|
Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
|
|
Архитектура Аудит Военная наука Иностранные языки Медицина Металлургия Метрология Образование Политология Производство Психология Стандартизация Технологии |
ГОСУДАРСТВЕННЫЙ КОМИТЕТ РЫБНОГО ХОЗЯЙСТВА УКРАИНЫСтр 1 из 17Следующая ⇒
МИНИСТЕРСТВО АГРАРНОЙ ПОЛИТИКИ УКРАИНЫ ГОСУДАРСТВЕННЫЙ КОМИТЕТ РЫБНОГО ХОЗЯЙСТВА УКРАИНЫ КЕРЧЕНСКИЙ ГОСУДАРСТВЕННЫЙ МОРСКОЙ ТЕХНОЛОГИЧЕСКИЙ УНИВЕРСИТЕТ Кафедра иностранн ы х языков Английский язык МЕТОДИЧЕСКИЕ УКАЗАНИЯ к практическим занятиям и самостоятельной работе По теме: «Профессиональное общение» для студентов 2 курса Направления Учет и аудит», 6.030504 «Экономика предприятия» Дневной формы обучения Керчь, 2009
Составитель: Маркевич Татьяна Анатольевна, старший преподаватель кафедры иностранных языков Керченского Государственного морского технологического университета (КГМТУ)
Рецензенты: Павлюк Наталья Николаевна, старший преподаватель кафедры английской филологии КЭГИ ТНУ; Торопова Ирина Семеновна, кандидат экономических наук, доцент кафедры учета и аудита Керченского Государственного морского технологического университета (КГМТУ).
Методические указания рассмотрены и одобрены на заседании кафедры иностранных языков КГМТУ, протокол № 11 от 24.06.2009 г.
Методические указания рассмотрены и рекомендованы к утверждению на заседании методической комиссии ТФ КГМТУ протокол № 7 от 23.06.09 г.
Методические указания утверждены на заседании Методического совета КГМТУ, протокол № 6 от 26.06.09 г.
Ó Керченский государственный морской технологический университет
ВВЕДЕНИЕ Учебно-методическое пособие представляет собой сборник тем для подготовки к курсовому экзамену по английскому языку (раздел “Беседа по теме”). Выбор тем соответствует программе по английскому языку на экономических специальностях. Целью пособия является подготовить студентов к чтению литературы профессионального характера, развить навыки устной речи и общения. Текстовой материал, включенный в пособие, подобран из оригинальных источников и периодической печати. Упражнения направлены на развитие лингвистической и коммуникативной компетенции: синонимию и словообразование, ознакомление с речевыми образцами, употребление различных клише в речи; развитие навыков диалогической и монологической речи. Пособие состоит из 15 разделов. Каждый раздел состоит из текста для чтения и ряда заданий, которые направлены на расширение запаса активной лексики по специальности, а также на развитие умений поиска информации, анализа и обсуждения, умений высказать свою точку зрения, умений группового общения. Глоссарий представляет собой список экономических терминов, которые встречаются в текстах, с объяснениями на английском языке. Пособие может быть рекомендовано для аудиторной и самостоятельной работы. TOPIC 1. COMPREHENSION CHECK I. Give English equivalents to the following: Экономика, экономическая теория, производство, потребление, распределение, обмен, дефицит, доход, уровень жизни, изучение поведения в сферах производства, физические лица, ограниченность ресурсов, безграничные потребности, удовлетворение своих желаний и потребностей, предмет экономической теории, малые экономические единицы, крупномасштабные экономические явления, экономический анализ, занятость населения, товары и услуги, национальный доход, стабильность, оптимизация, нехватка рабочей силы.
II. Read the international words and guess their meanings: Economic activity, economic system, macroeconomics, microeconomics, to produce, to operate, to protect, to analyze, to finance, to manufacture, to specialize, to focus, to affect, service, school, hospital, garage, fact, base, production, material, industry, radio, strategy, status, export, import, institution, distribution, division, investment, history, organization, period, spectrum, agriculture, essential, basic, industrialized, oriented (policy), national, financial, social, major, fact, base, total, primarily, public.
V. Translate into English 1. Мировая экономика – это наука, которая изучает состояние экономики в разных странах мира. 2. Экономика - общественная наука, изучающая поведение в сферах производства, потребления, распределения и обмена. Экономисты анализируют происходящие в этих сферах процессы и исследуют их последствия для физических лиц, организаций, например фирм, и общества в целом. 3. Состояние экономики (экономической среды) имеет большое значение для успешной деятельности фирм. 4. При изучении экономики необходимо различать позитивную и нормативную экономические теории. Если в позитивной теории мы можем оставаться беспристрастными, независимо от наших политических убеждений, то нормативная теория основывается на личной системе ценностей. 5. Позитивная теория может предложить ряд возможных альтернатив, из которых индивид или общество в целом выбирают наиболее приоритетные. 6. Макроэкономика – это один из основных разделов экономической теории, которая изучает поведение экономики как единого целого. 7. Макроэкономика анализирует взаимодействие факторов, влияющих на рост национального производства, а также такие процессы, как безработица, инфляция и т.п. 8. Объектом макроэкономики является именно взаимодействие этих величин внутри экономики, при этом сами эти величины рассматриваются упрощенно, абстрактно. 9. Микроэкономика – это один из основных разделов экономической теории, изучающей поведение отдельных экономических единиц, их взаимодействие на рынках, в результате которого формируются цены на производимые товары и услуги. 10. Микроэкономика стремится к детальному рассмотрению поведения какой-либо экономической единицы.
VI. Answer the questions 1. What is economics? 2. What is it based upon? 3. What two things do economists study? 4. What does the economist try to describe? 5. What should the economist’s methods be? 6. What is the science of Economics concerned with? 7. What is an underlying problem of Economics? 8. What does the word ‘macroeconomics’ mean? 9. What are the concerns of a macroeconomist? 10. What is difference between the question asked by macroeconomists and micro economists? 11. What is, according to the text, the important task of macroeconomics? 12. What does macroeconomic analysis attempt to explain? 13. What are the concepts of macroeconomics? 14. What is according to the text microeconomics? 15. What is meant by “economics in the small”? 16. What economic phenomena are of microeconomists’ attention? 17. Where is microeconomic theory used? 18. What does the positive economics deal with? 19. What is the aim of normative economics? 20. What is the difference between positive and normative economics in regard to the role of research?
Литература Основная: 1, 5, 6. Дополнительная: 2, 3,4,5. TOPIC 2. THE BASIC ECONOMIC PROBLEM The central problem of economics is to determine the most efficient ways to allocate the factors of production and solve the problem of scarcity created by society’s unlimited wants and limited resources. In doing so, every society must provide answers to the following three questions: 1. What goods and services are to be produced, and in what quantities are they to be produced? 2. How are those goods and services to be produced? 3. Who will receive and consume (get to use) those goods and services? The solution of these questions depends on the economic system of each particular society. The economic system determines how the nation's resources of land, labour, machinery and raw materials are allocated and used. The problem of allocating resources is a central theme of economics, because most resources are scarce. The allocation of scarce resources and the distribution of the product of those resources are a major part of the subject matter of economics. In Western economies many resources are allocated to whoever is willing and able to pay the most for them. The distribution is determined by the amounts of money paid as wages, rent and other forms of income. A country's economic system is its way of organizing economic activities, including the ways in which people come to specialize in particular tasks they do best. The more goods and services can be produced from limited resources, the higher the standard of living enjoyed by the country’s citizens. Different economic systems answer the “what”, “how” and “for whom” questions differently. There is a variety of economic systems, which can be divided into three groups: a) Market or decentralized economic systems. In a true market economy the government plays no role in the management of the economy, the government does not intervene in it. The system is based on private enterprise with private ownership of the means of production and private supplies of capital. b) Planned or centralized economic systems, in which economic decisions are taken by government planners. Planned economies are economies with a large amount of central planning and direction, when the government takes all the decisions, the government decides production and consumption. A planned economy is simple to understand but not simple to operate. c) Mixed economic systems, in which many economic activities are organized in a decentralized way, but in which the government takes some of the most important economic decisions. In mixed economies some resources are controlled by the government whilst others are used in response to the demands of consumers. In a mixed economy the government and the private sector interact in solving economic problems. In practice, every economic system is mixed to some extent. COMPREHENSION CHECK
I. Give English equivalents to the following: Распределять ресурсы, удовлетворять неограниченные потребности, владеть и управлять бизнесом, вмешиваться, частное предпринимательство, частная собственность на средства производства, частный капитал, распределение доходов, правительственные власти, основные экономические проблемы, состояние экономики, уровень занятости, распределять ресурсы, имеющиеся в распоряжении ресурсы, иметь высокий жизненный уровень, факторы производства, зависеть от, размещение и распределение ресурсов, быть конкурентоспособным, большой объем, центральное планирование и руководство, частный сектор, взаимодействовать в решении проблем. II. Read the words and guess their meanings: Factors of production, production and consumption, natural resources, capital and entrepreneurship, competitive, state ownership, public property/common ownership, large-scale intervention, state-controlled industry, considerable economic freedom of choice, the government controls a share of the output, labour-intensive production, to allocate the factors of production, the problem of allocating resources, the subject matter of economics, money paid as wages, rent and other forms of income, to specialize in particular tasks, the standard of living, in a decentralized way, in response to the demands of consumers, in solving economic problems. TOPIC 3 . FACTORS OF PRODUCTION In economic theory, factors of production (or productive inputs) are the resources employed to produce goods and services. The factors of production include natural resources, human resources, capital and entrepreneurship. Each factor of production has a place in economic system, and each has a particular function. People who own or use a factor of production are expecting a “return or reward”. This generates income which, as it is spent, becomes a kind of fuel that drives the economy. Natural Resources or «Land» Natural resources are the things provided by nature that go into the creation of goods and services. They include such things as minerals, wildlife and timber resources. Economists also use the term «land» when they speak of natural resources as a factor of production. The price paid for the use of land is called rent. Rent becomes income to the owner of the land. Human Resources or «Labor» Economists call the physical and mental effort that people put into the creation of goods and services labor. The price paid for the use of labor is called wages. Wages represent income to workers, who own their labor. Human labour produces both goods and services. The national labour force are those people who are available for work within the nation, i.e. the working population. Capital To the economist, physical capital (or «capital» as it is commonly called) is something created by people to produce other goods and services. A factory, tools and machines are capital resources because they can be used to produce other goods and services. The term capital is often used by business people to refer to money they can use to buy factories, machinery and other similar productive resources. Payment for the use of someone else's money, or capital, is called interest. But money, as such, produces nothing: hence, it is not to be considered as an economic resource. Real capital— tools, machinery, and other productive equipment - is an economic resource; money or financial capital is not. The process of producing and accumulating capital goods is known as investment. Entrepreneurship Closely associated with labor is the concept of entrepreneurship, the managerial or organizational skills needed by most firms to produce goods and services. The entrepreneur brings together the other three factors of production. When they are successful, entrepreneurs earn profits. When they are not successful, they suffer losses. The reward to entrepreneurs for the risks, innovative ideas and efforts that they have put into the business, they obtain the money that remains after the owners of land, labor and capital have received their payments. COMPREHENSION CHECK
I. Give Russian equivalents to the following: А means of exchange, a means of measuring, in return for a fixed payment, in the strict economic sense, financial reward, in terms of money, human labour, distinctions of social class, payment of wages, national labour force, it should be noted, self-employed, fixed wage, to receive surplus, reward of private enterprise, a negotiated rate, a result of productive work, to share the surplus, to pay for, other items, to bear risk, the risk has been justified, as a return on the investment, previous business activities, a deliberate policy of saving surpluses, to create capital, the assets possessed by a person.
II. Give English equivalents to the following: Производительные силы, производственные отношения, производство материальных благ, оказывать воздействие, взаимосвязь производительных сил и производственных отношений, форма собственности на средства производства, формы распределения материальных благ, жизненные интересы, взаимоотношения людей, способность человека к труду, количество и качество, квалифицированная рабочая сила, создавать прибавочную стоимость, постоянный капитал, переменный капитал, оборотный капитал, готовый продукт.
III. Make sentences by adding a suitable beginning to the following: 1. …. but with the payment of wages in return of work. 2. ….. is not labour in the strict economic sense. 3. ……is known as profit. 4. ……in return for a fixed payment. 5. ……the working population. 6. ……also a means of measuring the value of men’s labour.
