UNIVERSITATEA PETRE ANDREI DIN IAI DEPARTAMENTUL PENTRU NVMNT CU FRECVEN REDUS I NVMNT LA DISTAN FACULTATEA DE ECONOMIE

LIMBA STRIN III Anul II, Semestrul I

RALUCA STOICA

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CUPRINS
1. Banking
Oglinda unit ii : obiective ; structura ; bibliografia minimal Activitate pentru consolidarea vocabularului tematic Modul condi ional- timpul prezent Condi ionala de tipul I i II Aplica ii practice Teste de autoevaluare Solu ii la testele de autoevaluare

2.

The Stock Exchange

Oglinda unit ii : obiectivele un it ii de nv are, structura ; bibliografie minimal Activitate pentru consolidarea vocabularului tematic Modul Condi ional- Timpul trecut Condi ionala de tipul III Aplica ii practice Teste de autoevaluare Solu ii la testele de autoevaluare Lucrare de verificare

3.

Negotiations
Oglinda unit ii: obiectivele unit ii de nv are; structura; bibliografie minimal Activitate pentru consolidarea vocabularului
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tematic Gramatica diploma iei: structuri folosite pentru nuan area discursului n timpul negocierilor Aplica ii practice Teste de autoevaluare Solu ii la testele de autoevaluare

4.

Setting Up a Business
Oglinda unit ii: obliectivele unit ii de nv are; structura; bibliografie minimal Activitate pentru consolidarea vocabular tematic Aplica ii practice Teste de autoevaluare Solu ii la testele de autoevaluare Lucrare de verificare

Bibliografie (de elaborare a cursului)

Ciuciuc, Olea, English for Business Purposes, Teora, Bucureti 1999 Emmerson, Paul, Business Grammar Builder, Macmillan, 2002 Evans V. , Grammarway 4, Express Publishing House, 1999 Evans V. , Grammarway 3, Express Publishing House, 1999 FLOWER, John, Phrasal Verb Organiser, Heinle, Thomson, 2002 Lott, Hester, Real English Grammar, Marshal Cavendish Education, 2005 McCarthy Michael, Grammar for Business, Cambridge University Press, 2009 Paidos, Constantin, Gramatica limbii engleze, Institutul European, 1993 Pile, Louise, Intelligent Business workbook, Longman, 2005 Robbins, Sue, Business Vocabulary in Practice, HarperCollins Publishers, 2006 Rogers, John, Market Leader, English Practice File, Longman, 2005 Sion Chris, Talking Business in Class, Delta Publishing, 2008 Tullis, G., New Insights into Business, Express Publishing House, 2004 Turcu, Fulvia, Limba englez pentru ntreprinztori i oameni de afaceri, Editura Sagittarius Iai, 1991 http://learnenglish.britishcouncil.org

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INTRODUCERE
Modulul intitulat Limba modern (englez) se studiaz n anul II i vizeaz dobndirea de competen e n domeniul limbii engleze pentru afaceri. Obiectivele cadru pe care i le propun sunt urmtoarele: formarea deprinderilor necesare pentru receptarea si decodarea corect a unui mesaj scris i/ sau vorbit n aceasta limb strin att la nivelul comunicrii orale ct i la acel al limbii scrise; asimilarea vocabularului cu specific economic; dezvoltarea abilit ilor de comunicare in limba englez. Con inutul este structurat n urmtoarele unit i de nv are: Banking The Stock Exchange Negotiations Setting Up a Business

In prima unitate de nv are, intitulat Banking, vei regsi operaionalizarea

urmtoarelor competen e specifice: te vei familiariza cu vocabularul specific domeniului bancar vei putea sa faci diferen a ntre mai multe tipuri de bnci i serviciile pe care acestea le ofer vei putea diferen ia i folosi subordonata condi ional de tipul unu i doi pentru aprofundare i autoevaluare i propun exerci ii i teste adecvate. Dup ce ai parcurs informa ia esen ial, n a doua unitate de nv are, The Stock Exchange, vei achiziiona, odat cu cunotinele oferite, noi competen e:

te vei familiariza cu vocabularul specific temei; vei putea analiza un raport al bursei de valori vei asimila timpul trecut al modului condi ional vei putea diferen ia i folosi n context condi ionala de tipul trei
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care i vor permite s rezolvi testele propuse i lucrarea de verificare corespunztoare primelor dou unit i de nv are. Ca sa i evaluez gradul de nsuire a cunotin elor, vei rezolva o lucrare de evaluare pe care, dup corectare o vei primi cu observa iile adecvate i cu strategia corect de nv are pentru modulele urmtoare. Dup ce ai parcurs informa ia esen ial, n a treia unitate de nv are, Negotiations, vei achizi iona, odat cu cunotin ele oferite, noi competen e: te vei familiariza cu vocabularul specific temei; vei distinge ntre diferitele etape ale unei negocieri; vei putea simula o negociere; te vei familiariza cu formarea adverbului i ntrebuin area acestuia pentru aprofundare i autoevaluare i propun exerci ii i teste adecvate. . Dup ce ai parcurs informa ia esen ial, n a patra unitate de nv are, intitulat Setting up a Business, vei achiziiona, odat cu cunotinele oferite, noi

competen e: vei fi asimilat elemente noi de vocabular tematic vei putea s i redactezi propriul plan de afaceri vei diferen ia i ntrebuin a corect n context subordonatele atributive pentru aprofundare i autoevaluare i propun exerci ii i teste adecvate

