - ювелир medieval banker - orta əsrlər bankirləri - средневековые банкиры merchant - tacir - купец to redeem - pul verib götürmək, pulla almaq (girov əşyalarını və s.)- выкупать (заложенные вещи и т.п.)
ANSWER THE QUESTIONS.
1. What is money? 2. How are goods exchanged in a barter economy? 3. Why was barter an unsatisfactory system? 4. Why did precious metals take over? 5. What is a coin?
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6. What is 'face value' of money? 7. What is the history of paper money in Western civilization? 8. Why can we say the goldsmith became a kind of medieval banker? 9. Why did merchants accept the receipts of goldsmiths inpayment for goods? 10. Can you imagine a world without money in the form of coins and paper currency? Why?
V. What words correspond to these definitions: 1. to happen at the same time, to be in agreement ______.
2. of the period of history between about 1100 and 1500
3. worker who makes article of gold ______. 4. written statement that something has been received
5. easily seen or understood 6. at once, without delay ___
VI. Substitute the words in italics with the words from the text with the same meaning. Translate the sentence into Azerbaijani/Russian. 1. The earliest form of paper money in Western Europe came into existence in the Middle Ages. 2. Because of the quality of the paper and engravings it is utterly difficult to fabricate money. 3. A coin usually carries lettering, designs or numbers showing its value. 4. Traders and travelers preferred the goldsmith’s receipts to moving large sums of money. 5. With the goldsmiths' receipts business deals became safer and more convenient.
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6. Valuable metals took over because of the qualities. 7. Either immediate spending money or accumulating it could be harmful to the economy,
VII, Read the text below. Use the word given in capitals at the end of each line to form a word that fits in the space in the same line. There is an example at the begin- ______before the fO) invention of money, INVENT ; I people used to get the goods and ! services they wanted by (1) ______things | SWAP j I with others. This system was entirely 1(2) on an 1 DEPEND j(3) between both people, who AGREE 1 each needed to have what the other wanted. The system of (4) started to 1 CHANGE Iwork much more j smoothly with the (5) of INTRODUCE • money. i i By using precious 1 metals, which had been 1 OFFICIAL kb) weighed and made iCOME jinto coins, it (7) _____ possible to sell j ; what you produced j I in return for coins, then use the coins to I ANY buy (8) ___ you wanted from a third | I party. I j Some societies have developed 'ACCEPT 1(9) ______substitutes j I for coins by using things which, in | REAL j (10) _____ , have a j ' fixed value such as salt or cigarettes. I
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VIII. a) Fill in each gap with a suitable word from the box, b) Sum up the text in 5-7 sentences and present your summary in class. com known invented handle forms I small using big used i objects money instruments called assets
What Is Money?
Money is an asset that serves as a means of payment, a store of value, and a unit of account. Money was ______a long time ago. Gold and silver coins are the best ______form of money. They have the longest history and have been more widely accepted as payment than any other form of com- modity money. The popularity and universal acceptability of ______money is easy to understand. Coins are solid, at- tractive, hard-wearing and easy to ______. In addition to the qualities mentioned above, coins can be produced in ______and ______denominations. have Societies _____ gold and silver used other ______as money, including shells, beads and pelts. Anything can serve as ______that is easily recognized, widely accepted, and not easily copied. Gold, shells, and pelts are no longer used as money in the majority of countries. Today two kinds of financial ______serve as money: currency (coins and bills) and checking deposits at banks and thrift institutions.
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Currency plus checking deposits at banks and thrifts is often ______M1. The money that includes balances in money market funds, savings deposits in banks and thrifts and certain other liquid ______is called M2. Along with coins, paper currency, and checking deposits, "plastic money" is widely ______today. "Plastic money" comes in two ______- credit cards and debit cards.
WORDS YOU MAY NEED
asset - aktivlər, vəsait - активы, средство means of payment - ödəmə vəsaiti - средство платежа store of value - əmanət vasitələri - средство сбережения unit of account - hesab vahidi - расчетная единица commodity money - pulu əvəz edən mal, əmtəə pulu - товарные деньги solid - (burada) bərk, davamlı - (зд.) прочный hard-wearing - bərk, davamlı - прочный, стойкий denomination - pul məziyyəti (dəyəri) - денежное преимущество shell - balıqqulağı (ilbiz qabığı) - раковина bead - muncuq - бусина pelt - dəri - шкура, кожа checking deposit - cari hesabda əmanət, qəbz depoziti - вклад на текущем счете, чековый депозит Ml - pul aqreqatı Ml - денежный агрегат Ml М2 - pul aqreqatı М2 - денежный агрегат М2 "plastic money"- “plastik риГ’ - «пластиковые деньги»
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■ TEXT3
MONEY AND ITS FUNCTIONS
Money is a commodity commonly accepted as a medium of economic exchange. The idea of money as a universal equivalent is familiar to us since our childhood. Money circulates from person to person and country to country, thus facilitating trade and it is the principal measure of wealth. Money has four functions: 1) to serve as a medium of exchange, a commodity universally accepted in exchange for goods and services and for the discharge of debts or for the discharge of contracts; 2) to act as unit of account, the unit that makes the operation of the price system possible and provides the basis for keeping accounts and calculating costs, profit and loss; 3) to serve as a standard of deferred payments, the unit in which loans are made and future transactions are fixed; and 4) to provide a store of wealth, a convenient form in which to hold any income not immediately required for use. The Medium of Exchange Money, the medium of exchange, is used in one-half of almost all exchange. Workers exchange labour services for money. People buy and sell goods in exchange for money. We accept money not to consume it directly, but because it can subsequently be used to buy things we do wish to consume. Money is the medium through which people exchange goods and services. To see that society benefits from a medium of exchange, imagine a barter economy. A barter economy has no medium of exchange. Goods are traded directly or swapped. In a barter economy, the seller and the buyer each must want something the other has to offer. Each person is si
197 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH multaneously a seller and a buyer. In order to see a film, you must hand over in exchange a good or service that the cinema manager wants. There has to be a double coincidence of wants. You have to find a cinema where the manager wants what you have to offer in exchange. Trading is very expensive in a barter economy. People must spend a lot of time and effort finding others with whom they can make mutually satisfactory swaps. Since time and effort are scarce resources, a barter economy is wasteful. The use of money - any commodity generally accepted in payment for goods, services, and debts - makes the trading process simpler and more efficient. Other Functions of Money. Money can also serve as a standard of value. Society considers it convenient to use a monetary unit to determine relative costs of different goods and services. In this function money appears as the unit of account, is the unit in which prices are quoted and accounts arc kept. In Azerbaijan prices are quoted in manat; in Russia, in roubles; in Britain, in pounds sterling; in the USA, in US dollars; in France, in French francs. It is usually convenient to use the units in which the medium of exchange is measured as the unit of account as well. However there are exceptions. During the rapid German inflation of 1922 - 1923 when prices in marks were changing very quickly, German shopkeepers found it more convenient to use dollars as the unit of account. Prices were quoted in dollars even though payment was made in marks, the German medium of exchange. Money is a store of value because it can be used to make purchases in the future. To be accepted in exchange, money has to be a store of value. Nobody would accept money as payment for goods supplied today if the money was going to be worthless
198 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH when they tried to buy goods with it tomorrow. But money is neither the only, nor necessarily the best store of value. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value. Since money pays no interest and its real purchasing power is eroded by inflation, there are almost certainly better ways to store value. Finally, money serves as a standard of deferred payment or a unit of account over time. When you borrow, the amount to be repaid next year is measured in pounds sterling or in some other hard currency. Although convenient, this is not an essential function of money. UK citizens can get bank loans specifying in dollars with the amount that must be repaid next year. Thus the key feature of money is its use as a medium of exchange. For this, it must act as a store of value as well. And it is usually, though not invariably, convenient to make money the unit of account and standard of deferred payment as well.
VOCABULARY NOTES
commodity - əmtəə, mal - товар to facilitate - asanlaşdırmaq, kömək etmək-содействовать, облегчать medium of exchange - mübadilə vasitəsi (üsulu) - средство (способ) обмена discharge of debt - borcun ödənilməsi- погашение долга discharge of contract - müqavilənin yerinə yetirilməsi - исполнение договора price system - qiymətləndirmə systemi - система оценивания keep an account - hesab aparmaq - вести счет
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cost - dəyər - стоимость profit - gəlir, fayda, qazanc - прибыль, польза, доход loss - itki - убыток deferred payment - müddəti uzadılmış ödəniş -отсроченный платеж loan - borc pul, istiqraz - заём future transaction - gələcək sövdələşmə- будущая сделка store of wealth - sərvətin qorunub saxlanılması - сохранение богатства а Standard of value - dəyər standartı - стандарт стоимости а unit of account - hesab vahidi - единица счета а store of value - dəyərin saxlanılması - сохранение стоимости а standard of deferred payment - təxirə salınmış ödəniş standartı -стандарт отложенного платежа subsequently - nəticədə, sonralar - впоследствии, потом, позже to swap (also swop; syn. to exchange, to barter) - dəyişmək, (mübadilə etmək) - обменивать, менять to hand over in exchange - mübadiləyə vermək - передать, вручить (сдавать) в обмен а double coincidence of wants - tələblərin ikiqat üst - üstə düşməsi - двойное совпадение потребностей а monetary unit - pul vahidi - денежная единица to remind of - nəyisə xatırlatmaq - напоминать о чем то to be worthless - faydasız olmaq - быть бесполезным an interest-bearing bank account - faizli bank hesabı - процентный банковский счет to pay interest - faizi ödəmək - платить проценты to erode - dağıtmaq (məhv etmək) - разрушать
200 HUSSEIN MAOSUDOGLU KAMALA JAPAROVA BUSINESS ENGLISH
hard currency - sərbəst dövriyyəli valyuta - (dollar və yaxud beynəlxalq bank aləmində hamılıqla qəbul edilmiş və həmişə sabit qalan sərbəst dövriyyəli xarici valyuta deməkdir) - твердая (свободно конвертируемая) валюта soft currency - sərbəst dövriyyəli olmayan valyuta - неконвертируемая валюта invariably - dəyişməz olaraq, həmişə - неизменно, постоянно
ANSWER THE QUESTIONS.
1. Why do people accept money? 2. What is meant by the term “money”? 3. How many functions does money have? 4. What does money serve as? 5. What does money act as? 6. What does money provide? 7. Dwell on the functions of money. 8. Dwell on different kinds of money. 9. What's a barter economy? 10. Why is trading expensive in a barter economy? 11. What currency can be used as the unit of account?
IX. Suggest the Azerbaijani/Russian equivalents: exchange labour services for money; you must hand over in exchange a good or service; a double coincidence of wants; spend a lot of time and effort; make mutually satisfactory swaps; a barter economy is wasteful; commodity generally accepted in payment for goods; prices are quoted and accounts are kept; the rapid German inflation; its pur
HUSSEIN MAQSUDOGLU 201 KAMALA JAFAROVA BUSINESS ENGLISH chasing power is eroded by inflation; it's usually but not invariably convenient
X. Replace the parts in italics by synonyms, sometimes payment can be put off till later, the vital feature of money; its purchasing power is worn away; the money is without value, it is not always convenient; time and effort are rare resources; private production of money is against the law.
XI. Find in the text opposites to the following words and expressions. take away; reject; planned event; in a minor way; increase; is less than; separately; very large; be under no compulsion to; public
XII. Fill in the gaps with the words and expressions from the text. 1. The crucial feature of money is its acceptance as or
2. People buy and sell goods __ for money. 3. In a barter economy goods are traded directly or _____ other goods. 4. People must spend a lot of _____ finding others with whom they can make mutually _____ . 5. Society considers it convenient to use ___ to determine _ of different. goods and services. 6. The unit of account is the unit in which prices are ____ and __ are kept. 7. During the rapid German inflation German shopkeepers found it ______to use dollars as ___ . 8. Money is a store of value because it can be used
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9. Nobody would accept money as payment for goods supplied today if the money was going ____ . 10. Since money and its real power by inflation, there are almost certainly better ways to store value. 11. UK citizens can get bank loans __ the amount that ___ next year. 12. When you borrow, the amount to be repaid next year is measured in ___ .
XIII. Find in the text English equivalents for the following. əsas (hakim) xüsusiyyətlər ( 2-ci variant); ödəniş vasitəsi; müraciət vasitəsi; dəyər ölçüsü; qənaət vasitəsi (dəyərin qorunub saxlanılması vasitələri); hesab vahidi; borcun ödənilməsi vasitəsi; nəticədə istifadə oluna bilər; mal və xidmət mübadiləsi etmək; mübadilə iqtisadiyyatı; ölçmək, ölçülmək; qiymətdən salınmış; faizləri ödəmək; alıcılıq qabiliyyəti; sənaye sərfıyyatlan; istehlakçı sərfıy- yatlan; pul-mal. основные (ключевые) свойства (2 варианта); средство платежа; средство обращения; мера стоимости; средство сбережения (средство сохранения стоимости); единица счета; средство погашения долга; может быть впоследствии использовано; обмениваться товарами и услугами; бартерная экономика; измерять(ся); обесцененный; платить проценты; покупательная способность; промышленное использование; потребительское использование; деньги - товар.
XIV. Agree or disagree with the following statements. 1 .The idea of money as a universal equivalent is unfamiliar to us. 2. Money has five functions. 3. Money is used in exchange for goods and services. 4. Money is used for the discharge of defendant. 5. Money is used for the dis-
HUSSEIN MAQSUDOGLU 203 KAMAİA JAFAROVA BUSINESS ENGLISH charge of agreements. 6. Money acts as a trustee. 8. Money makes the operation of the price system impossible. 9. Money ensures the basis for keeping accounts. 10. Money is exercised as a standard of deferred payments. 11. Money serves as the unit in which borrowings are made. 12. Money provides a store of material values.
ХИ Translate the following wordSy phrases and statements into English, mübadilə, rahat, saxlamaq, tutub saxlamaq, gəlir, dərhal, tələb etmək, zəruri, mümkün, iqtisadi, mal, mübadilə vasitəsi, mallar, xidmətlər, borcun ödənilməsi, hesablama vahidi, qiymət sistemi, hesab aparmaq, dəyər, gəlir, mənfəət, zərər, borc, müddətli saziş, istifadə, işlətmə, yardım etmək, səbəb olmaq, müqaviləyə əməl etmək.
обмен, удобный, держать, удерживать, доход, немедленно, требовать, необходимый, возможный, экономический, товар, средство обмена, товары, услуги, погашение долга, расчетная единица, оценочная система, вести счет, стоимость, прибыль, убыток, ссуда, сделка на срок, употребление, содействовать, исполнение договора.
■ TEXT 4 COUNTERFEIT Counterfeit money is imitation currency produced without the legal sanction of the state or government. Counterfeiting is almost as old as money itself and the same time it is one of the oldest crimes in history. In the United States, for example, it was a serious problem in the past, when each bank issued its own currency. Therefore they adopted a national currency in 1863. But
204 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH it did not solve the counterfeiting problem. The national currency, or the dollar, was soon counterfeited so widely, that it became necessary for the US Government to take special measures. In 1865 the United States Secret Service was established to suppress counterfeiting. It curtailed counterfeiting to a certain extent but this crime still exists. The US dollar is now the most counterfeited currency in the world. Twenty years ago only a few people had the skills or equipment to make counterfeit money. Today computer, copier, and printer technology is so good that almost anyone can 'make' money. With the new technology there is a new kind of counterfeiter: casual counterfeiters. These counterfeiters are called casual because they don't have special skills and because they don't need to plan much. The number of bills made by casual counterfeiters on their home or office computer is growing fast. In fact, this number has doubled every year since 1989! There is no way to stop counterfeiting 100 percent. But the government has recently found a few ways to make casual counterfeiting very difficult. One way is to put very, very small words, called microprint, in hidden places on the bill. These words are only 6/1000 inch. No one can read them without a magnifying glass, a special glass that makes things look bigger. And they are too small to come out clearly on a copier. If someone copies a bill that has microprint and you look at the copy through a magnifying glass, instead of microprinted words, you will see only black lines. Another way to stop people from making counterfeit money on their home computers is to use special colorchanging ink. Money printed with color-changing ink will look green from one angle and yellow from another. Home computers cannot use color-changing ink. So any copies
205 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH from a home computer will have normal ink and can be noticed quite easily. Additionally, money is made on special paper with very small pieces of red and blue silk mixed in. And on each bill there is a special line that runs from the top to the bottom of the bill. Suppose, for example, that you hold a $20 bill up to the light. If you do this, you can see the line has the words 'USA twenty’. The line turns red if you put it under a special (ultraviolet) light. This line and the special paper with red and blue silk are not easy for home computers to copy. The government must try many different ways to stop counterfeiting. The Bureau of Engraving and Printing needs to keep changing the way money is made because counterfeiters can learn to copy the changes. Today copiers can't copy microprinted words or color changing ink. But, in a few years, who knows?
VOCABULARY NOTES
counterfeit - saxta - подделка, фальшивый imitation - imitasiya - имитация currency - valyuta - валюта sanction - sanksiya - санкция crime - cinayət - преступление to adopt - qəbul etmək - принимать skill - bacarıq - умение equipment - avadanlıq - оборудование casual counterfeiters - saxta pul kəsən (müvəqqəti olaraq bu işlə məşğul olan) - случайный фальшивомонетчик (временно занимаюший этой работой) bili - hesab, veksel - счёт, вексель.
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microprint - mikro çap - микропечать inch - düym (2,5 sm-ə bərabər ölçü vahidi) - дюйм a magnifying glass - böyüdücü şüşə, lupa - увеличительное стекло, лупа color-changing ink - rəngini dəyişən mürəkkəb - чернил, меняющий свой цвет ultraviolet light - ultrabənövşəyi işıq - ультрафиолетовый свет Bureau of Engraving - Oyma Bürosu - Бюро гравировки
ANSWER THE QUESTIONS.
1 .What is counterfeit money? 2. When did United States adopt a national currency? 3. When was United States Secret Service established? 4. What is the most counterfeited currency in the world now? 5. What is counterfeiting? 6. What is a casual counterfeiting? 7. What ways has the government found to make casual counterfeiting very difficult? 8. How money is made now? 9. What must Bureau of Engraving and Printing do? 10. Why do we need a magnifying glass?
XVI. Translate the following sentences into Azerbaijani /Russian. 1. Casual counterfeiting is becoming a big problem, and the government is fighting the problem. 2. Color-changing ink is a way to stop counterfeiters. 3. The government must always keep changing the bills
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to Stop people from counterfeiting. 4. Microprint is a way to stop counterfeiters. 5. New technology makes casual counterfeiting possible. 6. Special paper and a special line are two ways to stop counterfeiters. 7. It's easier to counterfeit money today than it was twenty years ago. 8. The government has several ways to try to stop counterfeiters. 9. New technology makes counterfeiting easier, but the government has changed bills to make counterfeiting more difficult.
XVIL Complete the sentences with information from the text 1. Twenty years ago, only a few people had the ______or ______to make fake money. 2. One way to stop counterfeiters from making fake money on a ______is to use microprinted words. 3. Bills have a______^that you can see if you hold them up to the light. 4. Bills are printed on special paper that has pieces of ______and ______silk. 6. Money printed with color-changing ink looks green from one angle and ______from another.
XVIII. Based on the information in the text, which of the following statements do you think are true? Write T for truey F for false. While some answers may be better than othersy there aren 7 right or wrong answers. Compare your answers with a partnery and discuss the reasons for your answers.
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1. Some casual counterfeiters counterfeit a lot of money, but others counterfeit only a few bills. 2. Casual counterfeiters are bad people. 3. Casual counterfeiters are easy to catch. 4. Today most counterfeit money is made by casual counterfeiters. 5. The government changes the way it makes money every few years. 6. Copiers will be able to copy microprint in just a few years.
XIX, Say in a few words what the text is about ■
TEXTS MONEY LAUNDERING The money launderer changes the illicit proceeds from one form to another, often in rapid succession. The trend is towards acquiring tangible assets (such as cars, boats, aircraft, luxury items, real estate, and precious metals) with the bulk cash originating directly from criminal activity. Often, but not necessarily linked with offshore centers, the mechanism of shell or front companies has been detected. These are entities that generally exist only on paper. These legal entities are usually conducted specifically in order to carry out a wide range of criminal businesses such as financial fraud especially in the United Kingdom, and fraud against the European Union, especially in the Netherlands, Belgium and Italy. They do not participate in actual commerce and are run by straw men, as often found in Italy. Their purpose is quite exclusively criminal and they often face a 'law enforcement risk' from investigations about the real nature of their existence. This is the reason why they are closed down almost as soon as they are formed and
209 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH often the accountancy books are physically eliminated in order to conceal any trace that could help future or further investigations. Money launderers are ever more oriented towards the use of non-bank financial institutions which are still not completely or properly regulated in some European Union member states. As they do not always come under the same obligation as the financial sector, because they are not allowed to undertake banking activities to earn interest, they are used especially at the placement stage for entering the cash into the financial market. There is evidence, especially in the Netherlands, Italy and Belgium, of criminal groups moving from major commercial banks to those called second line banks and often operating accounts in the name of offshore companies. These include a wide variety of bureaus de change, cheque cashing services, insurers, brokers, importers, exporters and other trading companies, gold and precious metal dealers, express delivery services and other money movers. Casinos or gambling houses are used at the placement stage. Enquiries into stock broking markets in Austria, Finland and the United Kingdom have, however, revealed that much illicitly gained money is laundered in this circuit. A special mention has to be made of insurance companies which are increasingly popular laundering mechanisms, as in Germany, especially in the Premium insurance bond sector.
VOCABULARY NOTES
to launder - yumaq (çirkli pulları) - отмывать (грязные деньги)
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illicit - qanunsuz, qadağan olunmuş - незаконный, недозволенный, запрещенный proceeds-gəlir - доход tangible - hiss olunan, gözə çarpan - ощутимый, заметный assets - aktivlər - активы real estate - daşınmaz əmlak - недвижимость, недвижимое имущество real estate duty - daşınmaz əmlak vergisi - налог на недвижимость bulk - toplu, topdan (satış) - больтое количество, оптовой offshore - xaric, kənar - вне fraud - dələduzluq - мошенничество law enforcement risk - hüquq-mühafizə riski - правохранительный риск accountancy book - mühasibat kitabı (dəftəri) - бухгалтерская книга а straw man - etibarsız (laqeyd) adam - ненадежный (равнодушный) человек; подставное, фиктивное лицо bureau de change - valyuta dəyişmə məntəqəsi - пункт обмена валюты gambling houses - qumarxana - игорный дом to gamble - qumar oynamaq - играть в азартные игры stock broker - birja dəllalı (işçisi) - биржевой маклер circuit - dövriyyə - кругооборот bond - istiqraz, borc sənədi - облигация, документация на долги
ANSWER THE QUESTIONS.
1 .What does the money launderer do? 2. To what money launderers are oriented?
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3. What are money launderers especially used at the placement stage? 4. Where is evidence of special criminal groups often operating accounts in the name of offshore companies? 5. Where are casinos or gambling houses used? b.Where insurance companies are increasingly popular laundering mechanisms? 7. What did reveal enquiries into stock broking markets in Austria, Finland and the United Kingdom?
XX, Mark (with a tick) the meaning in which the following words are used in the text: a) aktivlər - активы assets 6) əmlak - имущество с) müflisləşən borclunun əmlakı - имущество несостоятельного должника а) içi samanla (küləşlə) doldurulmuş müqəvva - соломенное чучело а straw man 6) etibarsız insan - ненадежный человек с) yalançı şəxs - подставное лицо а) maraq - интерес interest б) faizlər - проценты с) pay, hissə - доля а) dövriyyə, dövr etmə - кругооборот circuit б) məhkəmənin səy yar sessiyası - выездная сессия суда с) (məhkəmə) dairəsi - (судебный) округ а) istiqraz vərəqəsi - облигация bond б) borc iltizamı - долговое обязательство с) gömrük girov kağızı - таможенная закладная
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BUSINESS ENGLISH
XXI, Choose the synonyms from the box: ito take part, to receive, to sum up, to come from, to connect, to carry out, to remove, to open
I to acquire to undertake i to originate ...... : to eliminate to link to participate to summarize to reveai ......
XXII, Write out the English equivalents from the text, cinayət fəaliyyəti, offşor mərkəzlər, baş firmalar, faktiki (düzgün) ticarət, mühasibat dəftərləri, qeyri-bank maliyyə müəssisələri, xüsusilə qeyd etmək lazımdır ki.
криминальная деятельность, оффшорные центры, головные фирмы, фактическая торговля, бухгалтерские книги, небанковские финансовые учреждения, особо следует отметить.
XXIII, Choose the most suitable response to each sentence a) to j) from the sentences 1) to 10), Use each response once only, a) Who do 1 make the cheque out to? ...... b) We seem to be spending a lot of money lately ...... c) The house has burnt down! What are we going to do? d) How much do you want for this drawing? ...... e) Did you inherit this house? ...... f) Your dog must have cost a lot of money...... g) Do we still owe the bank any money? ...... h) How much do you make a year? ...... i) Can we change money at the hotel to pay the bill? ...... j) Why are you putting so much money in the bank ? ......
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1) Sorry, but it's not for sale. 2) I'm saving up to buy a new motorbike. 3) Perhaps we should try to economize a bit. 4) Yes, my Aunt Clara left it to me. 5) Well, we've nearly paid it all back. 6) To JB Woolbury PLC. 7) Actually I got it for nothing. 8) I think they accept travelers’ cheques anyway. 9) I've got quite a good salary actually. 10) Don't worry, we're insured.
XXIV, Match each person from the list with a suitable description. Use each name once only, accountant cashier heir manager pensioner I agent customer investor miser windier
a) Someone who likes to keep money and not spend it.. b) Someone who inherits money or property...... c) Someone who runs a bank ...... d) Someone who has retired...... e) Someone who keeps or checks financial records ...... f) Someone who buys things in a shop...... g) Someone who pays out money in a bank ...... h) Someone who represents others in business ...... i) Someone who puts money into a business ...... j) Someone who cheats people out of money......
XXV, Complete the sentences with a compound word made from two words in the list A word may be used more than once. Some compounds are written as one word. account assistant bag bank book carrier cash cheques cut department desk money pocket price shop store traveller's window
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a) Most teenagers are given some pocket money to spend by their parents. b) Pat saw the suit in the ...... and decided to buy it. c) Perhaps you left your wallet at the ...... when you paid. d) Jane buys all her CDs cheap in a/an ...... store. e) I bought the new novel by Richard Francis in my local ...... f) You can buy nearly anything in a big ...... g) You can't write cheques unless you have a/an ...... ! h) The ...... who served me helped me buy what I was looking for. i) When I go abroad I always take ...... with me. j) I brought my shopping home in a strong ......
■ TEXT 6
Changing Money Changing money can mean two things: changing a large bill or coin into small bills and coins, such as changing a five-dollar bill into five ones, or exchanging two currencies, for example, dollars for pounds. In the first instance, there are times when a person needs small change (we usually think of small change as coins) or when a person has a high denomination banknote and wants to get smaller denominations. In the second instance, changing currencies, we enter into the very complex world of the foreign exchange market. Just as our world does not have only one language as the medium of communication, neither do we have a single monetary system as the medium of international exchange.
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One of the first things he must do is to find a place to convert his money, and one of his first questions will be, “What is the exchange rate? ” As we all know, exchange rates can vary from day to day and from place to place. One place in particular, the black market, often had a rate that is better than the official rate. As our world shrinks and it becomes easier to carry out trade across international boundaries, the volume of trade increases, and therefore the flow of money increases. Large numbers of businesses become involved in exporting and importing goods. If a businessman exports his product to another country he is going to receive money from a company or a person in another country. Businessmen, therefore, need the services of a money changer, and so they turn to banks. A bank, then, becomes the middleman, arranging for the exchange of money across national boundaries. In the world of international trade, some currencies are more desirable than others. The currencies of some countries are not very stable, and inflation may cause the currency to continuously lose its value. In some cases a government may officially devalue its own currency. In other cases the currency may be allowed to float, meaning that the value of the currency will go up/down according to the demand for it. Currencies are traded on the foreign exchange market, which is an international market with major centers in London, Tokyo, Frankfurt, Hong Kong, and New York. At these markets traders buy and sell currencies from each other. Many of the traders are from international banks and large corporations, but there are also individual speculators who are trying to make a profit by watching the exchange rates very closely and buying and selling currencies - hoping to buy low and sell high.
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VOCABULARY NOTES coin -
sikkə - монета to change - dəyişdirmək, mübadilə etmək - обменивать, изменить denomination - dəyər - стоимость exchange market - valyuta bazarı - валютный рынок monetary - pul (valyuta) - денежный (валютный) to convert - çevirmək konversiya etmək - конвертировать exchange rate - məzənnə - обменный курс official - rəsmi - официальный world shrinks- dünya daralır (balacalaşır) - мир сужается volume - həcm - объем flow - axın - поток to export - ixrac etmək - экспортировать to import - idxal etmək - импортировать middleman - vasitəçi, komisyonçu - посредник, комиссионер stable - sabit - стабильный inflation - inflyasiya (pulun qiymətdən düşməsi) - инфляция (обесценение денег) to float - (burada) qalxmaq - (зд.) расти speculator - alverçi, birjabazı - спекулянт, биржевой делец а profit - mənfəət - прибыль to hope - ümid etmək - надеяться
ANSWER THE QUESTIONS.
1. When do people need to change money?
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2. What does traveller do when he goes to another country? 3. What do we do if we need small change or small-denomination banknotes instead of big ones? 4. In what way can inflation influence the currency? 5. What is one of the world’s stable currencies? 6. What is the official rate of a dollar? 7. What other currencies do you know? 8. How are currencies traded on the foreign exchange market?
XXVI. All the words in columns A and B have something to do with money. Match a word in A with its closest opposite in B.
B generous waste spendthrift second-hand luxury well off brand new loss hard up stingy deposit (v) expenditure save overdrawn in the black penny-pincher debt withdraw tight-fisted extravagant income priceless worthless millionaire beggar necessity profit loan
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XXVIL Complete the following sentences^ including words from A or B, 1. Tom couldn't afford a brand new car ... 2. Do you see that vase? We thought it was worthless. I paid only 50p for it in a jumble sale, but... 3. I think that nowadays a car is a necessity, but my grandmother says... 4. My two daughters are so different. One regularly saves her pocket money, the other ... 5. Susie's always getting into debt and then she has to go to her father... 6. I was so sure my account was in the black, but I've just got an angry letter... 7. You'd never believe that he used to be a millionaire, now... 8. Ted's so tight-fisted. He's worn the same suit every day for work for 15 years, but his wife ... 9. Anna's always complaining about being hard up, but compared to me... 10. Mr Micawber's advice to his young friend, David Copperfield, in the year 1850: “'Annual ______£20, annual ______£79 and six shillings, result happiness. Annual ______£20, annual ______£20, and six pence, result misery”.
XXVIIL Choose the most suitable word or phrase underlined in each sentence. a) I haven't got enough money. I'm afraid. Could you borrow/lend me some? b) It's a good school, but the fares/fees are rather high. c) This car is too expensive. We can't afford/pav it. d) It was a very good meal. Can we have the account/bill please?
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e) There's a small flat to hire/let in Bridge Street. f) How much do you eam/gain in your new job? g) She's a good dentist, but she doesn't charse/spend too much. h) I bought this coat in the sales. It was decreased/re- duced a lot. i) Jack made his fortune/treasure buying and selling property. j) How much do vou reckon/value that house would cost?
XXIX. Replace the words underlined by one of the words given in the box. agenda chair expense handle takings bargain charge fortune income unavailable
a) Sheila made a lot of money selling used cars. b) When Mark took his new job, his earnings nearly doubled. c) The cost of moving house was another problem for us. d) We need someone else to be in charge of the meeting. e) I am afraid this product is temporarily out of stock. f) We usually count the money we have made when the shop closes. g) Do you like my new dress? It was a very good price. h) We don’t deal with goods of that kind in this company. i) Don’t forget to draw up the list of items to be discussed for the next meeting. j) We make no request for payment for delivery in the London area.
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XXX. Read the following DIALOGUE between two friends talking about MONEY MATTERS
Tom: Hi, Steven. How are you? Steven: Not so good. Life is getting more difficult. Tom: That’s bad news. What’s the problem? Steven: I’m short of money. Could you lend me some cash? Tom: Sure. How much do you want? Steven: Well, my parents are sending me a hundred dollars. Tom: That’s about sixty pounds. I can’t lend you more than twenty. Steven: That’s fine. I might borrow the rest from Lucia. Tom: Okay. I could get some money from the cash point this afternoon. You can come with me. Steven: Is it far? Tom: No, it’s just down the road. Steven: All right, I might come, then. (At the cash dispenser) Steven: I haven’t got a cash card. Tom: You should get one. They’re more useful than cheques. You can get money twenty-four hours a day, and at the week-end. Steven: I’ve got a bank account in Azerbaijan, but I really must get an EC card. Tom: Yes, then you haven’t got to change money - or borrow it! Here you are - two ten - pounds notes. Steven: Thanks. Well, you’re the expert - where should I change hundred dollars into pounds? Tom: A bank is always better than a bureau de change.
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Steven: Oh, Tom, you can speak French, too!
USEFUL VOCABULARY
bad news - pis xəbər - плохая новость bank account - bank hesabı - банковский счет to borrow - borc almaq - занимать, брать в долг что- то у кого-то bureau de change - pul dəyişilən məntəqə - франц. пункт обмена денег cash - nağd pul - наличные деньги cash card - bankomat kartı (nəğd pul ilə) - карта для банкомата (с наличными деньгами) cash point - bankomat - банкомат to change - dəyişmək - (раз)менять, обменивать cheque - çek, qəbz - чек down the road - yolun aşağı tərəfi ilə - вниз по улице ЕС card - avro kart (ödəniş kartı) - евро карт (платежный карт) expert - mütəxəssis, ekspert - эксперт note - (burada) banknot - (зд.) банкнот to lend someone something - kiməsə bir şeyi borc vermək - давать в долг, одолжить кому-то что-то Сап you lend me some money? - Sən mənə borc pul verə bilərsənmi? - Ты можешь одолжить мне денег? to borrow something from someone - kimdənsə nəyisə borc götürmək - занимать, брат в долг что-то у кого- то Сап I borrow some money from you? - Mən səndən borc pul götürə bilərəmmi? - Могу я занять у тебя денег? Гт short of - mənə azlıq edir - мне не хватает
222 HUSSEIN MAQSUO OOLU KAMALA JAFAROVA BUSINESS ENGLISH
ANSWER THE QUESTIONS.
1. What is a cash card? 2. Why we must have an EC card? 3. Who is Tom? 4. What does Tom advice to Steven about changing of money? 5. Why Steven asked some cash from Tom? 6. What has Steven got in Azerbaijan? 7. How much money did Tom give to Steven? 8. From whom will Steven borrow the rest money?
223 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
UNiTvm TRADE
■ YOUR VOCABULARY
Trade - A basic economic concept that involves multiple parties participating in the voluntary negotiation and then the exchange of one's goods and services for desired goods and services that someone else possesses. - In financial markets, trading also can mean performing a transaction that involves the selling and purchasing of a security. Trade Finance - The financing of international trade. Trade finance includes such activities as lending, issuing letters of credit, factoring, export credit and insurance. Trademark - A symbol, word, phrase, logo, or combination of these that legally distinguishes one company's product from any others. Trader - An individual who engages in the transfer of financial assets in any financial market, either for themselves, or on behalf of a someone else. The main difference between a trader and an investor is the duration for which the person holds the asset. Trading Capital - The amount of money allotted to buying and selling various securities. Generally, trading capital is distinct from investment capital in that it is reserved for more speculative ventures. Trading capital is sometimes referred to as "bankroll."
224 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
m TEXTi
INTERNATIONAL TRADE
International trade is the system by which countries exchange goods and services. Human societies evolved from the Stone Age to the present by exchanging or trading ideas and technologies. Countries trade with each other to obtain things that are of better quality, less expensive or simply different from goods and services produced at home. Countries also trade with each other because they benefit from it. The gain from international trade enables resources in each trading nation to be allocated to their most productive uses. Instead of trying to produce everything themselves, countries often concentrate on producing those things that they can produce best, and then trade for other goods and services. By doing so, both the country and the world become wealthier. Most international trade consists of the purchase and sale of industrial equipment, consumer goods, oil and agricultural products. In addition, services such as banking, insurance, transportation, telecommunications, engineering and tourism account for about one-fifth of all world exports in the ‘90s. Trade has long been considered a primary instrument for development. It also has a social impact by bringing isolated cultures into contact with new ideas, technologies and goods. In 1964, when the first United Nations Conference on Trade and Development (UNCTAD) met in Geneva, trade was still recognized as a primary vehicle for development. The conference concluded that the effective development assistance was extremely limited in its power to bring social change compared to trade, which could generate employment and accelerate economic growth. One of the most significant trends in the world economy
225 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH since the end of World War II has been a rapid increase in international trade. In 1950, total world merchandise exports amounted to $58 billion. In 1990, exports were $3.5 trillion, over 60 times as much. This rate of increase was roughly three times fast as overall world economic growth. As its volume has increased, trade has become more important to the economic well-being of many countries. Recent decades have been important shifts in the composition and directions of world trade. The manufactured goods of the developed countries have accounted for the main growth of trade, surpassing the growth rates for trade in agricultural raw materials, ores and metals. The diversification of the types of goods exported has been the hallmark of world trade in the past several decades. Companies operating in home markets encounter many common problems in selling their products or services - minimizing costs, achieving the required quality, meeting delivery dates, collecting payment, and financing the whole operation. When companies start to import goods from abroad, such as food, cars, machines, medicines, books and many others, are called visible imports. Goods sold abroad are called visible exports. Services, such as insurance, fright, tourism, technical expertise and others, are called invisible imports and invisible exports. The total amount of money a country makes including money from visible and invisible exports, for a certain period of time, usually for a year, is Gross National Product, or GNP. The difference between a country’s total earnings or GNP, and its total expenditure is called its balance of payment. The difference between what a country receives for its visible exports and what it pays for its visible imports is its balance of trade. If a country sells more goods than it buys, it will have a surplus. If a country buys more than it sells, it will have a deficit. Export documents are necessary for the movement of
226 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH goods, for invoicing the customer, for receiving payment for the goods delivered, and to satisfy various governmental regulations. Additionally, the requirement on the part of the exporter to provide suitable bonds or guaranties has become an increasingly important factor in international trade.
VOCABULARY NOTES
to obtain - əldə etmək - приобретать to enable - icazə vermək, imkan vermək - позволять, дать возможность to allocate - ayrılmaq - выделяться to isolate - təcrid etmək - изолировать vehicle - nəqliyyat vasitəsi - транспортное средство to accelerate - sürətləndirmək - ускорить merchandise - mallar - товары recent decades - son onilliklər - последние десятилетия surpassing - üstün, istisna - превосходный , исключительный ore - filiz - руда diversification - diversifikasiya - диверсификация hallmark - meyar, fərqli əlamət - критерий, отличительный признак foreign - xarici - иностранный trade - ticarət - торговля food - ərzaq - еда, пища, продукт visible - görünən - видимый invisible - görünməz - невидимый export - ixrac - экспорт import - idxal - импорт
HUSSEIN MAQSUDOGLU 227 KAMALA JAFAROVA BUSINESS ENGLISH
abroad - xarici ölkə, xaric - заграница, зарубеж insurance - sığorta - страхование freight - fraxt, yük - фрахт, груз expertise - ekspertiza, təcrübə - экспертиза, практика total - cəmi, ümumi, tam - общий, полный, целый amount - məbləğ, miqdar - сумма, количество Gross National Product - Ümumi Milli Məhsul - валовой национальный продукт to earn - qazanmaq - зарабатывать earnings - mənfəət, qazanc - доходы, прибыль to spend - xərcləmək, sərf etmək- тратить, расходовать expenditure - məxaric - расход, трата to balance - balanslaşdırmaq, tarazlaşdırmaq - балансировать, уравновешивать balance of payments - ödəniş balansı - платежный баланс balance of trade (trade balance) - ticarət balansı - торговый баланс surplus - büdcə profısiti - профицит бюджета, положительное сальдо suitable bonds - uyğun istiqrazlar- подходящие облигации
ANSWER THE QUESTIONS.
1. What is an international trade? 2. Why countries trade with each other? 3. What do countries often concentrate to? 4. From what products does international trade consist? 5. Role of the trade in development? 6. Where did the first United Nations Conference on
228 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Trade and Development (UNCTAD) meet? 7. From what time does international trade rapidly increase? 8. What is visible export? 9. What is visible import? 10. What are invisible imports and invisible exports? 11. What is a balance of payment? 12. What is a balance of trade? 13. What is surplus and deficit? 14. For what are export documents necessary?
ASSIGNMENTS
/. Use the following words and word combinations in your own sentences: to export, food, deficit, raw materials, economic growth, development, invisible, trade, money, consumer goods, to recognize, a document, to spend, foreign.
IL Write the synonyms of the following words. to earn capital to satisfy local wealthy international important benefit customer trader amount service
III. Translate into Azerbaijani/Russian. 1. Trade finance includes such activities as lending, issuing letters of credit, factoring, export credit and insurance. 2. Trade has long been considered a primary instrument for development. 3. If a country sells more goods than it buys, it will have a surplus.
HUSSEIN MAQSUDOGLU 229 KAMALA JAFAROVA BUSINESS ENGLISH
4. When companies start to import goods from abroad, such as food, cars, machines, medicines, books and many others, are called visible imports. 5. Most international trade consists of the purchase and sale of industrial equipment, consumer goods, oil and agricultural products. 6. The main difference between a trader and an investor is the duration for which the person holds the asset. 7. Countries also trade with each other because they benefit from it. 8. One of the most significant trends in the world economy since the end of World War II has been a rapid increase in international trade. 9. Trade also has a social impact by bringing isolated cultures into contact with new ideas, technologies and goods.
» TEXT 2
PURCHASE & SALE OPERATIONS
When it comes to buying any goods, once you must carry out some purchase and sale operations. In order to fulfill this operations you have to follow the following stages. The first stage, is ENQUIRIES. Business transactions usually start with enquiries. As a rule the prospective buyer gets the name and the address of the prospective seller either at an exhibition, from an advertisement in a newspaper, magazine, and thanks to a television or radio commercial. All these channels of information are very important. Enquiries can be sent by mail, by telex or by fax. Sometimes enquiries can be made orally, by telephone. In the enquiry the prospective buyer states in what goods
230 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH exactly he is interested and asks for details on the price and terms of sale. Here is a specimen enquiry:
The Sales Department 12 May, 2013 Southern Importers Ltd, Dane Street Northam Southampton S09 4YQ Dear Sirs, We are a large record store in the centre of Manchester and would like to know more about the tapes and cassettes you advertised in this month s edition of Hi-Fi News. Could you tell us if the cassettes are leading brand names, or made by small independent companies, and if they would suitable for recording classical music or only dictations and messages? It would also be helpful if you could send us some samples. If they are of the standard we require, we will place a substantial order. We would also like to know if you are offering any trade discounts. We are looking forward to hearing from you in the near future.