IV. Agree or disagree with the following statements: 1. There is always an element of risk in starting a business. 2. If the business is not successful, the risk has been justified. 3. All railways, houses, land, airports shares are capital. 4. Profit is the surplus which accumulates as a result of productive work. 5. The employees, the employers and the providers of capital bear the risk. 6. A deliberate policy of saving surpluses may be only collective. 7. The employer obtains the surplus after he pays the wages of his employees.
VI. Translate into English 1. Для удобства производительные ресурсы обычно делят на четыре основные категории, которые называются факторами производства. 2. Труд — деятельность людей, направленная на удовлетворение потребностей индивида и общества. 3. Как экономическая категория, труд представляет собой один из факторов производства. 4. Процесс труда включает в себя три основных фактора: 5. Капитал — это совокупность отношений и предметов, выраженных в виде стоимости, способной приносить прибавочную стоимость или убыток. 6. Капитал включает в себя все те производительные ресурсы, которые созданы людьми: инструменты, машины, инфраструктуру, а также нематериальные вещи, например, компьютерные программы. 7. Распределение любого данного количества блага может быть улучшено посредством обмена. 8. Предпринимательская способность - в экономической науке - способность человека: 9. Предпринимательством можно заниматься в разных сферах. Помимо общего предпринимательства, выделяют социальное и технологическое предпринимательство. 10. Земля - один из четырех основных факторов производства, который для того, чтобы стать производительным, обычно должен соединяться с трудом и капиталом.
VII. Answer some questions: 1. What are the factors of production? 2. What is the fuel that drives the economy? 3. What are the natural resources? 4. What, in economic theory, is “labour”? 5. What is called “the price paid for the use of labour”? 6. Why is necessary to treat labour somewhat differently from the other factors of production? 7. How may be the working population be defined? 8. What is the capital? 9. How is capital created? 10. What is the role of entrepreneurship in production? Литература Основная: 1, 3, 5. Дополнительная: 2, 3, 7. TOPIC 4. TYPES OF BUSINESS. TYPES OF BUSINESS ORGANIZATION
WHAT IS BUSINESS? Business is a word that is commonly used in many different languages. But exactly what does it mean? The concepts and activities of business have increased in modern times. Traditionally, business simply meant exchange or trade for things people wanted or needed. Today it has a more technical definition. One definition of business is the production, distribution, and sale of goods and services for a profit. Profit is the money that remains after all the expenses are paid. Creating an economic surplus or profit is, therefore, a primary goal of business activity.
STARTING A BUSINESS Starting a business it is necessary to provide capital needed for this business. There is always an element of risk because this business may fail. If the business is successful, the risk-taking has been stifled and invested capital earns part of the profits as a return on the investment and the period during which the capital was at risk. Capital in this instance is simply the accumulation of previous surpluses on previous business activities. It this way the past is used to finance the future. The accumulation of capital is almost always deliberate, either on the part of individual citizens or on the part of the state. Even in non-capitalistic societies a certain part of the surplus achieved in any enterprise is "ploughed back" into the system in order to promote further growth. When capital, labour and enterprise combine to make a new business successful, the business must still continue to compete on the market with other companies producing the same type of commodity. The term "market", as used by economists, is a logical extension from the idea of a place set aside for buying and selling. Formally, part of a town was kept as a marketplace, and country people would come in on market days to buy and sell. Markets today need not however be located in any fixed places the sugar market and the cotton market are not geographical locations, but simply sets of conditions which permit buyers and sellers to work together. In a free market, competition takes place among sellers in order to sell their commodities at the best possible price, and among buyers competition influences prices. Changes in supply and demand have their effects, and it is not surprising that considerable fluctuations in price can take place over periods of weeks and months. Since these modern markets are not normally located in any special place, buyers and sellers do not always have to meet face-to-face. They may communicate by letter, lay cable, by telephone or through their agents. In a perfect market such communications are easy, buyers and sellers are numerous, the competition TYPES OF BUSINESS The different types of business organization to be found in the UK and most other capitalist countries may be classified under five headings: the sole proprietor, the partnership, the joint stock company, the cooperative society, and the public corporation.
Sole Trader
Partnership
Private Limited Company
Public Limited Company
THE SOLE PROPRIETOR This is the simplest and the oldest form of business enterprise and often referred to as the one-person business. A single person provides the capital, takes the decisions, and assumes the risks. He or she is solely responsible for the success or failure of the business and has, therefore, the sole rights to such profits as may be made, or, alternatively, bears the sole responsibility for such losses as may accrue. The strength of this type of firm lies in the direct personal interest of the proprietor in the efficiency of his enterprise. Ownership and control are vested in one person who enjoys all the fruits of success and hence has a great incentive to run the firm efficiency. The great disadvantage of the sole proprietor from an enterprise lies in the fact that the owner is personally liable for the debts incurred by his firm and his liability is unlimited. All his personal possessions are at risk and may be seized to meet creditors demands in the event of the business becoming insolvent. Another disadvantage of this type of firm is the strict limitation of its ability to acquire capital for expansion. Finance is restricted to the amounts which the entrepreneur is able to provide from his own resources and whatever sums he can borrow on his own security. We find the one-person business prevalent in farming, retailing, building, repair and maintenance work, and personal services such as hairdressing. general partner – общий партнер (несущий полную юридическую ответственность за дело); silent partner – партнер без права голоса; secret partner – секретный партнер (с правом голоса, но неизвестный общественности как партнер); apply for a corporate charter – подавать заявление на корпоративный патент; company's officers – административные исполнители компании; sue – возбуждать судебное дело; profit and loss statement – отчет о прибылях и убытках; net assets – нетто-капитал, стоимость имущества за вычетом обязательств; long-term investment – долгосрочный вклад; be on commission – получать комиссионные с продажи; verbal agreement – устное соглашение; purchase order – заказ на покупку; extra services – дополнительные услуги; new brand – новая марка (товара); installation services – услуги по установке; take title to the goods – приобретать товар как собственность; agent middleman – посредник между производителем и покупателем. PARTNERSHIPS Partnerships are voluntary combinations of from 2 to 20 persons formed for the purpose of carrying on business with a view of profit. A person who joins a partnership, supplying capital and sharing in the profits, but taking no part in the management is known as a dormant or sleeping partner. Partnerships are a common form of business organization in such professions as law, accountancy, surveying, and medicine. The advantages of this type of firm are similar to those of the one-person business; it is a flexible organization which allows a greater degree of specialization than the one-person business. Partners usually specialize in one or more aspects of the business; one may be responsible for buying, one for selling, one for production, and so on. The great disadvantage, like that of the one-person business, is the fact that the liability of the partners is unlimited and they are all fully liable for the acts of the other partners. The survival of partnerships depends upon the continued harmonious relationships between a number of people in situations which often give much cause for disagreement. Thus, where trading risks are very great, the partnership is not a very stable type of organization. CORPORATIONS A corporation is a business unit that is legally separate from its owners. A business corporation is an institution established for the purpose of making profit. It is operated by individuals. The ownership being represented by shares of stock in the corporation, the owners do not directly control the operations of the corporations. Instead they elect a board of directors who run the corporation for the benefit of the stockholders. Their shares of ownership are represented by stock certificates. A person who owns a stock certificate is called a stock-holder. In exchange for a restricted involvement in the corporation’s actual operations, stockholders enjoy limited liability. That is their risk of loss is limited to the amount paid for their shares. If they wish stockholders can sell their shares to other people without affecting corporate operations. Because of this limited liability, stockholders are often willing to invest in riskier, but potentially profitable activities. Also, because ownership can be transferred without dissolving the corporation, the life of the corporation is unlimited and not subject to the whims or health of a proprietor or partner. There are several advantages of the corporate form of ownership. The first is the ability to attract financial resources. The next advantage is the corporation attracts a large amount of capital it can invest it in plants, equipment and research. And the third advantage is that a corporation can often higher salaries and thus attract talented managers and specialists. The privately owned business corporation is one type of corporation. There are some other types too. Educational, religious, charitable institutions can also incorporate. Usually such corporation does not issue stock and is nonprofit. If there is a profit it is reinvested in the institution rather than distributed to private stockholders. In some western countries, cities, states, federal government and special agencies can establish governmental corporations. A few examples of these governmental corporations are state universities, state hospitals and city owned utilities. Governmental corporations are non-profit as a rule and usually they do not issue stock certificates. Companies and Organizations COMPREHENSION CHECK
I. Give English equivalents to the following: Bести дело; партнер с ограниченной юридической ответственностью; ча-стная собственность; получать льготы по налогообложению; быть юридически ответственным; недвижимость; выпускать акции; привлекать финансовые ре-сурсы; привлекать большой капитал; акционер, держатель акций; повторно ин-вестировать; предлагать высокие оклады; оплата расходов; сертификат акций; держатели акций; акционерный (долевой) способ формирования денежного фонда; образование денежного фонда с помощью займа; ценность (стоимость) акции; фиксированный процент (доля); единоличное владение; товарищество; собственник, владелец; юридически; хозяйственная единица; прибыль; убытки; обязательства; ответственность; акционерный капитал.
II. Complete the sentences using the words given: COMPREHENSION CHECK
I. Give English equivalents to the following: Матричная структура, иерархическая структура, функциональная структура, совет директоров, штат сотрудников, филиал (отделение), дочерняя фирма, средний менеджмент, собрание акционеров, руководство фирмы, общие проблемы и перспективы организации, гибкость и быстрота реагирования компании на изменения внешней среды, работать под чьим-л. руководством, максимально эффективное использование высококвалифицированной рабочей силы, творческий потенциал сотрудников, подразделение, передача части управленческих функций средним менеджерам, дублирование функций.
II. Read the words and guess their meanings:
Who is who?
III. Complete these sentences using the words from the list below and translate the sentences into Russian: climate clarify career depend on delegate equipped facilitate hierarchy interactions informal improve link limit management response skills weaknesses Communication, the (1) _____ between an organization and its members, is essential to the organization’s major functions. When you understand how the organization communicates, you are (2) _____ to become a productive member of the group. Communication also facilitates (3) _____ among management, employees, customers, suppliers, financiers, and government officials. Communication occurs through both formal and informal channels and flows up and down the hierarchy, as well as across the line of authority. Open communication patterns encourage links among all members of the organization and (4) _____ complex activities that require creativity. Tightly controlled communication patterns that (5) _____ an official hierarchy are well suited to situations that call for a rapid (6) _____. An organization’s communication (7) _____ is affected by the corporation’s management style and ethics. Given the volume of messages flowing into, around, and out of modern organizations, communications (8) _____ has become an issue. In many organizations many managers are encouraged to (9) _____ the number of messages, (10) _____ communication assignments, (11) _____ responsibility for writing and speaking, and build employees` communication (12) _____ . Many organizations have also developed plan for communicating during times of crisis. Regardless of where you work or what you do, communication will play a part in your career. By analyzing your strengths and (13) _____, setting realistic goals and practicing different types of communication you can (14) _____ your verbal and written communication skills. IV . Translate into English : 1. Классическая матричная структура возникла как реакция на необходимость проведения быстрых технологических изменений при максимально эффективном использовании высококвалифицированной рабочей силы. 2. Иерархическая структура организации хороша тем, что обеспечивает точное распределение задач и обязанностей внутри компании; легко контролируема и управляема сверху. 3. Иерархическая структура организации плоха тем, что: · вся ответственность замыкается на высшем руководстве; · мешает сотрудникам видеть общие проблемы и перспективы организации; · интересы отдела могут стать для работников важнее интересов организации в целом; · происходят потери информации при переходе с одного иерархического уровня на другой. 4. Преимущества матричной структуры заключаются в том, что · она обеспечивает компании гибкость и быстроту реагирования на изменения внешней среды. · работа в матричной структуре активизирует творческий потенциал сотрудников. · матричная структура усиливает конечную ответственность каждого руководителя за проект. 5. Матричная структура плоха тем, что: · работник или группа подчиняется одновременно нескольким руководителям, что снижает управляемость фирмой; · матричная структура сложна для практической реализации; · в рамках матричной структуры наблюдается тенденция к анархии, т.к. нечетко распределены права и ответственность между элементами структуры, наблюдается частичное дублирование функций; · для этой структуры характерна борьба за власть, т. к. в ее рамках четко не определены властные полномочия.