Pentru o nv are eficient ai nevoie de urmtorii pai obligatorii: Citeti modulul cu maxim aten ie; Eviden iezi informa iile esen iale cu culoare, le notezi pe hrtie, sau le adnotezi n spa iul alb, rezervat special n stnga paginii; Rspunzi la ntrebri i rezolvi exerc iile propuse; Mimezi evaluarea final, autopropunndu- i o tem i rezolvnd-o fr s apelezi la suportul scris; Compari rezultatul cu suportul de curs i explic- i de ce ai eliminat anumite secven e; n caz de rezultat ndoielnic, reia ntreg demersul de nv are. Pe msur ce vei parcurge modulul i vor fi administrate dou lucrri de verificare pe care le vei regsi la sfritul unit ilor de nv are 2 i 4. Vei rspunde n scris la aceste cerin e, folosindu-te de suportul de curs i de urmtoarele resurse suplimentare (autori, titluri, pagini). Vei fi evaluat dup gradul n care ai reuit s opera ionalizezi competen ele. Se va ine cont de acurate ea rezolvrii, de modul de prezentare i de promptitudinea rspunsului. 40% din not provine din evaluarea continu (cele dou lucrri de verificare) i 60% din evaluarea final.

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UNIT 1: Banking LEARNING OBJECTIVES at the end of this unit the student should: -should become familiar with the basic vocabulary related to banking -be able to make the difference between the various types of banks and the services they provide -be able to recognize and use first and second conditionals PART I READING PART II VOCABULARY PRACTICE Topic-related vocabulary PART III LANGUAGE FOCUS First and second conditionals PART IV PRACTICE SELF EVALUATION TEST ANSWERS TO THE SELF EVALUATION TEST TIME NEEDED TO COVER THE TOPIC: 4 hours Warming-up activity: Listen to the tape and note down the types of banks mentioned on the tape as well as the kind of services they provide. PART 1: Reading

The banking industry is one of the most prosperous industries in the world. All countries usually have a central bank and several bigger or smaller banks. Big banks have branches in every town. The control of all aspects is assured by the central bank, which also authorizes all banks operating in a country.
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Any major bank has several functions. First, it collects money by accepting deposits and saving from customers. When the customers consider that the money cannot be saved, but it must be ready for current use, they leave it in their accounts, usually in current accounts. If they know that the money is not necessary immediately, it is left in deposits or savings accounts. In the case of current accounts, the customers get a cheque book by means of which they withdraw money or they can make various payments. In the case of deposits and savings accounts, the customers are not given cheque books, but they are paid interest on their money. One of the services banks provide is to grant loans, on which interest is charged, according to several factors: the length of time, the creditworthiness of the customer and the type of loan. Another service the banks provide is money transfer from one account to another. The money is tranferred electronically, which facilitates money transmission without forcing customers to carry large sums of cash. Transfer from one branch to another is made by means of a bank giro credit. Recurrent debts, such as subscriptions, mortage repayments and assurances are made by the standing order system. Banks offer financial and advisory services concerning suitable investments, both for individual customers and companies. Among the foreign services there are trevellerscheques and currency exchanges or international payments. Banking operating techniques have been constantly modernized and usually employees speak several languages. The managing directors count on their company loyalty. This is important, as some banks cannot survive without it, in spite of the billions of deposits in the banking system. Sometimes bankers fear a run on deposits, provoked by a cash shortage. They form sometimes emergency funds, backed by bridge loans, in order to meet all their obligations. The banking sector frequetly makes short term commercial loans and gives middle-term investment credits. Priority is given to projects and industries aimed at export. There are also countries which are heaven for banks, with secrecy provisions
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and minimal reporting requirements. Their money-saving schemes boost earnings every year. All developed countries have highly developed banking and financial systems, with branch networks that cover the whole country. This permits safe money transfers at reasonable costs, both at home and abroad. Trade and industry can thus function efficiently, developing the whole economy.

II. Build your vcabulary: Activity 1: In pairs, make a list of the different services that banks in your country provide for the general public. Tick the services that you use. Activity 21: Listen to Eleanor Stevens, an HSBC Bank branch manager, describing the bank that she manages. Make notes under these headings. Location: Number of customers Opening Hours: Services offered: Number of employees: Role in the community: How do the services offered by this bank compare with those available from a bank of a similar size in your country? Activity 3: Match the verbs on the left with the nouns on the right to form common banking collocations. 1. 2. 3. 4. 5.
1

open purchase earn make withdraw

a. b. c. d. e.

interests bills funds an account a deposit

the listening activity has been taken from:

Tullis, G., New Insights into Business, Express

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Publishing House, 2004, p.56

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6. 7. 8.

pay transfer download

f. g. h.

financial data cash goods

Activity 4: Replace the words in italics with expressions from Exercise 2. 1. 2. 3. 4. 5. 6. 7. 8. The Citicard allows you to ________________ (take out money) With City bank, you can _________________ (receive a Just fill out and return the applicatioon or call a Citibank You can ___________(put money into your account) by post at On-line banking services let you ____________ (move money) All you need is a moderm or Internet connection to _________ Just by using the key pad on your phone, CitiPhone Banking lets The Citibank Euro Account allows you to ____________ (buy from cashpoints around the world. percentage) on your current account balance. Representative to _______________ (set up a banking arrangement). Citibank branches and Citicard Banking Centers. from one account to another quickly and easily. (transfer account information) onto your personal computer. you _____________(settle invoices) from wherever you are. products) in local currencies without paying any exchange rates.

Activity 5: Replace the phrase underlined in each sentence with one the phrases given. Do not use any phrase more than once. challenged the figures wise investment come into a fortune terms commercially viable on credit a) b) c) on expenses on the market free of charge on easy financial means make a

Weve decided to put our house up for sale. Jean has inherited a lot of money. At the meeting Peter said he thought the amounts were wrong.
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d) e) f) g) h) i) j) place.

