Language practice - раздел Философия, Учебно-методическое пособие «Economics and Plant Management»
Imatch The Words To Their Definitions....
IMatch the words to their definitions.
a) Sales Ledger
1) it is the main liquidity ratio
b) Purchases Ledger
2) it is used to calculate net profit
c) Cash Book
3) it stores the other accounts
d) Nominal Ledger
4) it contains records of cash and bank transactions
e) Profit and Loss account
5) it is used to analyze financial information
f) Balance Sheet
6) it is used to show the firm’s financial position
g) Accounting ratio
7) it is the difference between the current assets and current liabilities
h) Current Ratio
8) it holds the accounts of creditors
i) Working Capital
9) it contains the accounts of debtors
II. Complete the sentences below using the information of the text.
1. Customers buying on credit are called … . 2. Suppliers of goods on credit are called … . 3. All accounts are presented and summarized in the firm’s final … . 4. The purpose of Balance Sheet is to show the firm’s … position. 5. Cash flow statements analyze the movements in the cash and bank … . 6. The firm’s … is its ability to meet its debts as they fall due. 7. ROCE shows the rate of … on capital. 8. Stock, debtors and cash are the current … . 9. Creditors and bank overdraft are the current … . 10. Efficiency ratios are also used by … .
III Say whether these statements are true or false, and if they are false say why.
1. The role of a public sector firm’s accounting function is to record, present and analyze financial information. 2. The Sales Ledger contains the accounts of debtors. 3. The Purchases Ledger contains records of cash and bank transactions. 4. The purposeof Profit and Loss account is to show the firm’s financial position. 5. The firm’s liquidity is its ability to meet its debts as they fall due. 6. Accounting ratios are used to improve financial information. 7. Two major profitability ratios are ROCE and Net Profit Margin. 8. Net Profit Margin gives information on whether the selling price could be raised in an attempt to increase sales. 9. The main liquidity ratio is the Current Ratio. 10. The difference between the current assets and current liabilities is called Working Capital. 11. In practice, many large firms, especially in the retail sector, have a positive working capital. 12. Accountants also add stock to the Current Assets total to calculate the Liquid Assets ratio. 13. The Liquid Assets ratio is also known as the Acid Test ratio. 14. The Rate of Stock Turnover calculates the number of times the firm’s average stock is sold or ‘turned over’ during one month.
IV Answer the following questions.
1. What is the role of a private sector firm’s accounting function? 2. What kind of accounts does the sales ledger contain? 3. What can you say about the purchases ledger? 4. Which ledger contains records of cash and bank transactions? 5. What do you know about the nominal ledger? 6. What is the purpose of profit and loss account? 7. What is the purpose of Balance Sheet? 8. Who produces cash flow statements and why? 9. How is the difference between the current assets and current liabilities called? 10. Why do accountants remove stock from the Current Assets total? 11. By whom are efficiency ratios used? 12. What can you say about the rate of stock turnover?
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Language practice
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Text study
A basic understanding of economics is essential if we are to be well informed citizens.
It is characteristic of any society that while wants of people are growing constantl
Language practice
I. Mind the use of the words: economy, economics, economic, economical, economize.
1. 5,3 million people contribute to the economy of Belarus. Britain’s economy
Word list
Tertiary – третий, в-третьих; community services – коммунальные службы, услуги; emergency services – экстренные службы (полиция, пожарные); to result from - вытекать, происходить в результате, быть
Text study
Organizations in the economy are classified according to what they produce or provide:
– primary: extractive industries such as the “3 Fs” − f
II. Complete the sentences below using the information of the text
1. Organizations that manufacture products or construct roads, buildings are called … . 2. Private … firms are owned by individuals who hope to make a profit. 3. Land, …, … and enterprise are facto
IV. Answer the following questions
1. According to what are organizations in the economy classified? 2. What can you say about primary organizations? 3. What do secondary organizations do? 4. What kind of services do tertiary organi
II. Complete the blanks
1. An economist cannot … what will happen in future in the economic domain. 2. Economic laws are true under certain given … . 3. Economic laws tell the direction of … which is expected. 4. Complex
Language practice
I. Mind the following words and phrases.
1. Сoin, credit, currency, purchasing power, constant store of value, measure, commodity, inflation, transaction, rapidity, pr
Language practice
I. Mind the use of the words: requirements, deposit, check clearing, reserves, assets.
1. Central bank imposes reserverequirements. 2. Commercial banks promise to p
Language practice
I. Mind the use of the words: vary, variable, varied, various, variety, variation.
1. Conditions on that market are stable and do not vary very much from year t
Language Practice
I. Mind the following words and phrase.
Exhibit, exhibition, exposition, exhibitor, exposure, display, attendance, showcase, show, dedicate, agent, examine, hold, merc
Language Practice
I. Mind the following words advertising, advertisement, publicity, public relations, ads, brand, promote, trademark.
1. Advertising means making a product or service known to
Word list
Legal structure – правовая, законодательная структура; objective – цель, задача; to be associated with – быть связанным с, относиться к; profit – прибыль, доход, польза; profit motive – стимул к по
Text study
Organizations in the UK economy can be classified according to their choice of legal structure, the sector in which they operate, and their business objectives.
Two key con
Language practice
I. Match the words their definitions.
a) liability 1) one who shares something with another
b) business 2) a general inclination, direction or
Word list
Profit – прибыль, доход, польза, выгода; turnover – товарооборот, оборачиваемость; market share – доля рынка; expansion – увеличение, рост, развитие; reinvesting – реинвестирование;
Text study
The size of a firm can be measured in different ways. Popular bases are:
– profit;
– t
Language practice
I. Match the words their definitions.
a) profit
1) material wealth in the form of money or property
Word list
Production costs – заводская себестоимость, издержки производства; fixed costs – фиксированные расходы; output – выпуск, объём производства, выработка, производительность; rent – арендная плата; sa
Text study
One important way to classify production costs is to divide them into fixed and variable. Fixed costs do not change as output changes: examples include facto
Word list
Accounting – бухгалтерское дело, учёт, расчёт, начисление; account – счёт, учёт; accountant – бухгалтер, счетовод, учётчик; ledger – бухгалтерская книга, регистрационный журнал; sal
Balance Sheet
Purpose: To show the firm’s financial position.
Contents: Assets (items owned by the firm) and Liabilities (items owed by the firm): capital expenditure.
A
Word list
Human relations – взаимоотношения между членами коллектива; efficient – эффективный, умелый, квалифицированный; workforce – рабочая сила, трудовые ресурсы; recruit – нанимать на раб
Text study
All firms depend for their survival on a contented and efficient workforce: its human resource. A firm’s Personnel function manages its human resources.
I. Match the words to their definitions.
a) staff
1) a formal agreement between two or more parties
b) vacancy
2) one in charge of managing an enterprise or busin
Word list
Marketing function – маркетинговая функция; consumer – потребитель; to promote – продвигать, раскручивать, содействовать продаже; market research – изучение возможностей рынка; fiel
Text study
The marketing function has two key roles to play in a firm.
– It collects and analyses data from the firm’s markets and from its consumers.
– It promotes and suppo
Language practice
I. Match the words to their definitions.
a) market
1) a person who buys services or goods
IV. Answer the following questions
1. How many key roles does the marketing function have? 2. What does collecting and analyzing data involve? 3. How are data collected? 4. What research collects original data exclusively for this r
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