V. Answer some questions on the Text: 1. What groups of people are most companies made of? 2. What is the management structure of a typical company like? 3. What is the Board of directors responsible for? 4. Who is responsible for the running of the business? 5. Name some of the departments or functions within a company? 6. What are the main factors of successful performance of the company over the years? 7. What is necessary for any company in order to survive & be successful? 8. What kind of information should a company profile contain? 9. Why are organizations so important for us? 10. How do people feel about organizations? 11. What is the reason for the existence of organizations? 12. What kind of behavior is typical of organizations? 13. Why do organizations influence our behavior? 14. Why are the people only beginning to realize the importance of studying organizations?
Литература Основная: 1, 2, 5. Дополнительная: 3, 4, 9, 10.
TOPIC 6. ACCOUNTING Accounting can be defined as the measuring and recording of all relevant financial data concerning a particular entity that is business, government organisation, etc. Financial reporting is the communicating of such information in appropriately summarised form. In the UK such summarised form is called "Accounts". In the USA it is called "Financial statements". These accounts or statements are communicated to interested parties both within and outside the organisation. Financial reporting provides information that is useful to present and potential investors, creditors and other users in making rational investment, credit and other economic decisions. Accounting is often referred to as the "language of business". It is used in the business world to describe the transactions entered into by all kinds of organisations. The actual record-making phase of accounting is usually called book-keeping. However, accounting extends far beyond the actual making of records. Accounting is concerned with the use to which these records are put, their analysis and interpretation. Accountants are therefore those individuals specialised in the "art" of capturing the correct data, and preparing the most meaningful financial reports from that data. They are "producers" of financial information, which is then made available to "consumers" such as owners and lenders. Accountants are assisted in their work by bookkeepers, who operate some form of accounting system, usually computerised, to help capture, accumulate, categorise, summarise and report the many thousands of transactions that affect an economic entity every year. Accounting shows a financial picture of the firm. An accounting department records and measures the activity of a business. It reports on the effects of the transactions on the firm’s financial condition. Accounting records give a very important data. It is used by management, stockholders, creditors, independent analysts, banks and government. Most businesses prepare regularly the two types of records. That is the income statement and balance sheet. These statements show how money was received and spent by the company. One major tool for the analysis of accounting records is ratio analysis. A ratio analysis is the relationship of two figures. In finance we operate with three main categories of ratios. One ratio deals with profitability, for example, the Return on Investment Ratio. It is used as a measure of a firm’s operating efficiency. The second set of ratios deals with assets and liabilities. It helps a company to evaluate its current financial position. The third set of ratios deals with the overall financial structure of the company. It analyses the value of the ownership of the firm. The purpose of accounting is to provide the company's shareholders with a clear picture of the company's financial health. This "photograph", which is usually published once a year, can be used as a managerial tool, allowing us to see how efficient a company is, and whether it should stay in business.
Read and memorize the following words and word combinations: income statement отчет о доходах balance sheet балансовый отчет ratio analysis анализ коэффициентов return on investment ratio – коэффициент возвращения инвестиций assets and liabilities актив и пассив accounting бухгалтерский учет и отчетность account счет to define определять to measure измерять to record записывать, учитывать relevant соответствующий data данные, факты datum факт concerning касательно particular определенный entity юридическое лицо, организация to report составлять отчет о reporting отчетность to communicate сообщать communication сообщение information сведения appropriate соответствующий appropriately соответственно to summarise суммировать summarised суммированный in summarised form в соответствующем суммированном виде to call называть to be called называться statement заявление, отчет, выписка (по счету) party сторона interested parties заинтересованные стороны user пользователь decision решение auditor аудитор range диапазон a wide range of широкий круг profit прибыль to lend (lent, lent) давать кредит lender кредитор successful успешный competitor конкурент to withdraw отзывать, отметить, убирать (зд. снять со счета) to capture зд. подбирать capturing зд. подборка meaning значение meaningful значимый meaningfully многозначительно available имеющийся в на личии to be made available представить consumer покупатель, потребитель owner владелец to assist помогать accountant бухгалтер bookkeeper учетчик, младший бухгалтер COMPREHENSION CHECK I. Give English equivalents to the following: 1. производительность; 2. ревизование; 3. доходность; 4. аудит; 5. нераспределенная прибыль; 6. бухгалтерский учет; 7. бухгалтерское дело; 8. прогноз сбыта; 9. периодичность учета; 10. валовая прибыль; 11. счет; 12. доходные статьи; 13. торговая операция; 14. акционерный капитал; 15. дебет; 16. бухгалтерский баланс; 17. кредит; 18. оприходование; 19. пробный баланс. II .Give Russian equivalents to the following: А financial picture of the firm, an accounting department, a transaction, important data, stockholders, income statement, balance sheet, a major tool, ratio analysis, to deal with, profitability, assets and liabilities, current financial position, accounting, financial accounting, managerial accounting, product cost accounting, bookkeeping, accounting cycle, account , transaction .
III. Read and translate the definitions of the basic accounting terms: 1. Accounting - the process of systematically collecting, analyzing, and reporting financial information. 2. Auditing - checking the accuracy of records. 3. Audit - an accountant's examination of a company's financial records to determine if it used proper procedures to prepare its financial reports. 4. Financial accounting - a "scorekeeping" process that is meant to keep several interested groups (inside and outside the firm) informed of the financial condition of the firm. 5. Managerial accounting - serves the firm's managers by calling attention to problems and aiding them in planning, decision making, and controlling the firm's operations. 6. Product cost accounting - an accounting system that allocates costs to the various products made by a firm. 7. Responsibility accounting - an accounting system for classifying costs or charging them to certain responsibility centers so as to allow the performance of such centers (and their managers) to be evaluated. 8. Bookkeeping - the accurate day-to-day recording of all the financial transactions that occur in an organization; the initial step in the accounting process. 9. Accounting cycle - the sequence of accepted procedures that accountants must follow over a specific period of time. 10. Account - an individual written record for specific assets, liabilities, owners' equity, revenues, and expenses. 11. Transaction - a financially significant event that either increases or decreases the value of an account. 12. Debit — in bookkeeping, any transaction that increases assets or decreases liabilities or owner’s equity; always entered in the left column. 13. Credit — in bookkeeping, any transaction that decreases assets or increases liabilities or owner’s equity; always entered in the right column. 14. Basic accounting equation — a mathematical statement of the balance between what a firm owns, what it owes, and what its owners’ equity is. 15. Profit equation — profits equal revenue minus expenses. 16. Owners’ equity — the difference between a firm’s assets and its liabilities; what would be left over for the firm’s owners if its assets were used to pay off its liabilities. 17. Accrual — the principle in accounting that means that a firm charges off expenses only in the accounting period (usually the calendar year) and not necessarily in the period in which the actual cash payment was made. 18. Double-entry bookkeeping — a system in which each financial transaction is recorded as two separate accounting entries to maintain the balance shown in the accounting equation. 19. General journal — a book of original entry in which typical transactions are recorded in order of their occurrence. 20. General ledger — the book in which all the accounts of a business using double-entry bookkeeping are contained. 21. Posting — the process of transferring journal entries to the general ledger. 22. Trial balance — a summary of the balances of all general ledger accounts at the end of the accounting period. 23. Balance sheet (statement of financial position) — a summary of a firm’s assets, liabilities, and owners’ equity accounts at a particular time, showing the various money amounts that enter into accounting equation. 24. Accounting software package — a set of computer programs designed for solving various problems of accounting. 25. Certified public accountant (chartered accountant in BrE) — an accountant who has fulfilled the legal requirements of his or her state of knowledge in accounting theory, practice, auditing, and law and who is licensed to sign financial reports. 26. Capital stock — the original investment of the stockholderowners. 27. Revenues — are the funds received by a business, mainly from the sales of goods and services. 28. Gross profit — the difference between net sales and cost of goods sold. 29. Sales forecast — a prediction of what sales will be over a certain period of time. 30. Profit (net income, earnings) — the difference between total revenues and total expenses. 31. Retained earnings (surplus) — the amount that the firm has plowed back from profits over the years but has not paid out in dividends. 32. Return on sales (net profit margin) — a form of profitability ratio calculated as net income divided by net sales. 33. Profitability- the possibility and ability of a firm to produce a profit. 34. Productivity — the average level of output per unit of time per worker. 35. Efficiency — maximum output of a good from minimum resources used in production. IV. Agree or disagree with the statements: 1. At the end of the fiscal year a business must check out the assets and liabilities. 2. There is no difference between gross salary and net salary. 3. An employer should hire an experienced accountant for preparing a financial statement. 4. The accounting department provided data for the management. 5. The board of directors never checks out assets and liabilities a net worth. 6. Governmental corporations can not issue stock certificates. 7. The whole of financial accounting is based on the accounting equation. 8. The resources possessed by the firm are known as liabilities. 9. Credit — in bookkeeping, any transaction that increases assets or decreases liabilities or owner’s equity; always entered in the left column. 10. Most businesses prepare regularly the three types of records. V. Fill in the gaps using the words given: (Business , accounting, transactions, accountants, system, financial, information, records)
1._____ is commonly defined as a comprehensive _____ for collecting, analyzing, and communicating financial _____. 2. It is the accountant’s responsibility to keep ____ of _____ transactions such as taxes, sales, incomes, and expenses. 3. Even more important is the accountant’s analysis of how those _____ will affect a particular business. 4. By sorting, analyzing, classifying, and recording thousands of transactions, _____ can determine how well a _____ is being managed and how financially strong it is.
VI. Complete as in the text: 1. Accounting can be defined... the measuring and recording. . all relevant financial data. 2. ... the UK such summarised form of financial reporting is called... 3. ... the USA it is called... 4. Financial reporting provides information that is useful to... and other users. 5. Accounting is a direct result of the work of... 6. Accountants specialize in the art ... capturing the correct data and preparing reports... that data. 7. This financial information is made available to consumers such as... 8. Accountants are assisted in their work... bookkeepers. 9. Accountants report the many thousands... transactions that affect... every year.
VII. Translate from Russian into English: 1. Бухгалтерский учёт — упорядоченная система сбора, регистрации и обобщения информации о состоянии имущества, обязательств организации и их изменениях (движении денежных средств) путём документального учёта всех хозяйственных операций. 2. Объектами бухгалтерского учёта являются имущество организаций, их обязательства и хозяйственные операции, осуществляемые организациями в процессе их деятельности. 3. Одной из основных задач бухгалтерского учёта является формирование полной и достоверной информации о деятельности организации и её имущественном положении, необходимой как внутренним пользователям— руководителям, учредителям, участникам и собственникам имущества организации, так и внешним — инвесторам, кредиторам и другим . 4. Задачи бухгалтерского учёта решаются посредством использования различных способов и приемов, совокупность которых называется методом бухгалтерского учёта. 5. Метод бухгалтерского учёта включает в себя следующие основные элементы: · документирование; · оценка; · бухгалтерские счета; · двойная запись; · инвентаризация; · калькулирование; · составление баланса и отчетности. 6. Бухгалтерский учёт может вестись: · бухгалтерией, входящей в состав предприятия; · бухгалтером; · руководителем организации; · сторонней организацией.
VIII. Answer some questions: 1. What is the purpose of accounting? 2. Who uses the data provided by accounting firms? 3. What are the two types of records which most businesses prepare? 4. What is the purpose of the ratio analysis? 5. What categories of ratios in finance do you know?
Литература Основная: 1, 2, 5. Дополнительная: 2, 3, 4, 7.
TOPIC 7.