No one believes that the shop will ever be a business success. I am the possessor of a healthy balance at the bank. Sue and Jane went to S America with everything paid for by their We dont believe you have the money to take over this company All employees can stay at the hotel without paying. We bought our new electric cooker by installments. Harry became rich after he managed to put his money in the right

company.

Activity 6: Read Mr Jones bank statement. How much money does he have in his account now? ACCOUNT NUMBER 548634396 PAGE 1 MEDAWAY BANKplc STATEMENT NUMBER 01 53 The Mews Road STATEMENT DATE 1 Mar 2000 London L34 PY6 Date Particulars Debits Balance May 1st Opened savings account May 2nd Transferred $365.00 from current account May 6th Deposited $78.00 in account th May 12 Direct debit payment: $109.00 May 13th Withdrew $340.00 cash th $78.00 paid into account May 13 May 15th Standing order payment: $109.00 Credits

Answer these questions: 1. Is Mr. Jones in the red or in the black? 2. Does he need to ask the bank for an overdraft? 3. If he is charged 10% interest on his overdraft, how much will he have to pay? 4. Which words mean that money went into account? Which words mean money went out of the account? Activity 7: Translate the following text into Romanian: Commercial or clearing or retail banks are those with a significant branch network, offering a full range of financial services to both
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individuals and companies. These banks offer a wide range of services which include accepting deposits, making loans and managing customers accounts. With the growth of financial services sector since the 1970s and with a relaxation of restrictions on competition among financial institutions, the major banks have increasingly diversified the services they provide. Most retail banks also conduct extensive international operations which account for a substantial proportion of their business. Merchant banks, on the other hand, do not deal with the public but specialise in services for companies or corporate customers. Today they have a widely diversified and complex range of activities with important roles in international finance and the short-term capital markets: the provision of expert advice and financial services to British industrial companies especially where mergers, takeovers, and other forms of corporate reorganisation are involved. A number of merchant banks have become part of financial conglomerates, offering an even wider range of financial services. The main largest retail banks all have merchant banking subsidiaries. One of the basic functions of a bank is lending money. The interest earned from loans brings in most of the revenue to pay the expenses of the bank, including staff salaries, and gives a sufficient surplus to pay shareholders a dividend and retain funds in reserve accounts for the expansion of the bank. It should always be remembered that the funds that are put out on loan belong to the customers. It is their money that is put at risk; consequently, if a bank is continually making bad or unprofitable loans, this will sooner or later be reflected in the deposits. On the other hand, if banks are able to lend profitably and, as far as possible, risk free, this will enhance the reputation of the bank and improve its public image. When a customer applies for a loan he/she must answer questions like the following: How much is required? This question is self-evident, the bank must know how much money the customer needs; at the same time the bank must be aware that whatever sum is required, it should not cover the
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whole project. The customer must be prepared to put some of his own money at risk. The total financial risk must not be the banks alone. The purpose of the loan? The purpose of the loan must be legal, moral and within the policy of the government and the bank; moreover, it must not break legal requirements. The source of repayment? The answer to this question is important to the bank. Any customer must have sufficient resources to repay the bank within the stipulated agreed time not only the capital, but the interest as well. The sources of repayment could be from wages, salary, dividends, an inheritance, profits, and so on. III. Focus on language: First and second conditionals Read and analyse the following sentences. What kind of situations do they refer to? 1. If banks are able to lend profitably and, as far as possible, risk free, this will enhance the reputation of the bank and improve its public image. 2. If I had more money, Id (I would) invest it on the Stock Exchange. Conditionals are clauses introduced with if. The main types of conditionals are: Type 0, Type 1, Type 2, and Type 3. Conditional clauses consist of two parts: the if-clause (hypothesis) and the main clause (result). When the if-clause comes before the main clause, the two clauses are separated with a comma. When the main clause comes before the if-clause, then no comma is necessary. e.g. If the weather is good tomorrow, we will go to the beach. We will go to the beach if the weather is good tomorrow. Main Clause If Clause 0 Conditional (to talk about general truths, habits or routines) PRESENT PRESENT If its raining, she takes the car to work. We can use when (=whenever) instead of if. If/When it rains, the roads get slippery and dangerous.

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Type I (refers to a situation that may or may not be fulfilled, that is likely to happen in the present or in the future) FUTURE SIMPLE PRESENT SIMPLE He will go to prison if he doesnt pay the fine. Type II (refers to a situation that is unlikely to happen; to an imaginary situation contrary to the fact in the present; it also used to give advice) PRESENT CONDITIONAL PAST TENSE SIMPLE I would take up a sport, If I had time. The Present Conditional: Affirmative: S + would + short infinitive of the main verb I would learn French if I had time. Negative: S + would + not + short infinitive of the main verb I would not learn French if he were my teacher. Interrogative: Would + S+ short infinitive Would you come to my party if I invited you? III. Practice: A. 1. 2. 3. salary. 4. 5. 6. 7. B. or b). 1. If the bank lends us money, .it in new machinery.
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Underline the correct words. If were/ we would be late, theyll start/ theyd start without us. If we will take / take a taxi, well arrive/we arrive sooner. If we worked/would work for ADC, well get/wed get a better When inflation will go/ goes up, there would be/is usually If we dont hurry/wont hurry, we would be/ well be late. If you ordered/ order on the Net, we always will send/send an If I lend/ will lend you this book, when do you return/will you Complete the sentences with the correct pair of possible forms, a)

pressure on salaries.

email confirmation. return it?

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a) well invest/were going to invest investing 2.

b)

wed

invest/we

were

When ..a lot of orders, we always employ extra staff in

the factory. a) well get/we got b) we get/ weve got 3. 4. If this project again, I think Id do it differently. b) Ill start/Ive started If the computer crashes, someone from the IT b) call/ youll have to call a) I was starting/I started department. a) youd call/you are calling C.

