TEST IITYPES OF BUSINESS

TEST ITYPES OF BUSINESS

Reading Comprehension

A partnership is an association of two or more persons to carry on a business for the sake of profit. When the owners of a partnership have unlimited liability, they are called general partners. If one or more partners have limited liability, they are called limited partners. There may be a silent partner as well – a person who is known to the public as a member of the firm but without authority in management.

Any business may be operated as a partnership. There are partnerships in professional fields such as medicine, law, accounting, insurance and brokerage.

Partnerships are more advantageous than sole proprietorships if one needs multiple sources of capital or diversified management. Like sole proprietorships, they are easy to form, and often receive favored treatments by the government as well as tax benefits.

There are a number of disadvantages to partnerships. One is unlimited liability. This means that each partner is responsible for all debts and legal responsibilities in connection with the business. Another disadvantage is that the partners may disagree with each other.

See if the statements are true or false:

1. Not more than 3 people can be organized into a partnership.

2. General partners have unlimited liability.

3. A silent partner has no authority in management.

4. It’s difficult to diversify management in a partnership.

5. Partnerships never receive tax benefits from the government.

 

Grammar

1. Put the verb in brackets in the correct form:

1. Lucy (study) all day and she felt that it was enough.

2. She realized that she (take) the wrong road.

3. I (live) in New York since 1985.

4. … you (see) Ann yesterday?

5. I (not/hear) about John lately.

6. The concert (start) at 7.30 tonight.

7. I (finish) my work by 2 o’clock.

8. “What is so funny? Why … you (laugh)?”

9. I (have) dinner at John’s tomorrow night.

10. He (read) for two hours when they came back.

2. Insert the missing prepositions:

1. I am going to invest the same amount of money … the business.

2. I went ... bed ... midnight and got up ... 6.30 ... the morning.

3. My brother works as a manager … a trade company.

4. How long has he been ... his business trip?

5. Unlimited liability means that you are responsible … all your business debts.

6. In a partnership two or more persons carry … a business.

7. Are you entitled … a share of profit in the firm?

 

3.Complete the sentences with the appropriate words from the list below (three are extra):

1. She is our partner. Though she didn’t invest money into the partnership, she … very important skills.

2. According to the … … of our State there are several types of business in Russia that can be established by a foreign company.

3. A business may be privately owned in three different forms: a partnership, … and a sole proprietorship.

4. A representative office of a foreign company should be … with the tax authorities.

5. Some partners in a limited partnership enjoy … … .

6. A … … has participatory rights rather than shares.

7. After graduation from the University I am going to … some business activity.

8. This man is a good manager, he … the day to day activity of the company.

9. Who has the … … - shareholders or top managers?

10. It is necessary to … a corporate charter to start a corporate activity.

 

legal entity; a company; registered; limited liability company; supervises; limited liability; final authority; contributed; obtain; elect; undertake; governing organs; Civil Code;

 

4. Match the definitions with the corresponding words:

1. fire (v)

2. corporation (n)

3. accountant (n)

4. profit(n)

5. invest (v)

1. financial gain, advantage or benefit.

2. a person whose job is recording, managing or examining financial records or accounts.

3. to dismiss from a job.

4. to put money to use for the purpose of getting a profit or income.

5. a large company or group of companies authorized to act as a single entity.

 

5. Read the text. Choose the correct endings to the sentences below:

The privately owned business corporation is an institution established for the purpose of making a profit. It is operated by individuals whose shares of ownership are represented by stock certificates. Persons owning stock certificates are called stockholders.

The corporate form of ownership has several advantages. The first is its ability to attract financial resources. A second is that if the corporation attracts a large amount of capital, it can make large investments in plants, equipment and research. A third advantage is that a corporation can offer high salaries and thus attract talented managers.

The privately owned business corporation is not the only type of corporation that exists. Educational, religious and charitable institutions are also permitted to incorporate. Usually this type of corporation does not issue stock and is a nonprofit institution. If there is a profit it is usually reinvested in the institution rather than distributed to private stockholders.

 

1. The purpose of establishing a corporation is:

a) to make a profit b) to expand

2. people owning stock certificates are called :

a) the Board of Directors b) stockholders

3. The advantage of corporate form of ownership is:

a) limited liability b) ability to attract resources

4. The profit of charitable institutions is usually:

a) reinvested b)distributed shareholders

5. The main difference between a corporation and any other type of business:

a) unlimited liability b)shares in exchange for investment capital

 

 

6. Translate from Russian into English:

1. Я работаю бухгалтером в торговой фирме с 2000 года: веду бухгалтерию и принимаю заказы от клиента.

2. После того, как Мэри уехала в Англию, она начала работать менеджером в торговой компании.