FINANCIAL STATEMENTS Financial statements (or financial reports) are formal records of a business' financial activities. Four major financial statements are used to communicate the required information about a business. One is the income statement, which reports income-generating activities or earnings of a business during the period. The second statement, called the statement of owner's equity. The statement of owner's equity shows the changes in the owner's capital account over a period of time. Both of these statements are prepared from the four types of transactions affecting owner's equity. The third is the balance sheet. The balance sheet shows the financial position of the business on a particular date, such as at the end of the accounting period. The fourth statement, called the statement of changes in financial position, is used to summarize all the changes during the year in terms of some measure of financial resources, such as cash. The income statement is a financial statement summarizing the amount of revenues earned and expenses incurred by a business over a period of time. Many people consider it the most important financial report, its purpose being to measure whether or not the business achieved or failed to achieve its primary objective of earning an acceptable income. The purpose of the balance sheet is to show the financial position of a business on a certain date. For this reason, it is often called the statement of financial position and is dated as of a certain date. All of the assets and liabilities of a company can be added up to see what the company owes and what it owns. A balance sheet is this summary, a snapshot of a company's position at a given point in time. A balance sheet is made up of two lists, placed side by side. On the left the company lists everything it owns, such as cash and "fixed assets" called property, plant, and equipment, which include everything from buildings and trucks to tools, pencils, and copy machines. This list is labeled assets. On the other side, the company lists its liabilities, consisting of all claims to the company's assets, from creditors and from the company's owners. The lists end up being exactly equal-whatever assets are not claimed by the company's creditors belong to the owners. When the company's shareholders sit down to see what they really own, they look at the lists on both sides of the balance sheet. By subtracting a company's liabilities from its assets, shareholders calculate the stockholders' equity to see what belongs to them after all of the company's debts have been paid off. This is commonly called book value. When liabilities, such as loans from banks, start to exceed the level of a company's assets, the shareholders may become nervous and sell their shares. They don't want to be around on the day when the company can no longer pay its debts and is forced to declare bankruptcy, reducing the shareholders' equity to nothing. The purpose of accounting is to provide the company's shareholders with a clear picture of the company's financial health. This "photograph", which is usually published once a year, can be used as a managerial tool, allowing us to see how efficient a company is, and whether it should stay in business. VOCABULARY
COMPREHENSION CHECK I. Give English equivalents to the following: Пробный баланс, принцип сбалансированности, чистый капитал, консолидированный баланс, статьи баланса, собственный капитал, инвентаризация, полная стоимость основных производственных средств, объявлять о банкротстве, кассовая наличность, балансовая ведомость, полученная прибыль, распределённая прибыль, нераспределённая прибыль, отчёт о доходах, отчёт о результатах хозяйственной деятельности, утверждение доходов и расходов.
II .Give Russian equivalents to the following: Assets, liability, to set up the operation; after subtracting the debts from the assets; two lists placed side by side; a company’s liabilities; loans from banks; pay its debts; the purpose of accounting is; how efficient a company is, sheet, snapshot, cash, equipment, loan, equity, bankruptcy, health, property, claim, creditors, balance, shareholder, borrowings, summary.
III. Read and translate the definitions of the basic financial terms: ASSETS AND LIABILITIES 1. Assets — the items of value that a firm owns. 2. Current assets — cash and other assets that can be quickly converted into cash or that will be used in one year or less. 3. Fixed assets — assets that will be held or used for a period longer than one year. 4. Tangible assets — include land and buildings, plant and machinery, investments, debtors and cash. 5. Intangible assets — assets that do not exist physically but that have a value based on legal rights or advantages that they confer on a firm. 6. Depreciation — the process of apportioning the cost of a fixed asset over the period during which it will be used. 7. Liquidity — the ease with which an asset can be converted into cash. 8. Expenses — the costs incurred in the generation of revenue. 9. Direct expenses (costs) — expenses which can be directly associated with the cost of producing a particular article or service. 10. Overhead (indirect, operating) expenses (costs) — expenses incurred in manufacture though not directly identified with any particular item produced. 11. Prepaid expenses — assets that have been paid for in advance but not yet used. 12. Liabilities — are borrowed funds (debt) and delayed payments (such as payables and accruals) of a business. 13. Current liability — debts that will be repaid in one year or less. 14. Long-term liabilities — debts that need not be repaid for at least one year. 15. Goodwill — the value of a firm’s reputation, location, earning capacity, and other intangibles that make the business a profitable concern. 16. Accounts payable — short-term obligations that arise as a result of making credit purchases. 17. Accounts receivable — amounts that are owed to a firm by its customers. 18. Notes payable — obligations that have been secured with promissory notes. TOPIC 8. MONEY AND ITS FUNCTIONS The main feature of money is its acceptance as the means of payment or medium of exchange. Nevertheless, money has other functions. It is a standard of value, a unit of account, a store of value and a standard of deferred payment. The Medium of Exchange. Money, the medium of exchange, is used in one-half of almost all exchange. Money is the medium through which people exchange goods and services. However, this has not always been true. In primitive societies a system of barter was used. In barter economy there is no medium of exchange. Barter was a system of direct exchange of one good or service for another. Goods are traded directly or swapped for other goods. In a barter economy, the seller and the buyer each must want something the other has to offer. Each person is simultaneously a seller and a buyer. There is a double coincidence of wants. Barter was a very unsatisfactory system because people's precise needs seldom coincided. A Measure of Value. 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 are kept. Store of Value .To be accepted in exchange, money has to be a store of value. Money is a store of value because it can be used to make purchases in the future. 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. It is the unit in which prices are quoted and accounts are kept. In Britain prices are quoted in pounds sterling, in USA in dollars. It is usually convenient to use the units in which the medium of exchange is measured as the unit of account as well. VOCABULARY
the means of payment - средство платежа medium of exchange - средство обращения a standard of value - мера стоимости a unit of account - единица учета a store of value - средство сбережения (сохранения стоимости) a standard of deferred payment - средство погашения долга subsequently - впоследствии a barter economy - бартерная экономика to swap (to exchange, to barter) - обменивать , менять to hand over in exchange - передать , вручить в обмен a double coincidence of wants - двойное совпадение потребностей a monetary unit - денежная единица to remind of - напоминать to be worthless - обесцениваться an interest-bearing bank account - счет в банке с выплатой процентов to pay interest - приносить процентный доход to erode зд. - фактически уменьшаться hard currency - твердая (конвертируемая) валюта soft currency - неконвертируемая валюта invariably - неизменно, постоянно commodity money деньги — товар token money - символические деньги (дензнаки, жетоны, и т.п.) to melt down - расплавить tiny costs - мизерные затраты to supplement - дополнять legal tender - законное платежное средство IOU money (I Owe You-я вам должен) деньги — долговое обязательство a bank deposit - вклад в банке
DIFFERENT KINDS OF MONEY There are different kinds of money. The most important types of money are commodity money, credit money, and fiat money. A token money is a means of payment whose value or purchasing power as money greatly exceeds its cost of production or value in uses other than as money. Society enforces the use of token money by making it legal tender. The law says it must be accepted as a means of payment. In modem economies, token money is supplemented by IOU money. An IOU money is a medium of exchange based on the debt of a private firm or individual. A bank deposit is IOU money because it is a debt of the bank. When you have a bank deposit the bank owes you money. You can write a cheque to yourself or a third party and the bank is obliged to pay whenever the cheque is presented. Bank deposits are a medium of exchange because they are generally accepted as payment. The value of commodity money is about equal to the value of the material contained in it. The principal materials used for this type of money have been gold, silver, and copper. Credit money are documents with promises by the issuer to pay an equivalent value in the standard monetary metal. Fiat money is paper money the value of which is fixed by government. Most minor coins in circulation are also a form of fiat money, because the value of the material of which they are made is usually less than their value as money. Both the fiat and credit forms of money are generally made acceptable through a government decree that all creditors must take the money in settlement of debts. Fiat money in the form of banknotes is referred to as legal tender. 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, silver, copper, aluminium, nickel, lead, zinc, plastic, and in China even from pressed tea leaves. Most governments now issue paper money in the form of notes, which are really “promises to pay”. Paper money is obviously easier to handle and much more convenient in the modern 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. Banknotes are usually made from special high-quality paper, with watermarks, metallic strips, and other features against forgery. Highly sophisticated printing techniques are used, and banknote designs have elements that are hard to copy. Fronts and backs of notes are printed separately, and serial numbers are added later. Other arrangements such as checks and money orders are not legal tender. They perform the function of substitute money and are known as instruments of credit. Credit is offered only when creditors believe that they get a good chance of obtaining legal tender when they present such instruments at a bank or other authorized institution. If a man’s assets are known to be considerable, then the credit will be good. If his assets are in doubt, it may be difficult for him to obtain large sums of credit or even to pay for goods with a check. VOCABULARY
a buying (purchasing) power – покупательная способность a measure of value – мера стоимостиa medium of exchange – средство обмена a store of value – средство накопления a unit of account – единица расчета bargain – удачная сделанная покупка (с точки зрения покупателя) budget – бюджет cash – наличные cheap – дешевый coin – монета commodity money – 1) товарные деньги; 2) обеспеченные товарами, золотом деньги cost, costs – стоимость, издержки cost of living – стоимость жизни currency – 1) ден. обращение, валюта; 2) деньги (наличные) expenses – расходы expensive – дорогой fare – оплата проезда fee – гонорар free, free of charge – бесплатный income – доход IOU money – вексельные, долговые деньги legal tender – законное платежное средство paper currency – бумажные деньги plastic cards – пластиковые карты pocket money – карманные расходы price – цена rich – богатый salary – заработная плата, оклад standard of living – уровень жизни to be in debt – быть в долгу to borrow – брать взаймы to buy (bought) – покупать to cost (cost) – стоить to counterfeit – подделывать to earn – зарабатывать to exchange – обменивать to invest, investments – инвестировать , инвестиции to lend (lent) – давать взаймы ( ссужать ) to make a fortune – сделать состояние to owe – быть должным to pay (paid) – платить to pay off a debt – выплатить долг to purchase , a purchase – покупать , покупка to save (for a rainy day) – копить, откладывать (на черный день) to spend (spent) – тратить to store up – копить , накапливать to waste – тратить впустую token money – символические, знаковые деньги value – ценность wage – заработная плата
COMPREHENSION CHECK
I. Give English equivalents to the following: Cредство платежа, средство обращения, мера стоимости, средство сбережения (средство сохранения стоимости), единица учета, средство погашения долга, в обмен на, может быть впоследствии использовано, обмениваться товарами и услугами, бартерная экономика, измеряться, обесцененный, платить проценты, покупательная способность, промышленное использование, потребительское использование, деньги — товар, денежные знаки (символические деньги), денежная стоимость, ограничение права, вклад в банке, банковская ссуда, законное платежное средство, долговое обязательство, девальвация, денежная масса, покупательная способность.
II. Read the words and guess their meanings: 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 effor, make mutually satisfactory swap, a barter economy is wasteful; commodity generally accepted in payment for goods, prices are quoted and accounts are kept, its purchasing power is eroded by inflation, it's usually but not invariably, convenient, cut back on other uses, exceeds its cost of production, by collectively agreeing, the survival of token money, society enforces the use of token money, token money is supplemented by IOU money, interest-bearing bank accounts.
III. Read and translate the terms:
IV. Complete these sentences using the words from the list below and translate the sentences into Russian: (Rate, services, money, exchange, property, prices, a store of wealth, economy, employment)
The quantity of _______ in an economy is central to determining the state of that ________ : - it affects the level of _____, the _____ of economic growth and the level of _______ . It is a medium of ______ that people will accept for their goods or ______ and a unit of account for prices or debts. In addition, it can be used like _____ or precious metals – as ______ ______ that people can save for future purchases.
TOPIC 9.
BANKS AND BANKING A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. The way in which a bank is organised and operates is determined by its objectives and by the type of economy in which it conducts its business. A bank may not necessarily be in business to make a profit. Banks are closely concerned with the flow of money into and out of the economy. They often co-operate with governments in efforts to stabilize economies and to prevent inflation. They are specialists in the business of providing capital, and in allocating funds on credit. Banks have three essential functions, which are: - deposits - payments - credits These three functions are the basis of the services offered by banks. They make it possible for banks to generate profits and to achieve their operating aims. Banks normally receive money from their customers in two distinct forms: on current account, and on deposit account. With a current account, a customer can issue personal checks. No interest is paid by the bank on this type of account. With a deposit account, however, the customer undertakes to leave his money in the bank for a minimum specified period of time. Interest is paid on this money. The bank in turn lends the deposited money to customers who need capital. This activity earns interest for the bank, and this interest is almost always at a higher rate than any interest which the bank pays to its depositors. In this way the bank makes its main profits. The primary function of a bank today is to act as an intermediary between depositors who wish to make interest on their savings, and borrowers who wish to obtain capital. The bank is a reservoir of loanable money, with streams of money flowing in and out. For this reason, economists and financiers often talk of money being liquid, or of the liquidity of money. Many small sums which might otherwise be used as capital are rendered useful simply because the bank acts as a reservoir. The system of banks rests upon a basis of trust. Innumerable acts of trust built up the system of which bankers, depositors and borrowers are part. They all agree to behave in certain predictable ways in relation to each other, and in relation to the rapid fluctuations of credit and debit. Consequently, business can be done and checks can be written without any legal tender visibly changing hands.