Read the sentences and decide if the events are likely or

imaginary. Complete the sentences by putting the verbs in brackets into the present simple +will or the past simple +would. Use contracted forms where possible. 1. 2. 3. 4. 5. Its not far. If you .. (follow) this road, you..(come )to the station. If I ..(be) on the Board of this company, I. If you .(have) any questions, I ..(deal) with If the council .(ban) all cars from the city centre, A: I have no idea what the other side are going to propose in the B: Neither do I. If I ..(know), I.(tell you). 6. A: My train leaves in forty minutes. B: it only takes ten minutes to the station by taxi. If you .(leave) now, you (catch) it. 7. lift. 8. Would you like to go to English evening classes with me?
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(argue) against the merger. them at the end of my presentation. there.(not be) so much pollution. negotiation tomorrow.

Is that the time? I really should be going. If you (wait) a moment, I (give) you a

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Im sorry but I cant. Im really busy. If I .(have) more time, I (love) to. D. forms. 1. 2. 3. 4. bank. 5. 6. E. If / earn / more money/ be able to save more. If/ order/ chequebook / get /it before the end of the week. Complete the sentences with ll,d, wont or wouldnt. If/ go abroad next summer / change / some money into travellers If / lose / credit card/ inform/ the bank immediately. If/ need some money/ ask/ the bank manager for a loan. If/ find mistakes on my bank statement/ change / to a different cheques. Decide which of these things may happen to you and which are

unlikely to happen. Write complete sentences using the appropriate verb

1. We.give you a more substantial discount if you paid cash. 2. If they didnt find our terms satisfactory, they.continue doing business with us. 3. So if we order 2000 units, you ..give us a 10% discount, is that right? 4. We..be able to order more if you cant deliver within a week. 5. If you cant deliver this week, we.have to turn to another supplier. 6. We .have to look for another supplier if you were able to dispatch immediately. 7. Im sure we ..get this contract unless we offer a lower price. 8. If I were you, I look for a more reliable supplier. F. Finish these sentences using the zero, he first and the second conditional 1. If you smoke.
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2. If your tooth hurts.. 3. If you need some money.. 4. If I wanted to make a lot of money 5. If you wanted to be invited to lots of parties 6. If you wanted to lose weight, 7. If you break that mirror.. 8. If I lost my job. G. 1. 2. 3. 4. 5. Work with a partner and discuss these moral dilemmas. you found an antique vase on a building site? ..you knew that a classmate of yours had been stealing you were having trouble in a test and the your best friend asked you to whisper the correct .you were on holiday abroad and you lost all your

What would you do if

money from other students? invigilator left the room for a few minutes? answers in an important examination? money? H. You are talking to a friend about your new job. Use your thoughts

to complete the sentences you say. Put the verb in brackets into either the present simple, past simple, imperative, will+ infinitive or would+ infinitive. You think: People say that hard work usually results in promotion in this company. You say: promoted. You think: I want to show them that Im good at my job so that I can have more job security. You say: I hope that if I .. (do) my best, they (give) me a permanent contract after a few months.
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They say that if you ......... (work) hard, you . (get)

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You think: Ive been late in the morning a few times. I wish I could work at the Leiria site which is nearer my home. You say: Im sometimes late for work. If I .. (work) at the Leiria site, it .. (not be) such a problem. You think: One thing worries me. I had a health problem a few years ago, but its very unlikely it will reoccur. You say: I wonder what (happen) if my health problem .. (reoccur)? You think: Maybe its not a problem. In general they seem to be very reasonable about illness. You say: Actually, if you . (miss)one or two days because of illness, they .. (not seem) to mind. You think: Goodbye. I hope Ill see you soon. You say: If you (fancy) a drink one evening, just ..(give) me a ring. I. Read the problems below. In pairs, discuss what you would do in each situation. 1. You have spent the last month preparing a report for head office. You have just learned that your boss has taken all the credit for the work. 2. Your boss gave you a highly confidential report to read over the weekend. Now you cannot find it and you think you may have left it on the train. 3. You have been sent to negotiate an important new contract for your firm. During the negotiations your counterpart makes it clear that he expects a personal cash contribution (a bribe) from you I your company is to win the contract. 4. In your CV you lied about your qualifications in order to get the job you wanted. You have just been offered the job, but your new employer has asked to see your certificates.
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5. Two years ago your company signed an agreement to become the exclusive importer of kitchen equipment from a Swedish supplier. You have just received confirmation that another company is selling the same products at a lower price. 6. You have just seen in your bank statement that your employer has paid you $500 more than your monthly salary.

SELF EVALUATION TEST

A. Put the verbs in brackets into the appropriate conditional

form, using the information given. 1. You have a $ 500 overdraft and have just received a letter from

the bank asking you to reduce this by $ 200 by the end of the month, or they will start legal proceedings against you. If you ______________ (nor reduce) your overdraft, the bank __________ (start) legal proceedings. 2. One of your clients has written to you applying for a personal

loan. However, she has not included enough information about her financial situation for you to decide whether or not to approve the loan. If you ______________ (have) more complete information, you _____________(be able to) make a decision. 3. You have just received a selection of press articles about your

bank. Two of them are in German. Unfortunately Jack Wubben, who is the only person in the office who speaks German, is on holiday. If jack Wubben _______________(be) here,

he_____________(translate) the articles.

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4.