3. В прошлом году, перед отставкой главного бухгалтера наша компания распродала половину своих акций.

4. К 2006 году собрание акционеров выберет нового генерального директора.

5. Соглашение о распределении прибыли и убытков считается конфиденциальной информацией.

 

TEST IITYPES OF BUSINESS

ReadingComprehension.

A partnership is an association of two or more persons to carry on a business for the sake of profit. When the owners of a partnership have unlimited liability, they are called general partners. If one or more partners have limited liability, they are called limited partners. There may be a silent partner as well – a person who is known to the public as a member of the firm but without authority in management.

Any business may be operated as a partnership. There are partnerships in professional fields such as medicine, law, accounting, insurance and brokerage.

Partnerships are more advantageous than sole proprietorships if one needs multiple sources of capital or diversified management. Like sole proprietorships, they are easy to form, and often receive favored treatments by the government as well as tax benefits.

There are a number of disadvantages to partnerships. One is unlimited liability. This means that each partner is responsible for all debts and legal responsibilities in connection with the business. Another disadvantage is that the partners may disagree with each other.

See if the statements are true or false:

1. Not more than 3 people can be organized into a partnership.

2. General partners have unlimited liability.

3. A silent partner has no authority in management.

4. It’s difficult to diversify management in a partnership.

5. Partnerships never receive tax benefits from the government.

Grammar

1.Put the verb in brackets in the correct form:

1. We (work) in this partnership since 1998.

2. When I (see) the Head of our Department I gave him the record.

3. We (send) the annual record to the headquarters of our company every September.

4. I (see) Mr. Black yesterday at 3:15, he (talk) to the Managing Director.

5. Next Monday the managers of the company (hold) a meeting to discuss some important questions.

6. The flight (take off) at 8 p.m. to night.

7. Tell me as soon as she (call) you.

8. Her phone (ring) for ten minutes. Why doesn’t she answer it?

9. I (listen) to this record for half an hour and I (not understand) a word yet.

 

2.Insert the missing prepositions:

1. Let’s meet in the new Italian restaurant ... Saturday ... 6 p.m.

2. A representative office is a subdivision … a foreign legal entity that represents the company’s interests … a foreign country.

3. My father is a real expert … his business.

4. … accordance … the Civil Code of the Russian Federation there are several types of Russian entities.

5. Foreign companies contribute funds, property and assets … the joint activity.

6. Is a representative office of a foreign company subject … the Russian taxation?

7. Should any company be accredited … one of the state registration chambers?

 

3. Complete the sentences with the appropriate words from the list below (three are extra):

1. A … is an association of two or more persons to carry on business for profit.

2. The students of the Law Department study … … .

3. It is not necessary to have a Board of Directors in a … … with fewer than 50 shareholders.

4. That partner … less capital in our company than the others.

5. The Manager of the Finance Department … the financial policy of an enterprise.

6. The partners of a limited liability company do not issue shares. They have … rights instead.

7. In establishing a business several … procedures should be followed.

8. Statistic authorities are … … where the information on population, industry, etc. is kept.

9. Are the shares of this company easily … ?

10. A sole proprietorship enjoys … … by the government.

 

executes; the Civil Code; invested; undertake; participatory; joint venture; state bodies; partnership; transferable; closed JSC; favored treatment; asset; registration;

 

 

4. Match the definitions with the corresponding words:

1. asset (n)

2. export (v)

3. liability (n)

4. partnership (n)

5. tax (n)

a. the legal obligation to pay debts.

b. an association of two or more people formed for the purpose of carrying on a business.

c. property owned by a person or company.

d. a payment compulsorily collected from individuals or firm by the government.

e. to send to another country for the purpose of selling

 

4. Read the text. Choose the correct endings to the sentences below:

The privately owned business corporation is an institution established for the purpose of making a profit. It is operated by individuals whose shares of ownership are represented by stock certificates. Persons owning stock certificates are called stockholders.

The corporate form of ownership has several advantages. The first is its ability to attract financial resources. A second is that if the corporation attracts a large amount of capital, it can make large investments in plants, equipment and research. A third advantage is that a corporation can offer high salaries and thus attract talented managers.

The privately owned business corporation is not the only type of corporation that exists. Educational, religious and charitable institutions are also permitted to incorporate. Usually this type of corporation does not issue stock and is a nonprofit institution. If there is a profit it is usually reinvested in the institution rather than distributed to private stockholders.