Yours faithfully, J. Allen Director
After considering the enquiry for some time the prospective seller sends an OFFER in reply. The offer usually quotes the price and stipulates terms of delivery, terms of payment, time of delivery and some other necessary details. Here is a specimen reply-offer:
Mr, J, Allen 16 May 2013
HUSSEIN MA0SU0CX3LU 231 KAMALA JAFAROVA BUSINESS ENGLISH
Director A.C. Records Ltd. 41 Broadway Manchester M2 5BP Dear Mr. Allen, Thank you for your enquiry of 12 May in which you asked about the tapes we advertised in this month s edition of Hi Fi News. The cassettes are ferrous-based and high quality chromium dioxide which, as you know, means they would be suitable for any type of recording. They are Kolby products which is brand name you will certainly recognize. Our prices are low and quite competitive as we are working on a small profit margin, therefore we will not be offering any trade discounts on this consignment. But we sell a wide range of cassettes and we enclose a pricelist giving you details of trade, quantity, and cash discounts on our other products. We have sent, by separate post, samples of the advertised cassettes and other brands we stock. We would urge you to place an order as soon as possible as there has been a huge response to our advertisement. Thank you for your interest and await your reply.
Yours faithfully. B. Lyndon Southern Importers Ltd. End price-list
PRICES AND TERMS OF DELIVERY When sellers quote prices in their offers they usually state on what terms, at this price, they will deliver the goods. The price will certainly depend on the terms of delivery. The most popular terms of delivery in foreign busi
232 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH ness transactions are: - FOB (free on board); - CIF (costy insurance and freight); -C & F (cost and freight); - FOR (free on rail). If the goods are offered on FOB terms the price will practically include the cost of the goods and transportation expenses to the port of shipment. If the goods are offered on CIF terms the price will cover the cost of the goods, insurance expenses and freight or transportation expenses, to the port of destination. If the goods are offered on C <6 F terms the price will cover the cost of the goods and freight to the port of destination. If the goods are offered on FOR terms the price will include the cost of the goods and transportation expenses to the railway station only. These terms are similar to FOB terms. The only difference is the mode of transportation. In case of FOB terms the goods are shipped on board ships. In case of FOR terms the goods are transported by railway.
Here are a few examples of how terms of delivery can be mentioned in offers: - The price is USD 2,000.00per ton FOB New York. - The quoted price is GBP 1,200.00 each CIF Murmansk. - We can offer the goods at the price of GBP 78.00 per metre C & F Liverpool. - The goods are offered on a FOR basis.
233 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
VOCABULARY NOTES
enquiry - sorğu - запрос offer - təklif - предложение transaction- sövdələşmə, iş - сделка, дело to advertise - reklam etmək - рекламировать advertisement - reklam - реклама commercial - ticari - торговый, коммерческий to send smth by mail- mail ilə nəsə göndərmək - послать что-либо по почте terms - ödəmə, müqavilə şərtləri - условия оплаты, соглашения terms of sale - satış şərtləri - условия продажи terms of purchase - alış şərtləri - условия покупки terms of delivery - çatdırılma şərtləri - условия поставки terms of payment - ödəmə şərtləri - условия оплаты specimen - nümunə - образец to edit - redaktə etmək - редактировать Hi-Fi news - internet aləmində Böyük Britaniyaya aid olan məşhur xəbər portalı -известный информационный портал Великобритании brand - brend, marka - бренд, марка leading brand name - aparıcı ticarət nişanın adı - название ведущей марки independent - müstəqil - независимый suitable - uyğun, münasib - подходящий message - mesaj, məktub - сообщение, письмо sample - nümunə - образец to require - tələb etmək - требовать substantial - əhəmiyyətli - существенный order - sifariş, icazə, ardıcıllıq - заказ, разрешение, последовательность discount - endirim - скидка to give a discount - endirim etmək - делать скидку, снижать
234 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
We are looking forward to hearing from you - Sizdən cavab gözləyirik- ждем вашего ответа. Yours faithfully,... - Hörmətlə, - С уважением to consider - baxmaq, nəzərdən keçirmək - рассматривать quotation - qiymət təyin etmə - котировка to stipulate - şərtləndirmək, təyin emək - обусловить, оговаривать в качестве особого условия ferrous - tərkibində dəmir olan - железистый chromium dioxide - xrom dioksidi - двуокись хрома to record - qeyd etmək - записывать competitive prices - rəqabətə davamlı qiymətlər - конкурентноспособные цены profit - mənfəət, qazanc - доход, прибыль profit margin - gəlirlilik, qoyulan xərci çıxarma, gəlir həcmi (ehtiyatı) - рентабельность, размер (запас) прибыли We are working on a small margin - xırda gəlirlə işləyirik - мы работаем с небольшой прибылью consignment - malın bir hissəsi - партия товаров а wide range - geniş çeşid - широкий ассортимент enclosure - əlavə - приложение, вложение price-list - qiymət cədvəli (siyahısı) - лист (таблица) цен cash - nəğd pul - наличные деньги to pay in cash - nəğd şəkildə ödəmək - платить наличными by separate post/ mail - ayrı-ayrı poçt / mail ilə - отдельным почтом/мэйлом to stock - anbarda olmaq - иметь на складе stock of smth. - nəyinsə ehtiyatı - запас чего-либо to have smth. in stock - ehtiyatda, anbarda bir şey olmaq - иметь что-либо на складе to urge smb. to do smth. - təkidlə bir kəsə nəyisə etməyi məsləhət görmək -настоятельно советовать кому-
235 KUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
либо сделать что-либо huge - böyük - огромный to respond - cavab vermək - отвечать to await - gözləmək - ожидать to depend on smth. - nədənsə asılı olmaq - зависеть от чего-либо to include - daxil etmək - включать cost - dəyər - стоимость expenses - xərclər - расходы port of shipment - yükləmə limanı - порт погрузки port of destination - təyinat limanı - порт назначения to cover - örtmək, kompensasiya etmək - покрывать, компенсировать insurance - sığorta - страхование insurance expenses - sığorta xərcləri - расходы по страхованию railway station - dəmir yolu stansiyası - железнодорожная станция similar - oxşar - аналогичный, подобный mode of transportation - daşınma üsullan - способ перевозки to ship - yükləmək (gəmiyə) - погружать (на корабль) shipment - yükləmə - погрузка shipper - yükü göndərən - грузоотправитель board -gəminin göyərtəsi - борт корабля on board the ship - gəminin göyərtəsində -на борту судна to transport - daşımaq - перевозить transportation - daşınma - перевозка mention - xatırlatma - упоминание per ton (kilo, metre) -hər tona (kiloqrama, metrə) - за тонну (килограмм, метр)
236 HUSSEIN MAQSUO OGLU KAMALA JAFAROVA BUSINESS ENGLISH
ANSWER THE QUESTIONS.
1. With what formal letters do business transactions usually start? 2. How can a person or a company learn the name and address of the exporter? 3. How can enquiries be sent? 4. What statements, questions or requests do enquiries usually contain? 5. Who wrote this enquiry? 6. How did he introduce his company? 7. How had he learned about Southern Importers Ltd.? 8. In what products was Mr. Allen’s company interested? 9. What detailed information did he want to receive? 10. Did he ask for samples? 11. On what condition did he promise to place a substantial order? 12. What did he say about a trade discount? 13. In what words did he ask the company to send a reply as quickly as possible?
IV, Find the definitions of the following terms in text and write them down: - visible imports; - invisible imports; -GNP; - balance of payment; - balance of trade; - a surplus; - a deficit.
V. Underline the correct word in the brackets. 1. Goods sold to other countries, such as food, cars, machines, medicines, books, musical instruments, cassettes, discs and many others, are (visible, invisible) exports.
HUSSEIN MAQSUDOGLU 237 KAMALA JAFAROVA BUSINESS ENGLISH
2. Services, such as insurance, freight, tourism, technical expertise, medical operations and others sold to other countries are invisible (imports, exports). 3. The difference between total earnings of a country and its total expenditure is called its balance of (payments, trade). 4. The difference between a country’s earnings for its visible exports and expenditure for its visible imports is called its balance of (payments, trade). 5. The difference between a country’s GNP and its total expenditure is called its balance of (payments, trade). 6. The total amount of money a country earns including exports, for a certain period of time, is called (GDP, GNP). 7. The amount of money a country earns for goods and services inside the country is called (GDP, GNP). 8. If a country sells more goods than it buys it will have a (deficit, surplus).
VI, Complete the sentences, 1. If a country buys more goods than it sells it will have a... 2. Gross National Product is the total amount... 3. Gross Domestic Product is ... 4. Invisible exports and imports are ... 5. Visible exports and imports are ... 6. A country’s balance of payments is ... 7. A country’s trade balance is ...
VII, Translate into Azerbaijani/Russian, 1. We would like to know more about the tapes you advertised in the magazine. 2. Could you tell us if the cassettes are leading brand names? 3. Could you tell us if they are made by small independent companies? 4. We wonder if they are suitable for recording classical
238 HUSSEIN MAQSUDOGLU KAXAALA JAFAROVA BUSINESS ENGLISH music. 5. We would like to know if they would be suitable only for dictations and messages. 6. It would be helpful if you could send us some samples. 7. If they are of the standard we require we will place a substantial order. 8. We would like to know if you are offering any trade discount. 9. We are looking forward to hearing from you in the near future.
VIIL Complete the sentences as in the text 1. We are a large record store in the centre of Manchester and we would like to know more about... 2. Could you tell us if the cassettes are leading brand names or made by small independent companies, and if they ... 3. It would also be helpful if you could send ... 4. If they are of the standard we require ... 5. We would also like to know if you are offering ... 6. We are looking forward ... 7. After considering an enquiry for some time the prospective seller... 8. The offer usually quotes ... 9. Thank you for your enquiry of 12 May in which you asked ... 10. They would be suitable for ...
IX, Find the answers in the text 1. What information do offers usually give? 2. How did Mr. Lyndon mention the enquiry received? 3. What did Mr. Lyndon say about the quality of the cassettes? 4. Why did he say he could not give a discount?
HUSSEIN MAOSUDOOLU 239 KAMALA JAFAROVA BUSINESS ENGLISH
5. What did he say about other products of the company? 6. What did they send by separate mail to the record store? 7. What did Mr. Lyndon say about the time limit?
X. Translate the offer into Azerbaijani/Russian*
XI. Complete the sentences. 1. When sellers quote prices in their offers they usually... 2. The price will certainly depend on ... 3. The most popular terms of delivery in foreign business transactions are... 4. If the goods are offered on FOB terms the price ... 5. If the goods are offered on GIF terms the price ... 6. If the goods are offered on C & F terms ... 7. If the goods are offered on FOR terms ...
XIL Say what the following means: - the FOB price; - the FOR price; - the GIF price; - the G & F price. XIIL Translate into English. 1. FOB, Baki qiyməti 3 min ABŞ dollandir. - Цена составляет 3 тыс. долл. GIIIA, ФОБ, Баку. 2. Verilən bu qiymət bir ədədindir və ingilis funt sterlinqi olaraq göstərilmişdir- 1300, GİF, Odessa. - Названная цена указана в английских фунтах стерлингов - 1300 за штуку, ОИФ, Одесса. 3. BİZ sizə malı metrəsi 72 funt sterlinqə FOB, Bakı şərti ilə təklif edə bilərik. - Мы можем предложить товар по 72 ф. ст. за метр на условиях ФОБ, Баку. 4. Mal sizə franko- dəmiryolu stansiyası şərtləri ilə təklif olunur.
240 HUSSEIN MAQSUO OGLU KAMALA JAFAROVA BUSINESS ENGLISH
- Товар предлагается на условиях франко, железнодорожная станция.
XIV. Read and translate the text.
The World Trade Organization On May 19,1948, the General Agreement on Tariffs and Trade or GATT was created. This was not an international organization but an inter-governmental treaty. This provided the framework for the conduct of international trade. But this expanded and grew yearly and in April 1994, in the Uruguay Round of Multilateral Trade Negotiations expanded on the GATT and created the World Trade Organization or WTO. The World Trade Organization was created with a goal and ultimate objective set in mind. Its ultimate goal is to improve the welfare of peoples in the member countries. The objective is to help trade flow smoothly, fairly and predictably. The World Trade Organization is the only global international organization dealing with the rules of trade between nations. The WTO does this by administering trade agreements, acting as a forum for trade discussions, settling trade disputes, reviewing national trade policies, assisting developing countries in trade policy issues through technical and training programs and cooperating with other international organizations. The World Trade Organization is located in Geneva, Switzerland. It has a yearly income of 127 million Swiss Francs. The WTO employs around 500 staff for technical support of the council. It has 140 member countries as of November 30,2000 and this consists of 90% of the worlds trade. The WTO currently has 30 countries seeking membership with the largest of these being China. To enter China has slowly been opening up its economy to the
241 HUSSEIN MAQSUDOGLU KAMALA JAEAROVA BUSINESS ENGLISH world, but needs to do more such as opening the insurance market, letting foreign banks into China and opening up telecommunication markets. In the World Trade Organization there are two main bodies, the Ministerial Conference and the General Council. The Ministerial Conference is responsible for carrying out the functions of the WTO. It meets at least once every two years, and the General Council runs the organization. Ambassadors or the heads of each country's delegation in Geneva are on this council. Under this council there are three subsidiary councils, the Council for Trade in Goods, the Council for Trade in Services, and the Council for Trade-Related Aspects of Intellectual Property Rights. Almost all decisions in the World Trading Organization are made by consensus. Consensus not meaning unanimity. It signifies that no country physically represented in a meeting of the council is decisively against a major issue. Those who are not present or whom abstain from voting do not count. This is for the majority of votes done in the World Trade Organization, rather than anything not stated to be voted on otherwise. The only thing that unanimity is needed is on amendments relating to general principals such as Most Favored Nation treatment. They also use a three-quarters vote and a two-thirds vote for the issues.
XK Read and learn the following DIALOGUE
BUSINESS TALKS I In the course of making enquiries and offers, the parties very often meet to agree upon one or another question. Here is a specimen business talk: Seller: Well, let’s get started. You now, with this delivery problem. Tm sure there’s room for negotiation. Buyer:0\\y yes, we stressed in our enquiry that we
242 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
needed the machine urgently. A speedy delivery is of vital importance for us. Seller: Well, this is how we see it. We can deliver the machine in ten weeks and install it four weeks after that. Buyer. Oh, I am afraid these periods are too long. We cannot agree with you. Seller: These are in fact the usual periods. It’s pretty nor- mal in this kind of operation. Buyer: When we mentioned speedy delivery we ex- pected you to deliver the machine in 6 weeks at the latest and to install it 3 weeks after that. Seller: I see what you mean. But that would be difficult. You see we have a lot of orders to handle at pre- sent, and moving just one machine is a major problem. Look, if I can promise you delivery in 7 weeks, does that help? Buyer: 1 am afraid I cannot agree to that. Seller: Well, you are really asking us for something that is very difficult. I’ve already offered you 7 weeks. I’ll have to consult with my colleagues and let you know our reply this week. Buyer I’ve got a proposal. If you deliver the machine in 6 weeks we shall place another order for the se- cond half of year. Seller: Well, on that basis I suppose we might be able to look at some kind of arrangement. If fact, if you can promise another order I think we could ac- cept your terms. Buyer .•Very good. Let’s consider it settled. I’ll confirm our next order for the second part of the year in writing tomorrow. Seller: I’m very glad we have come to an agreement.
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USEFUL VOCABULARY
in the course of smth. -nəyinsə gedişatında - в ходе чего-либо parties to the contract - müqavilənin tərəfləri - стороны контракта to agree with smb.- kiminləsə razılaşmaq - соглашаться с кем-либо agreement - razılaşma - соглашение we managed to come - biz ... gələ bildik - мы смогли прийти к... to negotiate - danışıqlar aparmaq - вести переговоры negotiation (s) - danışıqlar - переговоры to stress - vurğulamaq- подчеркивать urgent - təcili - срочный speedy delivery - təcili çatdınlma - срочная доставка vital - həyati, mühüm, zəruri, birinci dərəcəli - первостепенный, жизненно важный, необходимый to install - quraşdırmaq, montaj etmək - устанавливать, монтировать installation - quraşdırma, montaj - установка, монтаж pretty - (burada) kifayət qədər - (зд.) довольно to mention - xatırlatmaq - упоминать to handle - məşğul olmaq, ticarət etmək - торговать (чем л.), заниматься to move - tərpətmək - передвигать а major problem - əsas problem - главная проблема to consult with smb.- bir kəslə məsləhətləşmək- советоваться с кем-либо consultation - məsləhət - консультация colleague - həmkar - коллега to reply smb. - kiməsə cavab vermək- отвечать кому- либо in reply to smb. - kiməsə cavab olaraq - в ответ на кого-либо
244 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
to propose - təklif etmək - предлагать proposal - təklif - предложение to promise - söz vermək - обещать to accept - qəbul etmək, təsdiq etmək - принять, подтвердить in writing - yazılı şəkildə - в письменном виде
XVI, Complete the sentences^ as in the text, 1. In the course of making enquiries and offers, the parties very often ... 2. Here is a specimen ... 3. You know, with this delivery problem I'm sure there's room... 4. Oh yes, we stressed in our enquiry ... 5. A speedy delivery is ... 6. We can deliver the machines ... 7. When we mentioned speedy delivery we expected you... 8. We have a lot of orders ... 9. Look, if I can promise you delivery ... 10. I'll have to consult... 11. If you deliver the machine in 6 weeks ... 12. In fact, if you can promise another order ... 13. I'll confirm our next order ...
XVII, Translate into Azerbaijani/Russian, 1. Well, let's get started. 2. Well, this is how we see it. 3. Oh, I am afraid these periods are too long. 4. We cannot agree with you. 5. These are in fact the usual periods. 6. It's pretty normal in this kind of operation. 7.1 see what you mean. 8. But that would be difficult. 9.1 am afraid I cannot agree to that.
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10. Well, you are really asking us for something that is very difficult. 11. I've already offered you seven weeks. 12. I've got a proposal. 13. Well, on that basis I suppose we might be able to look at some kind of arrangement, 14. Let's consider it settled. 15. I'm glad we have come to an agreement.
XVIII. Sum up: - what the buyer's position was; - what the seller's position was; - to what agreement the parties came.
m TEXTS
TERMS OF PAYMENT
Offers usually state the terms on which the goods are to be paid or terms of payment. Terms of payment usually mean the currency, time of payment, mode of payment and many details. In foreign trade transactions various modes of payment are practiced, among which the most popular are as follows: - by a banker's transfer; - by a letter of credit; - for collection; - by drafts; - on an open account. Sometimes mixed terms are practiced. That depends on the value of the goods, volume of the goods, time of delivery and many other factors. Here is an example of how terms of payment can be sti
246 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH pulated in the offer for some expensive sophisticated equipment: We propose the following terms of payment: Ten percent of the total sum should be paid in advance by telegraphic banker's transfer. Fifty percent of the total sum should be paid by telegraphic banker's transfer within 30 days after your bank receives shipping documents. Forty percent of the total sum should be paid by drafts at 90 days' sight. After the prospective buyer receives the offer he carefully studies it. Then, very often, he has a few talks or exchanges letters with the prospective seller. After the two parties come to an agreement about terms and conditions of the transaction they sign a contract. CONTRACTS usually contain the following information: - date of the contract; - place or city; - reference number; - names of the buyer and the seller; - description of the-goods; - price and the total value; - terms of delivery; - terms of payment, etc. Here is a part of a specimen contract:
Contract No 32-1 Baku September 4th, 2013
Foreign trade company Chemico, Baku, hereinafter referred to as the Sellers, on the one part, and Messrs. Petro Co., Liverpool, England, hereinafter referred to as the Buyers, on the other part, have concluded the present Contract
HUSSEIN MAQSUDOGLU 247 KAMALA JAFAROVA BUSINESS ENGLISH to the following effect: The Sellers have sold and the Buyers have bought on CIF terms 10 000 kgs. of Chemicals ST to be delivered in the fourth quarter of 2014. Partial shipments are allowed. The quality of the Chemicals is to be confirmed by certificate issued by a competent independent and recognized laboratory. The Chemicals are to be packed in plastic bags. The price is 175 English pounds sterling per kilo CIF, Liverpool. The total value of the Contract is GBP 1750,000 (one million seven hundred and fifty thousand English pounds sterling). The date of the bill of- lading issued in the name of the Buyers is to be considered the date of delivery. Payment for the Chemicals delivered under the present Contract is to be made by a letter of credit on the presentation of the following documents: - Sellers' Commercial Invoice; - Full set of clean on board Bills of Lading; - Quality Certificate issued by the laboratory; - Weight Certificate issued by the recognized company; - Certificate of Origin issued by the Chamber of Commerce and Industry; - Insurance Policy issued by the State Insurance company. Payment is to be made through the National Bank, Liverpool.
VOCABULARY NOTES
to practice - təcrübə etmək, tətbiq etmək - практиковать, применять to transfer - köçürmək - переводить letter of credit - akkreditiv - аккредитив to collect - toplamaq( pul), inkassa etmək (ödənilmək
248 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
üçün sənəd təqdim etmək və sənədlər üzrə pul almaq) - инкассировать, взимать draft - layihə, barat vekseli - тратта, проект 30 days’ sight draft - verildikdən 30 gün sonra təcili həyata keçirilən layihə - тратта, срочно исполненная через 30 дней после предъявления account - hesab-faktura - счет- фактура to mix - qarışdırmaq - смешивать volume - həcm, say - объем, количество to stipulate - göstərmək - указать expensive - bahalı - дорогой sophisticated - çətin, qəliz, mürəkkəb - сложный within - ərzində - в течение shipping documents - göndərmə/yükləmə sənədləri - погрузочные документы to exchange - mübadilə etmək - обменивать(ся) to come to an agreement - razılığa gəlmək - договориться, согласиться transaction- sövdələşmə, iş - сделка, дело to sign - imzalamaq - подписывать signature - imza - подпись to contain -saxlamaq, daxilində olmaq,ibarət olmaq- содержать, быть в составе reference - istinad - ссылка, указание description of goods - malların təsviri - описание товара hereinafter - gələcəkdə, bundan sonra - в дальнейшем, в будущем to refer to smb. as Sellers - kimisə Satıcı adlandırmaq - называть кого-либо продавцом to conclude а contract - müqavilə bağlamaq - заключить контракт effect - məqsəd - цель quarter - rüb - квартал partial shipment - hissə-hissə, qismən yükləmə/gön-
KUSSEIN MAQSUOOGLU 249 KAMALA JAFAROVA BUSINESS ENGLISH dərilmə - частичная пофузка to issue - vermək - издавать, отдать to recognize - tanımaq - признавать to open a letter of credit with a bank - akkreditiv hesab açmaq - открыть аккредитив в банке set - dəst - комплект clean - tam, bütöv - полный board -göyərtə- борт (пршшг: бортовой) bill of lading - konosament (yük göndərən tərəfindən malların göndərilməsini onların müfəssəl siyahısını tzsdiq edən sənəd) - коносамент (документ, подтверждающий отправку товаров грузоотправителем, содержащий подробную опись товаров) clean on board b/1 - dmiz konosament (əgər mal bağla- malan korlanmayıbsa) - чистый коносамент (если упаковки товаров не имеют повреждений) weight - çəki - вес chamber - palata - палата Chamber of Commerce and Industry - Ticarət və Sənaye Palatası - торгово-промыщленная палата to provide - təmin etmək, təchiz etmək - обеспечивать, снабжать bank guarantee - bank zəmanəti/təminatı - банковская гарантия
ANSWER THE QUESTIONS.
1. Do offers usually state terms of payment? 2. What particulars do terms of payment cover? 3. What terms of payment are practiced in foreign trade? 4. On what does the choice of terms of payment depend? 5. What example of terms of payment is quoted in the text? 6. What two parties concluded the contract?
250 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
7. What goods were sold under the contract? 8. At what price were they sold? 9. When were the goods to be delivered? 10. How were they to be packed? 11. What date was to be considered the date of delivery? 12. On what terms were the goods to be delivered? 13. What document was to confirm the quality of the goods? 14. How was payment to be effected?
XIX. Translate into Azerbaijani/Russian: - by banker's transfer; - by a letter of credit; - for collection; - by drafts; - on an open account.
XX. Complete as in the text. 1. After the prospective buyer receives the offer he ... 2. Then, very often, he has a few talks or... 3. After the parties come to an agreement... 4. Contracts usually contain ...
XXI. Translate into English. Ödəniş növbəti sənədlərə qarşı olan akkreditiv üzrə həyata keçirilməlidir: - kommersiya (ticarət) hesabı; - təmiz bort konosamentlərinin (gəmi ilə göndərilən yük üçün verilən sənəd) tam dəsti; - keyfiyyət sertifikatı; - çəki sertifikatı; - mənşə sertifikatı; - ticarət-sənaye palatası; - sığorta vəsiqəsi; - birinci dərəcəli bankın verdiyi zəmanət;
HUSSEIN MAQSUDOGLU 251 KAMALA JAFAROVA BUSINESS ENGLISH
- Liverpul şərti üzrə alınması üçün sənəd. Qiymət siyahısı ( CİF, Liverpul şərti altında, ton metrəsinə 175 ingilis fıınt sterlinqi).
Платеж должен быть произведен по аккредитиву против следующих документов: - коммерческий счет; - полный комплект чистых бортовых коносаментов; - сертификат качества; - весовой сертификат; - сертификат о происхождении; - торгово-промышленная палата; - страховой полис; - гарантия первоклассного банка; - документ на приобретение товара на условиях СИФ, Ливерпуль; Malın CİF, - прайс-лист (175 англ. ф. ст. за метрическую тонну, на условиях СИФ, Ливерпуль).
m TEXT 4
COMMERCIAL INVOICES
Commercial invoices are usually issued by sellers or sellers' banks after the goods are shipped. Together with shipping documents invoices are usually sent to the buyers’ bank for payment. Commercial invoices generally contain the following information: - number and date of the invoice; - number and date of the contract; - date of delivery; - number and date of the transport document; - description of the goods; - price per unit; - quantity;
252 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
- total amount to be paid. Here is a part of a specimen invoice:
Invoice No R04-22 date: 27 November, 2013 Contract Reference: Contract 32-1 of 4 September, 2013 Payment terms: by letter of credit Sold to: Petro Co., Liverpool, England Shipped: by Hafta Co., Liverpool, England Vessel: Sattarkhan Date of shipment: 20 November, 2013 Port of shipment: Baku Port of destination: Liverpool Description: Chemicals ST CIF Liverpool Quantity: 5000 kgs. Unit price: GBP 175.00 per kilo Total amount: GBP 875, 000. 00 Currency: English Pound Sterling Bank: United Bank, Liverpool LETTERS Business letters sent by phone or fax can be devoted to various subjects. Rather often after transactions are executed, payment problems arise and letters are sent then. Here are three specimen letters sent by the sellers after the buyers have failed to pay for the goods received: Crowley and Bullock Ltd, 24 Hartley Lane Real Kent England 18th April, 2013 Dear Sirs. We enclose a statement of account up to 30th March , from which you will see that you owe us 2,850.00for goods delivered in February.
253 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
As you know, our conditions of sale stipulate payment within thirty days. An early settlement would be appreciated. Yours faithfully, Lewis Carol for Chief Accountant
Crowley and Bullock Ltd. 2nd May, 2013
Dear Sirs, We have had no reply concerning the statement of account sent to you on 18th April. We enclose a duplicate of our letter and the statement, and would urge you to give the matter your earliest attention. Yours faithfully. Chief Accountant
Crowley and Bullock Ltd. 21st June, 2013 Dear Sirs, We have not yet received payment of your outstanding balance of 2,850.00 nor have we received acknowledgement of our letters of 18th April and 2nd May. When we telephoned on 23rd May we were assured by your Chief Buyer, Mr. K. Innis that a cheque would be forwarded to us that day. We should like to draw your attention to the fact that you have considerably exceeded the term of credit usually allowed. We must therefore insist on receiving payment by 28 June. Failing this, we shall have no alternative but to refer the matter to our solicitors.
Yours faithfully, Adrew Fitton Company Secretary
254 HUSSEIN MAQSUDOGLU KAWALA JAFAROVA BUSINESS ENGLISH
VOCABULARY NOTES
invoice - faktura - счет-фактура to issue an invoice - faktura yazmaq (vermək) - выписать (дать) счет-фактуру shipping documents - yüklənmə sənədləri - погрузочные документы quantity - miqdar, say- количество reference - arayış, əsaslanma (hər hansısa bir sənədə) - справка, ссылка (на документ) vessel - gəmi - судно destination - təyinat - назначение port of destination - təyinat limanı- порт назначения to devote - həsr etmək -посвящать to execute - icra etmək - исполнять, выполнять to arise (arose , arisen) - yaranmaq, əmələ gəlmək, meydana çıxmaq - возникать, появляться, образоваться to fail - uğursuzluğa uğramaq - потерпеть неудачу to fail to pay - ödənişi etməmək - не сделать оплату to fail to ship - yükləməni etməmək - не сделать погрузку to fail to deliver - çatdırılmada uğursuzluğa uğramaq - потерпеть неудачу в доставке to enclose - əlavə etmək - прилагать, вложить enclosure - əlavə - приложение, вложение statement of account - hesab (faktura) üzrə çıxarış - выписка со счета to owe - borclu olmaq - быть должным, быть обязанным to stipulate - göstəriş vermək, müəyyən etmək - указывать, определять to settle - həll etmək, nizamlamaq - урегулировать, решать settlement - həll etmə, hesablama, nizamlama - урегулирование, расчеты, решение
HUSSEIN MAQSUOCX3LU 255 KAMALA JAFAROVA BUSINESS ENGLISH
to appreciate - qiymətləndirmək - ценить, оценивать your early settlement would be appreciated - bu məsələni həll etsəniz minnətdar olarıq - мы будем признательны, если вы урегулируете этот вопрос duplicate - dublikat, surət, nüsxə - дубликат, копия, экземпляр in two duplicate - iki nüsxədə - в двух экземплярах to urge - təşviq etmək, israr etmək, təkid etmək - побуждать, настаивать на, агитировать We would urge you to give the matter your attention - biz bu məsələyə tam diqqət verməyinizi təkidlə xahiş edirik - мы настоятельно просим вас уделить этому вопросу максимум внимания outstanding - ödənilməmiş - неуплаченный outstanding payment - ödənilməmiş ödəniş - неуплаченный взнос balance -(burada) qalıq - (зд.) остаток to acknowledge - tanımaq, qəbul etmək - признавать to assure - əmin etmək, inandırmağa çalışmaq - убеждать, уверять to draw - cəlb etmək - привлекать to draw smb’s attention to smb/smth. - kiminsə diqqətini nəyəsə (kiməsə) cəlb etmək -обращать чье-либо внимание на кого-либо/что-либо to exceed - artırmaq - превышать, увеличить to allow a discount/a credit/the term of credit - endirim etməyə / kreditlə verməyə / müəyyən bir müddət üçün kredit verməyə icazə vermək - предоставить скидку/ кредит/ кредит на определенный срок to insist - israr/ təkid etmək - настаивать to refer the matter to arbitration - məsələni arbitraja istiqamətləndirmək - направлять дело в арбитраж solicitor - vəkil - адвокат
256 HUSSEIN MAQSUD OGLU KAMALA JAFAROVA BUSINESS ENGLISH
ANSWER THE QUESTIONS.
1. On board what vessel were the chemicals shipped? 2. When were the goods shipped? 3. Were all the goods stipulated by the contract shipped? 4. By whom commercial invoices are usually issued? 5. To whom are usually invoices sent? 6. What information do commercial invoices generally contain? 7. What is the quantity of the Invoice No R04-22?
XXIL Translate the letters and answer the questions, 1. Was Crowley and Bullock Ltd. a buyer or a seller? 2. How much did they owe the other company? 3. When were they to pay? 4. Did they answer the first letter? 5. When did they promise to pay during the telephone conversation? 6. Did they keep their promise? 7. What was the deadline stated by Mr. Fitton? 8. What measures did he say he would take if Crowley and Bullock Ltd. did not pay then? 9. What was Mr. Fitton’s position in the company? 10. Who signed the previous two letters? 11. Why do you think various people were involved into this problem?
XXIII, Complete as in the text, 1. Commercial invoices are usually issued by ... 2. Together with shipping documents invoices are usually sent to... 3. Commercial invoices generally contain ...
HUSSEIN MAQSUDOGLU 257 KAMALA JAFAROVA BUSINESS ENGLISH
XXIV. Translate the specimen invoice into Azerbaijani/ Russian.
XXV. Translate into English: - malm adi; - vahidin qiyməti; - tonun qiyməti; - ödənişə verilən ümumi məbləğ; - gəmi; - təyinat limanı. - наименование товара; - цена за единицу; - цена за тонну; - общая сумма к оплате; - судно; - порт назначения.
XXVI. Find the answers in the introduction. 1. How are business letters sent? 2. Are many business letters devoted to payment problems? 3. How many specimen letters are given there? 4. To what problem(s) were they devoted?
XXVII. Complete the sentences, as in the letters. 1. We enclose a statement of account from which you will see that you owe ... 2. As you know, our conditions of sale stipulate ... 3. An early settlement would be appreciated ... 4. We have had no reply ... 5. We enclose a duplicate ... 6. We have not yet received ... 7. Nor have we received ... 8. We were assured by your Chief Buyer ... 9. We should like to draw your attention о the fact that
258 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH you have considerably exceeded ... 10. We must therefore insist... 11. Failing this, we shall have no alternative ...
XXVIIL Write 3 similar letters changing the names, dates, figures.
M TEXTS
DEMAND AND SUPPLY
Demand is the quantity of a good that buyers wish to buy at each price. Other things equal, at low prices the demanded quantity is higher. Supply is the quantity of a good that sellers wish to sell at each price. Other things equal, when prices are high, the supplied quantity is high as well. The market is in equilibrium when the price regulates the quantity supplied by producers and the quantity demanded by consumers. When prices are not so high as the equilibrium price, there is excess demand (shortage) raising the price. At prices above the equilibrium price, there is excess supply (surplus) reducing the price. There are some factors influencing demand for a good, such as the prices of other goods, consumer incomes and some others. An increase in the price of a substitute good (or a decrease in the price of a complement good) will at the same time raise the demanded quantity. As consumer income is increased, demand for a normal good will also increase but demand for an inferior good will decrease. A normal good is a good for which demand increases when incomes rise. An inferior good is a good for which demand falls when incomes rise.
259 HUSSEIN UAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
As to supply, some factors are assumed as constant. Among them are technology, the input price, as well as degree of government regulation. An improvement in technology is as important for increasing the supplied quantity of a good as a reduction in input prices. Government regulates demand and supply, imposing ceiling prices (maximum prices) and floor prices (minimum prices) and adding its own demand to the demand of the private sector.
VOCABULARY NOTES
quantity - kəmiyyət - количество each price - (burada) istənilən qiymət - зд. любая цена other things equal - başqa bərabər şərtlər əsasında - при прочих равных условиях to buy - almaq - покупать buyer - alıcı - покупатель demand - tələb - требование, спрос supply - təchizat, çatdınima (mal) - снабжение, поставка (товара) to sell - satmaq - продавать equilibrium - balans, tarazlıq - равновесие, баланс equilibrium price - balans qiyməti - балансированная цена producer - istehsalçı - производитель consumer - istehlakçı - потребитель shortage - çatışmazlıq - дефицит, нехватка raise - qaldırmaq, artırmaq - повышать, увеличивать surplus - artıq - избыток, излишек to reduce - azaltmaq - понижать, сокращать reduction - azalma - снижение, сокращение influence - təsir - влияние
260 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
income - gəlir, mənfəət - доходы, прибыль to be assured - əmin olmaq - быть уверенным increase - artım - увеличение substitute good - qarşılıqlı şəkildə əvəz olunan mallar - взаимозаменяемые товары. substitute - əvəz, əvəz edici - заменитель, замена decrease - azaltmaq - уменьшение, понижение complement good - tam, bütöv mal (bütün tərkib hissələri ilə birlikdə işlədilən mal) - товар в целости (со всеми компонентами), товар или услуга которые используются вместе с другими товарами и услугами normal good - standart keyfiyyətli mal - товар стандартного качества inferior good - aşağı keyfiyyətli mal - товар низкого кочества to rise - qalxmaq - подниматься to fall - düşmək - падать, понижаться technology - texnika, texnologiya - техника, технология input - gətirilmə (malın gətirilməsi) - доставка (товара) input prices - gətirilmə qiymətləri (malın) - цены доставки (товара) improvement - irəliləyiş - сдвиг, прогресс to impose - təyin etmək (vergi, cərimə) - облагать (пошлиной, налогом) private - şəxsi, özəl - частный, личный
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ANSWER THE QUESTIONS.
1. What is demand? 2. What is supply? 3. When are the demanded and supplied quantities of goods high? 4. How are prices and the supplied and demanded quantities regulated by the market? 5. Which factors influence demand? How do they work? 6. Which factors influence supply? 7. How can governments regulate demand and supply? 8. How can prices for other goods influence the demand for a good? Supply examples. 9. What inferior goods can you name? 10. What may be the result of imposing ceiling prices?
XXIX, Translate the following sentences into Azerbai- jani/Russian. 1. In East-European countries consumers couldn't get goods, and factories couldn't buy inputs at prices held low by governments. 2. Governments intervene in economies controlling the supply of money, limiting monopolies and helping private industries. 3. An improvement in technology will increase the supply of a good, increasing the quantity supplied at each possible price. 4. Governments regulate economic activities imposing some restrictions. 5. The governments can influence for whom goods are produced, taking income away from some people and giving it to others. 6. The high price for a good is the market mechanism telling suppliers it is now time to increase production. 7. The developing countries hope that the industrial
262 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH countries will raise imports from the less developed countries imposing tariffs on imports from other industrial countries. 8. Income is money of all kinds coming in regularly to a person, family or organization. 9. Active money is money going from man to man and used by the people in buying and selling goods and services. 10. Reducing our imports, we decrease the exports of others. 11. At prices above equilibrium we have a situation known as excess supply, or surplus.
XXX, Choose the most appropriate word given in brackets. 1. The fashion for mini-skirt (increased/ reduced) the demand for textile materials. 2. Even in (some/ the same) middle-income countries many people are very poor. 3. Government regulations sometimes (decrease/ impose) a change in (technology / quantity) that producers do not want to use. 4. Stabilization of prices is of great importance to industrial nations (as well as / as well) the Third World countries. 5. Freeing up prices leads to their (decrease / increase). 6. (Inferior/Normal) goods are usually low-quality goods for which there are higher-quality (improvements / substitutes) sold at higher prices. 7. A decrease in (complement/ input) prices makes the production less expensive.
XXXI. Translate the following words into Azerbai- jani/Russian 1. If the price is higher than the equilibrium one, it will
HUSSEIN MAQSUOOGLU 263 KAMALA JAFAROVA BUSINESS ENGLISH be falling till the equilibrium price is reached and there is no more surplus left. If a good is sold at a price below the equilibrium one, the price will grow and reach the equilibrium price till there is no more shortage of the good left. 2. Governments buy and produce many goods and services, such as defense, education, parks, and roads for firms and individuals. 3. Firms producing computers act as buyers in the markets for the services of computer programmers. 4. Governments, through their control of the quantity of money in the economy, can influence business activity. 5. With a reduction in input prices firms will supply more of a good at each price. 6. Inflation is a rise in the level of prices as demand is higher than supply because of an increase in the supply of money. 7. When there is a harvest failure, the producers' supply will decrease. 8. Supply restrictions imposed by cartels are as characteristic of industrialized economies as of developing economies. 9. Private sector in a mixed economy is that part of the economy that is controlled by private firms, not by government or corporations. 10. Excess supply is a situation in which, at a certain price, the quantity of a good demanded by buyers is less than the quantity supplied by producers.
XXXII. Translate the following sentences into English. 1. Malm qiyməti qalxdığına görə onun tələb olunan kəmiyyəti azalır. 2. Aşağı gəlirli ölkələrdəki vəziyyət 1965-ci ildən yaxşılaşdı. 3. Ən yüksək qiymət məsələsi istehlakçı üçün qiyməti azaltmaqdan, ən aşağı qiymət məsələsi isə istehsalçı və təchizatçılar üçün qiymətləri artırmaqdan ibarətdir.
264 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
4. Təklifin artırılması tarazlıq miqdarının artırılmasına və tarazlıq qiymətinin aşağı düşməsinə səbəb olur. 5. Qiymətlər tarazlıq qiymətinə qədər azaldıqda mal qalığı olmur. 6. Əgər bir malın qiyməti aşağı düşürsə, lakin istehlakçı tərəfindən tələb olunan digər malların qiyməti olduğu kimi qalırsa, onda istehlakçı qiyməti qalxan bahalı malın yerinə daha ucuzunu alacaq.
1 .По мере того цена товара растет, требуемое количество его уменьшается. 2. Положение в странах с низким доходом улучшилось с 1965 года. 3. Запрос по максимальной цене состоит в том, чтобы уменьшить цену для потребителей, а вопрос по минимальной цене заключается в том, чтобы поднять цену для производителей и поставщиков. 4. Увеличение предложения ведет к повышению равновесного количества и понижению равновесной цены. 5. Когда цены будут уменьшены до равновесной цены, не будет товарных излишков. 6. Если цена одного товара падает, а цены других товаров, требуемых потребителем, остаются теми же самыми, то потребитель будет покупать более дешевые товары вместо дорогого товара.
XXXIII. Fill each gap with a suitable word from the box. Ito impose, the same, surplus, to buy, consumer, to rise,! to increase, equilibrium price, as well as, to fall, short-! i age (2), inputs, normal
HUSSEIN MAQSUDOGLU 265 KAMALA JAFAROVA BUSINESS ENGLISH
1. ... are the factors of production (land, labor, capital, materials) that are put into a business to produce goods and services. 2. When all goods are ... , lower consumer income reduces the demanded quantity for all goods. 3. When the Beatles and Rolling Stones first became popular, the demand for haircuts suddenly .... 4. When income ..., the demand for most goods increases. Typically, consumers ... more of everything. 5. At any time, the market price may not be the ... leading to excess supply...or excess demand.... 6. If there is a national food ..., a government may ... a ceiling price on food so that poor people can buy enough food. 7. Workers in poor countries having no resources for health and education are often less productive than workers using... technology in rich countries. And without higher productivity it is hard... investment in people... in machinery. 8. Japanese ... pay as much as eight world prices for beef
XXXIV, Replace the Azerbaijani/Russian words in brackets to English equivalents. 1. Large quantities of one good may be needed for compensating small reduction in the other good if a (daimi - постоянный) level of (sərfəlilik, yararliliq - полезности) is (должен поддерживаться- dəstəklənməlidir). 2. In a free market it (ehtimal edilir ki, - предполагается) that every producer seeks to (artırmaq - максимизировать) profits by selling the product at as high a price as possible, and every buyer seeks to (sərfəliliyi artırmaq - максимизировать полезность) by obtaining the product at as low a price as possible. 3. Consumer demand is not the quantity that the con
266 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH sumers would like to have but the quantity that they want to pay for, (yəni, daha dəqiq desək - то есть), demand in the economic sense ( məna, məqsəd - смысл). 4. Economic system is the (xüsusi - особый) way in which the economic activity in a country is organized, such as capitalism or socialism. 5. The model of consumer (xərclər - расходы) on different goods ( ...... asılıdır - зависит от) the level of consumer income. 6. Increases in the quantities demanded typically (dəyişilir - изменяются) with different goods as incomes rise. 7. Energy demand will increase at about 3.6 percent (ildə - в год) (da,-də - в) the coming ten years in the USA.