For the second year running, the results of your bank have been

very disappointing. If the situation________________(not improve) significantly next year, the bank _____________(have to) consider closing some of its branches. 5. One of your major business clients has just hinted that it may

change banks unless you arrange more favourable credit terms. If you____________ (not provide) them with cheaper credit, you _____________ (lose) one of your best customers. 6. A bank representative has just refused your request for a $ 2,000

loan because you do not have enough money in your savings account. If you ____________(have) more money in your account, the bank _______________(lend) you the $ 2,000. 7. Your bank manager has just told you that she can only lend you $

5,000 to enable you to buy a new car. The car you want costs $ 11,000 and you only have $ 4,000 of your own money available. If you______________(not find) the remaining $ 2,000, you __________(not be able) to buy it. 8. You have recently applied for a transfer from your present job in

London to another position with the companys Scottish subsidiary. If your application _____________(be) successful, you ____________ (have to) move house to Edinburgh. 9. You are making arrangements with your bank for a holiday in

Italy next month.

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If you ___________(take) travellers cheques it ___________(cost) less than if you _____________(buy) foreign currency. 10. A friend has invited you to join her as a partner in a new business

venture. You feel that you do not have the necessary experience. If you ________________(have) more experience, you

______________(accept) her offer. 11. You are talking to a customer who has asked you to replace a lost

credit for the fifth time. If you ______________ (lose) your card again in the future, Im afraid that the bank______________(refuse) to issue a replacement. B. a) b) c) d) e) rent. f) g) h) i) The manager disappeared with the receipts/takings/wages from By the time Kate retired she was a fortunate/prosperous/wealthy We had a good holiday but it was rather We would appreciate it if you close/settle/pay your bill as soon as the concert. businesswoman. costly/expensive/valuable. possible. In each sentence choose one or more appropriate words: Harry gains/gets/makes over $20 000 a year. Mary was awarded a grant/scholarship/subsidy to study child How much did you give/pay/take for your new car? Their house fetched/produced/sold for a lot more than they Im going to the bank to get out/remove/withdraw the money for

psychology.

expected.

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Answers to the self evaluation test A. 1. do not reduce/ theyll start; 2. had/ would be able; 3. were/ would translate; 4. does not improve/ will have to consider; 4. do not provide/ will lose; 6. do no have/ will lend; 7. do not find/ will not be able; 8. is/ will have to; 9. take/ will cost/ buy; 10. had/will accept; 11. lose/ will refuse; B. a. gets/ makes; b. grant/ scholarship; c. give/ pay; d. fetched/sold; e. withdraw/ get out; f. receipts/takings; g. prosperous/ wealthy; h. costly/ expensive; i. settle/pay
BIBLIOGRAPHY: Ciuciuc, Olea, English for Business Purposes, Teora, Bucureti 1999. Emmerson, Paul, Business Grammar Builder, Macmillan, 2002. Evans V. , Grammarway 4, Express Publishing House, 1999. Evans V. , Grammarway 3, Express Publishing House, 1999. Paidos, Constantin, Gramatica limbii engleze, Institutul European, 1993. Pile, Louise, Intelligent Business, workbook, Pearson Education Limited, 2005. Tullis, G., New Insights into Business, Express Publishing House, 2004. Turcu, Fulvia, Limba englez pentru ntreprinztori i oameni de afaceri, Editura Sagittarius Iai, 1991

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UNIT 2: The Stock Market LEARNING OBJECTIVES at the end of this unit the student should: should become familiar with the basic vocabulary related to the topic be able to analyse a stock market report be able to recognize and use the third type of conditional

PART I READING PART II VOCABULARY PRACTICE Topic-related vocabulary PART III LANGUAGE FOCUS The Conditional Mood- the Past Conditional Third Conditional PART IV PRACTICE SELF EVALUATION TEST ANSWERS TO THE SELF EVALUATION TEST TIME NEEDED TO COVER THE TOPIC: 4 hours

Part I: Reading: There are several ways of using savings: putting them in banks, investing in real estate, and buying securities. In the Western world, the Stock Exchange plays an important role in the economic life of a country. Its purpose is that of facilitating the selling of securities (e.g. shares, stocks and bonds), or of investing money in business by buying securities. Both stocks and bonds are issued by large corporations (such as those working in the fields of oil, steel, car industry, or telephone, etc.) in order to raise capital to develop their business. Bonds are also issued by states, local governments and agencies, and they consist of an
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evidence of a debt. The bondholder receives a certificate providing information concerning the size of the loan, the interest rate and the date when the money is paid back to the lender. Bonds usually have interest coupons, which are cashed in due time, usually once every six months. Bonds can be easily passed from one bearer to another, as they take the bearer form. The registered types require a title transfer when they are sold and the interest is paid in this case by a cheque. A stockholder owns shares in a business. He can own either common/ordinary or preferred stocks. Both holders get dividends, but preferred stockholders are considered owners with limited rights of a corporation, and get their dividends before common stockholders. A principle of these dividends is that they are fixed and cumulative. When the activity is slack, they can be reduced or even suspended, but paid when the earnings improve again. Common stockholders get a rather certain income and higher profits when the company prospers. That is why preferred stockholders sometimes want to get in exchange common shares, to benefit from this advantage. They receive the common dividends declared by the company for every share, multiplied by the number of shares. They can get cash or new shares. The stock is split by companies, which want to attract small investors, people buying more easily a large number of shares of low denomination. The great Stock Exchanges in the English speaking world are found in London and New York (90 per cent of the total trading into the United States). Other Great Stock Exchanges are placed in Paris, Tokyo, Frankfurt, Toronto, Montreal and Zurich. The London Stock Exchange was founded in the 18th century, in 1773, but the building was opened only in 1802. The business conducted here covers all types of securities, in almost all the countries of the world. The desire of an investor in a company to withdraw his money at any moment can be very dangerous for a company, which has already spent it by investing it. The stock exchange provides the mechanism through which this can be safely done for the company. This also assures the easiest way for the company to raise money. The investor is sure that he can find easily someone else to buy his shares. The investment is also somehow guaranteed by the investigation of the company by the Stock
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Exchange authorities, before permitting dealings with the shares of that company. The Stock Exchange is also a kind of barometer, price fluctuations being significant indicators for the performance of both individual companies and of the economy as a whole. The government stocks and bonds are also regulated by the same transactions, a fact which influences the size of the National Debt. Discussion: If you possess a large amount of money, what are the advantages and disadvantages of the following? putting it under the mattress buying a lottery ticket taking all your money to Las Vegas putting it in a bank buying gold buying a Van Gogh painting investing in property or real estate buying bonds buying shares