 

1. The purpose of establishing a corporation is:

a) to make a profit b) to expand

2. people owning stock certificates are called :

a) the Board of Directors b) stockholders

3. The advantage of corporate form of ownership is:

a) limited liability b) ability to attract resources

4. The profit of charitable institutions is usually:

a) reinvested b)distributed shareholders

5. The main difference between a corporation and any other type of business:

a) unlimited liability b)shares in exchange for investment capital

 

5. Translate from Russian into English:

1. В Российской Федерации существуют несколько форм, по которым иностранные компании могут заниматься предпринимательской деятельностью.

2. Фирма, в которой мой брат работает уже 10 лет, является товариществом с ограниченной ответственностью.

3. Представительство иностранной фирмы должно быть аккредитовано одной из государственных регистрационных палат.

4. Если вы не наймете бухгалтера, вам придется самому вести бухгалтерские книги.

5. Частная собственность является самым распространенным видом бизнеса в западных странах и Америке.

TEST ICOMPANY PROFILE

 

Reading comprehension

Under the CEO are managers who run divisions, departments or groups. Managers who report directly to the CEO are called senior management. The managers under them are middle management. You could call lower management people junior executives.

People who work in offices and are usually part of management are called white-collar employees; they receive salaries. Your salary is the amount of pay you receive in a year.

Those who work in the plant or who are engaged in similar labor are blue-collar workers; they earn hourly wages, or hourly pay. Blue-collar workers can also earn overtime pay when they work beyond their regularly scheduled hours. When business is bad, blue-collar workers are the likeliest ones to get laid off. A layoff is often temporary; when business gets better the company calls back the workers. Sometimes when a company wants to terminate an old employee, it can offer early retirement. Many workers, blue-collar and white-collar, belong to unions and are part of organized labor.

 

State whether the following sentences are true or false:

1. The organizational chart shows different levels of responsibility in the company.

2. There is only one right way to organize a company.

3. Your subordinates are people above you on the organizational chart.

4. You usually report to a person immediately above you.

5. A department or group must have many layers of responsibility.

 

2. Fill in the blanks with the appropriate words or word combinations from the list below (three of them are extra):

a) He is a VP and his … is five people.

b) The organizational chart shows how the company is … on different levels.

c) I think the accounting department in our company is a … .

d) Mr. Johnson has been the … of our company for 5 years.

e) As a vice-president of Commerce I report … to the General Director.

f) He has been with the company for 2 years and he hopes to get the … of Head of Sales soon.

7. It is well-known that Coca-Cola’s main office, its … , are in Atlanta.

 

Director General; staff department; organized; staff activities; directly; span of control; head; headquarters, foreign partner; position

Grammar.

1. Choose the correct answer:

1. The new organizational chart is discussing/is being discussed at the moment.

2. His span of control is 3 people, isn’t his/isn’t it?

3. The CEO has direct authority over senior managers, doesn’t he/hasn’t he?

4. Nobody understands it, do they/don’t they?

5. The company is manufacturing/has been manufacturing the goods since 1992.

6. They have been really horrible, didn’t they/ haven’t they?

7. The new dormitory will be built/will build next year.

8. It’ll be all right, will it/won’t it?

9. These raw materials transported/have been transported by rail.

10. He’s never been to any European country, was he/has he?

11. The documents had been typed/will have been typed by the time you return.

12. He can’t finish it today, does he/can he?

13. When the president arrived the objectives had been set/were set.

 

2..Read the text and choose the right answer to the questions below:

 

Under the CEO are managers who run divisions, departments or groups. Managers who report directly to the CEO are called senior management. The managers under them are middle management. You could call lower management people junior executives.

People who work in offices and are usually part of management are called white-collar employees; they receive salaries. Your salary is the amount of pay you receive in a year.

Those who work in the plant or who are engaged in similar labor are blue-collar workers; they earn hourly wages, or hourly pay. Blue-collar workers can also earn overtime pay when they work beyond their regularly scheduled hours. When business is bad, blue-collar workers are the likeliest ones to get laid off. A layoff is often temporary; when business gets better the company calls back the workers. Sometimes when a company wants to terminate an old employee, it can offer early retirement. Many workers, blue-collar and white-collar, belong to unions and are part of organized labor.

 

1. Lower management people are usually referred to as:

a. department managers;

b. CEOs;

c. junior executives.

2. What employees are at the highest level of responsibility?

a. senior managers;

b. CEOs;

c. blue-collar workers.

3. People who are part of management and receive salaries are called:

a. white-collar employees;

b. green-collar employees;

c. blue-collar employees.

4. Workers can earn overtime pay if:

a. they work more efficiently than other workers;

b. they work longer than their regular hours;

c. they can retire but they decide to continue to work.

5. What does a company often do when business is bad?

a. calls workers back;

b. lays off white-collar workers;

c. lays off blue-collar workers.