COMPREHENSION CHECK I. Give English equivalents to the following: Тесно связано, усилия по стабилизации, предотвратить инфляцию, распределение фондов, безопасное хранение, процент не выплачивается, зарабатывать, более высокая процентная ставка, вкладчики, ликвидность денег, основная прибыль, хранилище, опираться на, колебания, банковское обслуживание частных лиц, принимать депозиты, широкий спектр услуг, банковская гарантия, гарантировать платеж, II. Read and translate the definitions of the basic banking services terms: Banking services
III. Complete these sentences with appropriate words о r word combinations and translate the sentences into Russian: 1. Banks cooperate with……in efforts to stabilize economies. 2. Banks originated as places to which people took their ….. for safekeeping. 3. No interest is paid by the bank on ….. 4. Banks lend the deposited money to… who need capital. 5. The bank is… of loanable money. 6. The system of banks… a basis of trust. 7. Bankers, depositors and borrowers agree to behave ….. in relation to each other. 8. The primary function of a bank is to act as.... between depositors and borrowers.
TOPIC 10. BANKING SYSTEM
There are several types of banks in the world, and each has a specific role and function – as well as a domain – in which they operate. In broad strokes, banks may be divided into several groups on the basis of their activities and these include investment banks, retail, private, business, and also corporate banks. Many of the larger banks have multiple divisions covering some or all of these categories. Retail banks deal directly with consumers and small business owners. They focus on mass market products such as current and savings accounts, mortgages and other loans, and credit cards. By contrast, private banks normally provide wealth management services to high net worth families and individuals. Business banks provide services to businesses and other organizations that are medium sized, whereas the clients of corporate banks are usually major business entities. Lastly, investment banks provide services related to financial markets, such as mergers and acquisitions. Another way in which banks may be categorised is on the basis of their ownership. They might either be privatelyheld or publicly owned banks. Privately owned banks are motivated by profit in their business operations. Publicly owned banks are held by the state governments of the individual countries and they serve as a nation’s centralized bank, as well as an economic backbone for that particular country. They are also known as central banks. A central bank, reserve bank or monetary authority, is an entity responsible for the monetary policy of its country or of its group of member states, such as the European Union. Its primary responsibility is to maintain the stability of the national currency and money supply. In most countries the central bank is state-owned and has a minimal degree of autonomy, which allows for the possibility of government intervening in monetary policy. Central Banks are also vested with certain supervisory powers so that banks and various other financial institutions do not behave irresponsibly. The functions of central banks widely vary from one country to another. Some of the important functions of the central bank of a country are as follows: · Issuance of bank notes · Managing the country's foreign exchange and gold reserves · Deciding on the official interest rate to manage inflation · Acting as the banker to the Government and the banker's bank · Regulation and supervision of the banking industry In most countries the central banks are state-owned and their policies, therefore, are subject to government interference. On the other hand, 'independent central banks' are the ones that function with least government intervention. Publicly owned banks, which are controlled by the government, have numerous responsibilities pertaining to the banking sector of the country, such as administering various activities for the commercial banks of that country. They also determine the rates of interest offered by banks doing business in that country, as well as playing a major role in maintaining liquidity in the banking sector. There are several types of notable retail banks. These include the offshore, community and savings banks, as well as the community development banks, building societies, postal savings banks, ethical banks and Islamic banks. Offshore banks operate in areas of reduced taxes, as compared to the country in which the investor lives in. This is why most offshore banks are private banks. Community banks are monetary organizations operated on a local basis, while community development banks cater to the populations, or markets, that have typically not been served properly. Postal savings banks are basically savings banks that operate in conjunction with the national postal systems of that country. Building societies where traditionally mutually owned by their customers. They provide a full range of retail banking services, but with a particular focus on mortgages. Ethical banks do their business based on their own code of conduct. They only accept investments that they perceive to be useful from a social and environmental point of view. The Islamic Banks perform their business operations as per the Sharia law, the Islamic code of law. In particular, this means that they operate sans interest. There are two types of investment banks – the investment banks that perform underwriting activities, and the merchant banks, a traditional form of banking, that performs trade-financing activities. Commercial banks offer a wide range of corporate financial services that address the specific needs of private enterprise. They provide deposit, loan and trading facilities but will not service investment activities in financial markets. Commercial banks can be described as a type of financial intermediary. Commercial banks play a number of roles in the financial stability and cash flow of a countries private sector. They process payments through a variety of means including telegraphic transfer, internet banking and electronic funds transfers. Commercial banks issue bank checks and drafts, as well as accept money on term deposits. Other institutions that perform banking services include savings and loan associations, credit unions, mortgage companies, insurance companies ,etc.. Credit unions are groups of people, typically workers at a particular business, that pool their money together for savings and loan activity. Credit unions typically offer lower loan interest rates to members. Savings and loan associations traditionally accepted deposits from private investors and then lent money to individuals for mortgages. A mortgage is a loan or money borrowed to pay for a home, business or other types of real estate. The home or business is the security for the loan to buy the home or business. If the borrower fails to repay the loan, the bank or savings and loan assumes ownership of the home or business. Bankruptcy or going bankrupt means that a person is so in debt that they cannot repay their loans. When they declare bankruptcy, they publicly declare that they cannot repay their debts. A plan is worked out so that the person who owes money works out a plan to repay at least some of the debts owed. VOCABULARY
Central Bank – центральный банк Trustee Savings Bank – доверительный сберегательный банк clearing bank – клиринговый банк commercial bank – коммерческий банк a financial intermediary – финансовый посредник to deposit (with) – хранить , вкладывать depositor – вкладчик a deposit – вклад , депозит to issue deposits – открывать вклады to run down a deposit – уменьшать вклад sight deposit – депозит до востребования, бессрочный вклад time deposit – срочный вклад to withdraw – отзывать (вклад) to credit – кредитовать to debit – дебетовать to lend – давать взаймы lending – кредитование to borrow – брать взаймы to transfer – переводить, передавать to fail, to go bankrupt, to go bust – обанкротиться interest rate – процентная ставка bank accounts – банковский счет a cheque accounts – текущий (чековый) счет to write (to draw, to issue, to make out) a cheque – выписать чек loan – ссуда, заем a bank loan – банковская ссуда, заем market loans – рыночные займы a transaction – сделка assets – активы interest - earning assets – активы, приносящие процентный доход cash assets – денежные активы liquid ( illiquid ) assets – ликвидные активы liabilities – пассивы reserves – резервы reserve ratio – резервная норма securities – ценные бумаги government bonds – государственные облигации shares – акции bill – вексель advances – ссуда в виде аванса certificates of deposit – депозитные сертификаты the stock exchange – фондовая биржа retail banking – операции банков с широкой клиентурой wholesale banking – операции банков с крупными промышленными предприятиями banking business – банковское дело; банковские операции banking services – банковские операции syn. bank services banking facilities – банковские услуги (операции) deposit banking – депозитные операции банков banking institution – учреждение банковского типа syn. financial institution – кредитно-финансовое учреждение depository (thrift, savings) institution – депозитное учреждение lending institution – кредитное учреждение full service – полный комплекс обслуживания service fee – вознаграждение за услуги large (small) scale services – услуги, предоставляемые банком крупным фирмам (мелким фирмам и населению) personal services – услуги частным лицам commercial services – услуги фирмам trust services – трастовые услуги, доверительные услуги cash management services – услуги по контролю и регулированию денежных операций (в банке, фирме) investment services – услуги по управлению инвестициями agency services – посреднические (агентские) услуги insurance services – страховые услуги real estate services – услуги по управлению недвижимостью по доверенности trust deed – доверенность на управление собственностью trust operations – доверительные услуги (операции), трастовые услуги (операции) estate syn. assets – имущество, активы trust estate – имущество, управляемое по доверенности realty company – компания, занимающаяся операциями с недвижимым имуществом real estate – недвижимое имущество mortgage loan – ссуда под недвижимость real estate mortgage – закладная под недвижимость to borrow on mortgage – получать ссуду под залог недвижимого имущества to mortgage property – закладывать имущество to issue a letter of credit – открыть аккредитив COMPREHENSION CHECK
I. Give English equivalents to the following: Центральный банк, международный банк, учетная ставка, государственный банк, резервные требования, операции на открытом рынке, долгосрочное финансирование, краткосрочное финансирование, обязательный резерв, проценты, процентная ставка, банковская ссуда, денежная наличность, кассовый резерв, страховая компания, доверительный сберегательный банк, открыть депозит, срочный вклад, бессрочный вклад, эмиссионный банк, брокерские операции с недвижимостью, трастовое управление, депозит до востребования, операции банков с крупными промышленными предприятиями.
II. Read and translate the definitions of the basic banking terms: 1. Central bank — a bank for banks. America’s central bank is the Federal Reserve System. 2. National banks — commercial banks that are chartered by the federal government. 3. State banks — commercial banks that are chartered by state governments. 4. Discount rate — the interest rate charged to banks for borrowing from the Federal Reserve System. 5. Reserve requirements — the portion of demand deposits that banks must keep as cash in the vault or as deposits with a Federal reserve bank. 6. Open market operations — the purchase and sales of the U. S. government securities by the Federal Reserve banks intended to change the economy’s supply and demand. 7. The required reserve (legal reserve) — the specified minimum percentage of its deposit liabilities which member bank must keep on deposit at the Federal Reserve bank in its district or in vault cash. 8. The required reserve ratio — the proportion of deposits that a depository institution must hold in the form of reserves. 9. Excess reserves — the amount by which a member bank’s actual reserve exceeds its required reserve; actual reserve minus required reserve. 10. Credit — immediate purchasing power that is exchanged for a promise to repay it, with or without interest, at a later date. 11. Creditor — a person or organization to whom money is owed. 12. Interest — payment for using someone else’s money (from the debtor’s perspectives); income derived from allowing someone else to use one’s capital (from the creditor’s perspective). 13. Interest rate (interest) — the price of borrowing money or the price received for lending money, expressed as a percentage. 14. Simple interest — a fixed rate on a stated sum; the same amount is paid or accumulated each year irrespective of the amount borrowed. 15. Compound interest — the interest that is calculated each year on capital plus interest already accumulated. 16. Bank loan — a fixed amount lent by a bank to a customer for an agreed time and on specified terms. 17. Short-term financing — money that will be used for a period of one year or less and then repaid. 18. Long-term financing — money that will be used for longer than one year. 19. Vault cash — the currency a bank has in its safes (vault) and cash drawers.
TOPIC 11. WORLD BANK Large banks today are truly transnational enterprises. International banks, like domestic banks, act as financial intermediaries. But they operate in different legal environment. The laws regulating domestic banking in each nation are typically very restrictive, yet many nations allow international banking to operate largely unregulated. Because they are not hampered by regulations, international banks typically can offer depositors and borrowers better terms than could be negotiated at a domestic bank. The World Bank is the world’s foremost intergovernmental organization concerned with the external financing of the economic growth of developing countries. The official title of the institution is the International Bank for Reconstruction and Development (IBRD). The World Bank's activities are focused on developing countries, in fields such as human development (e.g. education, health), agriculture and rural development (e.g. irrigation, rural services), environmental protection (e.g. pollution reduction, establishing and enforcing regulations), infrastructure (e.g. roads, urban regeneration, electricity), and governance (e.g. anti-corruption, legal institutions development). The World Bank often relies on the IMF to encourage countries to make difficult economic reforms. Voting power in the Bank (as well as in the IMF) is determined by the size of each member nation’s subscription. Ultimate power, through weighted voting, rests with the Board of Governors of the Bank. The governors meet annually in September. The day-to-day affairs of the Bank are determined by executive directors who live permanently in Washington, D.C. They hire a president, who, in turn, hires a staff. The World Bank Group is a group of five international organizations responsible for providing finance and advice to countries for the purposes of economic development and poverty reduction, and for encouraging and safeguarding international investment. The group and its affiliates have their headquarters in Washington, D.C., with local offices in 124 member countries. The World Bank Group consists of • the International Bank for Reconstruction and Development (IBRD), established in 1945, • 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 World Bank Group has had a significant positive effect on the flow of capital to the poorer countries of the world, both directly and indirectly, and knowledge of Third World problems has increased enormously. COMPREHENSION CHECK I. Give English equivalents to the following: Предоставления долгосрочных займов и кредитов, ресурсы банка, акционерный капитал, размещение облигационных займов, управлять денежными ресурсами, работать с правительственными облигациями, специализироваться на кредитовании производства, предоставлять консультативные услуги при разработке программ развития с целевыми инвестициями, структурная перестройка и модернизация предприятий.