XXXK Read and learn the following DIALOGUE
BUSINESS TALKS II
Mr, WestomOb, Mr. Marsh, I’m so very glad to see you. Did you have a nice trip? Mr, Marsh: I’m glad to see you too. The trip was quite sooth. And I hope our talk will be very smooth too. Mr, Weston:^Q\\, then let’s get down to business. I propose to discuss the second problem and then we shall speak about the delay. Maybe we shall settle both at a time. Mr, Marsh: Agreed. And what is the second problem? Mr, Weston:}Av. Marsh, you see, when the spares arrived we found that the packaging was all wrong. You packed them in plastic boxes instead of the metal containers we specified in the contract. Mr, Marsh: But did they come safe? Mr, Weston .'Unfortunately 50 pieces were damaged severely and 30 pieces were slightly damaged.
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Mr, Marsh: I’m awfully sorry about it. May I have a paper testifying to the damage. It is important for our packers. But as so to the damage we’ll certainly rectify the situation. Mr. Weston:\ hope so and what do you suggest? Mr. Marsh: I offer to ship the replacement by air this week. Mr. Weston:And at whose expense will it be done? Mr. Marsh: We’ll certainly cover all the transportation expenses and insurance. Mr. Weston:'Y\\Qn if you send the replacement by air this week and they safely reach us we shall forget about the delay or the first problem. Mr. Marsh: Thank you. I think it’s kind of you to make this suggestion. Mr. Weston: And one more thing. Please send me a fax to confirm the shipment. Mr. Marsh: Good. I’ll see to it. The fax will be sent the same day the spares will be shipped from the airport. Mr. Weston:'ThdLnk you for cooperation and I hope in future we’ll have no problems at all. Mr. Marsh: I hope so. Thank you again and good-bye. Mr. Weston:Good-hyQ and happy journey back home.
USEFUL VOCABULARY
trip - səyahət - поездка, путешествие Did you have a nice trip? - səfəriniz yaxşı keçdimi? У вас была хорошая поездка? smooth - xoş, rahat - удобный, приятный to get down to business - məsələyə, mətləbə keçmək перейти к делу
268 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
to propose - təklif etmək- предлагать packing - qablaşdırma- упаковка safe - sağ-salamat - целый, невредимый severely - (burada) ciddi - сильно, серьезно They were damaged severely - Onlara ciddi ziyan dəyib - они были сильно повреждены slightly - yüngülcə, bir az - слегка, немного to rectify -tədqiq etmək, düzəltmək - исследовать, исправлять, наладить expenses - xərclər - расходы at our expense - bizim hesabımıza - за наш счет to cover - ödəmək, bağlamaq- покрывать to cover expenses - xərcləri ödəmək- покрывать расходы to reach - çatmaq- доезжать до, добираться до to suggest - təklif etmək - предлагать to make a suggestion - təklif irəli sürmək - сделать предложение journey - səyahət - путешествие Happy journey! - Yaxşı yol! - счастливого пути!
XXXVI. Complete as in the talk. - Oh, Mr. Marsh, I’m so very glad ... - Did you have a ... - I’m glad to see ... - The trip was ... -1 hope our talk will be ... - Well, then let’s get... -1 propose to discuss the second ... - Maybe we shall settle both ... - When the spares arrived we found ... - You packed them ... - Unfortunately 50 pieces were ... and 30 pieces were... - May, I have a paper ... - But as so to the damage ...
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- I offer to ship ... - We’ll certainly cover ... - Then if you send the replacement by air ... - It’s kind of you ... - Please send me a fax ... - I’ll see to ... -1 hope in future ... - Happy ...
XXXVII. Translate the words of Mr. Weston proposing to discuss the second problem first.
270 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
UNIT IX BUSINESS ORGANIZATION
■ YOVR VOCABULARY
Business - work relating to the production, buying, and selling of goods and services; - an organization which produces and sells goods, or which provides a service; - important matters that you have to discuss or deal with. Business cycle - process by which investment, output, and employment in an economy tend to fluctuate up and down in a regular pattern causing boom and depression, with recession and recovery as intermediate stages. Business Activities - Any activity that is engaged in for the primary purpose of making a profit. Business activities can include things like operations, marketing, production and administration. Also known as "business operations". Business Relations - The connections that exit between entities involved in the business process. The term business relations refers to the connections formed between various stakeholders in the business environment, including relations between employers and employees, employers and business partners, and all the companies with which a company is associated. Organization - a large group of people that has particular aims.
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Organizer - the person who makes all the arrangements for something and makes sure that happens as planned.
m TEXTi
ORGANIZATION
Early in human existence people learned that their individual efforts often fell short of success. They found that they were unable to accomplish many tasks that require more than individual effort. The result was that only limited goals could be attained. Therefore the necessity of group activity was discovered relatively early in human existence. Group activity could be aimed at some higher, more complex set of goals and could thus bring greater benefits to all concerned. This quality of group activity must be counted as one of the chief requirements for success. Cooperation is a prime element of a group of people who want to achieve more than they can acting individually. A system of group relationships built upon and fostering cooperation, then, is basically the meaning of an organization. This system of cooperation consists of several parts: the human element, the physical element, the work element, and the coordination element. All of these elements, taken collectively, can be thought of as an organization. Today, this system of cooperation is much more complex than it was in the first attempts at organization. Thus, organization is an open, dynamic, purposeful social system of cooperation designed to enhance individual effort aimed at goal accomplishment; consists of the human element, the physical element, the work element, and the coordination element; transforms resources into outputs for users. It is important to examine the various parts or components of organization theory in order to outline its broad
272 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH scope. These components are: goals, work, power and authority, delegation, structure. It was stated earlier that organizations were established to enable an individual to accomplish more in a group than he could as an individual. In other words, organizations are devices for pooling talent and ability into an effective whole that can accomplish some desired objective. Every organization is initially built to accomplish some goal. The goal or purpose is an unrealized state or condition that the members do not possess but which they deem desirable. It is imperative that organizational goals be clearly defined and communicated to all organization members who are to be affected by them. Goals are the starting point for the design and maintenance of the organization itself At the same time, these goals must meet a need that society has defined as important. Thus, consumer needs play a crucial role in organization. Once the goal of an organization is established, it is time for the members to decide on the type of work activity that will be necessary to accomplish these goals. Basically, any organization must perform two fundamental types of work: primary and secondary. The primary work (it is also commonly referred to as line work) consists of production and distribution of goods and services that will satisfy consumer needs. The secondary work (it is often termed staff work) consists of all those activities that support and extend the operations of primary work. For example, in a manufacturing firm, the secondary work would include accounting, personnel and quality control. No theory of organizations would be complete without a treatment of the roles that power and authority play in organizational activity. These two components of theory help explain the network of relationships that tie the other components of an organization together into some logical pattern.
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Power is the ability to influence others successfully. It comes from any single or combination of possible sources. For example, one can have power over others because of one’s intelligence, skill, or money. Regardless of its source, power enables its holder to exercise one’s will over others. Thus, in order to understand the total workings of an organization, one must have an appreciation of the role that power plays in these workings. Authority can be defined as power that has been given official recognition by the organization. Once an organization legally authorizes an individual to act on its behalf, that person is said to possess authority. Every member of the organization has some amount of authority to take action necessary to carry out his responsibility. The concern of the theorist is to understand how authority comes to be officially recognized by the organization and what considerations should be made regarding its use. Organizations that enjoy any measure of success find it necessary to increase their membership and to assign duties to these additional members. The process that is used to add members to the organization will result in the necessity to divide the work of the organization into sub-units or groups. Each of these groups will be under the direction of a manager or managers. In order for these managers to perform their managerial duties properly, they must be granted appropriate responsibility and authority. The means for making these assignments is termed delegation. In general, delegation may be defined as the process of transferring an obligation (responsibility) and an accompanying right (authority) from a superior to a subordinate position in the organization. It is this basic process that enables an organization to grow. Without delegation, an organization simply cannot exist and prosper.
274 HUSSEIN MAQSUO OGLU KAMALA JAFAROVA BUSINESS ENGLISH
VOCABULARY NOTES
to accomplish -yerinə yetirmək, bitirmək -выполнять, завершать attained -qazanılmış, əldə edilmiş, -достигнутый set of goals -hədəf qrupu- целевая группа requirement -istək, tələb, tələbat, şərt- требование, потребность, условие fostering cooperation -əməkdaşlığın gücləndirilməsi- укрепление сотрудничества purposeful -məqsədli, əsas- целеустремленный, важный social system - sosial sistem- социальная система designed - layihələşdirilmiş, planlaşdırılmış- проектный, планированный to enhance -artırmaq, böyütmək, gücləndirmək- повышать, увеличивать, усиливать accomplishment -icra, nailiyyət, başa vurma, -достижение, выполнение, завершение coordination element -koordinasiya elementləri -координационные элементы outputs for users -istifadəçilər üçün çıxışlar-выходы для пользователей treatment - rəftar, davranış, emal - обращение, поведение, обработка network -şəbəkə-сеть power - səlahiyyət, hakimiyyət - полномочие, власть regardless - asılı olmayaraq, baxmayaraq- независимо от, несмотря на authority - səlahiyyət, vəkalət, ixtiyar -полномочие, право, to assign duties -vəzifələri təyin etmək -назначить обязанности delegation -nümayəndə heyəti - делегация
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process of transferring - keçirilmə (ötürülmə) prosesi- процесс передачи to prosper- müvəffəqiyyət qazanmaq, inkişaf etmək- процветать, преуспевать, прогрессировать
ANSWER THE QUESTIONS.
1. What did people find early in human existence? 2. What is the meaning of the organization? 3. What is an organization? 4. What are the components of organization theory? 5. What role do power and authority play in building every organization? 6. What is the starting point for the design of an organization? 7. What is delegation and why is it necessary in today’s organization? 8. What types of work must perform any organization? 9. What is a power? 10. What is the authority? 11. Can you enumerate duties of the delegation and managers?
ASSIGNMENTS
/. Read the text Define the main idea of each paragraph, What are the key sentence(s) of each paragraph?
II. Study the following words and word combinations and translate the sentences given below into Azerbaijani/
276 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Russian, Consult a good dictionary if necessary, mean businessj none of one business^ go out of business, businesslike, be busy with, have no business to do, be in business, like nobody *s business, mindone*s own business
K Mother has busied herself with our affairs for too long. 2. When traveling on business I take my tiny travel kit. 3. Let’s get down to business. 4. She had no business to publish his letters to her. 5. 50% of these stores were not in business five years ago. 6. They are working away like nobody's business. 1. Umbrella sellers went out of business. 8. Stop teaching me! It’s none of your business. 9. Listen to me! I mean business! 10. The visit to Copenhagen was brisk and businesslike.
III, The words given below are the synonyms to the word “organization**. In what do they differ? Give your own definition to each of them. institution, council, body, entity, fund, trust, party, club, society, association, league, federation, union
IV, Match the words listed below with the dictionary definitions which follow, accountability, effort, pattern, requirement, accomplish, existence, consumer, foster, affect, establish, benefit, involve. 1. Create or set it up in a way that is intended to be permanent. 2. Help its development or growth by encouraging people to do or think about it. 3. Something that you must do or possess in order to be
HUSSEIN MAOSUDOGLU 277 KAMALA JAFAROVA BUSINESS ENGLISH allowed to do some other thing. 4. The state of being real, alive, or actual. 5. Energy in the form of thought, action, time, or money that people use in their work. 6. It influences someone or something or causes them to change in some way. 7. Succeed in doing or finishing something. 8. Being responsible for and prepared to justify one’s actions. 9. A good result of something. 10. A person who buys things or uses services. 11. A particular, recognizable way in which something is done or organized. 12. To include somebody or something as a necessary part or use them in some way.
V. Make the following words negative. Use prefixes - un, -in, -mis, -dis, -ir, and so forth, human, existence, enable, realized, regard, responsible, careful, systematic, effective, mature, aware, understand, loyal, formal, direct, continuous
VI, Give the opposites to the following words. Use each of them in your own sentence, flexible, voluntary, to share, to adhere to, enjoy, confidential, consensus, versus
VII, Be sure you know the meaning of the words given below. Give their derivatives, existence, accomplishment, benefit, authority, obligation, responsibility, extend, consider, favour, perception, value, equal, assume, conscious
VIIL Translate into Azerbaijani/Russian, Pay attention to the economic and business terms.
278 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
1. Business is the production, buying, and selling of goods and services. 2. A business, company, or firm is an organization that sells goods or services. 3. A business is also may be referred to as an enterprise to emphasize its adventurous, risk-taking qualities, and business in general may be referred to as free enterprise and private enterprise. 4. Large companies are referred to as corporations, especially in the US. 5. Large companies operating in many countries are multinationals. 6. An entrepreneur is usually someone who builds up a company from nothing: a start-up company. 7. The people legally responsible for a company are its board or board of directors. 8. When a private company is bought by the state and brought into the public sector, it is nationalized. 9. When the state returns a company to the private sector in a sell-off, it is privatized. 10. A holding or holding company is one that holds stakes in one or more subsidiaries. 11. A holding company’s relationship to its subsidiaries is that of parent company. What words and word combinations from ex, VI. do you consider to be economic and business terms? Explain what they mean.
m TEXT 2
TYPES AND FORMS OF BUSINESS ORGANIZATION
A business organization is frequently referred to as a business entity. A business entity is any business organiza
HUSSEIN MAQSUOOGLU 279 KAMALA JAFAROVA BUSINESS ENGLISH tion that exists as an economic unit. Business entities can be grouped according to the type of business activity they perform. 1. Service companies perform services for a fee. This group includes companies such as accounting firms, law firms, repair shops, and many others. 2. Merchandising companies purchase goods that are ready for sale and sell them to customers. They include such companies as auto dealerships, clothing stores, and supermarkets. 3. Manufacturing companies buy materials, convert them into products, and then sell the products to the companies or to the final customer. Examples are steel miles, auto manufacturers, and so on. The business entity concept applies to all forms of businesses - single proprietorship, a partnership, and a corporation. A single (sole) proprietorship is business owned by an individual and often managed by that same individual. Single proprietors include physicians, lawyers, electricians, and other people who are ‘in business for themselves’. In a single proprietorship, the owner is responsible for all debts of the business. Operating as a proprietorship is the easiest way to get started in a business activity. Other than the possibility of needing a local license, there are not any prerequisites to beginning operations. A partnership is a business owned by two or more persons associated as partners. Partnerships are created by an agreement. Included in the agreement are such terms as the initial investment of each partner, the duties of each partner, the means of dividing profits or losses between the partners each year, and the settlement to be made upon the death or withdrawal of a partner. Accountants, attorneys, and other professionals frequently operate their firms as partnerships. A corporation is a business owned by a few persons or
280 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH by thousands of persons. The owners of the corporation are called shareholders or stockholders. They buy shares of stock. If the corporation fails, the owners lose only the amount they paid for their stock. The personal assets of the owner are protected from the creditors of the corporation. The stockholders do not directly manage the corporation; they elect a board of directors to represent their interests. The board of directors select the president and vice president, who manage the corporation for the stockholders.
VOCABULARY NOTES
business entity —biznes obyekti - объект бизнеса economic unit —iqtisadi vahid- экономическая единица service companies —xidmət şirkətləri- сервисные компании merchandising companies —merçandayzinq şirkətləri -мерчендайзинговые компании dealerships—dilerlik, səlahiyyətli satıcı - дилерство, уполномоченный продавец manufacturing companies —istehsal şirkətləri -производственные компании steel mills—poladtökmə zavodlan - сталелитейные заводы proprietorship- mülkiyyətçilik, sahiblik - собственность, предпринимательство local license—yerli lisenziya-местная лицензия prerequisites—prerekvizit, müqəddimə, qeyd-şərt - предпосылка, пре- реквизит, предисловие partnership —tərəfdaşlıq, əməkdaşlıq -партнерство, сотрудничество accountant - mühasib -бухгалтер
281 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
attorney - vəkil - адвокат corporation - korporasiya -корпорация shareholders - səhmdarlar -акционеры, пайщики board of directors - direktorlar şurası -совет директо ров
ANSWER THE QUESTIONS.
1 .How many types of business organization do you know? 2. How can you understand the term service companies? 3. What is a partnership? 4. Who are called shareholders or stockholders? 5-How will tomorrow’s organizations be different from those today? 6.Do all organizations need structure? Give your reasons.
IX* Group Discussion* Give your views on the problems listed below and speak about them* 1. Take an organization with which you are familiar and see if you can explain the way it works (principles, goals, structure, objectives, climate, and so forth). 2. List each organization you belong to. Do they have any impact on your life? List and discuss each impact. 3.Summarize the information of the Units to be ready to speak on the topic “Organization”. The first step to be done is to write the plan of your future report. 4. Choose any question (problem, topic) relating to Organization and make a 7-10 minute report in class. Refer to different additional sources to make your report instructive, interesting and informative.
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X. Read the text above and be ready to define: 1. what a business entity is and 2, three main types and forms of business organizations.
XI. Translate the following into English. fərdi səylər; uğur əldə etmirlər; məqsədə çatmaq; icra etmək iqtidarında olmayanlar; nisbətən tez; ilkin element; özünün ilk təşəbbüsündə; tələblərə cavab vermək; nəyisə dəstəkləyən fəaliyyət; əlaqələr (münasibətlər) şəbəkəsi; əməkdaşlığa imkan yaratmaq; rəsmi tanıma; öz adından; səlahiyyətə sahib olmaq; vəzifələrini (öhdəliklərini) yerinə yetirmək; rəsmi olaraq tanınıb; iş bölgüsünün zəruriliyi. Индивидуальные усилия; не достигают успеха; достичь цели; неспособные выполнить; относительно раньше; первичный элемент; в своей первой попытке; отвечать потребностям; деятельность, которая поддерживает; сеть отношений; способствовать сотрудничеству; официальное признание; от своего имени; обладать властью; выполнять обязанности; официально признан; необходимость разделить работу.
XII. Read the text. Fill in the gaps with the missing words given below. monitor, interrelate, integral, report, exaggerate, law, impact, flow of cash, resources, customers, stock, range, information, activity, prerequisite, process, subject, nervous Communication in organization Effective communication is a ... for the achievement of organizational objectives. The importance of communication problems has at times been ... - there are, after all, other types of problems - but the ... of poor communication can be enormous. The ... of communication is illusive because it is intertwined with so many other subjects. Effective communica
283 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH tion is, for example, an .,. part of effective leadership, decision making, motivation, the management of organizational conflict, etc. Communication in organization is here defined as the process by which ... is transmitted irom one person to another. Money is the lifeblood of an organization: if organizations do not receive a ...... they go out of busi ness. Information plays a similar role. The flow of facts, figures and words through an organization’s administration is its ... system. The nature and flow of information determines how «sensitive» an organization is to its ..., employees, changes in the market, and so on. The purpose in ... information is to plan, record, control and report the activities of the organization. Planning. Managers need information to be able to plan how an organization’s ... are to be used. This can be a complex process since each department’s plan must... with the other departments. Recording. Firms are obliged to keep financial information under the ... . Controlling. There are many activities in business where immediate or «real time» information is necessary so that the ... can be controlled directly. These activities include ... control, quality control, and budgetary control. Reporting. Many different kinds of... exist in business. They ... from weekly sales reports to financial reports at an Annual General Meeting. Every function within an organization is constantly ... and reported on.
XIIL Read the text once again and summarize it in 5- 7 sentences.
XIV. Insert the missing words given below. organization, to adopt, carefully, change, input, con-
284 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH dition, service, decision making, harmony, turbulent, adapt, output. In order to be successful the organization must... with the environment because it supplies the organization with ... (in the form of resources, information, and so forth) that are necessary for the determination of the kinds of the products and ... to be produced. It also receives the ... (product and services) produced by the organization. To maintain this ... with the environment, the organization must... define and maintain a boundary system capable of gathering the necessary inputs for effective and ... and for dis tributing organizational outputs. Today’s organization exists in a ... environment characterized by what has been termed as discontinuous ... .If it is to survive and prosper, the organization must be capable of adjusting all of its component parts to ... for this change. Additionally, it must ... a philosophy and strategy to support the process of adaptation and change.
m TEXTS
MANAGERIAL SKILLS
A manager's job is varied and complex. Managers need certain skills to perform the duties and activities associated with being a manager. What type of skills does a manager need? Research by Robert L. Katz found that managers needed three essential skills. These are technical skills, human skills and conceptual skills. Technical skills include knowledge of and proficiency in a certain specialized field, such as engineering, computers, financial and managerial accounting, or manufacturing. These skills are more important at lower levels of management since these managers deal directly with employees doing the organization's work.
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Human skills involve the ability to work well with other people both individually and in a group. As managers deal directly with people, these skills are crucial. Managers with good human skills are able to get the best out of their people. They know how to communicate, motivate, lead, and inspire enthusiasm and trust. These skills are equally important at all levels of management. Conceptual skills are the skills managers must have to think about and conceptualize abstract and complex situations. Using these skills managers must be able to see the organization as a whole, understand the relationship among various subunits, and visualize how the organization fits into its broader environment. These skills are most important at top level management. Naz Daud, the founder of City Local; UK Business Opportunity, Internet Business Franchise, Ireland Business Opportunity. Latest Businesses has offered his own set of important managerial skills. They are the following: Delegation. All good managers should be able to effectively delegate responsibility to appropriately qualified staff within their business. Good management is about ensuring that a project or a goal is successfully achieved, however it rarely means that a manager should do it on his/her own. That's why managers have to be good at picking the right people to do the Job, and managing their execution. Being good at delegating can also mean being good at understanding people's strengths and weaknesses. Accountability. Managers should be able to hold themselves accountable for things that they are given management responsibility for within their business. Although it will not always be their fault directly, they should be willing to take responsibility when it's someone they are directly responsible for that's failed. Foster Team Spirit. Good managers are considered to be able to foster a good team spirit, and ensure that every
286 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH one is comfortable performing their duties within the team. As managers are generally supposed to oversee the execution of a project, rather than do it directly, they should also be good at planning and evaluating a team's progress towards the goal they have been assigned responsibility for. Calm & Collected. If a manager is not able to remain calm during difficult times, it will be hard for his/her staff to do so. That's why a manager should be able to show strength during difficult times resisting the temptation to lose mental control when the going gets tough. Respect. It's important that managers be respected by staff and other members of the management team. This can be influenced by a number of factors, such as: whether managers are good at their job or not; the way managers act towards their employees; their commitment to their job; how their employees perceive the managers’ out-of-work behaviour, and many more factors.
VOCABULARY NOTES
essential skills - əsas bacarıqlar - основные навыки technical skills - texniki bacarıqlar - технические навыки human skills - insan bacarıqları - человеческие навыки conceptual skills - konseptual bacarıqlar - концептуальные навыки proficiency - səriştəlilik,təcrübəlilik - умение, опытность engineering - mühəndislik - инженерия financial and managerial accounting - maliyyə və idarəetmə uçotu - финансовый и управленческий учет manufacturing - emaledici - производственный
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crucial - mühüm, həlledici, kritik - решающий, критический, важный enthusiasm - ruh yüksəkliyi - энтузиазм to conceptualize - konseptləşdirmək - концептуализировать subunits - yanmşöbələr- подразделения to visualize - görüntüləmək - визуализировать broader environment - geniş ətraf mühit - широкая среда delegation - heyət - делегация, состав appropriately - müvafiq - соответствующий qualified staff - ixtisaslı işçi (heyət)- квалифицированный персонал strength - güc, müqavimət, davamlılıq - сила, сопротивление, прочность w^eakness - zəiflik - слабость, бессилие accountability - cavabdehlik, məsuliyyət - подотчетность, ответственность fault - günah, səhv - вина, ошибка to foster team spirit - komandanın ruh jdiksəkliyini artırmaq- повышать энтузиазм команды to oversee - nəzarətə almaq - надзирать, контролировать, to evaluate - qiymətləndirmək - оценивать to assign - təyin etmək - назначать to resist - müqavimət göstərmək - сопротивляться temptation - tamah, aldatma - корысть, обман to lose mental control - əqli (ruhi) nəzarətini itirmək - потерять ментальный контроль to get tough - sərt mövqe tutmaq - занять жесткую позицию respect - hörmət - уважение staff - heyət - персонал to influence - təsir etmək - влиять employees - işçilər - работники
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commitment - öhdəçilik - обязательство out-of-work behaviour - işdən kənar davranış - внерабочее поведение
ANSWER THE QUESTIONS.
1. What do you think management is? 2. Is the role of a manager the same as that of an entrepreneur or different from it? 3. What qualities must a great manager have? Can they be taught or are they innate? 4. What aspects do the most important managerial skills? 5. What other skills do you know? 6. How do you think, what are advantages and disadvantages of being friendly with staff? 7. What do technical skills include? 8. What are human skills? 9. What skills are most important at top level management? 10. Who is Naz Daud? 11. What important managerial skills has offered Naz Daud?
XV. Translate the following sentences. Pay attention to the words in italics. 1. They reserved the right to make managerial decision. 2. What you need is advice from your bank manager. 3.1 wish you could manage the time to come and talk to us, 4. Private banks are being nationalized, and are to be managed W\\h workers’ participation. 5. They are part of my management team. 6. The child can be greatly influenced by the parents’ management.
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7. She has been working as the manageress of a bookshop. 8. It is perfectly manageable task to tackle systematically. 9. A study in one of the largest American corporations indicates that the two criteria “quality of college attended” and “a rank in class” were the best predictors of future managerial success in that firm. 10. Mothers and fathers often have different ways of managing their families. How would you describe the management style of your parents? Teachers?
XVI. Match the definitions and the words given below. (Feey executive, insure, skill, profile, applicant, charisma, ensure, guideline, superior). 1. Ability to do something well. 2. Short biographical or character sketch. 3. Person or body with managerial or administrative responsibility. 4. Make certain. 5. Secure compensation in the event of loss or damage by advance regular payments. 6. In a higher position; of a higher rank. 7. principle directing action. 8. The ability to attract, influence and inspire people by your personal qualities. 9. Payment made for professional advice or services. 10. Someone who formally asks to be given something, such as a job or a place at a college or university.
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XVIL Match the following words with their definitions.
1 .planning a) job analyzing, recruitment, and hiring individuals for appropriate jobs 2.organizing b) determining what needs to be done in a situation and getting people to do it 3. leading/ c) making optimum use of the directing resources required to enable the successful carrying out of plans d) checking progress against plans 14. coordinating e) deciding what needs to happen in 5.controlling/ the future (today, next week, next monitoring month, next year, over the next 5 years, etc.) and generating schemes for action f) providing employees with a strong j6. staffing 7. reason for doing their work g) making employees work together, so as to increase effectiveness motivating
XVIIL Multiple choice, 1. Great managers have to keep up ______when set backs occur. a) moral b) morale c) morality 2. Weak managers ______in the discovery of weak nesses in their people. a) revel b) reveal c) rival 3. In for-profit work, management has as its primary function the satisfaction of a range of ______. This typically involves making a profit (for the shareholders).
291 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH creating valued products at a reasonable cost (for customers), and providing rewarding employment opportunities (for employees). a) shareholders b) stockholders c) stakeholders 4. ______plans must be devised in case the en vironment changes. a) Contingency b) Contiguity c) Continuity 5. Managers have to supervise their ______, and to measure, and try to improve, their performance. a) subsidiaries b) superiors c) subordinates 6. ______are appointed and supervised and ad vised and dismissed by a company’s board of directors. a) Top managers b) First-line managers c) Middle managers 7. Some people are unable to put management ______into practice. a) technique b) techniques c) tacticians 8. Managers have to ______objectives to the people responsible for ______them. a) delegate, reaching b) decentralize, achieving c) communicate, attaining
XIX. Translate these words and phrases into Azerbaijani / Russian without using dictionary. work flextime, portfolio worker, self-employed, work freelance, workstation, decentralize, caring, centralize, CEO (Chief Executive Officer), executive staff, delegation of authority/powers, managing director (executive director), salary, wages, white collar, blue collar, setting and maintaining performance standards internally and externally, staffing, stakeholder, start-up, contingency plans, when the going gets tough, coaching, mentoring, resist the temptation to lose mental control.
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XX, Read the following DIALOGUE: Peggy Forman is talking with Jaff Downing, another administrative assistant in her organization.
Jaff: How are you today, Peggy? Peggy:Ohy fine, thanks. Jaff: Glad to hear that. By the way, are you familiar with the organizational chart for the company? Peggy: No, I am not. What is it like actually? Jaff: Well, the chart shows how the employees are divided into groups. It gives one an overview of the chain of command in the organization. Peggy:\ see. The positions can be line and staff ones. Jaff: Yes. The subject is not new to you. What else do you know about it? Peggy: As far as I know a worker in a line position receives orders from his immediate subordinate. Jaff: Exactly, that’s the line chain of command. Peggy: A worker in a staff position reports directly to a line worker but he neither gives nor receives orders for line workers. Am I right? Jaff: Yes, you are. But someone may have line authority over people in his department and not be considered a line administrator. Peggy: How can it be? Jaff: That’s possible when a whole department is a staff department. For example, in our company the head of the credit department or the personnel department can hardly ever be president of the organization. Peggy:hxid what do the people in staff departments do, how is their work different? Jaff: Well, they are usually busy with services and they could do the same service for any organization. So they are not in the line.
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Peggy: It seems to be rather complicated. Jaff: It only seems so. I think the chart should help. Peggy: Oh, sure. But, Jaff, would you explain me what span of control is? Jaff: Oh, span of control refers to the number of people whom one manages directly. Peggy: Can you give me an example? Jaff: Well. The President of our organization directly manages the Vice-President of Production, the Vice-President of Marketing and the Controller. Thus, his span of control includes three people. Peggy: Yes, now I see. Thank you for your help. Joffi Not at all. Why don’t we go to the coffee stall and have a snack together?
USEFUL VOCABULARY
organizational chart -təşkilati struktur (quruluş)— организационная структура line position - nizami vəzifə — линейная должность immediate subordinate - birbaşa tabeliyində olan — непосредственно подчиненный line chain of command - zəncirvari tabelik — цепная структура подчинения immediate superior - birbaşa müdir—непосредственный начальник staff position- ştat vəzifəsi — штатная должность to report - hesabat vermək, məlumatlandırmaq— докладывать, дать отчет credit department-kredit şöbəsi— кредитный отдел span of control- birbaşa tabeçilik dairəsi -сфера непосредственного подчинения
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vice-president of production-istehsalat üzrə vitse- prezident- вицепрезидент по производству vice-president of marketing- marketinq üzrə vitse- prezident- вицепрезидент по маркетингу controller-nəzarətçi, baş maliyyəçi— контролер , главный финансист
ANSWER THE QUESTIONS.
1. What is your relationship with your immediate superior? 2. What position in your organization do you want to hold? 3. Do you want to be a sales-manager or a vice-president of marketing? Give your reasons. 4. Over what positions do you have direct authority in your organization? 5. What do you like more: to give orders or to receive orders? 6. Do you want to work in a staff department or in a line department? Give your reasons.
XXL Change the sentences according to the model. Model: A staff employee doesn ’/ give orders. A staff employee doesn’t receive orders. A staff employee neither gives, nor receives orders.
1. He isn’t a Controller. He isn’t a sales manager. 2. The head of the credit department doesn’t advise the President, The head of the credit department doesn’t report to controller. 3. He doesn’t want to hold a position of vice-president of
295 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH marketing. He doesn’t want to hold a position of general manager. 4. A credit department doesn’t have direct authority over a line department. A personnel department doesn’t have direct authority over a line department. 5.1 don’t want to talk with the Boss. I don’t want to talk with the Controller. 6. She doesn’t like to give orders. She doesn’t like to receive orders. 7. Jecky doesn’t want to attend annual meetings of shareholders. Susan doesn’t want to attend annual meetings of shareholders either.
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UNITX LABOUR* BUSINESSMEN
■ YOUR VOCABULARY
Businessman, Businesswoman - a person engaged in trade or commerce. Labour Productivity - A measurement of economic growth of a country. Labor productivity measures the amount of goods and services produced by one hour of labor. Labour Union - An organization intended to represent the collective interests of workers in negotiations with employers over wages, hours and working conditions. Labor unions are often industry-specific and tend to be more common in manufacturing, mining, construction, transportation and the public sector. Labour Intensive - A process or industry that requires a large amount of labor to produce its goods or services. The degree of labor intensity is typically measured in proportion to the amount of capital required to produce the goods/services; the higher the proportion of labor costs required, the more labor intensive the business. Labor Market Flexibility - Firms' ability to make changes to their workforce in terms of the number of employees they hire and the number of hours worked by the employees. Labor market flexibility also includes areas such as wages and unions.
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a TEXT I
LABOUR RELATIONS
Collective Bargaining Despite the decline of unionism, collective bargaining - the negotiation of labor contracts - remains an important feature of labor-management relations. The goal of collective bargaining is to establish a "work agreement" between the firm and the union. The Work Agreement Collective bargaining agreements (contracts) assume many forms. Some contracts are brief, taking up only 2 or 3 pages; others are lengthy and highly detailed, requiring 200 or 300 pages of print. Some agreements involve only a local union and a single plant; others set wages, hours, and working conditions for entire industries. Typically, however, collective bargaining agreements cover several topics. Union Status and Managerial Prerogatives As for union status, the closed shop affords the union the greatest security. In a closed shop, a worker must be (or become) a member of the union before being hired. Under Federal labor law, such shops are illegal in industries other than transportation and construction. In contrast, a union shop permits the employer to hire nonunion workers but provides that these workers must join the union within a specified period, say, 30 days, or relinquish their jobs. An agency shop requires nonunion workers to pay union dues or donate an equivalent amount to charity. Union and agency shops are legal, except in the 20 states which expressly prohibit them through so-called right-to-work laws. In the open shop, an employer may hire union or nonunion workers. Those who are non union are not obligated to join the union or pay union dues; they may continue on their
298 HUSSEIN MAOSUD OGLU KAMALA JAFAROVA BUSINESS ENGLISH jobs indefinitely as nonunion workers. Nevertheless, the wage, hours, and working conditions set forth in the work agreement apply to the nonunion workers as well as the union workers. The management side of the union-status issue is managerial prerogatives. Most work agreements contain clauses outlining certain decisions reserved solely for management. These prerogatives usually cover such matters as size and location of plants, products to be manufactured, types of equipment and materials to be used in production and in production scheduling. Wages and Hours The focal point of any bargaining agreement is wages and hours. Both labor and management press for the advantage in wage bargaining. The arguments which unions use most frequently in demanding (and by the firm in resisting) wage boosts are (1) "what others are getting," (2) the employer's ability to pay, based on its profitability, (3) increases in the cost of living, and (4) increases in labor productivity. In some cases, unions achieve success in tying wages to the cost of living through cost-of-living adjustment (COLA) clauses. Hours of work, voluntary versus mandatory overtime, holiday and vacation provisions, profit sharing, and fringe benefits - health plans and pension benefits — are other contract issues which must be addressed in the bargaining process. Semontv and Job Protection The uncertainty of employment in a market economy, along with the fear of anti-union discrimination on the part of employers, has made workers and their unions 'Job conscious." The explicit and detailed provisions covering job opportunities which most agreements contain reflect this concern. Unions stress seniority (length of service) as the basis for worker promotion and for layoff and recall.
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In recent years, unions have become increasingly sensitive to losing jobs to nonunion subcontractors and to overseas workers. Unions sometimes seek limits on the firm’s ability to subcontract out work or to relocate production facilities overseas. Grievance Procedures Even the most detailed and comprehensive work agreement cannot spell out all the specific issues and problems which might occur during its life. For example, suppose that Nelson gets reassigned to a less pleasant job. Was this reassignment for legitimate business reasons or, as Nelson suspects, because of a personality conflict with a particular manager? Labor contracts contain grievance procedures to resolve such matters. The Bargaining Process The date for the beginning of collective bargaining on a new contract is usually set in the existing contract and is usually 60 days before the current one expires. The union normally takes the initiative, presenting its demands in the form of specific wage, fiinge-benefit, and other adjustments to the present union-management contract. The firm counters with an offer relating to these and other contract provisions. It is not unusual for the original union demand and the first offer by the firm to be far apart, not only because of the parties' conflicting interests but also because the parties know they are obligated by law to bargain in good faith. The initial 'large demand-low offer situation" leaves plenty of room for compromise during the negotiations. The negotiating then begins in earnest on items in dispute. Hanging over the negotiations is the deadline, which occurs the moment the present contract expires. At that time there is a possibility of a strike - a "work stoppage" by the union - if it thinks its demands are not satisfactorily met. But there is also the possibility that at that time the firm
300 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH may engage in a lockout, in which it forbids the workers to return to work until a new contract is signed. In this setting of uncertainty prior to the deadline, both parties feel pressure to find mutually acceptable terms. Although bluster and bickering often occur in collective bargaining, labor and management display a remarkable capacity for compromise and agreement. Typically they reach a compromise solution which is written into a new contract. Nevertheless, strikes and lockouts occasionally do occur. When they happen, workers lose income and firms lose profit. To stem their losses, both parties look for and usually eventually find ways to settle the labor dispute and get the workers back to work. Bargaining, strikes, and lockouts occur within a framework of Federal labor law, specifically the National Labor Relations Act (NLRA). This act was first passed as the Wagner Act of 1935 and later amended by the Taft-Hartley Act of 1947 and the Landrum-Griffm Act of 1959. The act sets forth the dos and don'ts of union and management labor practices. For example, while union members can picket in front of a firm's business, they cannot block access to the business by customers, co-workers, or strikebreakers hired by the firm. As a second example, firms cannot refuse to meet and talk with the union’s designated representatives.
VOCABULARY NOTES
collective bargaining - kollektiv müqavilə (sövdələşmə) - коллективная договоренность prerogative - üstünlük, müstəsna hüquq, ixtiyar, səlahiyyət- прерогатива, исключительное право, привилегия, полномочие
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closed shop - qapalı iş yeri (yalnız həmkarlar təşkilatı üzvlərini işə qəbul edən müəssisə) - предприятие (закрытое рабочее помещение) , принимающее на работу только членов профсоюза to relinquish - imtina etmək - отказываться, оставлять set forth - irəli sürülən - изложенный cost-of-living adjustment - əmək haqqının yaşayış xərclərinin dəyişməsi ilə müvafiq olaraq dəyişilməsi (tənzimlənməsi) - корректировка (регулирование) заработной платы, которая соответствует с изменением стоимости жизни. voluntary - könüllü - добровольный mandatory - məcburi, mandath - обязательный, принудительный, мандатный fringe benefits - əlavə imtiyazlar (güzəştlər) - дополнительные льготы explicit - açıq-aydın, dəqiq - явный, точный provision - təchizat, təminat - обеспечение, снабжение layoff - işdən çıxarma - увольнение с работы to recall - xatırlamaq - вспоминать,напоминать grievance procedure - şikayətlərə baxma proseduru - порядок рассмотрения жалоб spell out - hərf -hərf demək, çətin oxunan yazını oxumaq - продиктовать по буквам, расшифровать to expire - müddəti keçmək - истекать to counter - qarşı durmaq, müqavimət göstərmək, etiraz etmək - противостоять, противоречить, сопротивляться in earnest - ciddi surətdə - серьезно, всерьез lockout - kütləvi işdən çıxarma, lokaut (fəhlələri öz tələblərindən və tətildən əl çəkməyə məcbur etmək üçün sahibkarların müəssisəni bağlayıb, fəhlələri kütləvi surətdə işdən çıxarması) - массовое увольнение (предприниматели закрывают свое предприятие и массово увольняют
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работников для того чтоб они отказались от своих потребностей и забастовки) bluster - lovğalıq- бахвальство, спесивость, надменность bickering - mübahisə - спор to stem - saxlamaq, qarşısını almaq - остановить, предотвратить strike-breaker - tətili pozan (dağıdan) - штрейкбрехер designated - təyin olunmuş - назначенный
ANSWER THE QUESTIONS.
1. What is collective bargaining? 2. Collective bargaining agreements typically cover several topics. What are they? 3. When does collective bargaining on a new contract begin? 4. How do closed and open shops differ? 5. What contract issues are addressed in the bargaining process? 6. Why have workers become "job conscious"? 7. How does the bargaining process occur? 8. What are grievance procedures? 9. In what framework do bargaining, strikes, and lockouts occur? 10. When was the National Labor Relations Act (NLRA) passed for the first time?
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ASSIGNMENTS /. Decide whether these statements are True (T) or False (F). 1. A union shop affords the union the greatest security. 2. Union and agency shops are illegal in 20 states. 3. Nonunion workers cannot exercise their rights set forth in the work agreement. 4. The bargaining process usually begins within two months before the expiration of the current contract. 5. Both parties are pressed to find mutually acceptable terms prior to the deadline. IL Give English equivalents to the following words and expressions: • imtina etmək; • vicdanla, insafla; • yaşayış minimumunun (yaşamaq üçün zəruri olan minimum (ən az) vəsait) artınlması üçün edilən düzəliş; • təyin (müəyyən) olunmuş; • işin olmamasına görə işdən çıxarılma; • vacib, icbari, zəruri, məcburi; • aydınlaşdırmaq, başa salmaq, izah etmək, şərh etmək; • yalnız həmkarlar ittifaqının üzvlərini işə götürən müəssisə; • əmək mübahisələrinin həlli qaydası; • müddəa, şərt (qanunun, müqavilənin, razılığın) • отказываться; • добросовестно; • поправка на рост прожиточного минимума; • назначенный; • увольнение из-за отсутствия работы; • обязательный, принудительный; • разъяснять, растолковывать; • предприятие, принимающее на работу только членов профсоюза;
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• процедура разрешения трудовых споров; • положение, условие (закона, договора, соглашения)
III. Choose an appropriate word or expression from the box to complete the following sentences. I fringe benefits, in earnest, prerogative, countered,] I voluntary, strike-breakers, stem.
1. It is the ... of management to decide what products should be manufactured. 2. If strikes and lockouts occur labor and management usually try to reach a compromise solution to ... their losses. 3. Such contract issue as ... overtime must be addressed in the bargaining process. 4. A competitive salary with ... will be offered to all workers. 5. During the strike, the management successfully employed .... 6. The unions were accused of illegal actions, but they... with the claim that the situation was disastrous. 7. The two parties can finally start negotiating... about issues of mutual concern.