II Build your vocabulary: ALTERNATIVE TERMINOLOGY Americans often talk about corporations rather than companies and about an initial public offering rather than a flotation. Another name for stocks and shares is equities, because all the stocks or shares of a company- or at least all those of a particular category- have equal value. Two other terms for nominal value are face value and par value. Other names for a bonus issue are a script issue (short for subscription certificate and a capitalization issue, and in the US, a stock dividend or stock split.

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A. below.

Match the words and expressions in the box with the headings losses analysts securities closing price jump price-earnings ratio share price share equities dividends plunge retreat bonds brokers regulations tumble shareholders gains climb surge

1. poor performance _________________ 3. financial products ________________ 5. financial data _________________ B.

2. good performance _________________ 4. people involved in the stock market _________________________

Many newspapers have a financial section which includes

information about the share prices of listed companies. This information enables you to follow the progress of any shares that you own or may be thinking of buying. Read the explanation of the listing opposite and answer the questions. 1 What was the closing price for each of the following shares? a Cadbury-Schweppes; b Allied Zurich c Black Arrow d Care UK 2 For each of the five sectors, which shares had the greatest change in price (increase or decrease) compared with the previous days price? 3 Which of the following household good companies is furthest from its highest price for the year? a Allied Text; b Cornwel Pkr c Reckitt and C d Stoves 4 Which insurance company has a the highest yield? b the lowest yield? 5 What is the price/earning ratio for each of the following shares? a International Energy Group b Cox Insurance
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c Isotron British Foods

Associated

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III. Focus on language: Conditional sentences, type III/ Ways of omitting if; Read and analyze the following sentences. What kind of situations do they refer to? 1. 2. If I had sold my shares afer six months, I would have made a lot If I hadnt taken so many risks, I wouldnt have lost so much. If Clause of money.

Main Clause express regrets or criticism) PAST CONDITIONAL PERFERCT

(imaginary situations which are contrary to facts in the past; also used to PAST

I wouldnt have made such a big mistake if I had been more careful. PAST CONDITIONAL Affirmative: S + would + have + Past Participle of the main verb. I would have chosen that colour if I had known you liked it. Negative: S+ would +not+ have + Past Participle I wouldnt have chosen that colour if I had known you didnt like it. Interrogative: Would + S+ have+ Past Participle Would you have chosen that colour if you had known I liked it? !!! Ways of omitting IF!!!! We can form conditionals by using words/ expressions such as unless (Type 1 Conditionals), providing/ provided that, so / as long as, on condition (that), what if, suppose / supposing, otherwise (=if not), but for, and, even if, in case of / in the event of, etc. B. g. a) Unless you help me, I wont finish on time. (If you
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dont help me,...)

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b) c) d) e) f) g) h) i) j) k)

Ill buy some shares providing/ provided (that) I have time this So/ As long as you promise to be back by midnight, you can go to He agreed to work Saturdays on condition that he was paid Ill take Dads car tomorrow night. What if he needs it? (= Suppose/supposing you were fired, what would you do? (= If Wed better leave now. Otherwise well miss our flight (If we But for your advice, I wouldnt have been able to sell my shares Do that again and Ill punish you. (If you do that again.....) I wouldnt go the party even if they invited me. In case of/ In the event of a fire, sound the alarm. (If there is a

afternoon (..if I have time .........) the party. (If you promise...) overtime. (.....if he was paid....) what will ou do if he needs it?) you were fired) dont leave now, well miss our flight) on the Stock Exhange. (If you hadns advised me,.............)

fire..........) IV. Practice Activity 1. Complete the sentences with words from the list below. in case unless Each word is used twice. When as long as 1. Ill speak to you again...............Ive looked at the contract in detail. Activity 2. Leave your return flight open....................................the negotiations take an extra day. 3. We can start the project nex week......................everyone agrees. 4. We can start the project next week.......................anyone disagrees. 5. The Board will be happy...............................our share price remains high. 6. Keep your receipt ......................you need to return the goods. 7. The new stock will arrive .............................the Chrisstmas sales are finished.
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8. Well probably make a loss this year ....................sales improve in the last quarter. Activity 3 Complete the following sentences about Apple Computer

by putting the verbs in brackets into the third conditional. 1. If John Sculley, who became CEO of Apple in 1983, and Steven

Jobs ..........(share) the same vision for the future of the company, Jobs .......................................(not resign). 2. The Macintosh the personal for computer...................................(not inexpensive publishing, if provide) solution

Apple................................(not introduce) the Laser Writer, the first affordable laser printer for the Mac. 3. Apple probably..............................(remain) more competitive if they .........................(sell) licences for their operating systems to other computer manufacturers. 4. If the first generation of the Newton, a revolutionary notepad ..................(work) better, sales...................................(be) computer, higher. 5. When the iMac wa launched, people loved the colourful, fun design. Perhaps if it ......................................(be) less attractive, fewer first-time computer buyers ...........................(buy) it. 6. 7. If Apple .............................................(not launched) the iMac, Apple shares ....................................(not rise) in 1998, if their they ............................(not recapture) 6.7% of the computer market. sales ...............................(not increase) substantially. Activity 4. Choose one of the sentence starters and write a short story

of about seven lines. You can make the conditional positive or negative. E.g. If I had gone to the party, I would have met Alice. If I had met Alice, I would have danced with her. If I hadnt danced with her, she wouldnt have asked me out. 1. If I had studied in another country...............
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2. 3. 4. 5.