II. Read the words and guess their meanings: financial intermediaries, domestic banking, international banking, to offer depositors and borrowers better terms, foremost intergovernmental organization, developing countries, reasonably satisfied, the prospects for repayment, short-term financing, long-term financing, agriculture and rural development, environmental protection, to provide loans at preferential rates, additional votes which depend on financial contributions to the organization, the living standards of people in the developing world.
V. Translate into English 1. Группа Всемирного банка (ВБ) или Всемирный банк — международная организация, создана в 1944 в результате подписания 45 государствами Бреттон-Вудского (Bretton Woods, New Hampshire), соглашения. Тем же договором создан и Международный валютный фонд (МВФ). 2. Штаб-квартира всех организаций, входящих в группу Всемирного банка, находится в США. 3. Главной задачей ВБ является содействие устойчивому экономическому росту в развивающихся странах и сокращению нищеты. 4. Приоритетными для ВБ являются структурные преобразования: либерализация торговли, приватизация, реформа образования и здравоохранения, инвестиции в инфраструктуру. 5. Отличие ВБ от МВФ состоит в том, что ВБ оказывает долгосрочную помощь и только развивающимся странам, а МВФ нацелен на преодоление временных финансовых кризисов в любой стране. 6. Группа Всемирного банка состоит из пяти организаций: · Международного банка реконструкции и развития (МБРР) · Международной финансовой корпорации (МФК) · Международной ассоциации развития (МАР) · Многостороннего агентства по гарантиям инвестиций (МАГИ) · Международного центра по урегулированию инвестиционных споров (МЦУИС) 7. Членами Международного банка реконструкции и развития (МБРР) являются 184 государства, то есть почти все страны мира. 8. В Международную ассоциацию развития (МАР) входят 163 государства, в Международную финансовую корпорацию (МФК) — 175 государств, в Многостороннее агентство по инвестиционным гарантиям — 158 государств, а в Международный центр по урегулированию инвестиционных споров (МЦУИС) — 134 государства. 9. Государства-члены управляют Группой Всемирного банка через Совет управляющих и Исполнительных директоров. Во главе банка находится президент, как правило, представитель высших деловых кругов США. 10. МБРР предоставляет кредиты обычно на срок до 20 лет для расширения производственных мощностей стран — членов банка, которые выдаются под гарантию их правительств. INTERNATIONAL MONETARY FUND (IFM)
The International Monetary Fund (IMF) is an international organization that oversees the global financial system by observing exchange rates and balance of payments, as well as offering financial and technical assistance when requested. Its headquarters are located in Washington, D.C. The primary mission of the IMF is to provide financial assistance to countries that experience serious financial difficulties. Member states with balance of payments problems may request loans and/or organizational management of their national economies. In return, the countries are usually required to launch certain reforms. The International Monetary Fund (IMF) concentrates on providing advice and temporary funds for countries with economic difficulties. The economic medicine prescribed by the IMF is painful. For example, it often insists on strict anti-inflationary measures, such as increasing the prices on basic goods and services. Besides supervising the international monetary system and providing financial support to member countries, since the early 1990s the IMF has been concentrating its efforts in two areas. First, it has mounted a massive campaign to assist the countries of Eastern Europe in difficult transition from centrally planned to market economies. It is providing not only money but, what is more important, expertise in establishing those financial and economic structures (central banks, tax systems, currency convertibility, tariff regimes, etc.) indispensable for functioning of a free-enterprise system. Second, it is continuing to assist its poorer members in creating environment for economic growth. Each member has a quota which is based on a complex formula that takes account of the country’s size and its importance in world trade and finance. The quota determines the amount of financial resources the member has to make available to the IMF (subscription) and its access to the Fund’s facilities as well as its voting power. Part of each member’s subscription is paid in reserve assets, and the remainder in the member’s own currency. An unwritten rule establishes that the IMF's managing director must be European and that the president of the World Bank must be from the United States. Executive Directors, who confirm the managing director are voted in by Finance Ministers from countries they represent. The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from a monetary stake in the institution. Rarely does the board vote and pass issues contradicting the will of the US or Europeans.
COMPREHENSION CHECK I. Give English equivalents to the following: Резервные кредиты, страны-должники, благоприятный курс, в свою очередь, уменьшать субсидии, кредиты развития, одолеваемая долгами, текущая (краткосрочная) задолженность, слаборазвитые страны, в крайнем случае.
II. Read the words and guess their meanings: global financial system, exchange rates, balance of payments, offering financial and technical assistance, to experience serious financial difficulties, increasing the prices, transition from centrally planned to market economies, currency convertibility, economic growth, the Executive board, monetary stake in, floating debt, debt-ridden, development loans, underdeveloped countries, in turn, favourable rate, debtor countries, to reduce subsidies, standby loans, in the last resort.
III.Which of the following is true? 1. The IMF came into existence in December 1945, when the first 29 countries signed its Articles of Agreement. 2. IMF is composed of 22 Governors. 3. The quota determines the amount of financial resources the member has to make available to the IMF. 4. IMF member countries may utilize the Fund’s resources. 5. Borrowing countries have to pay the loans back within 3-5 years. 6. Much of the IMF’s work is centered on annual consultations with each member country to ensure that its national policies take into account their consequences for the world economy and avoid unfair exchange policies. 7. The IMF's influence in the global economy steadily increased as it accumulated more members. 8. The IMF is for the most part controlled by the major Western Powers, with voting rights on the Executive board based on a quota derived from a monetary stake in the institution.
IV. Translate into English: 1. МВФ был создан 27 декабря 1945 года. 2. МВФ предоставляет кратко- и среднесрочные кредиты при дефиците платёжного баланса государства. 3. Предоставление кредитов обычно сопровождается набором условий и рекомендаций, направленных на улучшение ситуации. 4. Основные функции МВФ: · содействие международному сотрудничеству в денежной политике · расширение мировой торговли · кредитование · стабилизация денежных обменных курсов 5. Высший руководящий орган МВФ — Совет управляющих (Board of Governors), в котором каждая страна-член представлена управляющим и его заместителем. Обычно это министры финансов или руководители центральных банков.
V. Answer some questions on the Text: 1. What is the IMF? 2. For what purpose was it established? 3. What are the functions of IMF in countries with economic difficulties? 4. What new activities has the IMF been engaged with since the early 1990s? 5. Is the IMF funded by wealthy member countries? 6. Is the “structural adjustment” process of ailing economies painful for nations?
Литература Основная: 1, 3, 5, 6. Дополнительная: 1, 2, 4, 6, 7, 11.
TOPIC 12. MONETARY POLICY Monetary policy is one of the tools that a national Government uses to influence its economy. Using its monetary authority to control the supply and availability of money, a government attempts to influence the overall level of economic activity in line with its political objectives. Monetary policy is one of the main instruments of macroeconomics. It is based on the ability of the Central bank to control the money supply, which leads to changes in interest rates and the exchange rate, and therefore in the amount of investment, which influences directly the national output. This method of controlling the economy centers on adjusting the amount of money in circulation in the economy and so the level of spending and economic activity. The Central Bank attempts to achieve economic stability by varying the quantity of money in circulation, the cost and availability of credit, and the composition of a country's national debt. The Central Bank has three instruments available to it in order to implement monetary policy: · Controlling the money supply · Controlling interest rates · Managing the exchange rate The aim of the authorities when controlling the money supply is to limit the amount borrowed, and hence spent, by businesses and individuals during a inflationary period. It is hoped in this way to limit the level of overall demand in the economy and thus to remove or reduce inflationary pressure. During a recession monetary policy is aimed at increasing the money supply to encourage spendings. The three most important instruments available to affect the money supply are: · open market operations, · reserve requirements · the discount rate. Open Market Operations. Open market operations are the most important way of controlling the money supply. It refers to the Bank trading government bonds in the open market - that is when they are bought from and sold to commercial banks and individuals. When the Bank sells government bonds in the open market, the Bank withdraws the money from population and reduces the money supply. When the Bank buys government bonds in the open market, it increases the amount of money in circulation and hence the money supply. Reserve requirements are a percentage of commercial banks', and other depository institutions', demand deposit liabilities (i.e. chequing accounts) that must be kept on deposit at the Central Bank as a requirement of Banking Regulations. Though seldom used, this percentage may be changed by the Central Bank at any time, thereby affecting the money supply and credit conditions. If the reserve requirement percentage is increased, this would reduce the money supply by requiring a larger percentage of the banks, and depository institutions, demand deposits to be held by the Central Bank, thus taking them out of supply. As a result, an increase in reserve requirements would increase interest rates, as less currency is available to borrowers. This type of action is only performed occasionally as it affects money supply in a major way. Altering reserve requirements is not merely a short-term corrective measure, but a long-term shift in the money supply. The Discount Rate. The second instrument of monetary control available to the central bank is the discount rate. The discount rate is the interest rate that the Bank charges when the commercial banks want to borrow money. Thus, by setting the discount rate at a penalty level in excess of the general level of interest rates, the Bank can induce commercial banks voluntarily to hold additional cash reserves. Since banks have to hold more cash as reserves, the money multiplier is reduced, less money can be created and the money supply is lower. VOCABULARY instruments of macroeconomics - макроэкономические инструменты to control the money supply - контролировать предложение денег the exchange rate - обменный ( валютный ) курс the amount of investment - размер капиталовложений to adjust the amount of money in circulation - корректировать количество денег в обращении implementation of a nation ' s monetary policy - осуществление, проведение в жизнь национальной денежно-кредитной политики to implement - выполнять, осуществлять, обеспечивать выполнение on behalf of - от имени reserve requirements - резервные требования a discount rate - учетная ставка the money multiplier - денежный мультипликатор required reserves - требуемые резервные фонды easily convertible into cash - легко обратимый в наличные ( напр ., депо зиты , ценные бумаги ) a required reserve ratio - требуемая резервная норма cash reserves - кассовые резервы excess reserves - избыточные резервы to draw (syn. to write out, to make out, to issue) a cheque - выписать чек created money - созданные деньги inversely proportional (ant. directly proportional) - обратно пропорцио нальный to maintain - поддерживать to impose a reserve requirement - налагать ( вводить ) резервное требование fraction - часть , доля in excess of smth - сверх чего - либо prudent - расчетливый, предусмотрительный in force - в силе to charge - назначать , начислять up to the hilt - полностью , целиком if the worst comes to the worst - если случится самое худшее they are short of cash - у них не хватит наличных денег the penalty rate - повышенная (штрафная) ставка it is not worth making the extra loans - не стоит предоставлять дополнительных займов to induce smb to do smth ( syn . to cause smb to do smth ) - заставить кого-то сделать что-то voluntarily - сознательно , осознанно COMPREHENSION CHECK
I.Suggest the Russian equivalents: To restore their required reserve ratio; maintain cash reserves equal to 5% of sight deposits; create $20 million of sight deposits; a higher fraction of their total assets; a lower fraction as loans; the interest rate that the Bank charges; extra lending; impose a reserve requirement; the dangers and costs involved; prudent banks; lend up to the hilt; the minimum safe ratio of cash to deposits; flood of withdrawals; the Bank can induce banks voluntarily to hold additional cash reserves; the required reserve ratio given
II. Find in the text English equivalents for the following: Источник денег, добавлять или изымать деньги, давать взаймы деньги банкам, денежный запас, ставка процента, регулирование ставок процента, брать деньги взаймы, сокращать производство, снижать инфляцию, кредитные ставки, способствовать росту деловой активности, ограничивать денежный запас, от имени правительства; кредитно-денежная политика; для поощрения расходов; операции на открытом рынке; резервные требования; кассовый резерв; избыточные резервы; требуемая резервная норма (уровень резервных требований); создавать деньги; денежный мультипликатор; обратно пропорциональный; сверх резервной нормы; дисконтная (учетная) ставка; повышенная ставка.