IV. Give synonyms for the italicized words in each sentence beloWy or briefly explain their meaning. 1. The wage, hours, and working conditions set forth in the work agreement apply to the nonunion workers as well as the union workers. 2. Unions stress seniority (length of service) as the basis for worker promotion and for layoff and recall. 3. The date for the beginning of collective bargaining on a new contract is usually set in the existing contract and is usually 60 days before the current one expires. 4. There is also the possibility that at that time the firm may engage in a lockout.
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5. Although bluster and bickering often occur in collective bargaining, labor and management display a remarkable capacity for compromise and agreement.
V. Put words into the spaces. a year by good money hourly for makes on the staff package payroll on salary staff member wage well paid well Setl: 1. She's ______40k a year. 2. She's on forty thousand 3. Her monthly ______is about P3,300. 4. She ______forty thousand pounds a year. 5. Parker Publishing offer an excellent remuneration to executives. Set 2: 6. He works ___ Parker Publishing. 7. He's employed __ Parker Publishing. 8. He's of Parker Publishing. of 9. He's on the ______Parker Publishing. 10. He's a Parker Publishing
Set3: 11. Parker Publishing pay their delivery drivers a good rate. 12. Parker Publishing pay their delivery drivers ______13. Parker Publishing delivery drivers are on ______14. Parker Publishing delivery drivers are ______15. Parker Publishing delivery drivers get a good weekly
m TEXT! BUSINESSMEN & BUSINESS HOURS To my mind the profession of a businessman is one of the complicated ones. A businessman is very busy on his
306 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH weekdays. It is difficult to say if there are weekends. On weekdays his working day begins early in the morning. He has to get up at 7 o'clock to be ready in time and not to be late to his office. There are a lot of people waiting for him. He has to inspire confidence. It is necessary to point that this person frequently goes on a mission and that is why he usually comes late from work. A businessman visits different meetings, conferences where various problems are solved. Sometimes he faces the difficult situations, which his company has to settle. It seems to me that you need to have a very creative mind to be a businessman. Our country needs good businesspeople to strengthen its economy. Every day he meets lots of different people, that’s why, it is necessary for him to be a friendly and patient person whom you can easy to talk to. A businessman should possess the quality of leadership. The success of business depends upon loyalty and cooperation of employees. The cooperation of employees depends on enthusiasm and interest about the work they are doing. Another notable quality of the businessman is business morality, which means honest dealings. Honesty, straight forwardness, fair dealings, dependability and moral character are also important qualities for success in business. Today business has become so complex and competitive that it is full of danger to start a business without knowing its problems. It is through training and education that the businessman can properly understand the problems of his business and find solutions for them. Modem business is subject to fast changes. It requires a businessman to appreciate time. He must always think in terms of time. Businessman must have consistent mind so as to be able to exercise firmness in his dealing with others. A businessman has to deal with many persons everyday and to take important decisions. It is necessary that the busi-
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nessman must use proper skill and tact to make best use of the business opportunities. He must possess sharp memory. A businessman should be courteous. Natural aptitude inspires a person to work hard. Moral character helps a person to earn power and prestige in society. A businessman should be a cheerful. Good health of the businessman creates good impression about him.
Monday 10 a.m. Visit new factory site and Mr. Black 3 p.m. (builder) Interview Caroline Laidlaw for new sales job. 5 p.m Appointment with Mr. Aliyev from Baku. 8. p.m. Maggie’s cocktail party. Tuesday 11.30. a.m. Tax office. Meeting with Mr. Grabbit (tax inspector) 2 p.m. Appointment with Mrs. Olsen - Swedish Embassy 4 p.m. Appointment with workers from factory, solving some problems. 6 p.m. Lunch at Mange Tout restaurant with Mr. Black 8 p.m. Charity party for orphan children Wednesday 9 a.m. Marketing Dept. Meeting Agenda: 2012s campaign. 12 a.m. Appointment with Mr. Gandhi - Indian Embassy 3 p.m. Meeting with Mrs. Came (lasted 3 hours) 7 p.m. Lunch with Dave Csemovics (Barclays Bank) Thursday 10 a.m. Appointment with Miss. Carley (lasted 2 hours) I p.m. Reception, British Council 4 p.m. Going to Newcastle 7 p.m. Guest speaker at Geographical Society dinner
Friday 10.55 a.m. Fly to New York Marketing conference Saturday 11 a.m. Meeting with partner Mr. Tom 1 p.m. Lunch at the restaurant with wife 3 p.m. Appointment with Mr. Aliyev from Baku 5 p.m. Factory tour with Ms. Lyon (lasted 2 hours)
Sunday All day Rest with his family
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VOCABULARY NOTES
to complicate - çətinləşdirmək, mürəkkəbləşdirmək - усложнять to inspire confidence - güvən vermək, inam yarat- maq/oyatmaq - вызвать доверие, доверять to come late - gec gəlmək - приходить поздно to settle - həll etmək - уладить, решать , наладить creative mind - yaradıcı təfəkkür - творческий ум, креативность to strengthen - gücləndirmək - укрепить, усиливать patientli - səbr - терпение possess - sahib olmaq - обладать enthusiasm - həvəs, həyəcan - энтузиазм, волнение notable quality - nəzərəçarpan (gözəçarpan) keyfiyyət - заметное качество morality - mənəviyyat - моральное состояние dependability - etibarlılıq - надежность to appreciate - qiymətləndirmək - оценить consistent - ardıcıl, uyğun gələn - последовательный, согласующийся firmness - möhkəmlik - твердость courteous - nəzakətli - вежливый
ANSWER THE QUESTIONS.
1. Who is a businessman? 2. Can you a describe little the daily schedule of businessman? 3. Why does our country need good businesspeople? 4. What should a businessman possess? 5. From what does the success of business depend?
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6. From what does the cooperation of employees depend? 7. What is a business morality? 8. What are also important qualities for success in business? 9. Why today it is full of danger to start a business? 10. What is a modem business?
VL Use the following words and word combinations in your own sentences: modem business, to complicate, business morality, to inspire, enthusiasm, difficult situation, factory, businessman, training and education, creative mind
VIL Discuss the following questions with the group or write a short essay on the topic you liked the most 1. It is better to start working as early as you can to have working experience. It is not important what your first job would be. 2. Azerbaijan economy does not need pure economists. It needs specialists in applied economics, such as accounting, marketing or management. 3. It is better to start working in a western firm, because they respect young people and have a corporate culture. 4. It is important to work in the start positions.
VIIL Translate into English. I. Başa düşmək lazımdır ki, iş təklif edən sahibkarlar iqtisadi peşələr üzrə məzun olan şəxslərin sahib olduqları tam (bütöv) bilik toplusu ilə daha çox maraqlanırlar. 2. Bir çox vərdişlərə (biliklərə) insanlar işdə yiyələnirlər. 3. İqtisadi fakültələrdə oxumaq sizi bir çox çətin vəziyyətlərdə təcili qərar qəbul etməyə hazırlayır. 4. İqtisadi fakültələrin tələbələri rəqəmlərlə işləməyi və düzgün suallar qoymağı bacarır. 5. Statistika göstərir ki, iqtisadi fakültələrdən
310 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH məzun olan tələbələrin orta əmək haqqı digərlərinə nisbətən daha çoxdur. 6. İşə götürən şəxslər çox vaxt yaxşı riyazi biliklərə, mətn redaktorları, cədvəl redaktorları, statistik proqramlar ilə işləmək qabiliyyətinə malik olan işçiləri axtarırlar. 7.Proqramlaşdırma dillərini bilmək böyük üstünlükdür. 8. Tələbə-iqtisadçılar dövlət təşkilatlarına işə qəbul üçün ərizə verə bilərlər, bu zaman onlardan biznesdə işləmək üçün tələb olunan eyni biliklər istəniləcəkdir.
1. Важно понимать, что наймодатели более заинтересованы в целом наборе навыков, которыми обладают выпускники экономических специальностей. 2. Большинство навыков люди приобретают на работе. 3. Учеба на экономических факультетах подготавливает вас критически осмыслить множество сложных ситуаций. 4. Студенты экономических факультетов учатся работать с числами и ставить правильные вопросы. 5. Статистика показывает, что средняя начальная заработная плата выпускников экономических факультетов выше, чем у других. 6. Наймодатели часто ищут работников с хорошими математическими навыками, умением работать с текстовыми редакторами, редакторами таблиц, статистическими программами. 7. Знание языков программирования является большим преимуществом. 8. Студенты-экономисты имеют право подавать заявления о приеме на работу в государственной организации, где требуются те же навыки, что и для работы в бизнесе.
IX, Choose the best words to go into the spaces. l.Tony doesn't pay tax. He gets paid ______a. cash in pocket b. cash in hand. c. cash in fingers.
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2. Anna is a illustrator. She works for many dif- ferent a. freelance / customers b. free / clients c. freelance / clients 3. Anna is a. self-employed b. self-working c. self-paid 4. Steve works for Burger Planet. He only earns about £6 a. for an hour b. an hour c. the hour 5. Working in a fast-food restaurants is usually a occupation. a. bad-pay b. short-pay c. low-pay 6. Many company executives receive a performance-related . a. bonus b. gift c. extra 7. Extra benefits from employers such as free health in surance, free cars and free mobile phones are called . a. presents b. extras c. perks 8. Factory workers who get paid for each item they make are
a. in pieces b. on piecework c. on pieces
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m TEXTS WORKERS & WORKING PLACES
The reasons people can feel happy or content in their work can often be quite complicated. For some, it is the moral reward of doing good, others are happy to simply make a living, still others appreciate the good career opportunities their positions offer or their relationships at work. Some scholars define job satisfaction as the emotional state of enjoyment that an employee gets from doing his or her job well and being suitably rewarded. Others take into account the emotional fulfillment an individual reaches when the job meets his or her expectations. For most researchers, however, job satisfaction has multiple dimensions and is determined by a number of factors such as the nature of the work itself, relations and interactions with superiors and peers, pay, benefits, promotion, the organization and its management and last but not least the working conditions. One of the most influential contributions to understanding job satisfaction is the motivation-hygiene theory of the American psychologist Frederick Herzberg (1923 to 2000). The theory was based on interviews conducted in the late 1950s with accountants and engineers, who were asked when they felt good or bad about their jobs and to explain why. The interviews led Herzberg to identify two dimensions to job satisfaction: motivation and hygiene. The motivation factors included recognition, achievement, the work itself, responsibility, advancement and growth. The hygiene issues, such as company policies, supervision, salary, interpersonal relations and working environment, are considered as the conditions to be met in order to prevent dissatisfaction.
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If an organization wants to enhance job satisfaction, it should consider the nature of the work itself, and whether it ensures status, taking responsibility and achieving self- fulfillment. On the other hand. If the management wants to reduce dissatisfaction, then it must improve supervision, ensure adequate pay and good working conditions. Managers are expected to develop a good mix of factors that make employees happy about their jobs. Knowing the needs of their employees they will be able to match tasks with personalities, preferences and skills. Many companies are aware that job enrichment is crucial for creating a good work environment. Job enrichment involves increased responsibilities, higher recognition and good conditions for growth and achievements. The ergonomics in the workplace which includes the working conditions like lighting, space and other such and such as well as interpersonal and interpersonal relations with fellow colleagues, management and other authority figures also plays a major role in determining the degree of job satisfaction. If there is mutual respect and regard among employees and management as well as among employees themselves, it will show in the work. A person will want to go to work if he enjoys being with the others there and they provide for an encouraging environment. Each of these factors play a major role in determining how happy and satisfied the employee is with his job. Job satisfaction cannot come about if due importance is not given to these job satisfaction factors and that will, in turn have a direct effect on the performance of the employee. So if you want your business to prosper, make sure that the employees are happy.
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VOCABULARY NOTES
content - məmnuniyyət, razı salma/qalma - довольство, удовлетворение complicated - dolaşıq, mürəkkəb - запутанный, сложный to appreciate - qiymətləndirmək - оценивать scholars - alimlər - ученые dimensions - ölçülər - размеры working condition — iş şəraiti - рабочее условие influential - nüfuzlu - влиятельный motivation-hygiene theory - motivasiya-gigiyena nəzəriyyəsi - мотивационно-гигиеническая теория to conduct - aparmaq, keçirmək - вести, проводить to enhance - artırmaq - увеличивать job satisfaction - iş məmnunluğu - удовлетворенность работой peers - həmyaşıdlar, kolleqalar (həmkarlar) - ровест- ники, коллеги to identify - müəyyən etmək - идентифицировать motivation - motivasiya - мотивация hygiene - gigiyena - гигиена to prevent - qarşısını almaq, xəbərdarlıq etmək - предотвратить, предупреждать dissatisfaction - qeyri-məmnunluq, narazılıq - недовольство, неудовлетворённость self-fulfillment - öz-özünə reallaşdırmaq, avtomatik icra - самореализация, автоматическая реализация to reduce - azaltmaq - уменьшить adequate - adekvat, tam uyğun - адекватный, полностью соответствующий preference - üstünlük vermə - предпочтение, преимущество enrichment - zənginləşdirmə - обогащение to involve - cəlb etmək - привлечь
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higher recognition - daha yüksək (ali dərəcədə) tanınma- более широкое признание growth - böyümə, artım, inkişaf - увеличение, развитие achievement - nailiyyət - достижение lighting - işıqlandırma - освещение interpersonal relations - şəxsiyyətlərarası münasibətlər - межличностные отношения colleagues - həmkarlar - коллеги authority figures - rəsmi (səlahiyyətli) şəxslər-уполномоченные (официальные) личности to prosper - müvəffəqiyyət qazanmaq, inkişaf etmək, çiçəklənmək - процветать, преуспевать, развиваться
ANSWER THE QUESTIONS.
1. When people can feel happy? 2. What is a job satisfaction for some scholars? 3. What is the most influential contributions to understanding Job satisfaction? 4. Who is Frederick Herzberg? 5. On what was based Frederick Herzberg’s motivation- hygiene theory? 6. Can you talk a little about the motivation-hygiene theory? 7. What are included to the motivation factors? 8. What hygiene issues do you know? 9. What should an organization do if he/she wants to enhance job satisfaction? 10. What factors do play a major role in determining how happy and satisfied the employee is with his job?
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X, Translate the following sentences into English. 1. Ünsiyyət (əlaqə) - şifahi, yazılı və ya kompüter vasitəsi ilə əlaqə saxlamaq (ünsiyyət qurmaq) deməkdir. 2. Biznesmen (iş adamı) üçün ustalıq və asanlıqla hər cür şəraitə uyğunlaşma vacib keyfiyyətlərdir. 3.Komanda tərkibində işləmək bacarığı ümumi məqsədə çatmaq üçün digəriləri ilə işləyə bilmək qabiliyyətinin olması deməkdir. 4.Kəmiyyət təfəkkürünə malik olmaq rəqəmsal verilənlər, statistik verilənlər (məlumatlar) və qrafiklərlə işləmək üçün vacib bacarıqdır. 5. İş təklif edən sahibkarlar namizədin çalışacağı sahə üzrə əhəmiyyətli olan bütün müvafiq bacanqlan (bilikləri) onda gömək istəyir. 6. Şirkət həmçinin namizəddən standart ərizənin (formanın) doldurulmasını da xahiş edə bilər. 7.Şirkətin kadrlar şöbəsi müsahibəyə dəvət olunacaq ən uyğun namizədləri seçib onların yekun siyahısını hazırlayırlar. S.Xülasə (rezyume) sizin təhsiliniz, bacarıqlarınız və iş təcrübəniz haqqında məlumatları əks etdirir. 9.Şirkət həmçinin əməkdaşlarını işçinin seçilməsi ilə məşğul olan firma vasitəsi ilə də işə götürə bilər, (işəgötürmə, kadrlar şirkəti)
1. Коммуникативность - это способность общаться устно, письменно или через компьютер. 2. Гибкость и адаптивность являются важными качествами для бизнесмена. 3. Способность работать в команде означает умение работать с другими для достижения общей цели. 4. Способность к количественному мышлению является важным навыком для работы с цифровыми данными, статистическими данными и графиками. 5. Наймодатели хотят видеть в кандидате работника все подходящие навыки, являющиеся важными в сфере, в которой он/она собирается работать. 6. Компания может также попросить кандидата заполнить стандартное заявление (форму). 7. Отдел кадров компании подбирает наиболее подходящие кандидатуры и подго
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тавливает окончательный список кандидатов, которые будут приглашены на интервью. 8, Резюме представляет информацию о вашем образовании, умении и опыте работы. 9. Компания также может нанимать сотрудников через фирму, занимающуюся подбором персонала (рекрутинговая компания).
XI. Discuss in the group. 1. Is it easy to find a job for an economics student? 2. What skills are attractive for employers in Azerbaijan? 3. What work experience is important for employers in your city? 4. What jobs can you have after one year of studies at the faculty of economics? 5. What summer jobs are available in your city?
XII. Which two of these sentences are not possible? 1.1 think you should ask for a pay rise. 2.1 think you should ask for a pay increase. 3.1 think you should ask for more pay. 4.1 think you should ask for higher money. 5.1 think you should ask for a salary increase. 6.1 think you should ask for bigger money.
XIII. Put the words /phrases into the correct boxes. attractive salary boss committed dynamic highly motivated huge salary line manager loads of money member of a team remuner- ation package feet they pay peanuts worked off your
JOB ADVERTISEMENT INFORMAL CONVERSATION
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» TEXT 4
LOOKING FOR A JOB
When a company needs to recruit or employ new people, it may decide to advertise the job or position in the "NEED HELP" section of a newspaper. People who are interested can apply for the job by sending in a letter of application or covering letter (in the USA - cover letter) and a curriculum vitae or CV (in the USA - resume) containing details of their education and experience. A company may also ask candidates to complete a standard application form. The company's Human Resources department will then select the most suitable applications and prepare a shortlist of candidates or applicants, who are invited to attend an interview. Another way for a company to hire is by using the services of a recruitment agency, which provides a list of suitable candidates. The CV (curriculum vitae) is presenting your education, skills and experience to the employer. CV demonstrates the suitability of an applicant for the job. As well as providing an insight into previous qualifications and experience, it should show the employer the skills and qualities the applicant has, that will match the position being applied for. In compiling CV the applicant has one objective only - to get an interview in order to get the job. A CV must be accurate, interesting and up-to-date. It must be presentable so that it makes the best impression possible and gets noticed. It should be relevant — targeted to the needs of each particular position. In your C V you need to bring together details of your qualifications, details of the job itself, details of the qualifications and skills required, evidence from your personal profile that matches the employers criteria. This information will help you to prioritize the detail that should be included in your CV
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The CV must be accurate, brief and clear. Describe your skills and achievements as positively as possible. Applicants skills and qualities that are most often sought by employers are listed below: - Communication is an ability to communicate orally, in writing or via computer communication system. - Team work means working well with others in order to achieve a common objective. - Leadership is a skill and quality of being able to motivate and encourage others, being a leader. - Initiative is an ability to see opportunities and to set and achieve goals. - Problem solving is thinking things through a logical way in order to determine key issues. Creative thinking is useful. - Flexibility and adaptability are abilities to handle changes and adapt to new situations. - Commitment means having energy and enthusiasm in pursuing projects. - Interpersonal skills are abilities to relate well to others and to establish good working relationships. - Numeracy is competence and understanding of numerical data, statistics and graphs. Additionally, employers like to see that applicants have some business awareness - having an insight into what is happening in industry or commerce and the impact this could have on the organization.
VOCABULARY NOTES
to recruit - İŞƏ qəbul etmək, yığmaq, toplamaq - прием на работу, подобрать, собрать to advertise - reklam etmək - рекламировать section of a newspaper - qəzet bölməsi - газетный
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отдел (секция) to apply for a job - iş üçün müraciət etmək, işə düzəlmək - обратиться по работе, устроиться на работу letter of application (including curriculum vitae ( CV) or resume) - müraciət ərizəsi (tərcümeyi- hal (CV) və ya xülasə (rezyume) əlavə olunmaqla ) - заявление (c приложением автобиографии или резюме) to complete an application form - ərizə formasını doldurmaq - заполнить бланк заявления Human Resources department - İnsan Resurslan de- partamenti - департамент человеческих ресурсов shortlist of candidates - namizədlərin siyahısı - список кандидатов to attend an interview - müsahibədə iştirak etmək - участвовать на собеседовании recruitment agency - işəgötürmə (kadr) agentliyi - кадровое агентство, агентство по набору работников insight - anlaşma, fərasət, uzaqgörənlik - проницательность, понимание, интуиция in order to - görə, üçün- для того, чтобы up-to-date - çağdaş, müasir tələblərə cavab verən, indiyə kimi - современный, соответствующий современным требованиям, до сих пор impression - təəssürat - впечатление to get noticed - diqqəti çəkmək, nəzərə çarpmaq - быть замеченным relevant - münasib, işə aid olan - уместный, относящийся к делу targeted to the needs - ehtiyaclarını (tələblərini) ödəməyə istiqamətlənən - направлены на удовлетворение потребностей particular position - xüsusi mövqe - особая позиция should be included - daxil edilməlidir - должны быть включены clear - aydın - понятный achievements — nailiyyətlər - достижения
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orally — şifahi - устно objective — məqsəd, təşəbbüs niyyət - цель, инициатива leadership — rəhbərlik, liderlik - руководство, лидерство to encourage —həvəsləndirmək - поощрять, поддерживать flexibility — elastiklik, hər şeyə asanlıqla uyğunlaşma - гибкость, C легкостью адаптированный adaptability — tətbiq edilə bilmə, işə yarıma - приспособляемость, применимость commitment — öhdəlik, tapşırma - обязательство, поручение numeracy — hesablar - счета data — məlumat - данные, информация awareness — məlumatlanma, məlumatı olma başa düşmə - осведомленность, осознание
ANSWER THE QUESTIONS.
1. Where does the company usually publish the advertisement? 2. What candidates do usually send to the company? 3. What is the role of Human Resources department? 4. What is the role of CV in the process of recruitment? 5. What should CV look like? 6. What skills and qualities are most often sought by employers? 7. What is "problem solving"? 8. What is "numeracy"? 9. What is "business awareness"?
XIV. Translate into Azerbaijani/ Russian, 1. A company may decide to advertise a position in the
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"NEED HELP" section of a newspaper. 2. Candidates are expected to send their CVs and covering letters to the potential employer. 3. Some companies require candidates to complete a standard application form. 4. Human Resources department or a recruitment agency prepares a shortlist of candidates to interview. 5. Recrutaient agencies are called "search firms" in the United States. 6. The CV presents your qualifications, skills and personal qualities. 7. When the applicants compiles the CV he or she has only one objective — to get a job interview. 8. A CV must make the best impression possible and be targeted to the needs of each position. 9. The CV must be brief, accurate and clear. XK Finish the sentences. 1. Job positions are advertised in... 2. A company may ask candidates to... 3. The company's Human Resources department... 4. The company may also use... 5. CV must be... 6. Communication is... 7. Team work means ... 8. Initiative is...
XVI. Match the words below with their definitions. interview a) a public notice, usually printed in a newspaper, of j goods for sale or services offered; or of goods or: services wanted. j 2. advertisement b) a letter of an employer asking for employment, j 13. experience c) an office for which a person has been chosen, i j 4. appointment d) something such as a degree or a diploma that you I get when you successfully finish a course of study, j Is. qualification e) a formal meeting in which someone asks you a questions to find out if you are suitable for a job,! course of study, etc. application f) knowledge and skill gained through time spent | doing a job or activity.
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XVII, Read and translate the text.
What Jobs Do Economics Graduates Get in the United States?
The important thing to understand about finding a job with an economics degree is that employers are less interested in whether you have a specific skill, like being able to find the intersection of the supply and demand curve, than they are in the package of skills that people with economics degrees have. Here is a small secret: most of the skills people use on the job are learut on the job. An undergraduate degree in economics trains you to "think critically" about a variety of complicated situations. For example, you learn about the elasticity of demand. This theory illustrates how price setting for firms is more complicated than just "raise price to increase profits" — sometimes this strategy will lower profits. Learning about elasticity is not only useful because it is an important business concept, but also because it teaches problem solving skills. Economics students also learn how to figure out what are the right questions to ask about business situations, solve problems, work with numbers, and a variety of other skills. What this means is that employers know that, if they want someone who is a good thinker and who is going to be able to learn the specific job skills which they need, then they should hire an economics major. This is why statistics show that average starting salaries for students with economics majors are even higher than those with business majors. Many jobs in business do not require students to have a business degree or a major in a specific field like "accounting." Employers are happy to hire students with undergraduate degrees in economics. They are often looking
324 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH for good mathematics skills, good writing skills, ability to use a word processing program such as Word, and a spreadsheet program such as Excel. Some jobs require skill in using a statistics program. Computer programming skills are definitely an advantage. Almost any programming language will appeal to most employers. Job titles in business include any kind of "analyst" or "consultant" title, "economist", "research assistant", and others. Economics majors can also apply for entry level positions in business as long as there isn't a specific requirement to know marketing or some other skill which an economics major might not learn. These days a lot of economics majors are finding jobs in the banking and financial services sector of the economy. A number of government agencies and government-related organization like to hire students with economics degrees to do many types of work. These jobs often involve doing research on programs. They work to find out how well they are working or evaluating different options for a new program being considered. In many cases, people with undergraduate degrees in economics will be a part of a team of researchers, some of who have graduate degrees. Job titles in the government include "economist", "research assistant", and others. Employers will be looking for skills which are similar to those needed for business. Again, students with degrees in economics are eligible to apply for government jobs.
XVIIL Read and retell the following DIALOGUE between Henry Brown and Janet Harvey discussing the problem of recruiting new staff by advertising,
Henry:Good morning, Janet. It’s Henry Brown. There is something I want to ask you about. Do you
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know how to approach the problem with this new Sales Manager post? Janet: Well, yes, most companies recruit new staff by advertising in the press. Pages listing job advertisements are usually titled as “appointments”. They must contain detailed descriptions or specifications on the type of people the advertiser is looking for such as their qualifications (degrees, diploma, certificates) which are obviously important, but as I am sure, you know, experience may count for much more. Henry: Oh, I see. As far as I can guess the aim is to attract a small number of well-qualified applicants, so that it is fairly easy to make a shortlist of the people you actually want to interview. Janet: You’ve got it right. If the advertisement is not specific enough, hundreds of people will send in their applications; but if it demands too much, they may be discouraged. Henry: OK, now I know how to handle this problem. Thanks for your help. Good-bye.
USEFUL VOCABULARY
approach the problem - problemə yanaşma - подход к проблеме sales manager - satış meneceri - менеджер по продажам to post - göndərmək - отправлять appointment - təyinat, vəzifə, randevu - назначение,должность, рандеву
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description - təsvir, xarakteristika - описание, харак- териска specification - spesifikasiya - спецификация qualification - ixtisas - квалификация, специальность obviously - açıq-aydın, aşkar - очевидно to attract - cəlb etmək - привлекать well-qualified applicant - yaxşı ixtisaslaşmış namizəd - хорошо квалифицированные кандидаты fairly - kifayət qədər, olduqca - довольно, весьма advertisement - reklam, elan - реклама, объявление to discourage - çəkindirmək, fikrindən daşındırmaq - отговаривать to handle - öhdəsindən gəlmək - справиться
XIX, Write about each person. The first one has been done for you, 1. I'm Alicia. I work in a public library in the afternoons from two until six. (I/job) I have a part time job. 2. My husband works in an office from 9 am to 5.30 pm. (he/job) 3. Our daughter works in a bank from eight till five every day. (she/work) 4. I'm David and I work in a cafe from 8 pm until midnight. (I/work) 5. My wife works in local government and she can have this job for as long as she wants it. (she/job) 6. Our son is working on a farm for four weeks, (he/job)
XX, Five people talk about their jobs. Put the words in brackets into the correct grammatical forms and guess their professions given below.
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•accountant •postwoman •flight attendant •software developer •teacher 1. Obviously, my work involves ... (travel) a lot. It can be quite physically .. .(tire), but I enjoy ... (deal) with customers, except when they become violent. Luckily this doesn’t happen often. 2.1 like ... (work) with figures, but my job is much less ... (bore) and routine than people think. The work ... (involve) a lot of human contact and teamwork, working with other managers. 3. Of course, it involves getting up quite early in the morning. But I fancy ... (be) out in the open air. And I get a lot of exercise! 4. You've got to think in a very logical way. The work can be mentally ... (exhaust), but it’s very satisfying to write a program that works. 5. I love my job. It’s very ... (stimulate) and not at all ... (repeat): no two days are the same. It’s good to see the children learn and develop.
XXI, Read the sentences belowy and choose the correct word. 1. Our ... are not very good this year, (sell/sales) 2. We ... electrical equipment, (produce/product) 3. Where is your ... located? (employ/employees) 4. We have 300... (employs/employees) 5. Every year our share price ... by about 5%. (grows/growth) 6. Our ... is road and bridge construction, (specialize/ speciality)
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UNIT XI CONTRACT
■ YOUR VOCABULARY
Contract Market - Any board of trade designated to trade a specific options or futures contract. Basically it's another word for "designated exchange". Contract Month - The month in which a futures contract expires. The contract can be delivered during the current month, provided that the terms and conditions set forth in the contract are met. Either delivery or expiration must take place in order to settle the contract. - Also known as the "delivery month". Contract Unit - The actual amount of the underlying asset represented by a single futures or derivatives contract. The underlying asset could be anything that is traded on a futures exchange, from agricultural commodities and metals to currencies and interest rates. Contract Holder - An individual or organization who owns the rights to a debt or other obligation. A contract holder is owed the benefits outlined in the contacts at a future date under the provisions of the contract. If the provisions or terms of the contract agreement are broken by the contract holder, he or she may have to forfeit some or all of the benefits.
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M TEXT I
CONTRACT A contract forms the basis of a transaction between the Buyers and the Sellers and great care is exercised when the Contract is being prepared that all the legal obligations have been stated. As a rule the Contract contains a number of clauses, such as: Subject of the Contract Price Terms of Payment Delivery Inspection and Test Guarantee Packing Marking Arbitration Transport Insurance, and other conditions. Here are clauses of a Contract signed by a Azerbaijan trading organization (the Buyers) and a British company (the Sellers): I. Subject of the Contract The Seller undertakes to sell and the Buyer to buy on the basis of delivery FOB London, Manchester or Hull (at the Buyer’s option) the complete equipment, technology and technical documentation of the plant. II. Price and Total of the Contract The total value of the Contract including the cost of the complete equipment for the plant as well as technical documentation, knowledge and experience (know-how), engineering, after-guarantee spares and services is £ ... (... pounds sterling).
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III. Terms of Payment The total amount of £ ... stated in Clause II shall be paid in English pounds by the Bank for Foreign Economic Affairs of the Azerbaijan Republic, Baku, in accordance with the following terms: 10% advance payment of the total Contract value shall be made within 30 days of the effective date of the Contract. .. 80% of the total Contract value shall be paid in accordance with the Credit Agreement between the Bank for Foreign Economic Affairs of the Azerbaijan Republic and the Middle Bank, United Kingdom. 5% of the total Contract value shall be paid within 30 days of the date of receipt by the Bank for Foreign Economic Affairs of the following documents... The Guarantee amount of 5 % shall be paid within 30 days of receipt by the Bank of the Acceptance Protocol confirming the acceptance of the plant for commercial operation. IV. Time of Delivery The delivery of the equipment under the present Contract shall begin in 8 (eight) months and shall be completed in 26 (twenty six) months from the date of signing the Preliminary Project Acceptance Protocol. V. Inspection and Test 1. Inspection and /or test of the equipment shall be carried out at the Seller’s and his sub-contactors’ works at the expense of the Seller in the presence of the Buyer’s inspectors. 2. The Seller is to notify the Buyer about the readiness of the equipment for inspection and/or test not later than 15 days before the proposed time of the inspection and/or test. 3. The Buyer’s inspector shall issue in due time to the Seller a Release Certificate for Shipment on the basis of the Test Certificate.
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4. If the Buyer’s inspector cannot be present on the appointed date, the Seller shall have the right to carry out the test without the Buyer’s inspector. The Seller shall issue a Test Certificate which is to be sent to the Azerbaijan Republic Trade Delegation in the UK who will issue a Release Certificate for shipment without delay. 5. Final tests and acceptance of the equipment for putting it into operation are to be made in the Azerbaijan Republic. Some time later after the Contract had started to be executed the Sellers notified the Buyers by post that the first shipment under the Contract was ready for inspection and testing. Unfortunately the Buyers’ inspector who was supposed to come for the inspection and resting had fallen ill. When the Sellers learned about it they wrote the following letter:
Dear Sir, August 25,2013
Contract № . . . We are somewhat concerned about the delay in providing an Inspection Engineer for equipment now ready at various manufacturers’ in the UK. If your Inspecting Engineer had come to our plant on 10th August we would already have completed the tests which I am sure would have been to your satisfaction. All the present indications show that your Inspecting Engineer will not be available to us until mid-September. This being so, we cannot possibly see how your Inspecting Engineer will be able to clear the amount of equipment ready for inspection to enable us to ship during September, which is the contractual delivery date. To help alleviate the situation we shall be pleased if you will arrange to have the equipment inspected by one of
332 HUSSEIN MAQSUO OGLU KAMALA JAFAROVA BUSINESS ENGLISH your resident engineers in the United Kingdom. Now in accordance with Clause V. 4 of the Contract we enclose duplicate copies of test data for the equipment. To assist us in meeting delivery requirements, if you are not able to provide an Inspecting Engineer from your Trade Delegation, will you please let us have your acceptance of the enclosed test data without delay as stated in Clause V. 4 of the Contract. We expected you to send us an early reply. Yours faithfully, Mr. Black
VI. Guarantee 1. The Seller guarantees that the supplied equipment and technological process as well as the automation and mechanization of the process of production are in conformity with the latest technical achievements which will be known and available to the Seller at the date of acceptance of the Preliminary Project. 2. The Seller guarantees that the equipment supplied is manufactured in full conformity with the description given in the technical documentation of the Final Project and technical specifications and conditions of the present Contract. 3. The period of guarantee shall be 12 months from the date of signing the Final Acceptance Protocol but not more than 30 months from the date of the last delivery of the equipment. 4. If during the guarantee period the equipment supplied by the Seller proves to have some defects the Seller undertakes to correct the defected defects or replace the defective equipment at his own expense. 5. The above period of guarantee in respect of the repaired or replaced equipment begins from the date of putting it in operation.
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6. The Seller guarantees that the Plant shall achieve the production capacity, product characteristics and operating requirements if: a) the plant is constructed and installed by the Buyer in accordance with good engineering and construction practice and with the technical documentation supplied by the Seller; b) the plant is operated and maintained by skilled and experienced personnel and with raw materials that conform to the Seller’s specification. VII. Packing The equipment shall be shipped in export seaworthy packing in accordance with the requirements of each particular type of equipment or material. The Seller shall be responsible for any damage or breakage of the goods that may be caused by improper or faulty packing. VIII. Marking The cases in which the equipment will be packed, shall be marked on three sides: on the top of the case and on two opposite sides. The marking shall be clearly made with indelible paint in English and Azerbaijan. IX. Insurance The Buyer will insure at his expense all the equipment for its full value against all usual marine risks from the moment the goods are put on board at the port of loading, X. Other Terms and Conditions All the amendments and addenda to the Contract shall be valid only when issued in writing and signed by both parties. Neither party shall be entitled to transfer their rights and obligations under this Contract to a third party without written consent of the other contracting party. All taxes, dues
334 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH and custom expenses on the territory of the Seller’s country shall be borne by the Seller.
VOCABULARY NOTES
to form the basis of - əsasını təşkil etmək, əsasında - составлять основу, на основе marking - markalama, nişanlama - маркировка arbitration - arbitraj- арбитраж arbitration clause - müqavilənin arbitraj bəndi - пункт контракта об арбитраже to undertake - üzərinə götürmək; öhdəsinə götürmək - брать на себя обязательство effective date - qüvvəyə minmə tarixi - дата вступления в силу credit - kredit- кредит Acceptance Protocol - təhvil-təslim protokolu (aktı) - приемосдаточный протокол (акт) present - cari, bugünkü - данный, настоящий, текущий preliminary - ilkin - первичный works - sex, zavod- цех, завод presence - iştirak etmə, mövcudluq- присутствие, наличие to notify - bildirmək, məlumatlandırmaq - извещать, уведомлять, опобещать to issue - tərtib etmək, vermək (sənədi) -оформлять, выдавать /документ/ shipment -yükləmə, yük, malların daşınması- погрузка, груз, перевозка товаров Commercial operation - kommersiya, ticarət əməliyyatı - коммерческие операции
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A Release Certificate for Shipment - yükləmə üçün buraxılış (icazə) sertifikatı - пропускной (разрешительный) сертификат для погрузки somewhat - yüngülcə, bir az- немного, отчасти to be concerned about - nəyəsə görə narahat olmaq - беспокоиться о чем-то mid-September - sentyabrın ortalannda- в середине сентября to enable -imkan (səlahiyyət) vermək (nəsə etməyə) - давать возможность, полномочие право /сделать что-л./ with the latest - ən son (müasir)- самый последний, современный contractual -müqavilə - договорный conformity - uyğunluq - соответствие to prove - sübut etmək, yoxlamaq, - проверять, доказывать to detect - aşkar etmək - обнаруживать in respect of - nəzərən - что касается, в отношении чего-л. to construct - tikmək - строить, to install - quraşdırmaq, montaj etmək - /тех./ устанавливать, монтировать personnel - heyət; personal- персонал, состав raw - xam; emal edilməmiş - необработанный, сырой to conform - uyğun gəlmək; cavab vermək - соответствовать, отвечать seaworthy - dəniz yolu ilə nəqlə yararlı- пригодный для морской перевозки, мореходный particular - müəyyən - данный, конкретный damage - zərər, ziyan- повреждение, вред, ущерб breakage - sınma, sınıq- ломка; поломка to cause - məcbur etmək; səbəb olmaq - вызывать, быть причиной, заставлять faulty - nöqsanlı; qüsurlu - дефектный, неправильный
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situation - vəziyyət, hal - положение, состояние, ситуация duplicate - dublikat, surət- дубликат, копия data - məlumatı xüsusiyyət - данные, характеристика to assist -kömək etmək, yardım etmək - помогать, содействовать consent - razılıq - согласие
ANSWER THE QUESTIONS.
1 .When will the test be carried out at the latest? 2. When will the deliveries start at the latest? 3. When will the deliveries be completed at the earliest? 4. When will the payment be made at the earliest? 5.In whose presence is the Acceptance Protocol usually signed? 6.1n whose presence are final tests of equipment usually made? 7.In whose presence are contracts (amendments, agreements, etc.) signed? 5. Which clause seems most important? Give reasons. 9.In what way can each of the clauses be amended? 10. What is the importance of inspection and testing?
ASSIGNMENTS
/. Say what information each of the clauses gives.
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//. Tramlate into EngHsh, 1. Bu zavod yeni texnika ilə təchiz edilib. 2. Biz artıq təhvil- təslim aktını poçt ilə göndərmişik. 3. Bir qayda olaraq, firma malların yüklənməyə hazır olması barədə bizi vaxtında məlumatlandırır. 4. Çətin vəziyyətlərdə biz sizin zavodunuzdakı avadanlıqların yoxlanılmasından imtina etməliyik. 5. Biz sizə yaxın gələcəkdə vəziyyətin dəyişilməsinə zəmanət verə bilmərik. 6. Çatdırılmalar müqavilənin qüvvəyə mindiyi tarixdən 2 ay sonra başlayacaq. 7. Onlar mallann birinci hissəsinin vaxtından əvvəl çatdıniması məsuliyyətini öz üzərlərinə götürdülər. 8. Biz texniki səciyyəvi xüsusiyyətləri sizə 10 fevraldan gec olmayan bir müddətdə göndərməyi öhdəmizə götürürük. 9. Çətin vəziyyətlərdə yükləməyə icazə verə bilmərik. 10. Biz sizə bu sifarişin vaxtından əvvəl hazır olunmasına dair zəmanət verə bilmərik. 1. Этот завод оснащен новейшей техникой. 2. Мы уже отправили приемо-сдаточный акт по почте. 3. Как правило, фирма своевременно уведомляет нас о готовности товара к отгрузке. 4. При неблагоприятных обстоятельствах мы должны отказаться от осмотра оборудования на вашем заводе. 5. Мы не можем гарантировать, что положение изменится в ближайшем будущем. 6. Поставки начнутся через 2 месяца после даты вступления контракта в силу. 7. Они взяли на себя обязательство поставить первую партию товара досрочно. 8. Мы обязуемся выслать технические характеристики не позднее 10 февраля. 9. При сложившихся обстоятельствах мы не можем выдать разрешение на отгрузку. 10. Мы не можем гарантию на досрочное выполнение этого заказа.