If I hadnt invested in real estate.................... If I had asked a brokers advice.................. If the company hadnt recovered........................ If I had decided to set up a business.

Activity 5. Underline the correct words. 1. 2. share. 3. 4. 5. 6. 7. 8. 9. 10. 11. rich! 12. 13. 14. 15. If your second interview goes/will go well, Im sure theyll offer If you would have backed up/ backed up your files more often, If you hadnt/wouldnt have acted so quickly, wed be/we are in I need to contact Head Office. I wish I have/had my mobile phone
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If we sent the goods by sea, the transport costs will/would be If they promote/promoted the brand better, theyll gain market If you left/had left earlier, you might have got there on time. If anyone from Head Office visits, they always stay/will stay in a If I were you, Id /Ill call their Technical Support Number. If I have/ had more time, Id be able to come up with a solution. If it breaks down/will break down, it takes days for the service If you needed the money urgently, I could phone/could have If you enter the date in the wrong format, the computer If wed been/we were more careful, we wouldnt have lost so If I had bought more shares, I would become/would have become

much lower.

five star hotel.

engineer to arrive. phoned Accounts now to try and speed up your payment. doesnt/didnt recognize the information. much money.

you the job. you wouldnt risk/didnt risk losing all your work. big trouble. with me.

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16.

I wish it is/was Friday!

Activity 6. Complete the sentence for each situation. 1. 2. Emma didnt leave early, and so she missed her flight. He didnt make more copies, so we dont have enough for If Emma .., she..her flight. everyone. If he ., we enough for everyone. 3. I forgot to bring your map, so I went to the wrong building. If I .., I ..to the wrong building. 4. They didnt invest in new technology, so they didnt survive the recession. If they., they ..the recession. 5. 6. me. 7. 8. The Government didnt collapse, so there wasnt a crisis. They didnt bring out their new model on time, so they lost If the Government ., there .a crisis. market share. If they , theymarket share. You didnt wait, so this has happened. I didnt realize you were so busy when I asked you to help me. If you .., this If I., I ..to help

SELF EVALUATION TEST

A. 1. 2. Complete each sentence, using the verb in brackets in one of If we got a virus on the network, we .(lose) all If my train isnt late, I .. (be) in Paris at six.
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these forms: will do, would do, would have done. our data.

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3. 4. 5. often. 6. 7. often. 8. tip. 9. 10.

If your talk had been shorter, I think they .. (ask) If you tell me what you want, I (get) it for you at We (get) more inquiries if we advertised more If we hadnt left so early, we .. (miss) the train. If I worked abroad, I . (not see) my family so If you havent got any change, I .. (leave) the We (sort out) the problem much sooner if we If you were in his situation, what (you/do)?

more questions. the airport.

had had the manual.

B. Fill in the text with the words in the box bellow:

Securities; traded; stock market; issue shares; stock exchange; stocks; dividends; shareholder (stockholder); broker; equities; ordinary ; common shares ; common stock; stocks, institutional investors; bonds A company can raise money on the .. or .. (a market place for buying and selling shares) in two different ways. It can (US..), or units of its capital, to . or the general public. Different types of shares or .. are available, but the most common are known as .or . (US ) When an investor buys a share, using the services of a specialist company or , he or she becomes a .. (US..) and owns a part of a company. Shareholders can make money by receiving, paid as a proportion of a companys annual profits, and when the value of their shares increases.

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A company can also borrow money from investors by issuing .., loans for fixed periods with fixed interest rates. ..refers to both shares and bonds. Each year billions of shares and bonds are sold or . on the worlds major stock exchanges.

Answers to the self evaluation test A.

1. would lose; 2. will be; 3. would have asked; 4. will get; 5. would get; 6. wouldnt have missed the train; 7. wouldnt see; 8. will leave; 9. would have sorted out; 10. would you do;

B.

stock market/ stock exchange; issue shares/ stocks; institutional

investors; stocks; common shares; common stock; broker; shareholder/ stockholder; dividends; bonds; Securities; traded;

TEST: CONDITIONALS
I. Put the verbs in brackets into the appropriate form to build first, second or third conditionals: 1. Theyve been married for twenty years now but I dont think she ..(marry) him is she ..(know) what a selfish man he was. 2. If Alison .(know) anything about car mechanics, Im sure she ..(help) us fix the car, but I think she knows even less than we do. 3. Why dont you explain everything to him? If you (not tell) him the truth, Im sure you ..(regret )it one day. 4. Jennifer was here not long ago. If you (come round) earlier, you ..(see) her. 5. The government is expecting to win the next election, but if it ..(lose), the Prime Minister (resign) from politics. 6. If she (get) that job shes applied for, she ..(be ) delighted.

II. 1. 2. 3. 4.

Underline the correct words. I wish I hadnt drunk/ I didnt drink so many whiskies last night. Theres so little space in here. I wish I have/had a bigger office. I dont feel well. I wish I could stay/ will stay in bed this morning. I hope you enjoyed/enjoy yourselves at the theatre tonight.
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5. 6. 7. 8. 9. 10. 11. again! 12.