III .Fill in the gaps with the words and expressions from the text: 1. Monetary policy is a method of controlling the economy that centres on the amount of money _____ in the economy and so ______ and _____ . 2. In some ____ countries the Central Bank operates monetary policy government policy. 3. Monetary policy has three main aspects: controlling ____ , controlling ____ , managing ____. 4. The aim of the authorities when controlling the money supply is ____ , and hence ____ , by businesses and individuals during ____ . 5. It is hoped to limit the level of ____ in the economy and thus to remove or reduce ____ . 6. During a recession monetary policy is aimed at ____ to ____ spendings. 7. The three most important instruments ____ the money supply are ____ , ____ and ____ . 8. When the Bank sells ____ in the open market, the Bank ____ the money from population and ____ the money supply. 9. When the Bank buys government bonds in the open market, it ____ the amount of money____ and hence ___. 10. Banks have to hold a proportion of their assets ____ in case customers demand. 11. The required reserve has to be ____ , that is easily____ into cash. 12. ____ is a minimum ratio of____ to ____ hat the central bank requires commercial banks to hold. 13. Commercial banks can make loans, i.e. they can ____ and increase ____ . 14. The discount rate is ____ that the Bank ____ when the commercial banks want ____ . IV. Are the following statements true or false? If they are false correct them. 1. The Central Bank borrows money from other banks. 2. The responsibility of the Central Bank is managing the money supply and interest rates. 3. The Central Bank tries to lower inflation restricting the supply of money and increasing credit costs. 4. Small businesses and consumers pay the prime rate when they borrow money from banks. 5. A required reserve ratio is a minimum ratio of cash reserves to deposits that the central bank requires commercial banks to hold. 6. Commercial banks can make loans, i.e. they can create money and increase their excess reserves. 7. According to recent studies the money supply and interest rates can be effectively changed by the traditional central bank tools. 8. Monetary policy is an instrument for moving the economy from a recession. 9. During inflation velocity may fall when the money supply is restrained. 10. Expenditures on capital goods and interest rates are mutually dependent.
V. Translate into English using all the active possible 1. Основополагающей целью кредитно-денежной политики является помощь экономике в достижении общего уровня производства, характеризующегося полной занятостью и отсутствием инфляции. 2. Кредитно-денежная политика состоит в изменении денежного предложения с целью стабилизации совокупного объема производства, занятости и уровня цен. 3. Kредитно-денежная политика вызывает увеличение денежного предложения во время спада для поощрения расходов, а во время инфляции, наоборот, ограничивает предложение денег для ограничения расходов. 4. Существуют три основных средства кредитно-денежного контроля: операции на открытом рынке, изменение резервной нормы и изменение учетной ставки. 5. Операции на открытом рынке - наиболее важное средство контроля денежного предложения. Этот термин относится к покупке и продаже государственных облигаций Центральным банком на открытом рынке, то есть к покупке и продаже облигаций коммерческим банкам и населению в целом. 6. При изменении резервной нормы меняется величина денежного мультипликатора и, следовательно, денежное предложение. 7. В основе денежного мультипликатора лежит тот факт, что резервы, потерянные одним банком, получает другой. 8. Подобно тому, как коммерческие банки взыскивают процентные платежи по своим ссудам, центральный банк взыскивает процентные платежи по ссудам, предоставленным коммерческим банкам. Такая ставка процента называется учетной ставкой. 9. Снижение учетной ставки поощряет коммерческие банки к приобретению дополнительных резервов путем заимствования у центрального банка. 10. Готовность банков давать ссуды на основе избыточных резервов периодически меняется, и в этом кроется причина государственного контроля за денежным предложением с целью обеспечить экономическую стабильность.
VI. Answer the questions: 1. What is the aim of monetary policy? 2. Why is it important to control the money supply? 3. What is the role and responsibility of the Central Bank? 4. How does the Central Bank manage money supply? 5. Dwell on open market operations. 6. What consequences does monetary policy have for businesses? 7. Explain the creation of money by commercial banks. What does a money multiplier show? 8. Why does the Bank impose a reserve requirement? What's the effect of the Bank imposing a reserve requirement? 9. Why does a reserve requirement act like a tax on banks? 10. What is a discount rate? How does it work?
Литература Основная: 1, 3, 5. Дополнительная: 2, 4, 6, 7.
TOPIC 13. IMPORT AND EXPORT International trade is the exchange of goods and services between different countries. Depending on what a country produces and needs, it can export (sell goods to another country) and import (buy goods from another country). Whenever a country imports or exports goods and services, there is a resulting flow of funds: money returns to the exporting nation, and money flows out of the importing nation. Trade and investment is a two-way street, and with a minimum of trade barriers, international trade and investment usually makes everyone better off. In an interlinked global economy, consumers are given the opportunity to buy the best products at the best prices. By opening up markets, a government allows its citizens to produce and export those things they are best at and to import the rest, choosing from whatever the world has to offer. Some trade barriers will always exist as long as any two countries have different sets of laws. However, when a country decides to protect its economy by erecting artificial trade barriers, the result is often damaging to everyone, including those people the barriers were meant to protect. Governments can control international trade. The most common measures are tariffs (or duties) and quotas. A tariff is a tax on imported goods, and a quota is the maximum quantity of a product allowed into a country during a certain period of time. These measures are protectionist as they raise the price of imported goods to «protect» domestically produced goods. International organizations such as the WTO (World Trade Organization) and EFTA (European Free Trade Association) regulate tariffs and reduce trade restrictions between member countries. Companies can choose from various methods to establish their products in a foreign market. One option is to start by working with local experts such as sole agents or multi-distributors, who have specialist knowledge of the market and sell on behalf of the company. This often leads to the company opening a local branch or sales office. Another option is to sell, or give permission to use, patents and licenses for their products. Companies may wish to start by manufacturing in the export market, in which case they can either set up a local subsidiary or a joint venture with a local partner. Many of these documents can be replaced with computerized procedures. Standard 'aligned' export documentation is also used: the required information is entered on a single master document and then photocopied to produce all the required documents. Many import or export deals are arranged through an exporter's agent or distributor abroad – in this case the importer buys from a company in his own country and this company imports the goods. Alternatively, the deal may be arranged through an importer's buying agent in a buying house acting for the importer, or through an export house based in the exporter's country. In this situation, the exporter sells directly to a company in his own country, who will then export the goods. Prices for exports may be quoted in the buyer's currency, the seller's currency or in a third 'hard' currency (e.g. US dollars, EURO or Swiss Francs). The price quoted always indicates the terms of delivery, which conform to the international standard Incoterms. The terms of delivery that are most common depend on the kinds of goods being traded and the countries between which the trade is taking place.
Vocabulary tariffs тарифы sole agents отдельные агенты quotas квоты multi-distributors дистрибуторы joint venture совместное предприятие, СП COMPREHENSION CHECK I. Give English equivalents to the following: в конечном результате; вызвать; ввести квоту; плохо сделанные; торговые ограничения; товары и услуги; принести в жертву; быть ответственным за; иметь сомнительную экономическую ценность. II. Read the words and guess their meanings: Customs, Duty free, Export declaration, Export license, Export trading company, Force majeure, Free port, Import restrictions, Quota, Trade sanctions, Subsidies, WTO. INCOTERMS 2000 When commercial traders enter into a contract for the purchase and sale of goods they are free to negotiate specific terms of their contract. These terms include the price, quantity, and characteristics of the goods. Every international contract will also contain what is referred to as an Incoterm (international commercial term). The Incoterm selected by the parties to the transaction will determine which party pays the cost of each segment of transport, who is responsible for loading & unloading of goods, and who bears the risk of loss at any given point during a given international shipment. Incoterms also influence Customs valuation basis of imported merchandise. Incoterms are overseen and administered by the International Chamber of Commerce in Paris and are adhered to by the major trading nations of the world. There are currently 13 Incoterms in use, and they can be considered on the basis cited above. Incoterms or international commercial terms are a series of international sales terms widely used throughout the world. They are used to divide transaction costs and responsibilities between buyer and seller and reflect state-of-the-art transportation practices. They closely correspond to the U.N. Convention on Contracts for the International Sale of Goods. ICC introduced the first version of Incoterms - short for "International Commercial Terms" - in 1936. Since then, ICC expert lawyers and trade practitioners have updated them six times to keep pace with the development of international trade. Most contracts made after 1 January 2000 will refer to the latest edition of Incoterms, which came into force on that date. The correct reference is to "Incoterms 2000". INCOTERMS (The most common ones are shown with *.)
VI. Translate into English: 1. Импорт – ввоз в страну заграничных: · - товаров и технологий для реализации на внутреннем рынке или транзита в третьи страны; · - услуг - в форме платного пользования услугами иностранных фирм; · - капитала - в форме предоставления кредитов и займов. 2. Импорт выступает как результат международного разделения труда, способствует экономии времени и более полному удовлетворению потребностей национальной экономики. 3. Объем импорта зависит от размеров экспортной выручки и валютных резервов страны. 4. Различают видимый и невидимый импорт. 5. Импорт регулируется национальным законодательством, политико-правовыми ограничениями, таможенными тарифами, системой лицензирования и другими мерами внешнеэкономического регулирования. 6. Импортная пошлина - таможенная пошлина, взимаемая с импортируемых в страну товаров и транспортных средств. 7. Торговые барьеры - ограничение свободного обмена товарами и услугами между странами через механизмы тарифного и нетарифного регулирования. 8. Экспорт - вывоз за границу товаров, услуг и капитала для реализации на внешних рынках. 9. Bыручка от экспорта является основным источником средств для оплаты импорта. 10. Международная торговая палата (МТП) (International Chamber of Commerce (ICC)) – Всемирная организация международного экономического самоуправления. МТП основана в 1919 году, штаб-квартира МТП находится в Париже. 11. МТП является официальным разработчиком международных правил для точного определения торговых терминов Incoterms . 12. Базисные условия поставки товаров — это общепризнанные международные торговые обычаи, соответствующие содержанию и характеру внешнеторговых сделок. 13. Базисные условия поставки обычно определяют обязанности, связанные с доставкой товара. 14. Базисными эти условия называются потому, что они устанавливают основу (базис) цены. 15. С целью исключения противоречий между продавцом и покупателем в толковании базисных условий Международная торговая палата выпустила и опубликовала в 1936 г. сведения под первоначальным названием «Торговые термины» (Trade Terms), а затем, в 1953 г., «Инкотермс — 1953» International Commercial Terms), Международные правила по толкованию торговых терминов. VII. Answer the questions: 1. What is international trade? 2. What is export? 3. What is import? 4. What are the measures to control international trade? 5. What is a tariff? 6. What is a quota? 7. What are the methods to establish products in a foreign market? Литература Основная: 1, 4, 6. Дополнительная: 1, 4, 7, 8, 11. TOPIC 14. INSURANCE Insurance plays a central role in the functioning of modern economies. Insurance is a device to handle risk. Its primary function is to substitute certainty for uncertainty as regards the economic cost of disastrous events. Insurance may be defined more formally as a system under which the insurer, for a consideration , promises to reimburse the insured , or to render services to the insured in the event that certain accidental occurrences result in losses during a given time period. Insurance, in law and economics, is a form of risk management primarily used to hedge against the risk of a contingent loss. Insurance is defined as the equitable transfer of the risk of a loss, from one entity to another, in exchange for a premium, and can be thought of as a guaranteed small loss to prevent a large, possibly devastating loss. An insurer is a company selling the insurance; an insured is the person or entity buying the insurance. The insurance rate is a factor used to determine the amount, called the premium, to be charged for a certain amount of insurance coverage. Risk management, the practice of appraising and controlling risk, has evolved as a discrete field of study and practice. Insurance relies heavily upon the “law of large numbers”. In large homogeneous 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 the standpoint of the insurer, an insurable risk must meet the following requirements. The objects insured must be numerous enough and homogeneous enough to allow a reasonably close calculation of the probable frequency and severity of losses. The insured object must not be subject to simultaneous destruction. For example, if all the building insured by one insurer are in an area subject to flood and a flood occurs, the loss to the insurance underwriter may be catastrophic. 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. There must be some way to determine whether a loss has occurred, and how great a one. 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 the probability of loss is not so high as to require excessive premiums. What is “excessive” will depend on individual circumstances, including the person’s attitude toward risk. At the same time, the potential loss must be severe enough to cause financial hardship if a person does not insure against it. 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 automobiles, occupancy of buildings, employment, or manufacture. Uninsurable risks include losses resulting from price changes and competitive conditions in the market. Political risks such as war, punitive taxation, or currency debasement are usually not insurable by private parties but contracts can be drawn in such a way that an “uninsurable risk” can be turned into an “insurable” one through restrictions on losses, redefinitions of perils , or other methods. Memorize the following words and word combinations:
as regards – в том, что касается disastrous – катастрофический insurer – страховщик consideration – вознаграждение insured – страхуемый relies heavily upon – в значительной степени опирается на standpoint – точка зрения close – точный, верный…расчет… severity of losses – тяжесть потерь insurance underwriter – страховщик premium – страховой взнос; вознаграждение legal liability – юридический риск punitive taxation – разрушительно высокие налоги currency debasement – обесценение (девальвация) валюты peril – опасность insurance brokers - страховые агенты; all-risks policy — страховой полис от всех (считающихся нормальными, обычными) рисков; cover — страховой полис; страхование; to have cover — иметь страховой полис; to cover — застраховать; underwriters — андеррайтеры (люди, объединенные в компании, синдикаты, которые выступают в качестве гарантов при размещении ценных бумаг, выплате страховых полисов; они получают прибыль, если требований о возмещении убытков не поступает, и наоборот, несут большие потери, если таких требований поступает много); adjusters — независимая фирма (диспашеры), занимающаяся оценкой убытков, например при общей аварии, и их распределением между участниками рейса; to meet a claim — удовлетворить требование (здесь выплатить страховку); to disclaim all liability — отказываться от обязательств (например, поступает требование о выплате ущерба, причиненного пожаром, но страховая компания обнаруживает, что это был умышленный поджог, и отказывается от своих обязательств, т.е. не выплачивает страховку); COMPREHENSION CHECK
I. Give English equivalents to the following: Обращаться (обходиться), первичная функция, оказать услуги, заменить, являться результатом, однородный, оценить, частотность, потери можно предсказать, с достаточной точностью, отвечать требованиям, многочисленный, верный расчет, одновременный, разрушение, подлежащий или подчиняющийся чему-л, вне контроля, элемент случайности, происходить, с точки зрения, вероятность потерь, зависеть от обстоятельств, отношение к, финансовые трудности, потерять собственность в результате чего-л, составлять контракт таким образом,чтобы.