IIL Tramlate Contract into Azerbaijani/Russian,
Contract Dear Sitf
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We wish to inform you that in accordance with the Guarantee Clause of the above Contract we are improving the design of the Oxygen Analyser to incorporate the latest achievements which have become known to ourselves. The improvements will entail the use of improved valves for which we can extend the guarantee period by 2 months. In other words the guarantee for the valves will be 8 months from the date of delivery. We would like to assure you that the valves will be packed with extra care to safeguard the sealed packages and shipped to the site, where they can be used during the commissioning period and in the commercial operation of the Plant during the guarantee period. We think it reasonable to deliver 20 valves under the Contract in four equal lots of 5 valves each, every 6 months and to change the Delivery Schedule accordingly. Please confirm your consent to the proposed changes of the Delivery Schedule and the guarantee period of the valves. Yours faithfully^ Tom Black Technical Sales Manager
IV, Read and translate the text. "Contract of the Century" Baku-Tbilisi-Ceyhan oil pipeline A new oil strategy of Azerbaijan, founded with the signature of the '’Contract of the Century" on 1994, September 20, continues successfully and produces its fruits. The Republic of Azerbaijan has signed 26 oil contracts with the foreign oil companies in the last 12 years. In the mid 90s there was an idea to construct three oil and one gas pipeline for the delivery of the oil. Presently, Baku-Novorossiysk, Baku-Supsa and Baku-Tbilisi-Ceyhan oil pipeline deliver the Azerbaijani oil to the world market via the ports of Rus
HUSSEIN MAQSUDOGLU 339 KAMALA JAFAROVA BUSINESS ENGLISH sia and Georgia in Black Sea and Turkey in the Mediterranean. Discovery of more than one trillion cubic meter of gas in "Shahdeniz" deposit situated in the Azerbaijani sector of the Caspian Sea, brought into agenda the delivery of its gas to the world market. The joint exploration of the deposit, discovered in the soviet period, with foreign partners was decided in the framework of the new oil strategy. Although negotiations on the joint exploration of the "Shahdeniz" deposit began in 1992, an agreement on it was signed on June 4, 1996, in Baku, in the Gulustan Palace with participation of President of Azerbaijan Heydar Aliyev. The agreement was ratified by Milli Majlis, the Azerbaijani parliament on October 17,1996. ("Heydar Aliyev: Our independence is eternal". Baku, Azemashr, vol, VI, p. 412) The companies and their shares in the "Shahdeniz" project are following: "BP" (United Kingdom) - 25,5%, "Sta- toil" (Norway) - 25,5%, SOCAR (Azerbaijan) - 10%, "OIEC" (Iran) - 10%, "Totalfma-elf (France) - 10%, Luk- Agip - 10%, (jointly established by the Russian "LUKoil" and Italian "AGIP" companies) and TPAO (Turkey) - 9%. The contract envisages three phases which includes exploration, exploitation and delivery. The operator of the project is "BP Exploration Shahdeniz ltd." According to the contract, 4 billion investments were planned for the development of these reserves in 30 years. After 3 years from the signature of the contract, on July 12,1999, a presentation ceremony of three years works on "Shahdeniz" deposit was held at the initiation of the President of Azerbaijan Heydar Aliyev. After analysis of the results, it was discovered that 16-20 billion cubic meters of gas will be extracted from the deposit after large-scale exploration works. It brought into agenda the selection of the route of the pipeline to deliver the gas to the world market. Republics of Turkey and Georgia were considered useful
340 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH after discussions and analysis both as market and transit countries. Thus, negotiations started with the officials of those countries for the construction of the pipeline which will deliver the gas via Baku-Tbilisi-Erzurum route.
m TEXT 2
BUSINESS TALKS AND DISCUSSIONS
Business is a dynamic activity which changes, adapts and responds according to the conditions. Apart from conventional trade it takes various forms such as buy-back transactions, transactions in patents, licences, know-how, services, various joint ventures, joint bank and many other forms. It isn't easy making business talks with strangers at a business event. If you've ever ended up with a frozen smile on your face while you frantically think of a topic to discuss, here are some tips to make it easier. 1. Prepare conversation topics ahead of time. Before the event, plan three or four conversation topics. This will save you from a frantic search for a new topic when the conversation grinds to a halt. At a business event, know what's happening in your industry. Read professional journals and newsletters in your field to keep up to date. Be up on current events. Read the local and national newspapers. Skim the headlines and top stories for topics of interest. Watch the local and national news so you won't be in the dark about recent developments. Then plan at least one topic from your industry, and one general interest topic that you can discuss. 2. Use an opening line to start the conversation. Don't worry, you don't need a brilliant opener. In fact, it can stop the conversation because when you say something weird
341 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH or unexpected, people may be momentarily taken aback if they aren't sure how to respond. 3. Get the conversation rolling. The best way to do this is to begin with your shared experience, such as the event you are attending. Ask about the person's relationship to the event or group. Ask their opinion on the speaker, or how they know the host. Remember that at business events, people want to meet new people. Be friendly, use your opening line, and talk about the event. You're sure to get the conversation moving forward. Here is an example of business talk.
Talking Business Azeriimport is interested in buying pumps for a new shop of a large plant in Siberia. The shop is already under construction and the customers require the goods urgently, as they must complete the construction of the shop by the end of the year. Mr. Mammedov, a representative of Azeriimport, who deals in this kind of equipment, got instructions to buy pumps from a British company. As soon as he arrived in London he contacted Bond & Co, a leading manufacturer of pumps. Mr. Stanley, the manager of the company, invited him to come to his office.
Mammedov:Good morning! I’m Mammedov. Here is my card. Stanley: Glad to meet you, Mr. Mammedov. Will you take a seat, please. Mammedov: Thank you. Stanley: Did you have a good trip? Mammedov: Yes, it was quite nice, thank you. Stanley: Have you seen any places of interest in London yet? Mammedov: Yes, but not many. I arrived in London
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only two days ago and it has rained all the time. Stanley: Oh, I hope the weather will change for the better and it will stop raining soon. You’ll enjoy sightseeing in London. Well, Mr. Mammedov, let’s discuss business now. What can 1 do for you? Mammedov: We know you have started producing a new model of pumps. The quality of the model meets our requirements and we’d like to place an order with you. Can you make us an offer for 150 pumps? Stanley: Sure! When would you like to have the pumps? Mammedov: We require the pumps for immediate shipment. Stanley: Well, you see, Mr. Mammedov, we’re heavy with orders at the moment and can offer you only 50 pumps for now. Mammedov: And what about the balance of 100 pumps? Stanley: We can start shipping them six months after we sign the contract. 1 think we can deliver the pumps in four lots of 25 pumps each at regular intervals within eight months. Is that all right with you? Mammedov: Not altogether. We require the pumps earlier. Could you start the deliveries, say, four months after we sign the contract? Stanley: I am afraid not. We can guarantee, however, that there won’t be any delay in shipment. Mammedov: All right. I think we could agree to that. Stanley: Is there anything else you’d like to discuss, Mr. Mammedov? Mammedov: Yes, there’s another point I’d like to clarify. It’s about your delivery terms. Stanley: As we can provide shipping facilities we usually sell our goods on CIF terms.
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Mammedov: Well, Mr. Stanley, we can accept your delivery terms. When shall we meet to discuss the price and terms of payment? Stanley: Let’s meet in two days’ time. I’ve got a crowded programme tomorrow and the day after. Mammedov: Fine. Good-bye, Mr. Stanley. Stanley: Good-bye, Mr. Mammedov.
VOCABULARY NOTES
to adapt - uyğunlaşmaq - адаптироваться conventional trade - şərti ticarət (ticarətin ənənəvi formaları) - обусловленная торговля (традиционные формы торговли) joint venture - birgə müəssisə - совместное предприятие know-how - nou-hau (istehsalat sirri) - Ноу-хау (секрет производства) а pump - nasos - насос shop - sex - цех to be under construction - qurulma (tikilmə) mərhələsində olmaq (ərəfəsi) - стадия (накануне) строительства urgently - təcili - срочно to complete -tamamlamaq - заканчивать, завершать by the end - sonuna - к концу а representative - nümayəndə - представитель to deal in smth - bir şey ilə məşğul olmaq (ticarət etmək) - заниматься (торговать) ч-л. an instruction - təlimat, göstəriş - инструкция, указание leading manufacturer - apancı istehsalçı - ведущий изготовитель
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quite - kifayət qədər, xeyli - вполне, довольно to change - dəyişmək - менять, изменять to place - yerləşdirmək - помещать, ставить immediate - birbaşa; bilavasitə, təcili - непосредственный, прямой, немедленный the balance - balans - баланс shipping facilities - yükləmə (daşıma, nəqliyyat) vasitələri - грузовые (транспортные, перевозочные) средства regular-müntəzəm; daimi - регулярный, постоянный within - ərzində - в течение not altogether - tamamilə yox - не совсем, неполностью to guarantee - təminat vermək; zəmanət vermək - гарантировать however - lakin; amma; fəqət; baxmayaraq - однако, тем не менее, несмотря на anything else - başqa bir şey- что-нибудь еще а point - məsələ, məqam - вопрос, момент to provide - təmin etmək; təchiz etmək - обеспечивать, снабжать CIF-SİF- СИФ
ANSWER THE QUESTIONS.
1. Why was Azeriimport interested in buying pumps from Bond &Co? 2. Why did company guarantee the delivery of the goods without delay? 3. Why did Mr. Mammedov agree to GIF delivery terms? 4. Why did Mr. Stanley have a crowded programme? 5. What business matters do they discuss during the talks?
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6. On what terms of delivery does Mr, Stanley sell their goods? Why? 7. Where did Mr. Mammadov travel to? 8. Did Mr. Mammadov agree with Stanley and decide to buy pumps from him? 9. In what period Stanley can start deliveries after signing the contract? 10. How was the weather there?
V. Agree or disagree. Give your reasons. 1. The customers of Azeriimport did not require the pumps urgently. 2. Mr. Mammedov got instructions to buy pumps from a large British company. 3. Mr. Mammedov invited Mr. Stanley to come to his office in Baku. 4. Mr. Mammedov knows Mr. Stanley very well. 5. Mr. Mammedov saw a lot of places of interest in London. 6. Mr. Stanley could offer Azeriimport only 50 pumps for immediate shipment. 7. Bond and Co agreed to deliver the balance of the pumps in six months. 8. Bond and Co usually sell their goods on FOB terms.
VI. Say what you have learned from the dialogue about: 1 .the purpose of Mr. Mammedov’s business trip to London; 2. the business matters Mr. Mammedov and Mr. Stanley discussed during the talks.
VII. Act out dialogues on the basis of the following assignments. You have received an enquiry for your goods from Bond & Co. They require the goods in August. Telephone the
346 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH company and say that you cannot deliver the goods at the time they require. Ask if they could take partial deliveries and offer them your terms of shipment.
m TEXTS BUSINESS TALKS AND CONTRACTS In foreign trade transactions a contract is drawn up to give legal expression to the intentions of the partners and to guarantee that the obligations contained in the contract will be fulfilled. According to the purpose and contents, contracts can cover: goods, services, licences, patents, technology and know-how. Here is an example of an export contract:
Contract 25/31 London 15th January^ 2012 Ukrexport, Kiev, herein after referred to as the Seller and British Manganese Ltd, London, herein after referred to as the Buyer, hereby agreed as follows: 1. The Seller has sold and the Buyer has bought manganese of Ukraine origin on FOB terms from one of the Black Sea ports at the Seller’s option. The grades, price and quality are as stated below: Grade Quality in metric tons Price per metric ton in US dollars Time of delivery
on 2—3 lots within second and third quarters of 2012 starting in the first half of May. The price for the goods is understood to be per metric ton, packing included, FOB one of the Ukraine s Black Sea ports. The quantity is understood to be up to 5% more or less at the Seller s option.
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2. Within five days after the receipt of the Seller’s notification by cable that the goods are ready for shipment, the Buyer shall open by cable with the Ukrainian Bank for Foreign Trade, Kiev, an irrevocable, confirmed and divisible Letter of Credit in favour of the Seller for the full value of the goods plus 5% to cover the option. The Letter of Credit is to be valid for 90 days, with the right of extension, if required, by the Seller. The payment for the goods is to be made in US dollars for 100% (hundred per cent) of the invoice value of manganese on presentation to the Ukrainian Bank for Foreign Trade, Kiev, of the following documents: Invoice in 3 copies Seller Certificate of Weight Set of Bills of Lading.
In the event of devaluation of the US dollar on or before the date of payment under the present Contract both parties have the right to renegotiate the price of the goods.
VOCABULARY NOTES
transaction - saziş, sözləşmə — сделка, контракт to draw up a contract — müqavilə tərtib etmək — составить контракт intention - niyyət, məqsəd — намерение, цель partner - ortaq; şərik — партнер obligations - öhdəliklər — обязательства service - xidmət; qulluq —услуга, служба license -lisenziya —^лицензия patent - patent — патент technology -texnologiya —^технология
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herein after referred to as ... - bundan sonra ... — после этого seller —^satici — продавец buyer — alıcı — покупатель hereby agreed as follows ... — bununla aşağıdakılar barədə razılığa gəldilər— согласились о нижеследующих manganese -manqan —марганец delivery FOB terms — FOB şərtləri ilə çatdmlma — поставка на условиях ФОБ option — seçim, seçmə hüququ —выбор, право выбора grade — sinif, növ — сорт, класс metric ton — metrik ton — метрическая тонна delivery — çatdırılma — поставка packing — qablaşdırma — упаковка the quantity is understood to be up to 5% more or less — nəzərdə tutulub ki, miqdan 5% çox və ya az ola bilər — имеется в виду, что количество (марганца) на 5% больше или меньше receipt —qəbz —квитанция, расписка notification — xəbərdarlıq — уведомление the Buyer shall open —alıcı açmalıdır—покупатель должен открыть irrevocable — qaçılmaz, dəyişilməz— неотменяемый, неизбежный to confirm — təsdiqləmək — подтверждать divisible— bölünən— делимый invoice — faktura — счет, ивойс-фактура invoice value — faktura dəyəri — стоимость счета- фактуры Certificate of Weight — çəki sertifikatı — сертификат на вес Bill of Lading, B/L - dəniz ilə yükləmə sənədləri (konosament) -
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коносамент (морская транспортная накладная) devaluation — devalvasiya (kağız pulların məzənnəsinin aşağı düşməsi) — девальвация (снижение курса бумажных денег) to conclude а contract - müqavilə bağlamaq — заключить контракт to sign a contract - müqavilə imzalamaq — подписать контракт
ANSWER THE QUESTIONS.
1. Why did the Sellers have an option to ship 5% more or less of the stated quantity of manganese? 2. In what case were the Buyers supposed to extend the Letter of Credit? 3. Why did the contract state the right of both parties to renegotiate the price? 4. How long is the Letter of Credit to be valid? 5. Why we need a contract in foreign trade transactions? 6. In what contents can the contracts be? 7. Who is Seller and Buyer in the specimen contract? 8. In what currency is the payment for the goods to be made in the specimen contract? 9. What rights have the both parties under the specimen contract? 10. On what terms the Seller has sold and the Buyer has bought the goods in the specimen contract?
VIIL Say and write down what information the text gives about: a) the purpose of drawing up contracts in foreign trade; b) the main types of contracts in business;
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c) the object of this particular contract; d) the terms of delivery stated in the contract; e) the price and terms of payment, stipulated in the contract; f) the factor which may affect the price of the contract.
IX. Translate the following sentences from Azerbaijani/ Russian into English. 1. Mallarımızın keyfiyyəti daima artır, biznesimiz isə genişlənir. 2. BİZ mallarımızı qəbul olunmuş şərtlərlə (şəraitdə) çatdırırıq. 3. Bu ingilis firması altı şöbədən ibarətdir. 4. Bizim ən yeni texnologiyalarımız xarici standartlara müvafiqdir. 5. Biz mallarımıza həmişə məntiqə uyğun (sərfəli) qiymətlər qoyuruq. 6. Biz, bu məsələni danışıqlar zamanı həll etməyimizə ümid edirik. 7. Zəhmət olmasa təchizatçılarımızla 15 May tarixinə görüş təyin edin. 8. Biz istehsalatı 10 % artırmaq istəyirik. 9.Onlar bizə yaxşı endirim təklif edirlər. 10. Hazırda firmamız yeni reklam kompaniyası keçirir. 11. Niyə malların çatdırılmasına o cavabdehdir? O bu məsələdə elə də təcrübəli deyil. 12. Bu şirkətin filialı dünyanın müxtəlif ölkələrinə sərfəli şərtlərlə avadanlıqlar çatdırır.
1. Качество наших товаров постоянно растет, а бизнес расширяется. 2. Мы поставляем наши товары на приемлемых условиях. 3. Эта английская фирма состоит из шести отделов. 4. Наши новейшие технологии соответствуют зару-
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бежным стандартам. 5. Мы всегда назначаем разумные (выгодные) цены на наши товары. 6. Мы надеемся решить этот вопрос во время переговоров. 7. Пожалуйста, назначьте встречу с нашими поставщиками на 15 мая. 8. Мы хотим увеличить производство на 10%. 9. Они предлагают нам хорошую скидку. 10. Наша фирма проводит сейчас новую рекламную кампанию. 11. Почему он отвечает за поставку товаров? Он не очень квалифицирован в этом вопросе. 12. Это компания поставляет оборудование в разные страны на выгодных условиях.
X. Use the following words and word combinations in your own sentences: factor, contract, to confirm, seller, patent, dollar, ready for shipment, foreign trade transaction, risk, market value, share, to deliver, to provide, contract holder, assets
Ш TEXT 4
MONEY & THE RETURN IT EARNS
Fundamental to all financial markets is the idea of earning a return on money. Money has to work for its owner. Here are some of the ways it can do so: 1. You deposit $ 1,000 with a bank, which pays you, say, 10 per cent a year interest. In other words, your $1,000 of capital earns you $100 a year, which is the return on your money. When you want your $ 1,000 back you get $ 1,000, plus any accumulated interest, not more or less. Provided
352 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH your bank does not go bust, your $ 1,000 of capital is not at risk, except from inflation, which may reduce its purchasing power each year. 2. You buy gold bullion to a value of $ 1,000 because you think the price of gold will rise. If the price of gold has risen by 20% after a year, you can sell your gold for $1,200. You have made a profit or a capital gain, of $200 on your capital outlay of $1,000. In other words you have a return of 20% on your money. If the price of gold fails to move, you've earned nothing because commodities like gold do not pay interest. 3. You use your $1,000 to buy securities that are traded on a stock market. Usually these will be government bonds (known as gilt-edged securities or gilts in the UK) or ordinary shares in a company. The former always provides an income; the latter normally do. Traditional gilt-edged securities pay a fixed rate of interest. Ordinary shares in companies normally pay a dividend from the profits the company earns. If the company's profits rise, the dividend is likely to be increased; but there is no guarantee that there will be a dividend at all. If the company makes losses, it may have to cease paying a dividend. But when you buy securities that are traded on a stock market, the return on your $ 1,000 is not limited to the interest or dividends you receive. The prices of these securities will also rise and fall, and your original $1,000 investment accordingly becomes worth more or less. So you are taking the risk of capital gains or capital losses. Suppose you buy $1,000 worth of ordinary shares, which pay you a dividend of $40 a year. You are getting a return or dividend yield of 4% a year on your investment ($40 as a percentage of $1,000). If after a year the market value of your $ 1,000 of shares has risen to $ 1,100, you can sell them for a capital gain of $ 100 (or a 10% profit on your original outlay). Thus your overall return over a year con
KUSSEIN MAQSUDOGLU 353 KAMALA JAFAROVA BUSINESS ENGLISH sists of the $40 income and the $100 capital gain: a total of $140 or a 14% overall return on your original $1,000 investment. Investors are generally prepared to accept much lower initial yields on shares than on fixed-interest stocks because they expect the income to rise in the future. Most investors in ordinary shares are seeking capital gains at least as much as income. Note that if you are buying a security, you are taking the risk that the price may fall whether it is a government bond or a share. But with the government bond the income is at least guaranteed by the government. With the share there is a second layer of risk. The company may not earn sufficient profits to pay a dividend. To summarize: money can be deposited to produce an income; it can be used to buy commodities or goods, which are expected to rise in value; or it can be invested in stock market securities, which normally produce an income but show capital gains or losses as well. Of course, there are many variations on each of these items.
VOCABULARY NOTES
an accumulated interest - yığılmış faiz dərəcəsi - накопленный процент provided - bu zaman, bu şəraitdə - при таком условии inflation - inflasiya - инфляция to go bust (syn. to go bankrupt) -bankrot olmaq - обанкротиться a capital gain - kapital mənfəət, kapitallann artımından əldə edilən gəlir (aktivlərin bazar qiymətinin artımı nəticəsində; aktivlərin satın alınması zamanı da qazanıla bilər) - капитальная прибыль, доход от прироста капи-
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тала (как результат роста рыночной стоимости активов; может быть получен при продаже активов) capital outlay - investisiya, kapital qoyuluş - инвестиция, капиталовложения government bonds - dövlət istiqrazları - государственные облигации stock market - fond bazan - фондовый рынок gilt-edged securities (gilts) - birinci dərəcəli (xüsusi olaraq etibar olunan) qiymətli kağızlar (hərfi tərcüməsi: qızıl kənarlı) - первоклассные (особо надежные) ценные бумаги (доел, с золотым обрезом) ordinary shares - adi səhmlər - обыкновенные акции а fixed rate of interest - sabit faiz dərəcəsi - стабильная процентная ставка pay а dividend - dividend (qazanc payı) ödəmək - выплачивать дивиденд to cease - dayandırmaq - приостановить а capital loss - kapital zərər (aktivlərin bazar qiymətlərinin aşağı düşməsindən yaranan itki) - потеря капитала , капитальный убыток (потери от понижения рыночной стоимости активов) yields- qimətli kağızlardan (xüsusi ilə istiqrazlardan) əldə olunan gəlirlər- доходы от ценных бумаг (особенно от облигаций) а dividend yield - dividentdən (qazanc payından) əldə olunan gəlir - доходы от дивиденда overall return - ümumi gəlir - общий доход а second layer of risk - əlavə (ikiqat) risk -дополнительный (двойной)риск
ANSWER THE QUESTIONS.
1. What are the ways of earning a return on money?
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2. What are gilt-edged securities? Who issues them? Why are they considered to be of the highest class? 3. In what cases does the investor take the risk of capital gains? Capital losses? 4. Which way of earning a return do you consider the safest and most profitable other things being equal? 5. What is fundamental to all financial markets? 6. What does the former always provide? 7. What are the most investors seeking in ordinary shares? 8. For what purpose can be money deposited? 9. What is the risk of buying a security? 10. What is guaranteed by the government?
XI, Suggest the Azerbaijani/Russian equivalents, the idea of earning a return on money; your $1,000 of capital earns you $100 a year; a profit or a capital gain of $200 on your capital outlay of $ 1,000; commodities like gold do not pay interest; securities that are traded on a stock market; your overall return over a year; most investors in ordinary shares are seeking capital gains at least as much as income; there is a second layer of risk; the company may not earn sufficient profits to pay a dividend; so you are taking the risk of capital gains and capital losses.
XII, Replace the parts in italics by synonyms in case your bank does not go bankrupt, securities that are bought and sold on a stock market; to earn profits enough to pay a dividend.
XIII, Fill in the gaps with the words and expressions from the text, 1. Fundamental to all financial markets is the idea of ____ . 2. Your $1,000 of earns you $100 a year, which is ____ on your money.
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3. When you want your $1,000 back you get ____ . 4. Provided your bank does not ___ , your $1,000 of capital is . 5. You may buy __ , but if the price of gold fails to move, you've earned __ because commodities like gold _____ . 6. Of all _ traded on a stock market ____ always provide an income,____ normally do, and traditional ____ pay ___ . 7. Ordinary shares in companies normally pay ______the company __ . 8. When you buy securities that are traded on ____ , the return is not limited to ______or you receive. 9. If the market value of your shares has risen, your _____ over a year consists of ___ and ___ . 10. Investors are generally prepared to accept______on shares than on stocks because they expect the income . 11. Most investors in ordinary shares are seeking ____ at least as much as ___. 12. With the government bond the income is at least ____ . 13. If the company does not__ , it may ____ to pay __ .
XIV Find in the text English equivalents for the following: illik faz dərəcəsi; yığılmış faiz dərəcəsi; bu şərtlə ki,...; müflisləşmək; pullarm alıcılıq qabiliyyətini azaltmaq; risk etmək; qızıl külçə; qiymətli kağızlar; dövlət istiqraz vərəqələri; səhmlər; sabit faiz dərəcəsi; dividentlərin ödənişini dayandırmaq; səhmlər üzrə başlanğıc (ilkin) gəlir; gəlir gətirmək (faizlər) (2-ci variant); kapital üzrə gəlirlər (kapital artımından gələn gəlirlər); kapital (maya, pul) itkisi.
годовой процент; накопленные проценты; при условии, что...; обанкротиться; снизить покупательную способность денег; рисковать; слиток золота; ценные бумаги; государственные облигации; акции; фиксированная процентная ставка; прекратить выплату диви
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дендов; начальный доход по акциям; приносить доход (проценты) (2 варианта); доходы на капитал (доходы от прироста капитала); потеря капитала
XV. Explain in English. а capital gain; a capital loss; a return; an overall return; a dividend yield; a fixed rate of interest
XVI. Translate into English. 1. Bazar iqtisadiyyatı şəraitində istənilən pul məbləği gəlir gətirə bilər. 2. Hansısa bir şirkətin səhmlərinə maliksinizsə və həmin səhmlər üzrə qiymətlər qalxıbsa, bu zaman siz onlan satmaqla gəlir əldə edə bilərsiniz. 3. Xüsusi bazarda- fond bazarında səhmləri almaq və ya satmaq mümkündür. 4.Səhmlərin qiyməti dəyişir, onların məzənnəsi qalxa və düşə bilər. Bu, şirkətin əldə etdiyi gəlirlərin miqdarından, bundan başqa, səhmlər üzrə ödənilən dividentdən (qazanc payından), habelə bankın faiz dərəcəsindən asılıdır. 5. Hesab edək ki, səhmin qiyməti 100 dollardır. Əgər səhm üzrə divident 10 dollara, bazardakı faiz dərəcəsi 10 %-ə bərabərdirsə onda 100 dollarlıq səhm 10 dollar məbləğində gəlir gətirir. Nağd şəkildə banka yatırılan (qoyulan) 100 dollar da 10 dollar məbləğində gəlir gətirir. Nəticə etibarilə, səhmin qiyməti dəyişilmir. 6. Əgər divident 20 dollara qalxırsa, lakin faiz dərəcəsi dəyişilməz olaraq (10%) qalırsa, bu zaman, yeni şəraitdəki səhmlər üzrə gəlir banka qoyulan eyni məbləğin gətirdiyi gəlir ilə müqayisədə ikiqat artır. Səhm üzrə məzənnənin (səhmin qiymətinin) ikiqat artması tamamilə təbii bir haldır.
1. В условиях рыночной экономики всякая денежная сумма способна приносить доход. 2. Если вы владеете акциями какой-либо компании
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И цены на эти ак*^ции поднялись, то вы можете получить доход, продав эти акции. 3. Продать или купить акции можно на особом фондовом рынке. 4. Цена акции колеблется, ее курс может падать и повышаться. Это зависит от размеров прибыли, которую получает компания, и, следова-тельно, от дивиденда, который выплачивается по акциям, а также от банковской процентной ставки. 5. Предположим, цена на акции составляет $100. Если дивиденд по акциям равен $ 10, а рыночная ставка процента равна 10%, то 100-долларовая акция приносит доход в 10 долларов. Сумма наличными в 100 долларов, помещенная (вложенная) в банк, тоже приносит доход в 1 о долларов. Следовательно, цена на акции не изменится. 6. Если дивиденд повысится до 20 долларов, а процентная ставка останется неизменной (10%), то доход по акциям в этих новых условиях удвоится по сравнению с доходом от такой же суммы, помещенной в банк. Вполне естественно, что курс акции (цена на акции) удвоится.
XVIL Read and learn the following DIALOGUE,
Mr. Huseyn, engineer of Azexport, is having talks in Kiev with Mr. Brake of British Manganese Ltd. The British company is a regular importer of manganese from Ukraine and has often dealt with the Ukrainian trading organization. Mr. Brake has been instructed by his firm to sign another contract for manganese.
Mr. Brake: Good afternoon! Nice to see you again, Mr. Huseyn! You are looking well, I must say. How are things with you?
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Mr, Huseyn: Not bad, thank you. And how are you? Mr, Brake: Fine, just fine. I always feel well in beauti ful weather like this. We’re having such a lot of rain in England now. I am happy to be away. Well, I suppose we had better get down to business. Mr, Huseyn: Yes, certainly. You have come to sign another contract, haven’t you? Mr, Brake: That’s right. For next year, actually. Mr, Huseyn: Are you happy with our usual terms of delivery and payment? Mr, Brake: Yes, quite. As a matter of fact. I’ve come here to talk about the price. I’d like to say that the volume of business on steel production in our country has dropped considerably. This affected the prices of a number of materials. In this situation it’s quite natural we expect you to revise your prices for manganese. Mr, Huseyn:Vm afraid this is not a sufficient reason for us to lower the price. Mr, Brake: But may I draw your attention to the fact that we wish to increase the purchases by a few thousand tons if you could offer us reduction in the price. Mr, Huseyn: I’m sorry to say, Mr. Brake, but we could not be able to make extra supplies available to you. We are planning to develop more industrial and housing projects. Besides, we’re already tied up to contracts with other partners. Taking these factors into account, we could offer you the same amount as last year. Mr, Brake: Mr. Fluseyn, we’ve been in business with you for a long time. Also we’ve doubled our purchases over the past two years. Therefore, we would be grateful to you if, in view of all this.
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you could reduce the price. Mr, Huseyn: All right. I think we could reduce it by 2%. But only on condition that the price is subject to further negotiations for the second half of the year. Mr, Brake: That’s fine. I suppose that’s the best we can do today.
USEFUL VOCABULARY
talks — danışıqlar — переговоры to instruct — təlimatlandırmaq — осведомить, инструктировать volume — həcm —объем to drop — düşmək, enmək — падать, понижаться to affect — təsir etmək — оказывать влияние, влиять sufficient reason — yetərli səbəb—достаточная причина to draw smb’s attention —kiminsə diqqətini cəlb etmək —привлечь чье-либо внимание to double — ikiqat artırmaq — удвоить in view of all this — bütün bunlan nəzərə alaraq— с учетом всего этого to reduce — azaltmaq, aşağı salmaq — уменьшить, снижать to be subject to ... — nəyinsə mövzusu olmaq - быть предметом чего-то negotiations — danışıqlar — переговоры
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ANSWER THE QUESTIONS.
1. What factors can affect the prices for manganese (equipment, coffee, nylon, chemicals, etc.)? 2. What can affect the construction of projects? 3. What factors can affect the production capacity of the plant (the delivery schedule, production programme, etc.)?
XVIIL Read the dialogue and say what you have learned about: a) the business relations between Azrexport and British Manganese Ltd; b) the main point discussed by the representatives of both parties; c) the reason why the Buyer asked for a reduction in the prices; d) the economic plans of our country for the future; e) the factors which allowed Mr. Huseyn to reduce the price.
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UNITXn TAXES
YOUR VOCABULARY
Taxes - A contribution made by people to fund the services provided by the government, such as transport, education or health services. The most common tax is income tax, which is a contribution made from income. Uses of Taxation - To pay for the growing demand for services and needs of the government (military, police, roads, public servants, schools, social services). Tax Accounting - Accounting methods that focus on taxes rather than the appearance of public financial statements. Tax accounting is governed by the Internal Revenue Code which dictates the specific rules that companies and individuals must follow when preparing their tax returns. Tax principles often differ from Generally Accepted Accounting Principles. Tax Advisor - A financial expert with advanced training and knowledge of tax law. The services of a tax advisor are usually retained in order to minimize taxation while remaining compliant with the law in complicated financial situations. Tax Haven - A country that offers foreign individuals and businesses little or no tax liability in a politically and economically stable environment. Tax havens also provide little or no financial information to foreign tax authorities.
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Tax Sheltered Annuity (TSA) - A contract sold by an insurance company designed to provide payments to the holder at specified intervals, usually after retirement.
m TEXTi
HISTORY OF TAXATION
Political authority has been used to raise capital throughout history. In many pre-monetary societies, such as the Incan empire, taxes were owed in labor. Taxation in labor was the basis of the Feudal system in medieval Europe. In more sophisticated economies such as the Roman Empire, tax farming developed, as the central powers could not practically enforce their tax policy across a wide realm. The tax farmers were obligated to raise large sums for the government, but were allowed to keep whatever else they raised. Many Christians have understood the New Testament to support the payment of taxes, through Jesus's words "Render unto Caesar the things that are Caesar's". There were certain times in the Middle Ages where the governments did not explicitly tax, since they were self- supporting, owning their own land and creating their own products. The appearance of doing without taxes was however illusory, since the government's (usually the Crown's) independent income sources depended on labor enforced under the feudal system, which is a tax exacted in kind. Many taxes were originally introduced to fund wars and are still in place today, such as those raised by the American government during the American Civil War (1861- 1865). Income tax was first introduced into Britain in 1798 to pay for weapons and equipment in preparation for the Napoleonic wars and into Canada in 1917 as a "temporary"
364 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH tax under the Income War Tax Act to cover government expenses resulting from World War I. The current income tax in America was set up by Theodore Roosevelt in 1913. It was called The Federal Income Tax and was deducted from incomes at rates varying from 1-7%. But, since then, the American Tax Code has been modified and new taxes have been added, especially over the World War I and II periods. Since World War II, the American Tax Code has increased four-fold in size. Nowadays Taxation can obviously be classified again into three groups: taxes on income, taxes on capital and taxes on expenditure. While main fimction of taxation is to provide revenue, it also has important subsidiary functions and is one of the ways in which the government effects its policies. The first of these is to reduce the inequality of incomes. This has been achieved - and is still being maintained - by income tax and capital transfer tax. These taxes are progressive. The amount people pay is in accordance with what they can afford, so that a person with a high income pays more income tax than one who earns less and, in addition amount is taken of their financial responsibilities. Consequently, if two men receive the same amount in wages but one is single and other is married and has two children, the single person will pay more income tax. This system is operated by giving allowances and relieves against income. Income tax and capital transfer tax have, therefore, been the main causes of the more equal distribution of Britain’s wealth, particularly since the end of the World War II. The second subsidiary function of taxation is to control the level of economic activity. Selective employment tax fell into this category, since it encouraged economy in the use of labor in the service and construction industries. The repayment of the tax, together with additional sums to manufacturing industries in the development areas, was an
HUSSEIN MAQSUDOGLU 365 KAMALA JAFAROVA BUSINESS ENGLISH added incentive to firms to move to those areas and therefore, stimulated economic activity in them. Similarly a substantial increase in corporation tax could cause firms to limit their plans for development and expansion, while a reduction in the rate charge would encourage firms to adopt an expansionist policy. Taxation’s third subsidiary function is to influence production and consumption. The last two functions can obviously have a direct effect on business, while the first will have indirect consequences for them. The effects of taxation are obviously taken into account as far as possible when planning company policy.
VOCABULARY NOTES
feudal - feodal - феодальный medieval - orta əsrlər - средневековый sophisticated - inkişaf etmiş, mürəkkəb - сложный, развитый to enforce - həyata keçirmək - осуществить а wide realm - geniş sahə, geniş səltənət - широкая область, широкое царство tax farmer - vergi yığan, vergi toplayan - сборщик налогов to be obligated - borclu olmaq, məsul olmaq - быть обязанным to raise - qaldırmaq, artırmaq (istehsalı, qiyməti), toplamaq (vergini) - поднимать (производство, цены и т.п.), повышать; собирать (налоги) to render - vermək, əvəzini vermək, geri qaytarmaq - воздать, вернуть Caesar - Sezar - Цезарь explicitly - dəqiq, müəyyən - точный, определённый self-supporting - sərbəst, öz ayaqları üzərində duran -
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независимый; самостоятельно зарабатывающий на жизнь doing without - nəsə olmadan keçinmək - обходиться без illusory - aldadıcı, xəyali, azdırıcı - обманчивый, призрачный, вводящий в заблуждение to be exacted - tələb olunan, məcburi, zəruri - принудительный, обязательный, необходимый, требуемый Income Tax Act - gəlir vergisi aktı, (vergi siyahılan, o cümlədən əldə olunan gəlirlər, mümkün tutmalar və azadol- malar, vergi bəyannamələrinin verilməsi və ödənişlərin edilməsi, fiziki şəxslər tərəfindən gəlir vergisinin hesablanması və ödənilməsi prosedurunu müəyyən edən Akt), - закон o подоходном налоге (закон, в котором устанавливается порядок исчисления и уплаты физическими лицами налога с полученного дохода, в том числе перечисляются ставки налога, возможные вычеты и льготы, сроки подачи налоговых деклараций и внесения платежей и т. п) Tax Code - vergi məcəlləsi - налоговый кодекс after tax -vergi tutulduqdan sonra - после вычета налогов before tax - vergi tutulmamışdan əvvəl - до вычета налога tax free - vergidən azad - необлагаемый налогом, освобожденный от налогов tax on accumulation of profits - toplanmış (üst-üstə yığılmış) mənfəətə tətbiq edilən vergi - налог на накопление прибыли tax on capital - kapital vergisi - налог на капитал tax on income - gəlir vergisi - подоходный налог to abolish a tax - vergini ləğv etmək - отменить налог to collect taxes - vergi toplamaq - собирать налоги to cut down a tax - vergini azaltmaq - сократить налоги to evade a tax- vergidən qaçmaq, vergidən yayınmaq - уклониться от налогов
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to impose a tax - vergi tətbiq etmək- ввести налог, взимать налог to lay а tax on - nəyəsə vergi qoymaq - обложить налогом to pay taxes - vergiləri ödəmək - платить налоги to raise taxes - (burada) vergiləri toplamaq - (зд.) co- бират налоги to withhold taxes - vergilərin tutulması - удерживать налоги capital-gains taxes (Amer.) - kapital artımına qoyulan vergi (Amer.) - налог на прирост капитала (Амер.) commodity tax - əmtəə vergisi - косвенный налог на товары company income tax - şirkətin gəlir vergisi - налог на прибыль предприятий corporation income tax - korporasiya gəlir vergisi - налог на прибыль корпораций double tax - ikiqat vergi - двойной налог (налогообложение) general property tax - ümumi mülkiyyət vergisi- общий налог на имущество indirect tax - dolayı (vasitəli) vergi - косвенный налог individual income tax - fərdi gəlir vergisi- индивидуальный подоходный налог taxation - vergi qoyma - налогообложение tax eater - vergidən yayınan (müxtəlif səbəbləri bəhanə edərək vergi ödəməyən şəxs) - проедатель налогов, проедающий налоги (лицо, которое под иным предлогом вообще не платит налоги) taxpayer - vergi ödəyicisi - налогоплательщик expenses - xərclər - расходы
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ANSWER THE QUESTIONS.
1. How were taxes paid in medieval Europe? 2. Why many taxes were originally introduced? 3. What kind of document describes what taxes people have to pay? 4. Taxation is the Government’s main source of revenue, isn’t it? 5. What are three groups into which taxation can be divided? 6. What are the main functions of taxation? 7. What was the basis of the Feudal system in medieval Europe? 8. Why the governments did not explicitly tax in the Middle Ages? 9. What is the second subsidiary function of taxation? 10. What is taxation’s third subsidiary function?
ASSIGNMENTS
L Match the type of tax with the definition.
1 .Income tax a. Tax on profits made by selling assets such as i businesses, rented houses and shares. | 2. Capital gains b. A tax on specific transactions. For example,! tax in the UK, it is payable by the buyer of a house. | 3. Value Added c. Tax on earnings, profits from investments! Tax (VAT) and any other sources of personal income. ! 4.Stamp duty d. Tax on goods and services. In the UK it is| charged at 17.5%. i 5. Wealth tax e. In the UK, this is the name for the tax paid by! companies. i 6.Inheritance f Tax on assets (such as houses) payable in| tax some countries, but not in the UK. | 7.Corporation g. Tax on the assets of a person who has died, j tax Used to be called "death duties". i
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//. Match the terms with the examples. It*s not easy - some of the terms have close meanings.
1. tax relief a. Ms Brown is British, but to save tax j she lives in Monaco. 2. tax break b. No tax is payable on winnings from the National Lottery. 3. tax exile c. From April 6th next year, theatres will not have to pay tax on profits below P20,000.
4. direct taxation d. VAT 5. indirect taxation e. Ms Smith pays an accountant to find legal ways to reduce her tax liability. 6. tax avoidance f income tax 7. tax evasion g. Liability for capital gains is reduced by 7.5% for each year of ownership of the asset 8. tax free h. Mr. Jones made a profit of PI 00,000' from selling a business, but didn't declare it to the Inland Revenue. — ------—
III. Choose the best word from each pair in bold type. 1. Alan’s company is registered in his wife’s name for tax reasons / motives. 2. Until last year, some companies paid part of their executives' salaries in valuable antiques, to save tax. However, the government has now closed this wormhole / loophole. 3. In the UK, food and children's clothes are free / exempt from VAT. 4. Only about 4% of the population are in the highest tax bracket / level.
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5. Any company which relocates to Wales will not pay tax for the first two years. This tax incentive / gift is designed to help reducing unemployment in the region. 6. Last year I paid too much tax, so this year I received a tax refund / rebate.
IV. Use the following words and word combinations in your own sentences: value Added Tax (VAT), to receive. Middle Ages, salary, tax adviser, rebate, economic stability, consumer, income, to distinguish, tax policy, price stability, legal ways, expenses, taxpayer
m TEXT2
WHAT IS A TAX?
A tax is a compulsory charge or other levy imposed on individuals and companies by the state to meet the expenses of the government. Taxation is imposition of compulsory levis on persons or other entities by governments. Taxes are levied in almost every country of the world, primarily to raise revenue (money that a business or organization receives over a period of time, especially from selling goods or services) for government expenditures. One useful way to view the purpose of taxation is to distinguish between objectives of resource allocation, income redistribution, and economic stability. Economic growth or development and international competitiveness (the ability of a company or a product to compete with others) are sometimes listed as separate goals. In the absence of a strong reason for interference, such as need to reduce pollution, the resource allocation objective is furthered if tax policy does not interfere with market-determined allocations. The redistributive objective is to lessen inequalities in the distribution
HUSSEIN MAQSUDOGLU 371 KAMALA JAFAROVA BUSINESS ENGLISH of income and wealth to the extent they are considered excessive and unjust. The stabilization objective is the maintenance of high employment and price stability.
VOCABULARY NOTES
tax - vergi- налог compulsory - icbari, məcburi - принудительный, обязательный charge - ödənişlərin toplanması, alınması, qiymət, ödəniş - сбор, поступления, отчисления; цена; оплата; levy - toplama, yığma (vergi), vergi qoyma - сбор; взимание (налогов); обложение (налогами) to impose - qoymaq, tətbiq etmək (vergi, xərac toplama, yığma) - наложить, применять (налог) objectives of taxation - vergi qoymanın məqsədləri - цели налогообложения entity - hüquqi şəxs - юридическое лицо to raise revenue - gəliri artırmaq - увеличить доход expenditures - xərclər, məsrəf - расходы to view - əks etdirmək, göstərmək - отражать, показать resource allocation - vəsaitlərin aynlmasi, vəsaitlərin bölüşdürülməsi - распределение/размещение ресурсов (средств) income redistribution - gəlirin təkrar bölüşdürülməsi - перераспределение дохода competitiveness - rəqabət qabiliyyəti - конкурентоспособность to reduce - azaltmaq, kiçi İtmək - понижать, уменьшить to lessen - azaltmaq, əksiltmək - уменьшать
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inequality - bərabərsizlik - неравенство to the extent - dərəcədə, həcmdə - по мере, в той мере stabilization - stabilləşmə, sabitləşmə - стабилизация maintenance - təminat, dəstəkləmə - поддержание, снабжение
ANSWER THE QUESTIONS.
1. What is the definition of a tax? 2. How can taxes be paid? 3. What is the term “tax” meant by? 4. Where are taxes levied? 5. What is the first objective of taxation? 6. What is the second and third objective of taxation? 7. What is the term “competitiveness” meant by? 8. What is the stabilization objective?
V. Agree or disagree with the following statements. 1. Tax is an amount of money paid by citizens to the government. 2. Taxation is the system of charging taxes. 3. Taxes are charged to increase revenue for government expenses. 4. Taxation provides economic instability. 5. Taxation provides economic stagnation. 6. Taxation fails to provide international competitiveness. 7. Tax evasion is illegal way of paying less tax. 8. Tax avoidance is legal way of paying less tax.
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VI. Translate the statements from Azerbaijani/Russian into English. 1 .Hər insan vergi ödəməlidir. 2. Vergilər dünyanın bütün ölkələrində mövcuddur. 3. Vergi qoyma (vergi) ehtiyatları bazardakı paylaşıma qarışmamalıdır. 4. Vergi qoyma (vergi) gəlir bölgüsündəki bərabərsizliyi azaltmalıdır. 5. Vergi qoyma (vergi) qiymətlərin sabitliyini qoruyub saxlamalıdır (dəstəkləməlidir).
1 .Каждый человек должен платить налоги. 2. Налоги существуют во всех странах мира. 3. Налогообложение не должно вмешиваться в рыночное распределение ресурсов. 4. Налогообложение должно уменьшат неравенство в распределении дохода. 5. Налогообложение должно поддерживать стабильность цен.
VII. Read and translate the following words and word combinations: tax, duty, taxation, consumer, measure, employee, employer, possible, ideas, decline, indirect, price, suffer, unnecessary, obtain, probably, income, therefore, by means of taxation, direct and indirect taxation, a taxpayer’s income
Ш TEXTS
TYPES OF TAXES?
Taxes are most commonly classified as either direct or indirect, an example of the fonner type being the income tax (inheritance tax, real estate tax) and of the latter the sales tax (VAT-value added tax, excise tax).
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Direct taxes are taxes on person; they are aimed at the individual’s ability to pay as measured by his income or his net wealth. INCOME TAXES are levied on total personal net income in excess of some stipulated minimum. They are also adjusted to take into account the circumstances influencing the ability to pay of the individual, such as family status, number and age of children, and financial burdens resulting from illness. Income taxes are often levied at graduated rates, that is at rates that rise as income rises. CAPITAL GAINS TAX (UK) - foreign currency bank accounts owned by persons not domiciled only in the UK and situated in the UK for the purposes of capital gains tax. ESTATE TAX (INHERITANCE TAX; TRANSFER TAX) - tax upon the transfer of property, not upon the property itself; estate taxes imposed upon the net value of decedent’s estate. Estate taxes are based upon the power to transmit or the transmission from the dead to the living. The same tax result is accomplished in some jurisdiction through imposition of INHERITANCE TAXES which are taxes imposed upon the receipt of the deceased’s property by the beneficiary. Estate taxes and inheritance taxes are both forms of TRANSFER TAXES which are taxes levied upon the passing of title to property. ESTIMATED TAX - generally, income taxes paid periodically by a taxpayer on income not subject to withholding taxes, in an amount based upon the taxpayer’s projected liability. EXCISE TAX - a federal tax imposed upon the purchase of certain items. FRANCHISE TAX - a tax generally imposed by the states upon corporations. Often, the franchise tax is divided into two components: (1) a tax upon the net income of the corporation attributable to activities within the state; and (2) the tax on the net worth of the corporation located in
HUSSEIN MAQSUDOGLU 375 KAMALA JAFAROVA BUSINESS ENGLISH the state. PROGRESSIVE TAX - a tax in which rate increases as the amount subject to tax increases. For example, a progressive income tax would be a tax at which on lower income levels the rate of tax was lower than the rate of tax on higher income levels. PROPERTY TAX - generally, tax imposed by municipalities upon owners of property within their jurisdiction based upon the value of such property. PROPORTIONAL TAX - a tax imposed at a fixed and uniform rate in proportion to the property subject to the tax. REGRESSIVE TAX - a tax in which rate decreases as the amount to which the tax is applied increases. SALES TAX - a tax generally imposed by state or local government on the sale of certain items that are generally not for resale. In general, the sales tax is at a set rate regardless of the purchase price of the property. UNIFIED ESTATE AND GIFT TAX - a federal tax imposed upon the net value of an estate and on gifts of certain amounts. The transferor is liable for the gift taxes but if the transferor fails to pay the gift tax, the transferee may be held liable for its payment. USES TAX - a tax imposed upon property purchased in one jurisdiction but brought into another jurisdiction. The jurisdiction imposing a “use tax” does so to curtail out-of- state purchases made for the purpose of avoiding sales taxes. The rate of a use tax is generally the same as the rate of a sales tax. WITHHOLDING TAX - the amount of income tax withheld from a payment of income. For example, an employer is required to withhold taxes from an employee’s salary when the salary is paid to the employee. The amount withheld is a credit against the amount of income taxes that the employee must pay on income earned for the taxable year.
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REAL ESTATE TAX - a tax imposed upon immovable property consisting of land, any natural resources and buildings. Indirect taxation is a system of collecting taxes by adding an amount to the price of goods and services that people buy. VALUE ADDED TAX - a tax imposed upon the difference between the cost of an asset to the taxpayer and the present fair market value of such asset; a tax based on percentage of the value of the property subject to taxation, as opposed to a specific tax, which is fixed sum applied to all of a certain class of articles.
VOCABULARY NOTES
income tax -gəlir vergisi - подоходный налог inheritance tax - miras vergisi - налог на наследство real estate tax - daşınmaz əmlak vergisi - налог на недвижимость sales tax - satış vergisi - налог с продаж value added tax (VAT) - əlavə dəyər vergisi - налог на добавленную стоимость excise tax - aksiz vergisi - акцизный налог ability to pay - ödəmək qabiliyyəti (imkanı) - платежеспособность net - xalis, təmiz - чистый to levy - toplamaq, yığmaq (vergi) - собирать, взимать in excess of - daha çox, normadan artıq - сверх, выше нормы to stipulate - şərt qoymaq - обусловливать graduated income tax - proqressiv gəlir vergisi (gəlir artdıqca artan vergi) - прогрессивный подоходный налог (налог, который увеличивается с ростом зарплаты)
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rate - faiz dərəcəsi - процентная ставка to impose - tətbiq etmək, применять consumption - istehlak, tələbat - потребление, спрос
ANSWER THE QUESTIONS.
1. What are the two main kinds of taxes? 2. What are the direct/indirect taxes in the UK? 3. What determines who pays the tax? 4. What is the income tax? 5. What is the sales tax? 6. What is the VAT? 7. In what tax does the rate decrease as the amount to which the tax is applied increases? 8. What is the amount withheld? 9. What federal taxes do you know? 10. What is the estimated tax?
VIII. Agree or disagree with the following statement. 1. Taxes may be either direct or indirect. 2. Inheritance taxes are indirect taxes. 3. Excise taxes are direct taxes. 4. Direct taxes are taxes on landowners. 5. Direct taxes are aimed at the individual’s inability to pay. 6. Income taxes are imposed on total personal net income. 7. Income taxes have respect to the circumstances influencing the ability to pay of the individual. 8. Income taxes are progressive taxes. 9. Direct taxation collects taxes by adding an amount to the price of goods and services. 10. Direct tax is a tax exacted directly from the taxpayer. 11. Income tax is a tax paid on the money that you earn. 12. Progressive tax is a tax that takes a larger percentage of money from people within higher incomes than from people with lower incomes.
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IX. Translate the statements from Azerbaijani/Russian into English. 1. Verginin iki növü var: vasitəsiz (birbaşa) və vasitəli (dolayı). 2. Gəlir vergisi insanın sırf şəxsi gəlirinə qoyulur. 3. Əlavə dəyər vergisi ərzaq istehsalının və mübadiləsinin hər mərhələsində əlavə olunan dəyər məbləği üzrə vergi qoyma sistemidir. 4. Satış vergisi malların və xidmətlərin satılmasından əldə olunan bir vergidir. 5. Satış vergisi vasitəli (dolayı) vergidir. 1. Налоги бывают двух видов: прямые и косвенные. 2. Подоходным налогом облагается чистый личный доход человека. 3. Налог на добавленную стоимость - это система налогообложения продуктов на сумму стоимости, добавленной на каждом этапе их производства и обмена. 4. Налог с продаж - это налог с продаж товаров и услуг. 5. Налог с продаж - это косвенный налог.
X. Find the synonyms among the following words: air waybill, dealing, influence, goal, structure, profit, buyer, decision, exporter, cause, donation, airline, charge, description, measurements, benefit, basis, borrow, box, original, carrier, top copy, case, consignee, dimensions, shipper, rate, air consignment note, lend, nature, solution, reason, affect, foundation, aim, transaction, framework, grand
XI. Find the antonyms among the following words. opponent, growth, inside, capable, loss, always, better, dependence, public, rise, easy, less, wide, supporter, decline, worse, difficult, more, narrow, profit, never, private, fall, independence, outside, incapable
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m TEXT4
CUSTOMS & TAXES
Customs are an authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, transports, personal effects and hazardous items in and out of a country. Customs legalization in any country requires that the importer or exporter has the primary responsibility for the provision of customs declarations and documents, to the specification which the law demands at the time of shipment. This pattern is followed by most customs authorities around the world. However, customs also recognize that many importers and exporters do not have the knowledge or expertise to undertake the declarations themselves, and therefore it uses the services of a freight forwarder to make the declaration for them. Under these conditions, customs take the view that the importer or exporter has employed the services of an "expert". Therefore, the forwarder shares some responsibility for the accuracy and correctness of declarations and documentation. It is not uncommon for customs to levy a fine on both shipper and forwarder when an error occurs based on the above. The level of any fine imposed will vary depending on the degree of the offence involved. All imports and exports are declared via the single administrative document or SAD. These may often be made on the official printed form, or via a plain paper version, either of which may be produced on a computer system, with customs’ prior approval. The SAD is potentially an eight- part document, but for almost all purposes only parts of the document are used. Increasing use of computers has meant that most forwarders use a direct link to the customs’ com
380 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH puter known as CHIEF (Customs Handling Import Export Freight). This means that often goods can be cleared with the actual papers being handed in later to Customs. Of course, if special documents are required, or customs inspection is necessary, the computer holds clearance until the relative steps have been taken. “Paperless” declarations are currently being considered, and may arrive in the future.
VOCABULARY NOTES
require - tələb - требование, спрос responsibility - məsuliyyət, cavabdehlik - ответственность law - qanun - закон pattern - model, nümunə - образец, модель freight forwarder - fraxt (yük) ekspeditoru- экспедитор фрахта (груза) share - bölüşmək - распределить to levy fine -cərimələmək - налагать штраф, взимать штраф shipper - yükgöndərən - грузоотправитель offence - hüquq pozuntusu - проступок, нарушение прав cost - qiymət, dəyər - стоимость to provide - təmin etmək - обеспечивать to deduct - çıxmaq - вычитать drawback - çatışmazlıq, maneə - недостаток, препятствие
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ANSWER THE QUESTIONS.
1. What is customs? 2. What do customs control? 3. What does customs legalization require in any country? 4. Why the services of a freight forwarder are used? 5. What does the forwarder responsible for? 6. What is the SAD? 7. What is the CHIEF? 8. What are declared via the single administrative document or SAD? 9. When can the “Paperless” declarations be used? 10. What do the customs take the view?
XII. Give the English equivalents of the following col- locations: cərimələmək, hüququ təsdiq etmək (qəbul etmək), deklarasiya (bəyannamə) doldurulmasının düzgünlüyü, vurulan zərərin dərəcəsi налагать штраф, признавать право, правильность заполнения декларации, уровень причиненного ущерба
XIIL Find out Azerbaijani/Russian equivalents for the words presented below: legalize, responsibility, demand, shipment, recognize, undertake, freight, forwarder, shipper
XIV. Write the synonyms of the following words. responsibility, property, to advice, wealth, personal, serious, flow, primary, business, pattern
XV. Translate the following sentences into Azerbaijani/ Russian. 1 .The most common tax is income tax, which is a con-
382 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH tribution made from income. 2. Customs legalization in any country requires that the importer or exporter has the primary responsibility for the provision of customs declarations and documents. 3. A11 imports and exports are declared via the single administrative document. 4. Customs is an authority or agency in a country responsible for collecting and safeguarding customs duties and for controlling the flow of goods including animals, transports, personal effects and hazardous items in and out of a country. 5. Tax advisor is a financial expert with advanced training and knowledge of tax law. b.Direct taxes are taxes on person; they are aimed at the individual’s ability to pay as measured by his income or his net wealth. 7.Excise tax is a federal tax imposed upon the purchase of certain items.
XVL Read the DIALOGUE, sum up its content and act it out.
Azer: I'm sure you know that one of the most serious problems in Azerbaijan now is poor tax collection causing sharp decline in tax revenue. Tom: Yes, we know that and understand your concern. But tax evasion is characteristic of quite a number of countries. Inadequate tax law and weak control on the part of tax services make it possible for taxpayers to find loopholes and evade taxes. Azer: In Azerbaijan many individual taxpayers simply do not pay taxes. We can’t put up with such a situation any longer, particularly because the government is planning to gradually move the tax
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burden from enterprises to incomes and property of physical persons. Tom: In that case you will have to work with your tax- payers. Azer, What do you mean? Tom: Sometimes individual taxpayers and businesses do not pay taxes or do not pay them fully because they do not understand the procedures of tax col- lection, they are unclear about filing tax returns. Azer: Are you facing a similar situation? Tom: In away, yes. But we in the US Internal Revenue Service (IRS) try to educate taxpayers, to provide them with information, to help them to comply with the tax laws. Azer: Our taxpayers, both individuals and legal entities, also often turn to employees of the Ministry of Taxation for clarifications and explanations. Tom: It's usual practice. Besides, we invite people to at- tend our educational programmes designed for specific groups of taxpayers, we make available special publications which explain the many rights of taxpayers, procedure of appeal and seizures, etc. Azer: The staff of the IRS must be very big. Tom: No, not very. The purpose of the IRS is to collect the amount of tax revenue at the least cost, so we increasingly work in cooperation with local vo- lunteers, who offer free help in preparing tax re- turns, for instance, for elderly taxpayers. Azer: You are operating the "self-assessment" system, aren't you? Tom: Yes, we accept most taxpayers' returns as filed. Sometimes, however, we select returns for ex- amination. Azer: Do you check dishonest taxpayers?
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Tom: No, the check doesn't suggest that the taxpayer is dishonest. We check returns to make sure the math is accurate and see if the taxpayer has paid the correct amount of tax. AzenAnd what if the taxpayer has not paid the full amount of tax? What measures are taken? Tom: If a taxpayer owes tax, IRS employees will send the taxpayer a bill describing the tax and stating the amount the taxpayer owes in tax, interest and penalties. Azer: Is the taxpayer given a specific period of time to pay the bill in full? Tom: Yes, we do not take any enforcement action until after we have given the taxpayer the chance to voluntarily pay the tax due. Azer: What enforcement measures can be taken if the defaulting taxpayer does not respond? Tom: As a rule we place a tax lien on the property to secure the amount of tax due. The lien is released no later than 30 days after we find that the entire tax is paid. Azer: What rights do taxpayers have if they disagree with an IRS decision, for instance the amount of tax due? Tom: The taxpayer has the right to appeal our filing if he or she believes that the amount is wrong or the lien was filed in error. Azer: The taxpayers have the right to recover the actual economic damages sustained, I suppose, don't they? Tom: Yes, sure. One of the goals of the IRS is to protect the rights of American taxpayers, so that they have confidence in the integrity, efficiency and fairness of our tax system. Azer: Yes, taxpayers have the right to be treated fairly,
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professionally, promptly and courteously. Our tax employees also do their best to serve the public by continually improving the quality of services.
USEFUL VOCABULARY
loophole - boşluq - пустота to file a tax return - vergi bəyannaməsini təqdim etmək - подать налоговую декларацию IRS (Internal Revenue Service) - Daxili Gəlir Xidməti - Служба Внутренних доходов comply (with) - uyğunlaşmaq - соответствовать appeal - müraciət, appelyasiya - апелляция, обращение seizure - müsadirə etmə, əmlakın müsadirə olunması - наложение ареста на имущество, изъятие имущества, конфискация, экспроприация the math is accurate - hesablanma düzgündür - вычисление правильно enforcement actions - icbari tədbirlər - принудительные меры defaulting taxpayer - səhlənkar vergi ödəyicisi (qanunu tez-tez pozan vergi ödəyicisi) - недобросовестный налогоплательщик (налогоплательщик, часто нарушивший закон) tax lien - vergi girovu ( vergi ödənilmədiyi halda borclunun mülkiyyətinin müsadirə olunması hüququ) - налоговый залог (право наложения ареста на имущество должника) the lien was filed in error - müsadirə səhvən yerinə yetirilib - право конфискации имущества было применено ошибочно
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to recover damages - ziyanın ödənilməsi - возмещение убытков integrity - dürüstlük, bütövlük - честность, целостность promptly - təcili, cəld - срочно, быстро courteously - nəzakətlə - вежливо
XVII. Give extensive answers to these discussion questions: 1. What taxes provide the bulk of budget revenues in Azerbaijan? 2. How can tax assessment be done? 3. How do taxes in Azerbaijan compare with taxes in other countries? 4. Is there a need to soften the burden of taxation in Azerbaijan? 5. Are people beginning to understand that paying taxes is in their interest? 6. What is the difference between tax evasion and tax avoidance? 7. What is usually taxed? 8. What is an excise duty? Why were excise duties introduced? 9. What are the duties of the Ministry of Taxation and Tax Inspectorates? 10. How can poor tax collection in Azerbaijan be explained? 11. What measures, in your opinion, can improve tax collection in Azerbaijan? 12. What rights do local bodies of authority have regarding taxes? 13. What is the government planning to do to eliminate defaults on payments and ensure that taxes are paid? 14. What enforcement measures can be taken against defaulting taxpayers?
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XVIII. In order to get prepared for participation in the class discussion of the questions, write a short essay on the following: a) The purposes of direct and indirect taxation. b) The purposes of excise duties. c) What are ’Чах havens"?
XIX. Go to the library and read on taxation in major industrialized countries and countries in transition. Does our system of taxation have much in common with them?
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■ YOUR VOCABULARY
Production - is the act of creating output, a goods or service which has value and contributes to the utility of individuals. Production Cost - A cost incurred by a business when manufacturing a good or producing a service. Production costs combine raw material and labor. To figure out the cost of production per unit, the cost of production is divided by the number of units produced. Production Gap - is a measure of how short domestic industrial production is from its potential. Production Efficiency - An economic level at which the economy can no longer produce additional amounts of a good without lowering the production level of another product. - The ability to produce a good using the fewest resources possible. Efficient production is achieved when a product is created at its lowest average total cost. Product Line - A group of related products manufactured by a single company. For example, a cosmetic company's makeup product line might include foundation, concealer, powder, blush, eyeliner, eye shadow, mascara and lipstick products that are all closely related.
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m TEXTi
PRODUCTION
The theory of production deals with the relationship between the factors of production and the output of goods and services. The theory of production is generally based on the short run, a period of production that allows producers to change only the amount of the variable input called labour. This contrasts with the long run, a period of production long enough for producers to adjust the quantities of all their resources, including capital. The Law of Variable Proportions states that, in the short run, output will change as one input is varied while the others are held constant. The Law of Variable Proportions deals with the relationship between the input of productive resources and the output of productive resources and the output of final products. The law helps answer the question: How is the output of the final product affected as more units of one variable input or resource are added to fixed amount of other resources? Of course, it is possible to vary all the inputs at the same time. Economists do not like to do this, however, because when more than one factor of production is varied, it becomes harder to gauge the impact of a single variable on total output. When it comes to determining the optimal number of variable units to be used in production, changes in marginal product are of special interest. There are three stages of production - increasing returns, diminishing returns, and negative returns - that are based on the way marginal product changes as the variable input of labour is changed. In stage one, the first workers hired cannot work efficiently because there are too many resources per worker. As the number of workers increases, they make better use
390 HUSSEIN MAOSUDOGLU KAMALA JAEAROVA BUSINESS ENGLISH of their machinery and resources. This results in increasing returns (or increasing marginal products) for the first five workers hired. As long as each new worker hired contributes more to total output than the worker before, total output rises at an increasingly faster rate. This stage is known as the stage of increasing returns. In stage two, the total production keeps growing, by smaller and smaller amount. This stage illustrates the principle of diminishing returns, the stage where output increases at a diminishing rate as more units of variable input are added. The third stage of production begins when the eleventh worker is added. By this time, the firm has hired too many workers, and they are starting to get in each other's way. Marginal product becomes negative and total plant output decreases.
VOCABULARY NOTES
output — hasilat, ixrac, çıxış - экспорт input - idxal, giriş - импорт factor of production - istehsal amili - фактор производства increasing return - artan gəlirlilik - возрастающая прибыль diminishing return - azalan gəlirlilik - уменьшающая прибыль negative return - mənfi gəlirlər - отрицательные доходности marginal - əhəmiyyətsiz - незначительный costs - xərclər - расходы
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The Law of Variable Proportions - Dəyişkən Nisbət (tənasüb) haqqında Qanun - Закон о переменных пропорциях resource - ehtiyat - ресурс affect - təsir - влияние fixed amount - müəyyən olunmuş məbləğ - фиксированная сумма to gauge - qiymətləndirmək, ölçmək - оценить, измерять to hire - icarəyə götürmək - взять в оренду to illustrate - göstərmək - иллюстрировать to decrease - azaltmaq, aşağı salmaq - уменьшать, понижать
ANSWER THE QUESTIONS.
1. How can you define production? 2. How many stages of production are mentioned in the text? 3. How can you formulate the Law of Variable Proportions? 4. In what way is the output of final product affected by adding more units of production? 5. With what deals the theory of production? 6. On what is the theory of production generally based? 7. What does the Law of Variable Proportions state? 8. When the changes in marginal product are of special interest? 9. What stage does illustrate the principle of diminishing returns? 10. When does the third stage of production begin?
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ASSIGNMENTS
/. Decide whether these statements are True (T) or False (F). 1. The theory of production deals with a period of production that allows producers to change the amount of labour used. 2. The law helps answer the question: How is the output of final product affected as more units of one variable input or resource are added to fixed amount of other resources? 3. In stage one of production the more workers are hired the less are the returns. 4. When an additional worker is added, the marginal revenue computation changes according to the stage of production. 5. When marginal cost is less than marginal revenue, more variable inputs should be hired to expand output.
II. Give English equivalents to the following words and expressions: • yazılmış (təyin edilmiş) əmək haqqlan; • istehsalat amili; • itkisiz (zərərsiz, ziyansız); • gəlir, hasilat; • dəyişən xərclər; • əlavə xərclər; • köhnəlmə, dağılma; • ixtisar edilmiş gəlir.
• фиксированные зарплаты; • фактор производства; • безубыточный; • доход, выручка; • переменные издержки; • накладные расходы;
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• износ; • сокращающийся доход.
III. Fill the gaps in the sentences below with the words and expressions from the box. There are two expressions which you don't need to use.
I producers, factors of production, human resource, technology, wants, service, capital resources, consumer goods, entrepreneur, economics
1. The study of the choices people make in an effort to satisfy their wants and needs is called ______. 2. A ___ is an action or activity done for others for a fee. 3. The people who make the goods and provide services that satisfy consumers' wants and needs are called ______. 4. _____ are those goods or services that people con sume beyond what is needed for survival. 5. Resources that can be used to produce goods and services are called______. 6. The money and capital goods that are used to produce consumer products are called ______. 7. The use of science to create new products or more efficient ways to produce products is called _____ . 8. The__ is a person who attempts to start a new busi ness or introduce a new product.
IV. Translate the following sentences into English. 1. “Məhsul- (produkt)” termini əmtəə ilə yanaşı xidmətlərin də adlandırılmasmda istifadə olunur. 2. İqtisadçılar adətən yaşamaq üçün zəruri olan mal və xidmətləri həyati (həyat üçün vacib olan) olaraq təsnif edirlər.
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3. Sahibkarlığın məqsədi yeni mal və ya yeni istehsalat amilləri yaratmaqdan və bu yolla da müəyyən bir dəyərə malik olan hər hansı bir şeyi yaratmaqdan ibarətdir. 4. Çatışmazlıq insanlann tələbatlannın onlann razı salınması üçün mövcud olan ehtiyatlardan çox olmasına görə yaranır. 5. İstehsalat prosesinə sərf edilən istənilən insan qüvvəsi insan ehtiyatı kimi nəzərdə tutulur.
1. Термин «продукт» часто используется для названия, как товаров, так и услуг. 2. Экономисты обычно классифицируют товары и услуги, которые необходимы для выживания, как жизненно необходимые. 3. Цель предпринимательства - создать новый продукт или новые факторы производства и таким образом создать что-либо имеющее ценность. 4. Дефицит существует потому, что потребности и желания людей больше, чем имеющиеся в наличии ресурсы для их удовлетворения. 5. Любое человеческое усилие, прилагаемое в производственном процессе, рассматривается как людские резервы.
Ш ТЕХТ2
PRODUCTS & SERVICES
А product is anything a person receives in an exchange. A product is something that is produced or manufactured and sold, often in large amounts. A product can be a tangible item (a notebook PC), a service (auto repair), an idea (a plan for a marketing campaign), some other abstract good (an education), or a combination of all of these concepts. Products are often referred to as goods.
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In marketing, a product is anything that can be offered to a market that might satisfy a want or need. In retailing, products are called merchandise. In manufacturing, products are purchased as raw materials fsuch as cotton, gold and oil used to produce or manufacture other products) and sold as finished goods. Commodities are usually raw materials such as metals and agricultural products, but a commodity can also be anything widely available in the open market. In insurance, the policies are considered products offered for sale by the insurance company that created the contract. Products can be classified as tangible or intangible. A tangible product is any physical product that can be touched like a computer, automobile, etc. An intangible product is a non-physical product like an insurance policy. Two questions are to be answered in this text. The first one is: What is marketed? Goods, services, and ideas are marketed. Goods are physical objects having monetary value, such as toothpaste, cameras, computers, cars, toys, furniture, televisions, clothing, and candy that satisfy consumer needs. Goods can refer to the materials and components used to make products, or the products that are made. Produce refers to agricultural products such as crops or fruit. For example, you can buy fresh produce at a farmers’ market. The second question is: Who buys and uses what is marketed? Both individuals and organizations buy and use goods and services that are marketed. Ultimate consumers are the people - whether 80 years or 8 months old - who use the goods and services purchased for a household. A household may consist of one person or ten. Organizational buyers are units such as manufacturers, retailers, or government agencies that buy goods and services for their own use or for resale. SERVICES are intangible items such as airline trips, fi
396 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH nancial advice, or telephone calls that an organization provides to consumers. To obtain these services, consumers exchange money or something else of value, such as their own time. The basic concept of services marketing is to provide customers with benefits that satisfy their needs. In other words, the marketer must develop the right service for the right people at the right price and the right place. The marketer must also communicate with consumers so that they are aware of the need-satisfying services available to them. The unique characteristics of services ereate special problems for a marketing strategy. The problems of service marketing are not the same as those of goods marketing. To understand these problems, it is first necessary to understand the distinguishing characteristics of services. Services have four basic characteristics: intangibility, inconsistency, inseparability, and inventory. These four elements are referred to as the four I’s of services. Intangibility. Intangibility stems from the fact that services are performances. Services are intangible; that is, they can’t be held, touched, looked at, tasted, smelled, heard or seen before the purchase decision, nor can they be possessed. Thus, there is neither potential nor need for transport, storage or stocking of services. Furthermore, a service cannot be (re)sold or owned by somebody. In contrast, before purchasing a traditional product, a consumer can touch a box of laundry detergent, kiek the tire of an automobile, or sample a new breakfast cereal. A major marketing need for services is to make them tangible or show the benefits of using the service. Inconsistency. Marketing service is challenging because the quality of service is often inconsistent. Since services depend on the people, who provide them, their quality varies with each person’s capabilities and day-to-day job performance. Inconsistency is much more of a problem in
397 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH services than it is with tangible goods. Tangible products can be good or bad in terms of quality, but with modem production lines the quality will at least be consistent. Inseparability. A third difference between services and goods, related to problems of consistency, is inseparability of production and consumption. In most cases the consumer cannot (and does not) separate the service from the deliverer of the service or the setting in which the service occurs. For example, to receive an education, a person may attend a university. The quality of the education may be high, but if the student finds counseling services poor, or sees little opportunity for extracurricular activity, he or she may not be satisfied with the educational experience. Services are normally produced at the same time they are consumed. A medical examination is an example of concurrent production and consumption. In fact, the doctor cannot possibly perform the services without the patient’s presence, and the consumer is actually involved in the production process. With other services, such as air travel, many consumers are simultaneously involved in the production. Inventory. This element requires the provision of service along with any needed equipment. If a physician is paid to see patients but no one schedules an appointment, the fixed cost of the idle physician’s salary is a high inventory carrying cost. In some service businesses, however, the provider of the service is on commission or is a part-time employee. Inventory carrying costs can be significantly lower or nonexistent because the idle production capacity can be cut back by reducing hours or having no salary to pay because of the commission compensation system.
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VOCABULARY NOTES
product - məhsul - продукт goods - mallar - товары marketing - marketinq - маркетинг market - bazar - рынок retailing - pərakəndə satış - розничная торговля merchandise - mal - товар manufacturing - istehsal - производство raw materials - xammal - сырье finished goods - hazır məhsullar - готовые продукты commodities - mallar, əmtəə - товары tangible - maddi, hiss olunan, gözə çarpan - ощутимый, материальный, заметный intangible - qeyri-maddi, hiss olunmayan, nəzərə çarpmayan - нематериальный, незаметный, неощутимый individuals - fərdlər, fiziki şəxslər - личности, человек, индивидум organizations - təşkilatlar - организации ultimate consumers - son istehlakçılar - конечные потребители unique - təkraredilməz, nadir, yeganə - уникальный, единственный в своём роде, неповторимый intangibility - duyulmazliq - неосязаемость inconsistency - uyğunsuzluq, ziddiyyətlilik - несоответствие, несовместимость inseparability - ayrılmazlıq - нераздельность inventory - inventar - инвентарный storage - anbar, saxlama - хранилище, склад, хранение stocking - toplama, yığma, ehtiyatda saxlama- накопление, держать в запасе laundry - camaşırxana - прачечная detergent - yuyucu vasitə - моющее средство inconsistent - ziddiyyətli - противоречивый
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consumption - istehlak, məxaric, sərfıyyat - потребление,затрата, расход counseling services - məsləhət xidmətləri - консультационные услуги extracurricular - ictimai, auditoriyadan kənar- внеаудиторный, общественный concurrent - üst-üstə düşən, uyğun gələn, eyni anda - одновременный, совпадающий simultaneously - eyni zamanda - одновременно nonexistent - mövcud olmayan - несуществующий commission - komissiya, vəkalət, səlahiyyət, hüquq - комиссия, полномочие, доверенность, право compensation - ödəmə (zərərin əvəzini) - компенсация
ANSWER THE QUESTIONS.
1. What is a product? 2. What is produce? 3. What are the synonyms of the word ‘product’? 4. What is a service? 5. Who buys products and services? 6. What is the name of a profitable and unprofitable product? 7. What is the main difference between goods and services? 8. What is a service? 9. Which of the following are goods and which are services? (hospitals, sportswear, fast-food outlets, sports clubs, hamburgers). 10. What is the basic concept of services marketing?
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11. How many special characteristics do services have? What are they? 12. Speak on each of the unique elements of services. Try to find some examples from your consumer experience.
V. Find the Azerbaijani/Russian equivalents of the following words and word combinations in the text: məhsul (mal, məmulat); məhsullar (məmulatlar); kənd təsərrüfatı məhsullan; xidmət; əsas (son) tələbatçı; ev təsərrüfatı; “pullu inək”; daimi olaraq nəğd pul axını yaradan məhsul və ya biznes, və ya etibarlı və çox gəlirli şirkət; “cəzb edən məhsul (tələ yemi olan məhsul) - istehsalçı ziyana düşsə bilə alıcıları cəlb etmək məqsədi ilə satdığı məhsul; malın gözlənilməsindəki uğursuz, aldadıcı ümid; xammal; əsas (son) məhsul; gözə çarpan məhsul; gözə çarpmayan məhsul.
продукт (товар, изделие); товары (изделия), сельскохозяйственная продукция; услуга; конечный потребитель; домашнее хозяйство; “денежная корова”; товар или бизнес, который дает непрерывный приток наличных денег или надежная и очень доходная компания; “товар-приманка”, продаваемый в убыток для производителя с целью привлечения покупателей; неудачное обманувшее ожидание товара; сырьё; конечный продукт; осязаемый продукт; неосязаемый продукт.
VI, Fill in the gaps with the words given below and translate the text: attributes matches delivered physical mix saving intangible policy needs leisure buyer aim
Defining the product A product is the central focus of the marketing mix as
HUSSEIN MAQSUDOGLU 401 KAMALA JAFAROVA BUSINESS ENGLISH this is what is ... to the consumer. Product and service are what gives satisfaction to consumers, fulfilling the overall ... of marketing. Product strategy is concerned with how the product is presented to the consumer, how it will be perceived. Customers pay for something specific and identifiable. This is termed a bundle of satisfactions that are both tangible ... of the product (delivery, availability, design, performance, price) and ... (image, perception, value). This broad view of the product / service is important. The marketer must organize the marketing ... to present consumers with an assortment of satisfactions that are appropriate to their .... The marketing mix creates the product in this wider sense, and it should deliver something that most exactly ... consumer wants or needs. This wider description is known as the extended product and represents the sum of marketing effort. Service is included in this description, e.g. a holiday is a ... market product and an insurance ... is a product in the securities and investment market. To consumers the product is a satisfaction. Although a washing machine is a ... object, the real product features (customer satisfaction) are labour and time ... A frozen ready-prepared meal consists of ingredients, but customer satisfaction is convenience. To an industrial ..., the main feature might be speed of delivery or technical support. For marketers, the product is a want-satisfying item; to consumers, it is satisfaction.
VII. Choose the right variant: 1. The term ... covers both goods and services offered by the company. a) idea b) product c) concept
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2. Products as cars, furniture, and electrical equipment... that are expected to last for a long time. a) ultimate products b) durable products c) tangible products 3. Things you buy for personal use, such as food or clothing are called .... a) convenience goods b) consumer goods c) specialty goods 4. Attributes or characteristics of a product: quality, price, reliability, etc.... a) augmented product b) product features c) core product 5. An informal term for a product that does not succeed on the market, a complete failure. a) loss leader b) augmented product c) flop
VIII. Complete these sentences with the words from the box: well high best long hard high
l.IBM manufactures ...... -tech computer products. 2...... Timberland makes a range of ...... -wearing footwear. 3...... Ferrari produces -quality sports cars. 4...... Coca-Cola and PepsiCo both developed ...... -selling soft drinks. 5...... Duracell sells -lasting alkaline
403 batteries. HUSSEIN MAQSUDOGLU KAMALA JAFAROVA 6. Levi jeans are a ...... -made clothing product. BUSINESS ENGLISH
IX, a) Word combinations with * PRODUCT^
cataloge (BrE) a company’s products, as a group catalog (AmE) mix portfolio line range a company’s products of a particular type i lifecycle the stages in the life of a product, and the number of people who buy it at ' product each stage how a company would like a product positioning to be seen in relation to its other products, or to competing products placement when a company pays for its pro- ducts to be seen in films and TV pro- grammes
b) Match the sentences beginnings (1-7) with the correct endings (a-g): 1) Banks are adding new types of accounts ... 2) Apple is going to simplify its product line ... 3) Consumers have mixed feelings about supermarkets 4) When BMW bought Rover, ... 5) The new law will ban product placement.,. 6) Following the launch of the Series 5 laptop, consumers were slow to understand ... 7) With this type of equipment in the US, ... a) product life cycles are so short that the product launches are very frequent. b) its product positioning in relation to Psion’s existing hardware products. c) it charged its product range towards more expensive cars. d) of cigarettes in movies. e) extending their product portfolio into financial services.
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BUSINESS ENGLISH
f) and deliver fewer but more competitive models. g) to their product mix.
X, Choose the right translation for the following terms and use them to complete the definitions below:
❖brand malm bazardan çıxarılması устранение товара с рынка ❖product line məmulat çeşidləri və ya məhsul nomenklaturası (siyahısı) ассортимент изделий или номенклатура продукции
❖ product Xüsusi olaraq qapalı (dar) insan dairələri üçün tələb olunan mallar (delikateslər, naz-nemətlər (cah-calal, dəbdəbəli əşyalar)) товары особого спроса для узкого круга лиц (деликатесы, предметы роскоши) məmulat çeşidləri ассортимент изделий ❖ product mix I malın markası (nişanı) I марка товара ❖line-stretching
❖ line-filling daimi olaraq tələb olunan mallar товары повседневного спроса ❖product mal çeşidlərinin təmin ediİməsi və ya artınlması elimination насыщение или наращивание товарного ассортимента
❖convenience mal qrupları çeşidlərinin genişləndirilməsi goods расширение ассортимента группы товаров
❖shopping mal, məmulat goods товар, изделие ❖specialty müxtəlif mağazaları gəzməklə alınması tələb goods olunan mallar və ya öncədən seçilən mallar - товары, покупка которых требует посещения | разных магазинов или товары предварительного ■ выбора I 405 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
1. A ... is a name (or sometimes a sign, symbol or design) used to identify the goods or services of a particular manufacturer, seller or supplier, and to differentiate them from the goods or services of competitors. 2. A... is defined by marketers as anything capable of satisfying a need or want (including services such as a bank loan, a haircut, a meal in a restaurant, or a skiing holiday). 3. A ... is a group of closely related products, which usually have the same function and are sold to the same customer groups through the same outlets. 4. A ... is the set of all product lines and items offered by a company. 5. ... are cheap and simple “low involvement” products which people use regularly and buy frequently with little effort, without comparing alternatives. 6. ... are durable goods with unique characteristics that informed consumers have to go to a particular store to buy. 7. ... are “high involvement” products for which consumers generally search for information, evaluate different models, and compare prices, and take time to make a selection. 8. ... is the process of withdrawing products from the market when they are no longer profitable. 9. ... means adding further items in that part of a product range which a line already covers, in order to compete in competitors’ niches, to utilize excess production capacity, and so on. 10. ... means lengthening a company’s product line, either moving up-market or down-market in order to reach new customers, to enter growing or more profitable market segments, to react to competitors’ initiatives, and so on.
XL Translate into Azerbaijani/ Russian. 1.Goods and services are exchanged for money and
406 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH money is used to obtain other goods and services. 2.Services are activities such as banking, tourism, or entertainment that contribute to the economy but which may not directly involve manufacturing. 3.1t is much harder to identify changes in quality in services. such as banking, than in a car. 4. A service industry is one that offers specialist expertise or advice. Lawyers, marketers, translators and financiers all do this. 5. Essential services are the supply of things such as water, gas, electricity, health care, and education. 6. Help and advice given to customers in a shop, hotel, or business is a service. T.This is a shop with a reputation for excellent customer service. 8. We must raise the quality of service to our customers. 9. Essential services mean the supply of things such as water, gas, electricity, health care, and education.
m TEXTS
FACTORS OF PRODUCTION
Production is the process and method used to transform tangible inputs (raw materials, semi-finished goods, sub- assemblies), and intangible (ideas, information, knowledge) into goods and services. Factors of production are as follows: capital, labour, natural resources and land. In economic theory, the term "capital" refers to goods and money used to produce more goods and money. The most general distinction is the one made between physical, financial, and human capital. Physical capital is land, buildings, equipment, raw materials; bonds, stocks, available bank balances are included
HUSSEIN MAQSUOOGLU 407 KAMALA JAFAROVA BUSINESS ENGLISH in the financial capital. They both make a great contribution to production. To group capital into fixed capital and circulating capital is common practice. The former refers to means of production such as land, buildings, machinery and various equipment. They are durable, that is, they participate in the production process over several years. Circulating capital includes both non-renewable goods, such as raw materials and fuel, and the funds required to pay wages and other claims against the enterprise. Non-renewable goods are used up in one production cycle and their value is fully transferred to the final product. Human capital is knowledge that contributes "knowhow" to production. It is increased by research and disseminated through education. Investment in human capital results in new, technically improved products and production processes which improve economic efficiency. Like physical capital, human capital is important enough to be an indicator of economic development of a nation. It is common, in economics, to understand labour as an effort needed to satisfy human needs. It is one of the three leading elements of production. Labour has a variety of functions: production of raw materials, manufacturing of final products, transferring things from one place to another, management of production, and services like the ones rendered by physicians and teachers. One can classify labour into productive and unproductive. The former produces physical objects having utility. The latter is useful but does not produce material wealth. Labour of the musician is an example. Factors of production are combined together in different proportions in order to produce output. It is assumed in economics that one should choose the combination of factors which minimizes the cost of production and increases profits.
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Economists consider natural resources to be the third factor of production. They are a contribution to productive activity made by land (for example, a factory site or farm location), raw materials such as iron ore, timber, oil, water for crops and power production, forests and animals. Some natural resources, wheat, for example, are renewable, others such as iron ore are non-renewable and will sooner or later be used up. Economists know reduced supplies of non-renewable resources to result in their higher prices, which provides an incentive to look for natural or synthetic substitutes for them. The supply of land, an essential natural resource, is limited and it cannot be easily increased to meet an increase in demand except in certain cases. Land is, in some respects , close to physical capital, though the former is supplied by nature and the latter is produced by man. But applying labour to kill weeds or fertilizer to improve the soil, farmers can "produce" better land and raise its price. Price of income from land, as well as from other natural resources, is called rent. Land itself has no cost of production, so rent depends on the degree of scarcity and on the demand for it. The purposes for which land is used are due to its characteristics. Land can be used for housing or offices, for mining, or for building roads. Besides, it contributes to the production of crops, providing an environment that supplies water, air, and nutrients for plant growth. Land as a unique agricultural resource poses management problems for the farmer. In the first place, the farmer has to make a choice between buying and leasing it. The advantages and disadvantages depend on the farmer's financial position, on the availability of land for lease and purchase and some other factors. Because purchasing land usually requires a larger capital, farmers with limited capital lease land and use their capital for machinery and other resources.