V . Translate into English
1. Страхование представляет собой систему отношений по защите имущественных интересов физических и юридических лиц при наступлении определенных событий (страховых случаев) за счет денежных фондов, которые формируются из страховых премий. 2. Страхование - это экономическое отношение, в котором участвуют как минимум две стороны. 3. Главные стороны таких отношений – страховщик и страхователь. 4. Одна сторона (страховщик) - это страховая организация (государственная, акционерная или частная). 5. Другая сторона (страхователь) – это юридические или физические лица. 6. Страховщик вырабатывает условия страхования и предлагает их своим клиентам. 7. Если клиентов устраивают эти условия, то они подписывают договор страхования и платят страховщику страховые премии в соответствии с договором. 8. Страхование – это один из способов обеспечения экономической безопасности и устойчивого материального благополучия, это разумная предусмотрительность. 9. Страховое дело – один из важнейших экономических институтов, который существовал в разных экономических формациях, но наиболее полно реализуется в условиях рынка. 10. В условиях современного общества страхование превратилось во всеобщее универсальное средство страховой защиты всех форм собственности, доходов и других интересов предприятий, организаций, фермеров, арендаторов, граждан. 11. Страхование проводится специализированными страховыми организациями, которые могут быть государственными и негосударственными. VI. Answer some questions on the Text: 1. What is the primary function of insurance? 2. How do companies lower the cost of insurance? 3. What kind of companies is self-insurance most appropriate for? 4. What is the reason for insurance companies failure? 5. What is an all risk policy? 6. When does the insurance company meet the claim? 7. Before an insurance claim is met what must the insurance company first see? 8. What is the difference between F.A.S. and F.O.B. contracts? 9. What does the abbreviation “C.I.F.” mean? 10. What are the main duties of the seller under this contract? Литература Основная: 2, 3, 6. Дополнительная: 2, 6, 11. TOPIC 15. INTERNATIONAL INVESTING
INVESTORS Investors may be organizations or individuals. Organizations as institutional investors buy securities with their funds or funds held in trust for others. Major institutional investors are insurance companies, pension funds and universities. Insurance companies make their investments generate profits and funds for paying future insurance claims. A pension fund wants to make money on its investments so that it can payoff pensioners. The other types of investors are individuals who trade securities for their own accounts. The majority of personal investors have rather small stock portfolios. They often use these funds for major purchases such as a home, retirement income, or as a source of cash in case of emergency. The objectives of investors can be identified in terms of speculation, growth, and income. Some investors set an objective of achieving big payoffs. They engage in speculation, or assuming large risks in the hope of large returns. One of the ways to speculate is to buy “penny stock”. “Penny stock” is typically a share in new ventures. More investors are interested in long term growth in the value of their investment. They trend to prefer the so called blue chip stocks of large, high quality companies such as IBM, General Motors, American Express. The dividends for blue chip stocks is rather low because these firms reinvest much of their profits in research in order to remain competitive. Some investors seek income. They are interested in a stock’s yield which is the percentage return from stock dividends. The highest regular yields are provided by utility stocks because they have minimal risk. The investors take risk only within certain limits. Common stock is less safe than preferred stock because preferred stockholders receive dividends before they are paid to the common stockholders. In the case of common stock, utilities are safer than high tech stock. The safest type of securities are government bonds because they are backed by the government.
Memorize the following words and word combinations: held in trust – вверенный попечению generate – создавать, образовывать portfolio – портфель, пакет акций to retire – увольняться, уходить в отставку objectives – цели to engage – заниматься, участвовать to assume – принимать на себя initial – начальный to tend – иметь намерения blue chip – голубая фишка yield – доход в виде процентов на капитал
COMPREHENSION CHECK I. Give Russian equivalents to the following: buy securities with their funds, insurance companies, insurance claims, generate profits, stock portfolios, retirement income, as a source of cash, in case of emergency, the objectives of investors, in the hope of large returns, may rapidly run up to, ventures, blue chip stocks, a stock’s yield, to remain competitive, regular yields, utility stocks.
II. Complete the sentences and translate them into Russian: 1. More investors are interested in ……… 2. The objectives of investors…. 3. Major institutional investors are …. 4. The dividends for blue chip stocks …. 5. The investors take risk ……….. 6. The safest type of securities are ………………
III. Make sentences by adding a suitable beginning to the following: 1. ………. assuming large risks in the hope of large returns. 2. …………buy securities with their funds. 3. ………… an objective of achieving big payoff. 4. ………….. for major purchases such as a home, retirement income. 5. …………so that it can payoff pensioners.
IV. Answer some questions on the Text: 1. What two types of investors are there? 2. What are the major institutional investors? 3. What do the personal investors use their funds for? 4. Where does “penny stock” usually come from? 5. What businesses provide the highest regular yields? 6. What is the safest type of security?
COMPREHENSION CHECK I. Give Russian equivalents to the following: credit risks, additional reward, pension fund, wheel of fortune, smart investor, interest rate, foreign earnings, strong currency, lender’s currency, Third World country, removing risks, additional hazard, exchange rate , university endowment , the value of stocks raises handsomely , in the investor’s favor . Market Bonds Buyers Safety Economy Interest Repayment Prices Commercial Government securities, which are usually _____ that pay a fixed amount of _____ each year, have, unlike most _____ securities, a guaranteed _____ factor concerning their ultimate _____. Nevertheless, these securities are traded in the _____, and their _____ fluctuate in value depending on trends and conditions in the _____ and according to the relative balance between _____ and sellers. VII . Translate into English : 1. Инвестиции — долгосрочные вложения капитала с целью получения дохода. 2. Инвестиции приносят прибыль через значительный срок после вложения. 3. Само понятие инвестиции (от лат. investio – одеваю) означает вложения капитала в отрасли экономики внутри страны и за границей. По своей сути, инвестиции – это авансирование накопления капитала. 4. Различают финансовые (покупка ценных бумаг) и реальные инвестиции (вложения капитала в промышленность, сельское хозяйство, строительство, образование и др.). 5. Реальные инвестиции представляют собой вложения капитала в какую-либо отрасль экономики или предприятие, результатом чего является образование нового капитала или приращение наличного капитала (здания, оборудование, товаро-материальные запасы и т.д.). 6. Финансовые инвестиции это – вложение капитала (государственного или частного) в акции, облигации, иные ценные бумаги. Здесь прироста реального капитала не происходит, происходит лишь покупка, передача собственности. 7. Прибыльность – это важнейший критерий, определяющий приоритетность инвестиции. 8. Инвестиции являются неотъемлемой составной частью современной экономики. 9. Можно выделить три основные функции, которые выполняют инвестиции в экономической системе: а) инвестиции обеспечивают рост и основного капитала (фондов), как на уровне отдельной фирмы, так и на уровне национальной экономики в целом; б) инвестиции осуществляют прогрессивные структурные экономические сдвиги; в) инвестиции выполнят также реализацию новейших достижений научно-технического прогресса и повышение на этой основе эффективности производства на микро- и макро- уровнях. 10. Объекты инвестиций: · Материальные: чаще всего земля и недвижимость. · Нематериальные: лицензии, патенты, знания. · Финансовые: чаще всего акции и облигации.
Литература Основная: 1, 2, 3. Дополнительная: 2, 3, 4.
СПИСОК ИСПОЛЬЗОВАННОЙ ЛИТЕРАТУРЫ
Основная литература: 1. Агабекян И.П., Коваленко П.И. Английский язык для экономистов. Изд. 4-е. Серия «Высшее образование». Ростов н/Д: «Феникс», 2004. 2. Воронцова И. И., Ильина А. К., Момджи Ю. В.. Английский язык для студентов экономических факультетов. Издательство: Приор-издат, 2004 г. 3. Доловова Н. Н., Степанова Н. Н. Fundamentals of Economics: учебное пособие / – Ульяновск: УлГТУ, 2006. 4. Е. Н. Малюга, Н. В. Ваванова, Г. Н. Куприянова, И. В. Пушнова. Английский язык для экономистов: Учебник для вузов — СПб.: Питер, 2005. 5. Маркушевская Л.П и другие. English for Economists (Part-Time Education) – СПб: СПб ГУ ИТМО, 2006. 6. Шевелева С. А. Английский для экономистов. Издательство: Издательство журнала "Юнити", ЮНИТИ-ДАНА, ИЗДАТЕЛЬСТВО, 2004 г.
Вспомогательная литература: 1. Богацкий И.С., Дюканова Н.М. Бизнес-курс английского языка: Словарь-справочник. – Киев: Логос; М.: Рольф: Айрис-пресс, 1999. 2. Искренко Э.В., Гайкова О.В., Торгашов В.И. Basic economic terminology: Учебно – методические рекомендации по курсу экономической терминологии на английском языке. — Волгоград : Изд-во ВолГУ, 2003. 3. Крупнов В.Н. Активная бизнес-лексика: краткий словарь-справочник англо-русских соответствий = Active Business Vocabulary. A Guide to Effective Words and Phrases in English and Russian. – М.: Астрель: АСТ: Транзиткнига, 2005. 4. Николаева О. Е. Толковый англо-русский словарь основных терминов управленческого и финансового учета. Изд. 2-е, испр. и дополн. — М.: Эдиториал УРСС, 2002. 5. Новицкая Т.М., Кучин Н.Д., Кускова Л.А., Разговорова Е.Н. Практическая грамматика английского языка. М., 1983. 6. Семенкин В.Я., Серая Л.Г. Краткий русско-английский словарь-разговорник для делового человека. – М.: Колизей, 1991. 7. Norman Susan. Financial English. – London, British Broadcasting Corporation, 1991. 8. Norman Susan. We’re in Business. English for commercial practice and international trade. 9. Student’s Book. England: Longman, 1990. 10. Stiglitz Joseph E. Principles of macroeconomics. – New York, Norton & Company, 1993. 11. Wood Frank. Business Accounting. –London, Longman Group UK Limited, 1989.
СОДЕРЖАНИЕ
Ó Татьяна Анатольевна Маркевич
МЕТОДИЧЕСКИЕ УКАЗАНИЯ к практическим занятиям и самостоятельной работе по теме: «Профессиональное общение» для студентов направления 6.030509 «Учет и аудит», 6.030504 «Экономика предприятия» дневной формы обучения
Тираж_____экз. Подписано к печати_____________. Заказ №________. Объем 5 п.л. Изд-во “Керченский государственный морской технологический университет” 98309 г. Керчь, Орджоникидзе, 82.
МИНИСТЕРСТВО АГРАРНОЙ ПОЛИТИКИ УКРАИНЫ ГОСУДАРСТВЕННЫЙ КОМИТЕТ РЫБНОГО ХОЗЯЙСТВА УКРАИНЫ |
Последнее изменение этой страницы: 2019-03-31; Просмотров: 224; Нарушение авторского права страницы