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VOCABULARY NOTES
common practice —hamı tərəfindən qəbul olunmuş təcrübə - ЗД. общепринятая практика claims against — nəyəsə qarşı tələb, şikayət- требования; претензии на (против) что-либо to pose problems — problemləri ortaya qoymaq, izah etmək (başa salmaq) - ставить проблемы, излагать проблемы Capital - kapital - капитал physical Capital — fiziki kapital (adətən maşınlar, avadanlıqlar və istehsal binaları ilə təsvir olunan istehsal amili) - физический капитал (фактор производства, обычно представленный машинами, оборудованием и производственными зданиями) financial Capital — maliyyə kapitalı (adətən pul ilə təsvir edilən istehsal amili) - финансовый капитал (фактор производства, обычно представленный деньгами) human Capital — insan kapitalı (peşəkar hazırlıq və istehsal təcrübəsi zamanı insanın əldə etdiyi ümumi və ya xüsusi bacarıq və ustalıqlar) - человеческий капитал (умение и мастерство, общее или специачьное, приобретенные человеком в ходе профессиональной подготовки и производственного опыта) fixed Capital — əsas kapital (müəssisənin əsas fondlarına, daha dəqiq desək, torpaq və binalara, istehsalat qurğularına, maşınlara və avadanlıqlara, şirkətin -firmanın investisiyalarına qoyulan kapital) - основной капитал (капитал, вложенный в основные фонды предприятия, т.е. землю и здания, производственные сооружения, машины и оборудование, инвестиции в компании-филиалы) circulating Capital - dövr edən kapital (dövriyyə kapitalı) (şirkətin və ya digər təşkilatın ticari fəaliyyətində isti-
410 HUSSEIN MAOSUDOCLU KAMALA JAFAROVA BUSINESS ENGLISH fadd edilən kapital payı) - оборотный капитал (часть ка- питача компании или другой организации, которая задействована в ее торговой деятечьности) labour - əmək - труд labour force — işçi qüvvəsi (ehtiyatı) - рабочая сила; трудовые ресурсы; число работающих (напр. на предприятии) natural - təbii - естественный, природный natural resources — təbii ehtiyatlar - природные ресурсы nature - təbiət - природа variety - müxtəliflik - разнообразие purpose - məqsəd, niyyət - цель, намерение equipment - ləvazimat, avadanlıq - оборудование raw material (s) - xammal - сырье available - əldə olunan, mövcud - наличный, имеющийся в наличии; (to smb) доступный (кому-л.) contribution (to smth) - təzminat, vergi, yardım, kömək - вклад (во что-л.), взнос (кому л.) means of production — istehsal vasitələri - средства производства machinery - maşınlar, mexanizmlər, avadanlıqlar - машины; оборудование, механизмы durable goods — davamlı mallar, uzun müddət istifadə olunan mallar - товары длительного (долговременного) пользования, прочные, надежные товары production process — istehsal prosesi - производственный процесс fuel - yanacaq - топливо, горючее to require (smth) - nəyisə tələb etmək, nəyəsə ehtiyacı olmaq - нуждаться (в чем-то), требовать (чего-л.) to require - tələb etmək - требовать wage(s) - əmək haqqı - заработная плата enterprise - zavod, müəssisə - промышленное предприятие; завод, фабрика
HUSSEIN MAOSUDOGLU 411 KAMALA JAFAROVA BUSINESS ENGLISH
non-renewable - bərpa olunmayan (yenilənməyən)- невозобновляемый non-renewable resources — bərpa olunmayan (yenilənməyən), tükənən ehtiyatlar - невозобновляемые, истощимые ресурсы investment (in smth) — investisiya, kapital qoyma (hər hansısa bir işə) - капиталовложение, помещение капитала, денег, инвестирование; инвестиция, вклад (во что-л.) efficiency - səmərəlik, məhsuldarlıq - эффективность; продуктивность efficiency of labour — əməyin səmərəliyi (məhsuldar olması) - эффективность (продуктивность) труда manufacturer - istehsalçı - изготовитель; производитель; поставщик to employ - işə götürmək - предоставлять работу; нанимать; employed workers - işə götürülən işçilər - занятые рабочие (не безработные) employment - iş, məşğulluq - работа (по найму); занятость (рабочей силы) unemployed - işsiz - безработный
ANSWER THE QUESTIONS.
1. What are factors of production? Can you name some of them? 2. Why is land transferred from one industry to another? 3. Why is land an essential agricultural resource? 4. When do farmers buy land and when do they lease it? 5. What natural resources are named in the text? 6. Can the supply of land be increased? 7. When do prices for non-renewable resources rise?
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8. How can a farmer raise the price of land? 9. Why do farmers have to choose between alternative uses of land on their farms? 10. Why is land durable? 11. For what purposes is land used? 12. What other renewable and non-renewable resources besides the ones mentioned in the text can you name? 13. What advantages and disadvantages of land lease for a farmer can you think of?
XIL Translate the following sentences into Azerbaijani/ Russian, 1. To know the contribution of every industry to the national economy is very important for the government. 2. The government ought to take steps to reduce the unemployment rate. 3. The problem is that demands are practically limitless and the resources (natural resources, labour and capital) available at one time to produce goods and services are limited in supply. 4. To meet the requirements of a variety of potential users is the purpose of economic statistics. 5. Like physical capital, human capital is important enough to be an indicator of economic development of a nation. 6. Building atomic power stations near rivers is common practice as they require a lot of water for cooling. 7. A minimum wage is a strong enough disincentive for employers not to hire workers with little human capital. 8. One thing in which workers are different is human capital. 9. Everyone can find himself in one of three situations: employed, or unemployed, or out of the labour force. 10. One can be more economical buying large quantities of a good rather than small quantities.
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11. One defines efficiency as the relationship between factor inputs and output of goods and services. 12. One calls a consumer good such as a television, which is used over long periods of time rather than immediately, a durable good.
XIIL Using the words economical, interesting, important, required, useful, possible, impossible, make up sentences with the following phrases on the model:
MODEL: To produce goods more efficiently. - It is important to produce goods more efficiently. 1) to know on what information a decision is based; 2) to buy large quantities of a product rather than small quantities; 3) to be economical if one compares the prices of goods before buying them; 4) to replace the inputs used up in one production cycle periodically; 5) to know that in Denmark young men below 18 cannot be trade union members; 6) to know that production costs depend on the size of the business;
XIK Choose the appropriate variant given in brackets within the meaning of the word, 1. (Like/ Unlike) physical capital, human capital is expensive. 2. A man's budget constraint is fixed by the total amount of time (following/ available) over a given period such as a day, a month, a year. 3. Individuals can (either/neither) spend their income on consumption (or/nor) save it.
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4. A person has an income which allows him to consume (efficient / various) goods and services and live in a particular neighborhood. 5. In labour markets many aspects are regulated: paid holidays, the length of working day and week and other aspects of the (employment / contribution) relationship. 6. Changing policies (require/vary with) constant updating of statistical systems. 7. Some part of (circulating capital/fixed capital), for example equipment, loses its value in the (cost of production /production process), another part of (circulating capital/fixed capital), for example land, may grow in value.
XV, Translate the following sentences into Azerbai- jani/Russian. 1. As productive equipment is referred to as physical capital, to buy new equipment is to invest in production. 2. To be effective a price ceiling must be imposed below the free market equilibrium price. 3. Valuing the US national income fully is impossible as the increase in accumulated durables is not usually counted. 4. To know the quantities of factors a firm will demand, we have to know the demand for the firm's output. 5. To keep the economy as close as possible to full employment is an important aim of the government. 6. To ran an enterprise efficiently the manager must have industry-specific knowledge. 7. Increasing output with the fixed total cost of inputs means to reduce the cost of production per unit produced. 8. Fixed capital, that is, such durable goods as buildings and machinery, are bought in order to be used in the firm rather than to be sold to another business. 9. Including non-renewable goods such as raw materials and fuel as well as the funds required to pay wages in circulating capital is common practice.
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XVI. Translate sentences into English.
1. Ölkə ərazisində əsas məhsulu istehsal etmək vacibdir. 2. Əmək ehtiyatlan - istehsalatda iştirak edən əhalinin bir hissəsidir. 3. Əməyin əsas funksiyaları bunlardır: xammalın istehsal edilməsi, əsas məhsulun sənaye istehsalatı, idarəetmə və xidmətlər. 4. İstehsalın əsas vasitələri bunlardır: torpaq, texnika, maliyyə kapitalı və əmək. 5. Müəssisə - istehsal və idarəetmə vahididir. 6. 90-cı illərin əvvəllərində Rusiyanın əmək ehtiyatının 40 %-i iqtisadiyyatın qeyri-dövlət sektoru tərəfindən tutulmuşdur. 7. 1970-ci illərin əvvəllərində neftin qiymətinin qalxması yanacaq ixracatı dəyərinin dərhal qalxması üçün kifayət qədər güclü səbəb idi.
1. Важно производить необходимый, важный продукт на территории страны. 2. Трудовые ресурсы - это часть населения, участвующая в производстве. 3. Труд имеет следующие основные функции: производство сырья, промыщленное производство нужного продукта, управление и услуги. 4. Основные факторы производства следующие: земля, техника, финансовый капитал и труд. 5. Предприятие — это единица производства и управления. 6. В начале 90-х годов 40% трудовых ресурсов России было занято в негосударственном секторе экономики. 7. Повыщение цен на нефть в начале 1970-х годов было достаточно сильным, чтобы вызвать немедленное повыщение стоимости экспорта топлива.
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XVII. Read the following DIALOGUE between Mr. Abbasov and Mr. Jack. Mr. Abbasov is at the office of Continental Equipment. He is having an appointment with the manager of this company.
Mr. Abbasov: Good morning, gentlemen! How are you? Mr. Jack: Fine, thanks. And how are you getting on? Mr. Abbasov: Very well, thank you. Mr. Jack: Let me tell you about our company. As you know, Mr. Abbasov, we produce processing equipment. Our firm consists of 6 departments: Production, Sales, Export, Financial, Personnel and Research & Development. The last one is the newest at the company. It was created five years ago... We are managed by the Meeting of Shareholders and the Board of Directors. Earlier the Chairman of the company was one of the senior partners, bur now it is Mr. Rogers, as you know. Currently we employ about 1,600 people. Our turn over is more than £ 300 million. Mr. Abbasov: You will work with our Export Department. We export our equipment to 5 countries. We also have two subsidiary companies in Holland and Germany with headquarters in those countries. Mr. Jack: Are they your subsidiaries or branches? Mr. Abbasov: They are our subsidiaries. Each company trades under its own name. We are looking for new partners in Eastern Europe as well, as we would like to expand our activities. That’s why Mr. Cartwright went to Baku to establish personal contacts with your company. Have you read all our correspondence with your director? Mr. Jack: Yes, I think so. We investigated your business proposal thoroughly.
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Mr. Abbasov: Have you got our price-lists and catalogues with you now or shall I ask Miss Elliot to bring a copy? Mr. Jack: Thank you, but I have them with me as well as copies of your letters. 1 expect to make the Draft Contract here, maybe by the end of this week, and to conclude the Contract with you after discussing it with my Director by phone. Mr. Abbasov: All right. Let us get down to business. Today and tomorrow we are going to talk about terms of payment and delivery. Mr. Jack: Right. And the day after tomorrow weTl be talking about packing and transportation. Mr. Abbasov: Then I plan to go to London for three days. As you know, there will be an exhibition. Will you join me? Mr. Jack: Yes, with pleasure. It would be very helpful for the puipose of my visit. Mr. Abbasov: I hope so. And after that you’ll have enough time for a visit to our factory and to go sight-seeing. Mr. Jack: That suits me fine, I expect to submit the Draft Contract to my Director by fax not later than next Wednesday. Then see you tomorrow. Good - bye, Mr. Abbasov: Good-bye.
USEFUL VOCABULARY
company - şirkət, firma - фирма, компания department - idarə, şöbə - отдел, управление production - istehsal - производство, изготовление sales - satış - продажа financial - maliyyə - финансовый turnover - dövriyyə - оборот
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research - araşdırma, tədqiqat - исследование, изучение development - inkişaf - развитие subsidiary company - faizlərinin böyük hissəsi sahiblərin əlində olan, direktorlar şurası tərəfindən idarə olunan şirkət (filial) - дочерня фирма, холдинго- вая/дочерняя компания, владелец которой владеет более чем половиной номинальной стоимости ее акционерного капитала и контролируется составом совета директоров. branch - filial, şöbə - филиал, отделение meeting of Shareholders - Səhmdarların iclası - собрание Акционеров Board of Directors - Direktorlar Şurası - совет директоров business proposal - iş təklifi - деловое предложение draft (of) contract -müqavilə layihəsi, (müqavilənin ilkin variantı, cızma-qarası) - проект контракта (первоначальный вариант контракта, черновик контракта) to join - qoşulmaq, birləşmək - соединять, присоединяться
ANSWER THE QUESTION.
1. How many departments are there at the company? 2. How many managers work at the company? 3. What is in your opinion the most important department? 4. Are there any overseas branches? 5. How many countries does Mr. Abbasov export their equipment?
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6. Where do they also have two subsidiary companies? 7. Why do they have looking for new partners in Eastern Europe? 8. When are they going to talk about terms of payment and delivery? 9. Why does Mr. Abbasov plan to go to London for three days?
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UNIT XIV TRANSPORT
■ YOUR VOCABULARY
Transport - is the movement of people, animals and goods from one location to another. Modes of transport include air, rail, road, water, cable, pipeline and space. Transport is important since it enables trade between people, which in turn establishes civilizations. Transportation Expenses - An expense incurred by an employee or self-employed taxpayer while away from home in a travel status for business. Travel expenses are costs associated with business travel, such as taxi fares, meals and lodging. Transaction - An agreement between a buyer and a seller to exchange goods, services or financial instruments.. - In accounting, the events that affect the finances of a business and must be recorded on the books. Transaction Costs - Expenses incurred when buying or selling securities. Transaction costs include brokers' commissions and spreads (the difference between the price the dealer paid for a security and the price the buyer pays). The transaction costs to buyers and sellers are the payments that banks and brokers receive for their roles in these transactions. There are also transaction costs in buying and selling real estate. Transaction Deposit - A banking deposit that has immediate and full liquidity, with no delays or waiting periods. Transaction deposits can be transferred into other cash instruments, have electronic payments authorized against them, or otherwise be transacted by the financial institution solely at the request of the account holder.
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m TEXT 1
CARRIAGE OF GOODS
Every contract contains a clause defining transport conditions. The clause specifies terms of delivery (CIF, FOB, FAS, C&F, FOR and others), mode of shipment (by sea, rail-road, air or pipeline) and responsibilities of each party. Sometimes transshipment or intermodal shipment is practised. Transport by sea is essential to many contracts. As a rule, a few parties are involved: shipper (usually a manufacturer who sends goods), shipowner, forwarder (an agent specializing in the transport of goods), stevedore (a firni employed in loading and unloading vessels), port authorities, consignee and others. Freight services are provided by liners and tramp ships. Liners provide services over definite routes, operate in accordance with schedules and call at regular ports. Tramp vessels go anywhere as long as cargo is offered in sufficient quantity. Shipments by tramp vessels are governed by an agreement between the carrier and the charterer called a “charter party”. Either shipper or consignee, depending on the tenus of the contract, pay freight, loading, discharging and other expenses, if any.
DELIVERY PERIOD The period for delivery of the ordered goods and completion of any allied service(s) thereof (like installation and commissioning of the equipment, operators’ training, etc.) are to be properly specified in the contract with definite dates and the same shall be deemed to be the essence of the contract. Expressions such as ‘immediate’, ‘ex-stock’, “as early as possible’, ‘off the shelf’, etc. must not be used to indicate contractual delivery period. TERMS OF DELIVERY The terms of delivery is decided depending on the nature of goods to be purchased, transportation facility available, location of the user, location of the prospective suppliers etc. Terms of
422 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH delivery inter alia determine the delivery point of the ordered goods from where the purchaser is to receive / collect the goods. Terms of delivery have direct bearing on the quoted prices.
Linkage between Terms of Delivery & Date of Delivery Delivery dates in respect of contracts incorporating standard and commonly used terms of delivery shall be deemed to be as follows: pTernis of Delivery [Date of Delivery Ex-Works ...... I The date the supplier delivers the goods to the I j purchaser at its (supplier’s) factory/premises. j FOR, Station of i The date on which the goods are placed by the: Despatch (FOR stands | supplier on rail with clear RR (Rail Receipt). | for Free on Rail) i
! FOR, Destination :The date on which the ordered goods reach! ! the destination railway station specified in the! J contract. i CIP, Destination The date on which the delivery is effected at; j (CIP stands for Carriage I the destination mentioned in the contract. i and Insurance paid) j j
Local Delivery at Site Ifhe date on which the delivery is made at the! j consignee’s site mentioned in the contract. | jFAS, port of shipment I The date on which the supplier deliver the j j(FAS stands for Free goods alongside the vessel at the specified j Alongside Ship) | port of shipment. This date is reflected in the' I ; Bill of Lading. j FOB, port of shipment The date on which the supplier delivers the| (FOB stands for Free on | goods on vessel’s board at the specified port Board) :of shipment. This date is reflected in the Bill j I of Lading. j CIF, port of destination jThe date on which the goods arrived at thej (CIF stands for Cost, ] destination port. ! Insurance and Freight) j
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CLAIMS In ideal business conditions everything should be done carefully - details of offers and orders checked, manufacture of the goods carried out properly, packing and marking verified. However, in spite of every possible care and attention that is given to contracts, letters of complaint happen to arrive rather frequently because of various infringements. There are various reasons for complaints. The following kinds of claims are often made by Buyers; 1 .claims arising from the delivery of wrong goods, damaged goods or substandard goods; 2. claims connected with delays of one kind or another; 3. clams owing to goods missing from delivery (i.e. shortshipment or short-delivery); 4. claims that concern errors in carrying out an order. These may be caused by mis-typing of figures, mis-reading of numbers, misdirection of goods, wrong packing and so on. Sellers most frequently make claims on Buyers because of default of payment. In case of delay in delivery of the goods against the delivery time stipulated in this Contract the Seller is to pay the Buyer a penalty at the rate of 0.50% of value of the goods non-delivered in time per each week of delay during the first 4 weeks of delay and 1% per each next week already started. However, the total amount of penalty for delay in delivery should not exceed 10% of the value of the goods non-delivered in time. As a rule a customer will not complain unless he has a good reason. If the customer’s complaint is well-grounded, the settlement is comparatively easy; the error will be admitted and the responsible party will meet the claim fully or partly. In other words, the dissatisfied party will get full or partial compensation for the losses which they suffered. Thus the matter is settled amicably. Much more difficult is the case where the customer’s complaint is not justified. It would be wrong policy to reject the claim off-hand.
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The responsible party must carefully explain why the claim is declined and try to persuade the dissatisfied party to withdraw the claim.
VOCABULARY NOTES
defining - təyin edən, təsvir edən, ifadə olunan - определяющий, указывающий, определяющий to specify - müəyyənləşdirmək, dəqiqləşdirmək - указывать, уточнять, устанавливать mode of shipment - yükləmə üsulu - способ погрузки transshipment - həddindən artıq yükləmə - перегрузка, пересадка shipper - yük göndərən, təchizatçı - грузоотправитель, поставщик. shipowner - gəmi sahibi - судовладелец forwarder - ekspeditor, nəqliyyat agenti - экспедитор, транспортный агент stevedore - limanda yükləmə işçisi - стивидор, портовый грузчик authorities - hakimiyyət, səlahiyyətli güclər - уполномоченные власти consignee - alıcı, adına yük göndərilən adam - грузополучатель, товарополучатель freight - yük, fraxt, yükdaşıma, nəqliyyat- груз, фрахт, транспорт liners - gəmi, sərnişin gəmisi - лайнеры, пароход tramp ship (vessel) - müntəzəm iş qrafiki olmayan, ancaq icarəyə götürüldükdə malların boşaldılmasını öz öhdəsinə götürən ticari gəmi. - коммерческое судно, не имеющее регулярного графика, но когда нанимаешь его, оно берет на себя все ответственности по разгрузке, чтобы сделать это. routes - marşrutlar, yollar - маршруты, пути
HUSSEIN MAQSUOOGLU 425 KAMALA JAFAROVA BUSINESS ENGLISH
to operate - fəaliyyət göstərmək, idarə etmək, çalışmaq, hərəkətə gətirmək - работать, действовать, управлять, приводить в движение call at - zəng etmək - позвонить cargo - yük, kargo - груз, карго charterer - sifarişçi (nəqliyyat vasitəsini icarəyə götürən adam) - фрахтователь, заказчик (человек, который нанимает транспортное средство) charter party - çarter( nizamnamə) (gəmi sahibi ilə gəmini icarəyə götürən arasındakı razılıq), dəniz hüququ - чартер (договор между судовладельцем и фрахтователем на аренду судна), морское право discharging - boşaltma - разгрузка CIF - Cost, Insurance & Freight - Dəyər, Sığorta və Yük - Стоимость, Страхование и Груз FOB - Free On Board - göyərtədə təslim - свободно на борту FAS - Free Alongside Ship - gəmi yanında pulsuz - франко вдоль борта судна C&F - qiyməti və yük - стоимость и фрахт FOR - Free On Rail - dəmiryol ilə pulsuz - бесплатно железнодорожным путем to deliver - çatdırmaq, vermək, paylamaq - доставить, поставлять, передавать, сдавать, completion - bitirmə, tamamlanma - завершение, окончание, allied service(s) - əlaqəli xidmətlər - сервисы, которые тесно связаны друг с другом installation - montaj, qurğu - установка, оборудование to deem - hesab etmək, zənn etmək, - считать, полагать, думать immediate - dərhal, təcili - немедленный, прямой, срочный ex-stock - anbardan - со склада off the shelf - rəfdən - с полки to indicate - göstərmək, ifadə etmək - указывать, показывать.
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to purchase - almaq, əldə etmək - купить, покупать, приобретать location - yer, mövqe, vəziyyət - расположение, местонахождение inter alia - digərləri ilə yanaşı, xüsusi ilə - в частности, особенно to claim - iddia etmək, şikayət etmək - требовать, жало- ватся quoted price - göstərilən (təyin edilən) qiymət - указанная цена to carry out - həyata keçirmək, icra etmək - проводить, осуществлять pacldng - qablaşdırma - упаковка to mark - işarələmək, qeyd etmək - отмечать, маркировать to verify - yoxlamaq - проверять to complain - gileylənmək, şikayətlənmək - жаловаться infringement - pozuntu - нарушение damaged goods - zədələnmiş mallar - поврежденные товары substandard goods - keyfiyyətsiz mallar - некачественные (нестандартные) товары, short-shipment - malların natamam yüklənməsi (sifarişə əsasən)- недогрузка, неполная поставкагруза товара/по сравнению с заказом short-delivery - natamam çatdırılma - неполная поставка, недопоставка error - səhv - ошибка well-grounded - yaxşı əsaslandırılmış -хорошо обоснованный to admit - etiraf etmək, qəbul etmək - признавать, принимать the responsible party - cavabdeh (məsuliyyətli) tərəf - ответственная сторона the dissatisfied party - zərərçəkən tərəf - потерпевшая сторона compensation - kompensasiya - компенсация, возмешение
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amicably - dostcasına - дружно, мирным путем justified - əsaslandırılmış, haqq qazandırılmış - обоснованный, оправданный off-hand - dərhal, hazırlıqsız - тотчас, сделанный без подготовки withdraw the claim - iddianı geri çəkmək - отозвать иск
ANSWER THE QUESTIONS.
1. Why is it preferable to settle claims in an amicable way? 2. Why is it wrong policy to reject an unjustified claim offhand? 3. When do Buyers make claims on Sellers in connection with short-shipment? 4. When do Sellers make claims on Buyers? 5. What penalty do they claim in case of default of payment? 6. Do Buyers make claims on Sellers when they receive the wrong goods? 7. What does the sum claimed depend on? 8. When does the dissatisfied party claim compensation? 9. When does the Buyer have the right to claim a penalty? 10. What penalty can be claimed for the first 4 weeks of delay? 11. Does the Buyer have the right to claim a higher penalty after a month’s delay? What does it amount to? 12. What is the maximum penalty that can be claimed?
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ASSIGNMENTS
/. Translate into English. 1. Çatdırılmanın gecikdirilməsi ilə əlaqədar olaraq biz firmaya .... məbləğində tələb (iddia) irəli sürmüşük. 2. Münasib olmayan qablaşdırmaya görə düşdüyümüz ziyanı ödəməlisiniz. 3. Arbitrajın qərarı qətidir və hər iki tərəf üçün məcburidir. 4. Bildiyiniz kimi, təchizatçılar onlara qarşı irəli sürdüyümüz əsaslı iddianı qəbul etmək məcburiyyətində qaldılar, lakin onlar hesab edirlər ki, tələb etdiyimiz kompensasiya məbləği yüksəkdir. 5. Hesab edirik ki, siz müqavilədə ödənişlə əlaqədar olan maddənin şərtlərini pozmuşunuz. 6. Tərəflər dostyana olaraq razılığa gələ bilmədilər və mübahisə arbitraja ötürüldü. 7. Müştərilərimiz 140 saylı müqavilə üzrə təchiz edilən maşınların keyfiyyətindən şikayət edirlər. 8. Təəssüf ki, biz sizə 1000 t xammalın tam olaraq çatdırılmadığını xatırlatmağa məcburuq. 9. Onlar hesab edirlər ki, bütün iş qablaşdırmadadır (hər şey qablaşdırmadan asılıdır). 10. Ödənişin edilməsi bir həftədən artıq gecikdirilməməlidir. 11. Satıcı iddianı qəbul etməkdən imtina etdi. 12. Niyə siz zavoda gəlmək dəvətindən imtina etdiniz?
1. Мы предъявили фирме претензию на сумму ... в связи с задержкой поставки. 2. Вы должны возместить нам наши убытки, вызванные несоответствующей упаковкой. 3. Решение арбитража является окончательным и обязательным для обеих сторон. 4. Как вам известно, поставщики были вынуждены признать нашу претензию обоснованной, но они считают требуемую нами сумму компенсации высокой. 5. Мы считаем, что вы нарушили пункт контракта в отношении платежа. б.Стороны не могли прийти к дружескому соглашению, и спор был передан в арбитраж. 7. Наши клиенты жалуются на качество машин, поставленных по контракту №140. 8. К сожалению, мы вынуждены напомнить вам о недопоставке 1000т. сырья. 9. Они считают, что все дело в упаковке. 10. Отсрочка платежа на должна превышать
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неделю. 11. Продавец отказался принять претензию. 12. Почему вы отказались от приглашения посетить завод?
//. Choose the correct word and complete he sentences. 1 .Don’t complain until you (to make/sure) of the defects. 2. We do not plan to speed up delivery unless we (to re- ceive/accept) their instructions. 3. We shall refer the matter to arbitration unless you (to send/to pass) replacements. 4. No penalty will be claimed if you (to agree/disagree) to speed up the delivery of the second consignment. 5. The invoice will not be paid unless they (to compensate/guarantee) us for the losses suffered. 6. The visit will be postponed until the parties in dispute (to come/ arrive) to an agreement.
III. Say what you have learned about the difficulties of the firm.
IV. Write the synonyms of the following words:
carriage to speed location specifics delay to start possible to verify completion claim to indicate authorities
m TEXT2
TRANSPORT AND COMMERCIAL DOCUMENTS
THE BILL Of LADING The Bill of Lading (its abbreviation is B/L) is an essential document in international trade and shipment. It is important in law, in finance, and in insurance. It is important in law because it is legal title to ownership of the goods. If an importer holds the Bill of Lading he can take
430 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH possession of the goods printed on it. The consignee (the buyer or importer) can get his goods only when he presents the Bill of Lading to the shipping company when the ship arrives. It is important in finance because the Bill of Lading is usually handed to the bank together with the Export Invoice and the Certificate of Insurance, before the bank will issue credit or accept the Bill of Exchange. The consignor (the seller or exporter) sometimes demands payment before he hands the Bill of Lading to the buyer or his bank. It is important in insurance because the Bill of Lading states whether the goods have been inspected on board ship by the Captain (or Master) of the ship. In the USA, ‘on deck’ is often used instead of ‘on board’. This is important in deciding who is responsible or liable for any damage to the cargo. The Bill of Lading is a receipt signed by the captain of the ship for the cargo he has received on board. This is called a ‘shipped’ Bill of Lading (also called a ‘shipped on board’ Bill of Lading). This Bill of Lading states that the captain has inspected the goods after loading, and gives the following details: the name of the shipper; the name of the ship; the consignee (or ‘to order’); the port of loading; the port of discharge; the marks and numbers; the quantity; the type of packing; the description of the goods; the weight; the measurement. Banks usually require ‘shipped’ Bill of Lading for credit transactions. A ‘clean’ Bill of Lading means that the ship owners agree that the goods were received on board in good condition. If the goods are not in good order and condition, the Bills of Lading are described as ‘dirty’, ‘unclean’, or ‘foul’.
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Some Bills of Lading are also called ‘claused’, because the ship owners sometimes add an extra clause to show that the goods were, for example, badly or inadequately packed. This may be important for the insurance surveyor. A Bill of Lading is negotiable document. An importer can endorse the Bill of Lading and sell the goods in this way, even before they arrive. An importer can endorse a Bill of Lading by signing across the back. In this way, ownership of the goods can be transferred to another buyer simply by handing the endorsed Bill of Lading to him. A Bill of Lading can state that the goods must be delivered to a certain person or company, or it may state ‘to order’. (This phrase is also printed on cheques and Bills of Exchange). A letter of Credit may demand that the Bill of Lading should be made out ‘to order’ and endorsed ‘in blank’. This means that the sellers place no restrictions on the right to transfer ownership. Many ship owners print their own Bills of Lading, and not all look alike. The master of the vessel signs the Bill of Lading and the ship owners retain a copy. The other copies are sent to the exporter (or seller). He will then send a copy to the bank either for payment or for acceptance of a Bill of Exchange. If there is a regular trade between a seller and a buyer, the seller will draw on the buyer’s credit, and send copies of the Bill of Lading by separate mails to make sure he receives at least one. The buyer can then present the Bill of Lading to the shipping company at the port of discharge, and can take delivery of the goods. Companies often do this through forwarding agents. When these arrangements are completed, they receive the Bill of Lading from the captain of the ship which transports the goods. There are usually three or four copies. On of the copies is kept by the shipping company, and the other copies are sent to the exporter.
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VOCABULARY NOTES
Bill of Lading - konosament (gəmi ilo göndərilən yük üçün verilən sənəd)- коносамент (документ на груз, отправленный с морским путем) Export Invoice - ixracat qaiməsi - экспорт инвойс( счет) Certificate of Insurance - sığorta sertifikatı - сертификат страховки Bill of Exchange - (köçürülə bilən) veksel, barat vekseli (ABŞ-da çox vaxt xarici ticarət sövdələşmələrində tətbiq edilir) -(переводный) вексель, (в США чаще применяется в отношении внешнеторговых сделок) consignor - yükgöndərən - отправитель товара responsible - məsul, cavabdeh - ответственный liable - məsuliyyətli - ответственный damage - zərər, ziyan, xəsarət - повреждение, ущерб, вред, повредить cargo - yük - груз to inspect - yoxlamaq, təftiş etmək - проверить, провести ревизию to load - yükləmək - загрузить shipper - yükgöndərən - грузоотправитель discharge - boşaltmaq - разгрузить type of packing - qablaşdırma növü - вид упаковки to description - təsvir, xarakteristika - вид, описание,ха- рактеристика weight - çəki, ağırlıq - вес, тяжесть measurement - ölçü, ölçmə - измерение, обмер transactions - sövdələşmələr, əməliyyatlar, - сделки, операции to endorse - təslimat qeydi etmək - делать передаточную надпись restriction - məhdudiyyət - ограничение ship owners - gəmi sahibləri - судовладельцы vessel - gəmi - корабль, судно arrangement - razılıq, nizama salma, təsnifat - соглащение, приведение в порядок, расположение exporter - ixracatçı - экспортер
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ANSWER THE QUESTIONS.
1. How can you characterize the Bill of Lading? 2. Why is it important in law? 3. When can the consignee get his goods? 4. Why is it important in finance? 5. Why is it important in insurance? 6. When is the Bill of Lading called ‘shipped’? 7. What does it state? 8. What does a ‘clean’ Bill of Lading mean? 9. When are the Bills of Lading described as ‘dirty’? 10. Why are some Bills of Lading called ‘claused’? 11. Why is the Bill of Lading a negotiable document? 12. Do all Bills of Lading look alike? Why? 13. How can a buyer present the Bill of Lading to the shipping company?
K Say whether the statements are true or false: 1. A Bill of Lading gives the person named on it the right to possess the goods described on it. 2. The consignee’s name is usually printed on the Bill of Lading. 3.1f the Bill of Lading is made out ‘to order’ it means that ownership of the goods cannot be transferred to another person. 4. The Bill of Lading is signed at the bottom by the exporter. 5. A shipped Bill of Lading is one which is signed by the captain of the ship after he inspects the goods on board ship. 6. The marks and numbers of the containers or crates must be printed on the Bill of Lading. 7. Y0U endorse a Bill of Lading by signing it, and you can then transfer ownership of the goods to someone else. 8. The Bill of Lading is one of the shipping documents which must be presented to a bank when payment is arranged. 9. Copies of the Bill of Lading are sent to the exporter and the customs only. lO.In insurance it is important to know if the Bill of Lading is ‘clean’ or not.
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11 .The consignee is the person who receives the
goods. VI. Match the equivalents: A В 1. Airway bill а) yük груз
2. Bill of b) blankda təslimat (mübadilə) qeydini etmək Exchange сделать передаточную запись на бланке 3. Bill of Lading с) veksel (borc sənədi) вексель 4. Bill of Lading d) təyyarə yükünün fakturası (qaiməsi) to order авиагрузовая накладная
5. Cargo e) order konosament (gəmi ilə göndərilən yük üçün verilən sənəd) ордерный коносамент 6. Clean Bill f) boşaltmaq of Lading разгружать 7. Consignee g) yükü göndərən грузоотправитель 8. Consignor h) nəqliyyat qaiməsinin blankı i бланк транспортной накладной 9. Dirty Bill of i) sahiblik hüququ Lading право собственности
10. Discharge j) konosament (gəmi ilə göndərilən yük üçün verilən sənəd) коносамент 11 .Endorse in к) yükü alan blank грузополучатель 12.Shipment 1) qeydli-şərtli konosament коносамент c оговорками
13.Shipped Bill m) malların göndərilməsi of Lading отправка товаров U.Title n) konosament (gəmi ilə göndərilən yük üçün 1 verilən sənəd), nəqliyyat qaiməsi j коносамент, транспортная накладная
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VII. Match the terms with its definitions:
Term Definition
1. Cargo a) a right to posses, or own goods or property
2. Consignee b) goods carried or transported by road, rail, sea or air
3. Consignor c) ownership can be transferred by endorsing and transferring a document
4. Negotiable d) the person or institution (in the exporting country) which sends the goods
5. Title e) the person or institution (in the importing country) to which goods are sent.
VIII. Insert the correct words in the appropriate spaces in the passage below: Accept, airmail, consignee, discharge, endorsing in blank, law, negotiable, packing, present, receipt, responsibility, shipped, title, transfer, unclean. The Bill of Lading is important in international finance, insurance, and (1) ...... It is the legal (2) ...... to ownership of the goods described on the Bill of Lading. The (3) ...... cannot accept delivery of his consignment unless he possesses a copy. You can describe a Bill of Lading in one way by saying that it is a (4) ...... signed by the captain of the ship, stating that he has received the goods on board his ship. A Bill of Lading signed by the captain after he receives and inspects the goods on board ship is called (5) ...... Bill of Lading. If the goods are da
436 HUSSEIN MAQSUD06LU KAMALA JAFAROVA BUSINESS ENGLISH maged before they reach the ship the captain or the ship owners issue an (6) ...... Bill of Lading (sometimes called ‘dirty’ or ‘foul’). If the captain receives the goods on board in good condition, the full title of the document he signs is ‘clean, shipped on board Bill of Lading’. Banks usually demand shipped Bills of Lading before they accept (7) ...... for the credit. The holder of a Bill of Lading can (8) ...... possession of the goods to another person or company by (9) ...... or signing on the back of it. In other words, the Bill of Lading, unlike the Air Bill, is a (10) ...... document. If a buyer or bank asks the seller not to restrict the negotiability of the Bill of Lading, they demand that it should be endorsed (11) ...... The details printed on the Bill of Lading must include the port of loading and the port of (12) ...... The type of packing must also be stated. Examples of this are cases, crates, and boxes. When the Bill of Lading is completed, copies are sent by (13) ...... on separate days, so if one is lost, the other may reach the importer. The importer, or consignee as he is described on the Bill of Lading, can then (14) ...... the Bill of Lading to the shipping company and (15) ...... delivery of his goods.
IX, Translate into English. 1. Təyinatından asılı olaraq qaimələr qəti olmayan, konsulluq və ticari növlərə ayrılırlar. 2. Faktura (qaimə) göndərilən malların təsvirindən və qiymətlərindən ibarət olan bir sənəddir. 3. Səhv qiyməti qaimə öz növbəsində sifarişlərin üzrə barəsində xəbərdarlıq deməkdir. 4. Qaimə liman müdiriyyətinə və mallann gömrükdən keçirilməsinə görə gömrük orqanlarına təqdim olunması üçün zəruridir. 5. Yük, nəqliyyat və ya hava yükü qaiməsi ilə yola salınmalıdır. 6. Nəqliyyat qaimələrində yükü göndərən və yükü alan, yük üzrə sahiblik hüququ, ödəniş vasitələri, məsələn, veksel, göstərilir.
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7. Nəqliyyat qaimələri qeydli-şərtli də ola bilər, məsələn, yükün xarab olması (korlanması) haqqında qeydlər və ya şərtlər. 8. Order konosamentlərindən istifadə zamanı blankda vəkil edilmiş şəxs göstərilməklə təslimat (mübadilə) qeydi edilir. 1 -Фактуры разделяются на торговые, консульские и фиктивные в зависимости от назначения. 2. Фактура является документом, содержащим описание и расценки отправляемых товаров. 3. Фиктивная фактура служит своего рода уведомлением о расценках на заказ. 4. Фактура необходима для предъявления администрации порта и таможенным властям для растаможивания товаров. 5. Груз должен сопровождаться транспортной или авиа- грузовой накладной. 6. В транспортных накладных указываются грузополучатель и грузоотправитель, право собственности на груз, средства оплаты, например, вексель. Т.Транспортные накладные могут быть с оговорками, например, о порче груза. 8.При использовании ордерных коносаментов на бланке делается передаточная надпись с указанием доверенного лица.
Ш ТЕХТЗ
INVOICE
Ап invoice is а document which gives details of the quantity, the description, the value per unit and the total value of goods which are dispatehed from a seller to a buyer. In addition discounts are often included (In home or domestic trade the Value Added Tax must be also included, and invoices now have a V. A.T. registration number). The invoice is printed form with the seller’s name and address, telephone, telegraph and telex number. The seller writes the name and address of the buyer on the invoice.
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An invoice sent to a buyer is a bill which tells the buyer the exact amount he must pay. It can also be a form of advice note. It may give details of the cost for information only, or it may be a statement of costs which must be paid before the goods are delivered. A Pro Forma Invoice is like this. It is like an invoice in every way, but it is used: a. When the seller demands payment before he dispatches the goods. This may happen with new customers whose credit status is unknown. b. For information. A Pro Forma Invoice may be a quotation, informing a buyer how much the goods cost, including the cost of freight and insurance if necessary. c. When goods are sent on approval - that is, when the seller sends samples of goods to the buyer who can then inspect them before he decides to buy. How an invoice is made out. When an order is received from a buyer the Sales Department passes copies to other departments such as accounts, packing and dispatch. If the goods are not in stock, a copy of the order is sent to the factory for manufacture. The order is transferred to a printed form and copies of this form are sent to various departments. The Sales, Accounts and Dispatch Departments must have copies. The buyer’s name and address, the number of goods ordered, and the order number are typed on this form. Columns are left blank for the price of each good, and the total. One of these copies is retained by the Accounts Department, whieh completes the remaining columns - this copy is known as the invoice. The Commercial (or Export) Invoice. This is an invoice which is used in exporting and includes details of shipment, freight and insurance. The Export Invoice is a very important document, and is required by banks when they issue credit, it is one of the shipping documents. It must be carefully made out, as it is the basis for the Bill of Lading. The Consular Invoice. This is a type of invoice which is necessary for importing goods into some countries. It states the
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value for the customs authorities in the importing country. The exporter must guarantee that all the details on the invoice are accurate, and must sign it. The Consul of the importing country signs and stamps it also. There are three copies of the Consular Invoice. Two of these are sent to the port authorities in the importing country. The third copy is added to the shipping documents. The consular Invoice helps the customs authorities to clear the goods quickly, and to calculate the import duty correctly. It is often used to stop sellers evading the payment of duty, and can be used to compile the statistics for imports.
Bank guarantees Very often contracts stipulate that the buyers are to provide a first-class bank guarantee to avoid failures in payment, if contracts envisage payment on a collection basis, on credit etc. If the chemicals had been bought on such terms a specimen bank guarantee might look like this:
Midland Bank Limited* London Guarantee # 1160 - Contract No 33-2 Chemico Co., Baku
We here by irrevocably and unconditionally undertake to pay to Chemico Co., Baku the sum of GBP 1750,000.00 (one million seven hundred and fifty thousand English pounds sterling) if this amount is not paid at maturity by Petro Co., Liverpool, England for the shipment of 10 000 kgs of Chemicals ST under the above Contract made between Chemico Co., Baku and Petro Co., Liverpool. Your simple claim in writing should certify that the Buyers have failed to make due payment. The amount shall be credited to the account indicated by you, not later than 30 days after the bill of lading date against the commercial invoice and shipping documents stipulated by the Contract. This letter of guarantee is valid until 1 April, 2012 if the doc
440 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH uments have been presented within the validity of this guarantee. Expenses in connection with the opening and utilization of this letter of guarantee are to be borne by the National Bank, Liverpool
Yours faithfully^ p,p.Midland Bank Limited
VOCABULARY NOTES
invoice - faktura, qaimə- счет, фактура, инвойс to dispatch - yollamaq, göndərmək - посылать, отправить discount - endirim - скидка Value Added Tax - əlavə dəyər vergisi - налог на добавленную стоимость (НДС) А Pro Forma Invoice - ilkin (qəti olmayan) qaimə - первичный (неокончательный) счет quotation - qiymət təyin etmə - котировка (ценообразование) accounts - hesablar, hesabat - счета, отчет packing - qablaşdırma - упаковка to transfer - köçürtmək (pul) - перечислить (деньги) Account Department - mühasibatlıq şöbəsi - бухгалтерия, отдел бухгалтерии Commercial Invoice - ticari faktura - коммерческий (инвойс) счет Consular Invoice - konsulluq fakturası - консульский счет guarantee - zəmanət - гарантия seller - satıcı - продавец to evade - qaçmaq, yayınmaq - избегать to compile - tərtib etmək - составлять first-class bank guarantee - birinci dərəcəli bank zəmanəti - первоклассная банковская гарантия Midlands Bank Limited - indi HSBC korporasiyasının
HUSSEIN MAQSUDOGLU 441 KAMALA JAFAROVA BUSINESS ENGLISH hissəsidir - сейчас является часть корпорации HSBC (The Hongkong and Shanghai Banking Corporation)
ANSWER THE QUESTIONS.
1. What transportation documents do you know? 2. What are they attached to? Are they attached to commercial invoices? 3. What do transportation documents prove? 4. Do they allow buyers to receive the goods? 5. What shipments are considered most economical? 6. What transportation documents are most popular? 7. What details does a bill of lading contain? 8. What details does an invoice contain? 9. How can the invoice sent to a buyer be called? 10. What other fonn can it be? 11. When does a seller demand payment before dispatching the goods? 12. Why are some goods sent for approval? 13. Where are copies of an invoice sent to when an order is received? 14. Who fills blank columns of these copies? 15. What details does the Commercial Invoice contain? 16. Why is the Export Invoice a very important document? 17. What is the Consular Invoice used for? 18. What does it state? 19. Who signs and stamps it? 20. Who does the Consular Invoice help?
X. Insert the correct words in the appropriate spaces: balance quarterly commercial bill basis quotation consular retains debit clear statement duty column submit open An invoice is a (1) ...... that is, a demand for payment. It
442 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH can also be a (2) ...... a regular notice of a buyer’s account with a seller. The statement invoice is for buyers who have an (3) ...... account with sellers, and is often sent monthly or (4) ...... In a statement each invoice is a (5) ...... entry, and each payment by the buyer is a credit entry. There is a separate (6)...... in an invoice for the quantity of goods dispatched, and the description of the goods, the price for unit, and the total value. In the statement there is one each for debit and credit entries, and for the (7) ...... A Pro Forma Invoice is like an ordinary invoice, except that it is sent to the buyer for information before he buys, or for payment before the seller dispatches the goods. If the Pro Forms Invoice is for information, it a form of (8) ...... a description of price and costs to help the buyer to decide. An invoice which is used in international trade and includes the cost of freight and insurance is called a (9) ...... or Export Invoice. This is one of the shipping documents and is very important for banks, customs, and shipping. An invoice that is signed by the seller and an official from the importing country’s embassy or consulate is called a (10)...... Invoice. This invoice is very often used for customs authorities in the importing countries to make sure that the customs (11) ..... is paid. It is also used to help (12) ...... a con signment through customs, to avoid a lengthy inspection and long delay. When the invoice is made out, a copy is sent to the Packing and Dispatch Departments, and the Accounts Department (13) ...... a copy. They fill in the columns for price and total value. These details must be accurate, as the invoice is the (14) ...... for the Bill of Landing, and the exporter must (15) ...... these two documents, the Export Invoice and the Bill of Landing to a bank for payment.
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XI. Match these equivalents:
A В j 1 .advice note а) limanın idarəsi (müdiriyyəti) администрация порта 1 2. clear the goods b)sənədləşmə документация ! 3. commercial/Ex- с) sifariş port Invoice заказ 4. consular Invoice d) qəti olmayan qaimə (faktura) фиктивная накладная 1 5. credit status e) xəbərdarlıq i уведомление 1 6. dispatch f) ticarət hesabı-fakturası торговый счет-фактура 7. order g) qiymət qoyma (qiymətləndirmə)
1 расценка 8. port authorities h) Malı gömrükdən keçirtmək (gömrükləşdirmək) растаможивать товар ; 9. pro Forma Invoice i) göndərmək отправлять lO.quotation j) kredit statusu кредитный статус I 11.record к) konsulluq qaiməsi консульская фактура XII. Note the words and phrases used to express how often or how regularly something occurs and insert them in the following sentences: annually daily every day/ week/month/year fortnightly half yearly monthly quarterly regularly once/twice/ three times a day/week
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1 .Many people ask for ...... bank statements; they re ceive twelve every year. 2. The agent works in the city centre, but he travels to the port ...... It isn’t necessary to go every day of the week. 3.1f you pay ...... you only have four payments each year. 4. Most newspapers are published ...... 5. Companies in the UK publish their financial statements 6. You are often advised to take medicine ...... by doc tors. 7.Our representatives visits Liverpool ...... ; the other two weeks of the month are spent in the South East. 8. How often do you use the telephone? ..... I need to tele phone people often in my work. 9. Because of the increased postal charges, send me statement ...... ; we only need to pay twice instead of twelve times if you do. 10...... You should send remittances ...... if you don’t, there will be high interest charges.
XIII. Match the word with its definition:
Term Definition 1 j 1 .comercial j a) a continuous, detailed list of transactions, export invoice meetings etc. noted in a book during a period of time 2.consular 1 b) a detailed statement of costs invoice
c) an invoice used in international trade, which include details of freight and insurance p.pro forms invoice d) an invoice which is sent out for j 4.quotation information or for payment before delivery e) an export invoice which must be inspected; j 5. record and stamped by an official of the consulate! of the importing country
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XIV, Choose the appropriate words and fill the gaps. irrevocably and unconditionally^ valid, maturity, rejected, indicated, a claim, first-class guarantee, seller, failure, payment, contract, payment, account. 1. We hereby undertake ______and ______to pay to Chemico Co. 2. The letter is ______until 1 April, 2012. 3. The Buyer failed to pay at ______. 4. The Court ______your claim. 6.5. YouWe should sendour a account in inthe writing. claim. 7. Sometimes the buyers are to provide a ______. 8. This ______wants to avoid ______in payment. 9. Bank guarantees are often required when ______on a collection basis is stipulated by the ______. 10. The same is true about ______on credit terms. 11. The money shall be credited to your ______.
XV. Read the DIALOGUE. Act out a similar dialogue. Suppose Mr. Black does not consider the packers responsible for the breakages. When on business in London, Ahmedov, a representative of Azimport, made an appointment with the manager of the firm to take the matter up with him personally. Mr. Ahmedov: Good morning, Mr. Black, I asked for an appointment with you as we are dissatisfied with the way your goods are sent. We’ve written to you several times detailing our complaints. You have expressed regret, but things haven’t improved. Mr. Black: Sorry, I haven’t got your file here, so would you tell me now what you complain of? Mr. Ahmedov: The main complaint is that we never get the goods on time. It’s annoying to tell our customers that the suppliers haven’t effected delivery. I should say the delays are not very serious, but frequent. Mr. Black: The problem is that the port of London is often
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hit by strikes. We can assure you, we are doing our best to keep to the delivery schedule. Mr. Ahmedov: I see. But I have to remind you that we’ll charge a penalty if the delays exceed a week. Mr. Black: We’ll do everything possible to avoid delays in future. Mr. Ahmedov: That sounds encouraging. But there is another difficulty. Unfortunately, we have more breakages than we should have. The cases are securely nailed but your packers seem to be responsible for inadequate packing of the goods inside. Mr. Black: Have you taken this up with the transport people? Mr. Ahmedov: Yes, they are of the opinion that the original packing is to blame. Mr. Black:I’m sorry you’ve had these problems. I’ll go into that with our packing department. Mr. Ahmedov:Good. Thank you for your cooperation.
USEFUL VOCABULARY
appointment - görüş təyinat, vəzifo, yer - назначение, место, должность personally - şəxsən - лично, персонально dissatisfied with - nədənsə narazı olma - быть недовольным чем-то regret - təəssüf - сожаление to improve - təkmilləşdinnək - улучшать, совершенствовать file - fayi, dosye, iş - досье, дело, файл annoying - zəhlətökən - раздражающий suppliers - təchizatçılar - поставщики hit by strikes - tətillərə məruz qalmaq - подвергаться забастовкам
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to assure - təmin etmək, zəmanət vermək - гарантировать, обеспечивать to do one’s best - əlindən gələni etmək - делать все возможное delivery schedule - çatdırılma cədvəli - график поставки to charge - əlavə etmək - начислить penalty - cərimə - штраф to avoid - qarşısını almaq, qaçmaq - избежать, предотвратить to delay - gecikdirmək, təxirə salmaq - отложить, задерживать unfortunately - təəssüf ki, heyif ki, - к сожалению breakages - sınmalar - поломки to exceed - ötmək, keçmək - превышать, опередить inadequate - qeyri-qənaətbəxş - недостаточный, неадекватный cooperation - əməkdaşlıq, kooperasiya - сотрудничество, кооперация the original packing is to blame - bütün məsələ orijinal qablaşdırmadadır - все дело в заводской (оригинальной) упаковке
ANSWER THE QUESTIONS
1. Why is Mr. Ahmedov displeased with Mr. Black’s goods? 2. What is his complain? 3. Are the delays very serious? 4. How do you think, shall they do everything possible to avoid delays in future? 5. What are they blame?
448 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
XVI. Translate into English.
1. Deyəsən bu sual olduqca çətindir. 2. Bu şəkildə iddia (tələb) daha yaxşı əsaslandırılıb. 3. Şikayətlər olduqca tez-tez meydana çıxmağa başlayıb. 4. Bu pozuntu həqiqətən daha ciddi idi. 5. Mübahisənin nizama salınması bizim zənn etdiyimizdən olduqca çox vaxt apardı. 6. Tələb olunan kompensasiya bizim hesablanmızın göstərdiyindən olduqca çox idi. 7. İtkilər kifayət qədər böyük məbləğ təşkil edirdi. 8. Mübahisəyə arbitrajda bizim zənn etdiyimizdən olduqca az müddət ərzində baxıldı. 1. Этот вопрос кажется намного труднее. 2. В таком виде претензия гораздо лучше обоснована. 3. Жалобы стали возникать гораздо чаще. 4. Это нарушение было в действительности гораздо более серьезным. 5. Урегулирование спора заняло гораздо больше времени, чем мы предполагали. 6. Требуемая компенсация была намного выше, чем показали наши расчеты. 7. Убытки составили гораздо большую сумму. 8. Спор рассматривался в арбитраже гораздо меньше времени, чем мы предполагали.
449 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIX 1 LETTER OF CREDIT
IRREVOCABLE LETTER OF CREDIT (Bank Name and Address)
To: City of San Clemente Date: ______Engineering/Development Section Credit No.: ____ 910 Calle Negocio, Suite 100 Amount U.S. $ San Clemente, Ca. 92673
Gentlemen: At the request of (“Customer”), (the “Bank”) hereby establishes in your favor an Irrevocable Letter of Credit for a total amount of U.S. $ ______available by your sight draft, drawn on the Bank expiring ______(one year from date) unless automatically renewed as herein provided.
This Letter of Credit shall be automatically extended for additional periods of one year each from the present or future expiration date, unless we notify you and the Customer via courier or certified mail at least one hundred and twenty (120) calendar days prior to the then expiration date that we have elected not to renew this Letter of Credit. Thirty days after receipt of such notice, you may draw on this Letter of Credit by presentation of the documents mentioned herein.
This Letter of Credit is issued in connection with the obligation of the Customer for ______for property located at ______within the City of San Clemente, California (the “City”). A drawing under this Letter of Credit shall be made by your presenting to us this Letter of Credit, and a demand in writing signed by a person who has been
450 HUSSEIN MAQSUO OGLU KAMALA JAFAROVA BUSINESS ENGLISH duly authorized to sign on your behalf.
Said demand shall refer to this Letter of Credit by the above number, shall state the amount demanded and shall certify that the Customer has failed to eomply with the conditions of , by and between the Customer and the City after fifteen (15) days written notice to the Customer demanding complianee with the conditions of said ______, or the City of San Clemente has received notice that we have elected not to renew this Letter of Credit.
Upon receipt of the said doeuments, we shall pay to you the amount stated in the said demand to be payable to you without inquiring whether you have a right to such amount as between yourself and the Customer, provided that such amount, together with other amounts paid to you under this Letter of Credit, if any, do not exceed in the aggregate the stated amount of the Letter of Credit.
This Letter of Credit shall be terminated upon receipt of your letter certifying that the ______has been made by the Customer,
Unless expressly stated, this Letter of Credit is subject to the Uniform Customs and Praetice for Doeumentary Credits (2007 revision), International Chamber of Commerce Publieation № 600. ______Bank By: ______
(Authorized Representative) (Notarized Signature Required)
HUSSEIN MAQSUDOGLU 451 KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIX! ENQUIRY LETTER
ENQUIRY LETTER
Sender Name Sender’s Title or Position Sender’s Organization Name Sender Street Address City, State, Zip Code
Date: DD/MMA^YYY Recipient’s Name Recipient’s Position or Title Recipient’s Organization Name Recipient’s Street Address City, State, Zip Code
Dear (Name of the Hiring Manager) I am ______with qualifications in (Field Name) for ______years experience in the ______industry.
I love the work your company does and feel that my experiences and skills can be an asset for your organization so I am inquiring from you for a job of this position ______in your organization. I am currently employed at ______as ______(Position Title). Looking forward to discuss with you about job opportunity further and if I may be considered to contribute to success of your organization ______(organization name).
Sincerely,
Signatures
452 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIX 3 SALE OF GOODS
SALES CONTRACT CONTRACTJVb (city) 200 (name of company), (city), hereinafter referred to as the Buyer, on the one hand and (name of company), (city), hereinafter referred to as the Seller on the other hand, have concluded the Present Contract on the following:
I. Subject of the Contract The Seller has sold and the Buyer has bought on CPT (city) Airport the goods as per specification attached which is an integral part of the present Contract.
11. Price and Total Value of the Contract The total Value of the Contract is US Dollars
Prices for the goods delivered under the present Contract are understood CPT (city) Airport and include packing for overseas shipment, delivery and marking. Price are firm and not subject to any alteration during the whole period of the Contract.
III. Terms of Payment Payment shall be effected in US Dollars within 90 days after the date of shipment. Payment shall be made by bank transfer on receipt of the following documents by the Buyer: 1) Sellers’invoice - in triplicate; 2) Airway Bill - original and 2 copies; 3) Certificate of Origin; 4) Certificate of Quality.
HUSSEIN MAQSUOOGLU 453 KAMALA JAFAROVA BUSINESS ENGLISH
IV. Delivery Date The goods specified in the present contract shall be delivered within 45 days after receipt of advance. The delivery before the appointment time is allowed.
V. Marking Marking shall be made in weatherproof paint both in English and Azerbaijani on 3 sides of case: (on the cover, on the front side and the left side of each case). Each case must bear the following marking: Made in (name of country) Handle with care. Contract №. ... Gross Weight... Net Weight... Case №. ... Dimensions of case ... cm. Port of destination The case number must be marked in fraction as follows: the numerator refers to the consecutive number of the cases and the denominator refers to the total quantity of the cases in the lot. The Seller shall be responsible for all losses and/or damages proved to be due to inadequate or unsuitable packing and wrong marking,
VI. Packing Every precaution shall be taken by the Seller to have the goods properly packed to withstand storage, overseas and overland transport and transshipment by cranes and/or other means.
VII. Arbitration All disputes and differences which may arise from the present Contract or in connection with the same are to be referred to the Foreign Trade Arbitration Commission at Azerbaijan Chamber of Commerce and Industry, Baku in compliance with the rules and procedure of the said Commission, the decisions of
454 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH which are final and binding upon both parties. The applications to the State courts are excluded.
VIII. Other Terms and Conditions All the amendments and addenda to the Contract shall be valid only when issued in writing and signed by both parties. Neither party shall be entitled to transfer their rights and obligations under this Contract to a third party without written consent of the other contracting party. All taxes, dues and custom expenses on the territory of the Seller’s country shall be borne by the Seller.
IX. Legal Addresses of the Parties
The Seller: ...... The Buyer: ......
For and on behalf of For and on behalf of the Buyer the Seller
(signed) (signed)
455 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA
BUSINESS ENGLISH
APPENDIX 4 OPEN ACCOUNT
LETTER OPEN ACCOUNT To, The Manager, XYZ Bank Date: 25th Nov. 2013 Address of the Bank (Incl.Branch name) Mumbai, India
Dear Sir, Re: New Payroll Account Opening This is to request you to open the following payroll accounts for our new staff as per the details mentioned.
№ [ Name | Designation Date of Gross Joining Salary Dhs. 1.
Best Regards
For Company Name XYZ
456 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIX 5 CURRICULUM VITAE
CURRICULUM VITAE (C.V.)
Date of Birth: 25 February 1991
Name: Carol Brice Present address: 25, Westbound Road, Borehamwood, Herts, WD6 IDX
Telephone 081 953 9914 number: Marital status: married Education and qualifications: Mayfield School, Henley Road, Boreham- 1995-1997 wood, Herts, WD6 IDX GCE in English Language; French; History; Geography; and Art. 2000-2002 Hilltop Further Education College, Kenwood Road, London NW7 STM. Diploma in Busi- ness Studies.
Work Johnson Bros. Pic, 51-55 Baker Street, London experience: WlA lAA
Oct '02-Dec '03 Type of Company: Retail Chain Stores Post: Junior Secretary Responsibilities: Secretarial work including typing; shorthand; correspondence; copying reports and minutes from shorthand notes; tabulating data; answering customers' calls; mail distribution; and general office duties.
HUSSEIN MAQSUDOGLU 457 KAMALA JAFAROVA BUSINESS ENGLISH
Jan '05-present National Auto Importers Ltd., Auto House, Sidmouth Street, London WC1H4GJ Type of Company: Car importers Post: Secretary to Assistant Director Responsibilities: Dealing with all correspondence; taking minutes at meetings and writing up Assistant Director's reports; receiving customers and suppliers; dealing with home and overseas enquiries; making decisions on behalf of A.D. in his absence; and representing the company at various business functions. Other While working I have attended various information: evening courses for Italian and French, and have also been on a special Information Technology course at The City College. My interests include tennis, badminton, swimming, and reading.
References: Mr B. Norman, Assistant Director, National Auto Importers Ltd., Auto House, Sidmouth Street, London WC 1H 4GJ. Mrs T.R. Bradley, Senior Lecturer; Business Current salary: Studies Dept, Hilltop Further Education Col- lege, Kenwood
458 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIX 6 COVER LETTER
COVER LETTER
6790 Pine Street, #K-12 Philadelphia, PA 19143 Tel. l-(215)-789-6780 March 7,2013 Dear Mr. Petrov: I am a first year student in the M. B. A. program at the Wharton Business School in Philadelphia. I understood that you are heading the independent Azerbaijan company. I have heard from my last science adviser in Business University in Baku that you might wish to have an American M. B. A. student work with your company this autumn as an intern. I am very interested in the possibility of such an internship during the autumn of 2013. My professional experience has given me an in-depth knowledge of the economic industry and culture. In particular, I have worked for market of informational technology of economics. I wish to place this experience at the disposal of your company. I strongly believe that my knowledge and experience in the sphere of economic industry in the United States would be quite beneficial to your carrier. I have enclosed the copy of my resume. If my background and qualification are of interest for you, please telephone me at (050) 789-67-80.1 am interested in meeting with you in mid - April in Washington to discuss further the possibility of such an autumn position, and your requirements. I look forward to hearing from you soon. Yours sincerely. Me. Canley
459 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIX 7 OFFER LETTER
OFFER LETTER
Dear Mrs. Giacomo
Congratulations on being the top-rated pizza and pasta restaurant in the state. I noticed that your restaurant has received the "Best of the State" award for the third year in a row. You obviously understand that great taste and great service are the keys to success. My company, 123 Inc., is seeking to partner with an outstanding company like yours to provide the food and concessions for our annual breast cancer awareness walk-a-thon. The walk-a-thon is entering its 10th year, and with more than 2,500 participants and supporters, it is one of the largest fundraisers in the city. For a modest concessions rights fee, your restaurant can be one of only four concessionaires serving the needs of attendees. Past concessionaires report outstanding sales and numerous public relations opportunities. It's a fantastic way to bring excellent food to loyal customers and introduce your restaurant to potential new clients. I’ve enclosed a brochure on concession fees, which also contains testimonials from past concessionaires. I'll call you next week to discuss any details and answer any questions you might have after reviewing the information.
Sincerely, Nora Larson
460 HUSSEIN MAQSUOOGLU KAMAIA JAFAROVA BUSINESS ENGLISH
APPENDIX 8 COMMERCIAL INVOICE
Date: 10/05/2003 COMMERCIAL INVOICE Company Name; Invoice #: 006
Reference / Order No.: AA-006BB-8 Cia. Manufacturera - ■ ■ - ___ _ --- Inti. FedEx Express Air Waybill Number: 40069368891 Ship From Ship To Name: Marco Mari- Name: R & W Manufacturing / Mr. ani Jose Martinez Address: Av. de Liber- Address: 117587 Scenic Drive tad 18.563 Piso 2
City/State/Zip: Buenos iCity/State/Zip: Miami, Florida 33555 Aires (1006) Argentina USA
Phone: 555-555-5555 Phone: 111-888-5555 Fax: 555-555-5522 Fax: 111-888-5522
Importer Other Than Check One: Recipient:
Country of Export: 1 ICIF Argentina Address: Country of Manufacture: Argentina I 1 FOB City/State/Zip: Country of Destination: USA Phone: Fax: [ IC&F Currency: liS Dollars
HUSSEIN MAQSUOOGLU 461 KAMALA JAFAROVA
BUSINESS ENGLISH
Unit of iTypc Commodity Weight Total Measure of Value Description Value Pkgs
30 Ea. Box 7.50 I Parts and ac- i 75 Lb 225.00 cessorics for j
photographic ! cameras. - ! 9006.9 harmonized code 45 Ea. Box 10.50 Cameras with 80 Lb 500.00 through-the- lens viewfinder, for roil film of a i width not ex- I ceeding 35 mm, I not cinematographic. - 9006 I harmonized code
Total Number Total 1155 Lb 725.00 of Packages
10/05/2003
Signature of shipper/ex- porter Date: (type name and title and sign) I declare all the information contained in this invoice to be true and correct
462 HUSSEIN MAQSUO OGLU KAMALA JAFAROVA
BUSINESS ENGLISH
APPENDIX 10 LIFE INSURANCE
LIFE INSURANCE POLICY
Type of policy: Risk 5 years - non-smoking Receivers of Scholarship The Policyholder: Test Test The Insured: Test Test I.D. number: 1541549 Gender: male Date of birth: 1/10/1973 Age: 30 Occupation: Research biologist
Inception date of insurance: 01/10/2003 Term of the insurance: 35 years Expiration date of insurance: 01/10/2038 The premium shall be paid until: 01/10/2038
THE BASIC SUM INSURED $ 100,165 one hundred thousand, one hundred and sixty five dollars
The Basic Sum Insured shall be paid upon the occurrence of the following event;
Upon the death of the Insured - immediately subsequent to his/her death.
The Beneficarv: Upon the death of the Insured - as specified in the Insurance Proposal.
464 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIX 11 IMPORTED GOODS
INSTRUCTIONS FOR TRANSPORTATION OF IMPORTED GOODS
As per the general policy of Government of England, all import contracts are to be concluded on FOB/FAS basis. In case a Ministry / Department desires any departure from the above policy including placement of contracts for import of foreign goods on CIF Britain Port/CIP Destination Basis, prior permission is required to be obtained from Ministry of Surface Transport. In case of FOB/FAS contracts, shipping arrangements shall be made by the Shipping Co-ordination and Chartering Di- vision/Shipping Co-ordination and Officer, Ministry of Surface Transport, Great Britain. Notice about the readiness of Cargo for shipment shall be given by the supplier from time to time at least 6 (six) weeks in advance for finalizing the shipping arrangement, through Fax/Telex and courier, to the Chief Controller of Chartering, Shipping Co-ordination Officer, Ministry of Surface Transport, Government of England. Within 3 (three) weeks of receipt of the advance notice, as above, the said Chief Controller of Chartering, Shipping Coordination Officer will advise the supplier, through Fax/Telex and courier when and on board what vessels, these goods or such part thereof are to be delivered. If the advice for shipping arrangement is not furnished to the supplier within 3 (three) weeks as aforesaid or if the vessel arranged is scheduled to arrive at the specified port of loading later than 15 (fifteen) days of the date of readiness of cargo, as aforesaid, the supplier may arrange for such transport on alternative carriers with the prior written consent of the purchaser. Where the supplier is required under the contract to deliver the goods on FOB/FAS basis and to arrange on behalf and at the expense of the purchaser for ocean transportation on British flag
465 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH vessels or vessels of conference lines in which India is a member country, the supplier may arrange for such transportation on alternate carriers if the specified Indian flag vessels or conference vessels are not available to transport the goods within the time period(s) specified in the contract, with the prior written consent of the purchaser. Should the goods or any part thereof be not delivered on the nominated vessel (except in case where prior written consent of the purchaser was obtained), the supplier will be liable for all payments and expenses that the purchaser may incur or be put to, by reason of such non-delivery including dead and extra freight, demurrage of vessels and any other charges, whatsoever incurred by the purchaser. The supplier shall not arrange part-shipments and/or transshipment without the express/prior written consent of the purchaser. Where the supplier is required under the contract to deliver the goods under CIF/CIP terms, no further restriction shall be placed on the choice of the ocean carrier except that the shipment shall be made by British flag vessel or by vessels belonging to the conference lines in which India is a member country. Before processing any case for placement of contract on FAS/FOB/ CIF/CIP basis for imported goods, the purchase organization should check the contemporary government instructions in this regard for further necessary action.
466 HUSSEIN MAQSUOOGLU KAMALA JAEAROVA BUSINESS ENGLISH
f APPENDIX 12 I I CUSTOMS DECLARATION
J
CUSTOMS DECLARATION
Each arriving traveler or responsible family member must provide the following information (only ONE written declaration per family is required): 1. Family Name ...... First (Given) ...... Middle ...... 2. Birth date ...... Day ...... Month ...... Year...... 3. Number of Family members travelling with you ...... 4. (a) U.S. Street Address (hotel name/ destination) ......
(b) City ...... (c) State... 5. Passport issued by (country) ...... 6. Passport number ...... 7. Country of Residence ...... 8. Countries visited on this trip prior to U.S. arrival ...... 9. Airline/Flight № or Vessel Name ...... 10. The primary purpose of this trip is business: Yes No 11.1 am (We are) bringing (a) fruits, vegetables, plants, seeds, food, insects: Yes No (b) meats, animals, animal/ wildlife products: Yes No (c) disease agents, cell cultures, snails: Yes No (d) soil or have been on a farm/ ranch/pasture; Yes No 12. I have (We have) been in close proximity of (such as touching or handling) livestock: Yes No 13.1 am (We are) carrying currency or monetary instruments over $ 10.000 U.S., or foreign equivalent: Yes No (see definition of monetary instruments on reverse) 14. I have (We have) commercial merchandise: Yes No (articles for sale, samples used for soliciting orders, or
HUSSEIN MAQSUDOGLU 467 KAMALA JAFAROVA BUSINESS ENGLISH
goods that are not considered personal effects) 15. Residents - the total value of all goods, including commercial merchandise, I/we purchased or acquired abroad, (including gifts for someone else, but not items mailed to the U.S.) and am/are bringing to the U.S. is: ...... $ ...... Visitors - the total value of all articles that will remain in the U.S. including commercial merchandise is: ...... $ Read the instructions on the back of this form. Space is provided to list all the items you must declare.
I HAVE READ THE IMPORTANT INFORMATION ON THE REVERSE SIDE OF THIS FORM AND HAVE MADE A TRUTHFUL DECLARATION.
Signature Date (day/month/year)
468 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA
BUSINESS ENGLISH
APPENDIX 13 Bill OF LADING
Date: BILL OF Page LADING Page SHIP FROM Name: I Bill of Lading Number: Address: City/State/Zip: SID#: FOB:
SHIP TO CARRIER NAME: Name: Location #: j Trailer number:
Address: Seal number(s): City/State/Zip: SCAC: CID#: FOI Pro number: THIRD PARTY FREIGHT CHARGES RILL TO: Name: Address: City/State/Zip:
Freight Charge Terms: (freight charges are prepaid unless marked otherwise)
HUSSEIN MAOSUDOGLU 469 KAMALA JAFAROVA BUSINESS ENGLISH
; SPECIAL i Prepaid Collect 3'** Party INSTRUCTIONS: j ; Master Bill of Lading: with at- I tached underlying Bills of Lading
CUSTOMER ORDER INFORMATION
CUSTOMER ':U ! WEIGHT ! PALLET/SLIP ADDI ORDER PKGS I (CIRCLE ONE) TIONAL NUMBER SHIPPER INFO
Y r N Y N
Y N Y _ Y N T- • GRAND TOTAL
C A RRIE R 1NI O RM A f IO N
HANDLING PACKAGE I WEIGHT H.M COMMODITY LTLONLY UNIT DESCRIPTION |( X) Commodities requiring special or additional care or attention in handling or stowing must be so marked and packaged as to ensure safe transportation I with ordinary care. See Section 2(e) of NMFC Item 360
QTY: TYPE QTY İTYPE NMF CLASS! C#
470 HUSSEIN MAOSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
R l .( IJ M N C
srwiPSPAcr: GRAND TOTAL^^ COD Amount: $
Where the rate is dependent on Fee Terms: Collect: • Pre value, shippers are required to state paid: 1 Customer check specifically in writing the agreed or acceptable: M declared value of the property as follows: “The agreed or declared value of the property is specifically stated by the shipper to be not exceeding ______per ______NOTE Liability Limitation for loss or damage in this shipment may be applicable. See 49 U.S.C." 14706(c)(1)(A) and (B). RECEIVED, subject to individually deter- The carrier shall not make deli- mined rates or contracts that have been ;very of this shipment without agreed upon in writing between the carrier jpayment of freight and all other and shipper, if applicable, otherwise to the lawful charges. rates, classifications and rules that have ______been established by the carrier and are Shipper Signature available to the shipper, on request, and to all applicable state and federal regulations. SHIPPER Trailer Freight ;CARRIER SIGNA- SIGNATURE / Counted: TURE / PICKUP DATE Loaded: Carrier acknowledges DATE receipt of packages and This is to certify that the By Shipper By Shipper required placards. Car- above named materials rier certifies emergency are properly classified, By Driver By Drivcr/pal- jresponse information described, packaged, lets was made available marked and labeled, and and/or carrier has the I aid to contain U.S. DOT emergency •are in proper condition response guidebook or for transportation accord- By equivalent documenta- ing to the applicable reg- tion in the vehicle. ulations of the U.S. DOT. Driver/Pieccs I Property described [above is received in good order, except as noted.
HUSSEIN MAOSUDOGLU 471 KAMALA JAFAROVA
BUSINESS ENGLISH
CARRIER INFORMATION
COM- j j MODITY DE- i LTL ONLY PACKAGE SCRIP- TION
QTY TYPE QTY TYPE Commodities NM CLA FC# SS ! , ; i H.M requiring special or addi- j i 1 WEIGHT tional care or (X) attention in handling or muststowing be so marked and packaged as to ensure safe transportation with ordinary care. See Section 2(e) ; ; 1 ofNMFC Item 360 i ' ' . i 1 i i
HUSSEIN MAQSUDOGUU 473 KAMALA JAFAROVA BUSINESS ENGLISH
APPENDIXXV
LIST OF ABBREVIATIONS ACCEPTED IN BUSINESS DOCUMENTS BİZNES SƏNƏDLƏRİNDƏ QƏBUL EDİLMİŞ İXTİSARLARIN SİYAHISI СПИСОК СОКРАЩЕНИЙ ПРИНЯТЫХ В ДЕЛОВОЙ ДОКУМЕНТАЦИИ abt About c/a current account [a/c, acc account 'a/d after date A.D.F. automatic data processing jagt against amt amount ans answer a/o, a.o. account of appd approved arr arrival a/s after sight İÄ7T Acceptance of Tender ATI b/d, b d Advertised Tender Enquiry bank draft b/e bill of exchange B.k 1)bank 2) book BG^ Bank Guarantee B/L Bill of Lading B.O., b.o. branch office B/st bill of sight bt bought
474 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
1) collected 2) currency
jcent (USA) centimo (France) I centavo (Latin America) [cubic case
cash against documents ^st and freight I cancelled I convertible currency I certificate Custom Duty 1) cost and freight 12) carried forward c.f.i. [cost, freight and insurance I cheque [consular invoice cost, insurance & Freight iCarriage and Insurance Paid
[cleared [credit note ICo [company care of cash on delivery commission continued Central Public Sector Undertaking ata company’s risk i 1) credit 12) creditor
HUSSEIN MAQSUDOGLU 475 KAMALA JAFAROVA BUSINESS ENGLISH
cur., curt current C.W.O., c.w.o. cash with order D/A 1) documents against acceptance 2) deposit account 3) ... days after acceptance D/D demand draft d.d. delivered Id/d days after date D.D.F. delivery duty Paid deb debenture ded deductable def deferred def. A/c deferred account deld delivered dely delivery Dft draft D/N 1) debit note
1 2) delivery note DGS&D Directorate General of Supplies & Disposals [D/O delivery order dels dollars doz dozen d/p documents against pay DP Delivery Period dr, d.r. 1) debtor 2) debit 3) debit record dr drawer d/s days after sight dis discount
e.s., e.e. errors excepted
476 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
ea each e.a.o.n. except as otherwise noted ECU European Currency Unit ED Excise Duty E.D.P. Electronic data processing e-g- exemple gratia (for example) Enc., end 1) enclosure (s) 2) enclosed e.n.d. 1 ) endorsed 2) endorsement ent., entd entered EMD Earnest Money Deposit e.o.d. every other day E.O.E. errors and omissions excepted \KOM. end of month E.S.P. especially Est 1 ) established 2) estimate 3) estimated ETA estimated time of arrival ETD estimated time of departure EX ! exchange [exclusive ex. Int. of interest expend expenditures expn expiration exps expenses exs expenses FAS Free Alongside Ship FTCV full contract value W ~ following _____
HUSSEIN MAQSUDOGLU 477 KAMALA JAFAROVA BUSINESS ENGLISH
FM Force Majeure
FOB Free On Board
FOR Free On Rail
F.o.t. free of tax
FP fixed price f.p. fully paid
F.P.C.R. fixed-price contract with redetermination fwd forward
fwdd forwarded FX foreign exchange
Gen., genl general
GNS guineas
GTD, gtd guaranteed
IH.O. head office
I.B. 1) invoiee book 2) in bond i/c in charge I/L import license
inc., incorp. Incorporated INCOTERMS International Commercial Terms ins, ince insurance inst instalment * int interest int (n) international inv invoice invt inventory lOY I owe you
478 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH irre (d) irredeemable
J/AJ/a joint aeeount Jnt joint Jnt, stk joint stoek i.a. letter of adviee
1/a letter of authority те letter of eredit lie lieense L.D. letter of deposit liab liability IX.C Limited Liability Company LPP Last Purehase Priee LSI Large Seale Industries LTI Limited Tender Enquiry l.s. lump sum ltd., Id limited liability l/u letter of undertaking mat maturity max maximum m/d, M/d months after date mdse merehandise mem, memo memorandum mere mereantile, merehant jMGR manager min minimum mo (s) month (s) İMO ------Money order
M.O.O. Money Order Offiee
1м/те^ ^ month after sight
479 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA
BUSINESS ENGLISH
IM.T. I mail transfer mut [mutual iN/X fry no account 2) new account 3) no advice 4) non acceptance
N.C.V. no commercial value jn.d. no date; not dated ___ j- N/f no funds No number noibn |not otherwise indexed by name jnop., N.O.P. I not otherwise provided jnos for not otherwise stated n/ p non payment ns not specified N.S.F. not NSIC Nationalsufficient Small Scale Industries fundsCorporation NTH National Test House o 1. office 2.owner I on account I open iO/a account ! overcharge |0/a lOT C iO/d, o.d. on demand O/o order of O^. owner’s risk Ord ordinary Ot, o/t old terms
480 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Par paragraph ------i P.A.N. premium advice note Pd paid — P/N promissory note PO Purchase Order P.O.D. Pay on delivery 1 ! PSU Public Sector Undertaking ! P.T.O. please turn over Qlty quality ! Qty quantity RC Rate Contract R/D refer to drawer Reed received Reel receipt Ref reference i Retd returned
R.P. reply paid RR Railway Receipt R.S.V.P. répondez, s’il vous plait 1 sch schedule
S.D., s/d sight draft Sgd signed
S.N. shipping note s.o. Seller’s option / Supply Order j spec specification
ST Sales Tax
Ster., stg sterling T.M.O. telegraph money order T.O.C. terms of credit J ______
HUSSEIN MAQSUOOGLU 481 KAMALA JAFAROVA BUSINESS ENGLISH
TPC Tender Purchase Committee — T.T. telegraphic transfer Unci unclassified ; Urgt urgent usual terms
V versus, against Value Added Tax W via by way or through vol volume War warrant w/b way bill wd warranted w.k. week yr 1) Year 2) your
482 HUSSEIN MAQSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
BIBLIOGRAPHY
1. “Marketing essentials”, Lois Schneider Farese, Grady Kimbell, Carl A.Wloloszyk, Ph.D., The McGraw-Hill Companies, 2006. 2. “Marketing. Made Simple’, Geoff Lancaster, Paul Reynolds, Else vier Science Linacre House, Jordan Hill, Oxford, 2002. 3. “Marketing Management”, Philip Kotler, Revin Jane Reller, 13th Edi tion, 2009. 4. “Effective marketing strategy”, Frank Jefkins, School of Public Re lations, Foto Direct Limited, 1982. 5. “Test Your Business English. Marketing”, Simon Sweeney, Series Editor: Nick Brieger, 2002. 6. “Management. Marketing”, Ian MacKenzie, 1997. 7. “Marketing Management. A Strategic Approach”, Harper W. Boyd, Jr, Orville C. Walker, Jr, Richard D, Irwin, Inc., printed in the USA, 1990. 8. “Marketing”, Maggie-Jo St John, Prentice Hall International (UK) Ltd, 1992. 9. “Business Management English. Marketing”, Jeremy Comfort and Nick Brieger, Prentice Hall International, 1992. 10. “Marketing”, Robert D. Hisrich, 2nd ed., Barron’s business library, USA, 2000. 11. “Professional English in Use Marketing, Cate Farrall and Marianne Lindsley Cambridge University Press. 12. “English for Economists”, Бедрицкая Л.В. Учебно-методическое пособие. Минск: «Экоперспектива», 2002. 13. «Английский для экономистов», Закоморная Е.А., Яшина С.Л., Ростов н/Д.: издательский центр «Март», 2002 г. 14. “Marketing. Business English”, В.Д. Рыжков, Калининград: ФГУИПП «Янтарн. Сказ», 2002. 15. “Management. Business English”, В.Д. Рыжков, Калининград: ФГУИПП «Янтарн. Сказ», 2001. 16. «Английский для экономистов», В.В. Голованёв, Минск, «Тет- расистемс», 2006.
HUSSEIN MAOSUDOGLU 483 KAMALA JAFAROVA BUSINESS ENGLISH
CONTENTS
Introduction ...... 5 Introduction ...... 7 Unit 1. Economy ...... 10 Your Vocabulary ...... 10 Text 1. Economics as a science. What is economics? ...... 11 Text 2. History of economics ...... 15 Text 3. Economic systems ...... 20 Dialogue ...... 26 Useful Vocabulary ...... 27
Unit 2. International Fund ...... 29 Your Vocabulary ...... 29 Text 1, The World Bank ...... 30 Text 2. The International Monetary Fund ...... 38 Text 3. Securities ...... 48 Text 4. Carat ...... 54 Dialogue ...... 60 Useful Vocabulary ...... 62
Unit 3. Finance ...... 63 Your Vocabulary ...... 63 Text 1. Finance and Financial System ...... 63 Text 2. Sources of Finance ...... 71 Text 3. Finance and Banking ...... 79 Dialogue ...... 87 Useful Vocabulary ...... 88
Unit 4. Market & Marketing ...... 91 Your Vocabulary ...... 91 Text 1.Market...... 92 Text 2. What is Marketing? ...... lOI Text 3. Competition ...... 111 Dialogue ...... 116
484 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Useful Vocabulary ...... 118
Unit 5. Insurance ...... 121 Your Vocabulary ...... 121 Text l.What is Insurance? ...... 122 Text 2. Insurance and Risks ...... 126 Text 3. Life and Industrial Insurance ...... 132 Text 4. Insurance and Other Documents ...... 143 Dialogue ...... 147 Useful Vocabulary ...... 148
Unit 6. Investments & Audit ...... 150 Your Vocabulary ...... 150 Text 1. Investments ...... 150 Text 2. Auditors ...... 164 Text 3. Performing an Audit ...... 168 Dialogue ...... 178 Useful Vocabulary ...... 181
Unit 7. Money ...... 184 Your Vocabulary ...... 184 Text l.The History of Money...... 185 Text 2. What is Money? ...... 190 Text 3. Money and its Functions ...... 197 Text 4. Counterfeit ...... 204 Text 5. Money Laundering ...... 209 Text 6. Changing Money ...... 215 Dialogue ...... 221 Useful Vocabulary ...... 222
Unit 8. Trade...... 224 Your Vocabulary ...... 224 Text 1. International Trade ...... 225
485 HUSSEIN MAOSUOOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Text 2. Purchase & Sale Operations ...... 230 Text 3. Terms of Payment ...... 246 Text 4. Commercial Invoices...... 252 Text 5. Demand and Supply ...... 259 Dialogue ...... 267 Useful Vocabulary ...... 268
Unit 9. Business Organization...... 271 Your Vocabulary ...... 271 Text 1. Organization ...... 272 Text 2. Types and Forms of Business Organization...... 279 Text 3. Managerial Skills ...... 285 Dialogue ...... 293 Useful Vocabulary ...... 294
Unit 10. Labour & Businessmen ...... 297 Your Vocabulary ...... 297 Text 1. Labour Relations ...... 298 Text 2. Businessmen & Business Hours ...... 306 Text 3. Workers & Working Places ...... 313 Text 4. Looking for a Job ...... 319 Dialogue ...... 325 Useful Vocabulary ...... 326
Unit 11. Contract ...... 329 Your Vocabulary ...... 329 Text 1. Contract ...... 330 Text 2. Business Talks and Discussions...... 341 Text 3. Business Talks and Contracts ...... 347 Text 4. Money & the Return it Earns ...... 352 Dialogue ...... 359 Useful Vocabulary ...... 361
486 HUSSEIN MAQSUDOGLU KAMALA JAFAROVA BUSINESS ENGLISH
Unit 12. Taxes ...... 363 Your Vocabulary ...... 363 Text 1. History of Taxation ...... 364 Text 2. What is a tax? ...... 371 Text 3. Types of Taxes? ...... 374 Text 4. Customs & Taxes ...... 380 Dialogue ...... 383 Useful Vocabulary ...... 386
Unit 13. Production ...... 389 Your Vocabulary ...... 389 Text 1. Production ...... 390 Text 2. Products & Services ...... 395 Text 3. Factors of Production ...... 407 Dialogue ...... 417 Useful Vocabulary ...... 418
Unit 14. Transport ...... 421 Your Vocabulary ...... 421 Text 1. Carriage of Goods ...... 422 Text 2. Transport and Commercial Documents ...... 430 Text 3. Invoice ...... 438 Dialogue ...... 446 Useful Vocabulary ...... 447 Annex
HUSSEIN MAQSUDOGLU 487 KAMALA JAFAROVA
HUSSEIN MAQSUD OQLU PHd. ass. prof. KAMALA JAFAROVA PHd. ass. prof.
BUSINESS ENGLISH
FOR STUDENTS OF ECONOMICS
HÜSEYN MAQSUD 06LU, f.e.n. dos., KƏMALƏ CƏFƏROVA, f.e.n. dos. İ Ş G Ü Z A R İNGİLİS DİLİ
TƏLƏBƏ-İQTİSADÇILAR ÜÇÜN
Tech, editor Zamin Aliyev
Publishing house Bcstpack
ISBN: 978-9952-496-02-4