Ive been waiting thirty minutes for the bus. I wish I took/had I must get in touch with Sue. If only I know/ knew her number! Im not a good typist. I wish I could type/ would type better. I wish Jim didnt interrupt/ doesnt interrupt so often in meetings. I have to finish this report by tomorrow. If only I would have/had Enjoy your holiday. I hope you have/ could have a good time. That presentation was a disaster! I wish I could do/ would do it all Im disappointed with this camera. I wish I didnt buy/ hadnt

taken a taxi.

more time.

bought it. III. Complete the second sentence so that it has a similar meaning

to the first sentence, using the word given. Do not change the word given. You must use between two and five words, including the word given. 1. I bought a few shares and I won some money. Hadnt If I I wouldnt have won any money. 2. My number didnt win because it was random. Might If my number had .won. 3. I didnt buy the house because I didnt have enough money. Afforded If I .wouldve bought the house. 4. I regret not buying that ticket because it won a thousand pounds. Would If I had bought that ticket, I .a thousand pounds richer now. 5. John arrived late so we couldnt set off on time.
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Punctually If John.we could ve set off on time. 6. He gambled a lot and lost all his money. so If he.he wouldnt have lost all his money. BIBLIOGRAPHY: Ciuciuc, Olea, English for Business Purposes, Teora, Bucureti 1999. Emmerson, Paul, Business Grammar Builder, Macmillan, 2002. Evans V. , Grammarway 4, Express Publishing House, 1999. Evans V. , Grammarway 3, Express Publishing House, 1999. Paidos, Constantin, Gramatica limbii engleze, Institutul European, 1993. Pile, Louise, Intelligent Business, workbook, Pearson Education Limited, 2005.

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UNIT 3: Negotiations LEARNING OBJECTIVES at the end of this unit the student should: should become familiar with the basic vocabulary related to the topic be able to act a negotiation be able to deal and use the language structures used in diplomacy

PART I READING PART II VOCABULARY PRACTICE Topic-related vocabulary PART III LANGUAGE FOCUS The Grammar of diplomacy: modals, qualifiers, rephrased negatives, negative question forms, comparatives, restrictive phrases, impersonal passive structures, the ing forms PART IV PRACTICE SELF EVALUATION TEST ANSWERS TO THE SELF EVALUATION TEST TIME NEEDED TO COVER THE TOPIC: 4 hours Warming-up activity: 1. Discuss the following questions. 1. 2. 3. 4. What is a negotiation? How would you judge the success of a negotiation? What makes a good negotiator? Have you ever been involved in formal or informal business

negotiations? Describe your experiences. 2. What do you think? How appropriate is the following advice? Rank each suggestion on a scale from 1-10 (1=essential, 10=unhelpful) to indicate your opinion. How to be a good negotiator try to get on well with your opposite number use emphatic language
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show respect for your opposite number make suggestions to resolve disagreement have clear objectives be determined to win say I dont understand, if that is the case listen carefully always compromise discuss areas of conflict Part I: Reading

There has been a great deal of research into the art of negotiation and, in particular, into what makes a good negotiator. One point most researchers seem to agree on is that good negotiators try to create a harmonious atmosphere at the start of a negotiation. They make an effort to establish a good rapport with their opposite number, so that there will be a willingness-on both sides-to make concessions, if this should prove necessary. Good negotiators generally wish to reach an agreement which meets the interests of both sides. They therefore tend to take a long-term view, ensuring that the agreement will improve or at least not harm, their relationship with the other party. On the other hand, a poor negotiator tend to look for immediate gains, forgetting that the real benefits of a deal may come much later. Skilful negotiators are flexible. They do not lock themselves into a position so that will lose face if they have to compromise. They have a range of objectives, thus allowing themselves to make concessions, for example, I aim to buy this machine for $2,000 and not I must buy it for $2,000. Poor negotiators have limited objectives, and may not even work out a fall-back position. Successful negotiators do not want a negotiation to break down. If roblems arise, they suggest ways of resolving them. The best negotiators
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are persuasive, articulate people, who select a few key arguments and repeat them. This suggests that tenacity is an important quality. Finally, it is essential to be a good listener and to check frequently that everything has been understood by both parties. Activity 1: Comment on the following joke: Two priests were so addicted to smoking that they desperately needed to puff on cigarettes even while they prayed. Both developed guilty consciences and decided to ask their superior for permission to smoke. The first asked if it was OK to smoke while he was praying. Permission was denied. The second priest asked if he was allowed to pray while he was smoking. His superior found his dedication admirable and immediately granted his request Part II : Focus on language; The Grammar of Diplomacy In business the grammatical and lexical choices you make can have a powerful effect on the outcome of a meeting or negotiation. Compare the following: 1. 2. We reject your offer. Im afraid at this point we would be unable to accept your offer.

in 2 the use of softeners (Im afraid), restrictive phrases (at this point), modal verbs (would) and rephrased negatives (unable to accept) make the rejection itself more acceptable. WAYS OF MAKING WHAT YOU SAY IN A NEGOTIATION MORE DIPLOMATIC: 1. Modals: would, could, may, might This is a problem. > This would be a problem. Of course, theres a disadvantage to this.> Of course, there could

be a disadvantage to this. In both examples above the speaker sounds less direct, but in the first example the basic message doesnt change. This would be a problem still means it is a problem! But it sounds better. 2. Qualifiers: slight, a bit, rather, a few etc.
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There may be a delay. > There may be a slight delay. Were disappointed with the discount youre offering. > Were

rather disappointed with the discount youre offering. Qualifiers soften the impact of bad news, but dont actually change it. 3. Rephrased negatives 1: not very, totally, completely+ positive adjective Were unhappy with this arrangement.> Were not very happy Im unconvinced.> Im not totally convinced. with this arrangement. Using positive adjectives makes you sound more positive-even when you use them in the negative! 4. Rephrased negatives 2: unable, not able, not in a position to We cant go any higher than 7%.> Were unable to go any higher We wont accept anything less.> Were not in a position to than 7%. accept anything less. Try to avoid using cant and wont. They make you sound powerless and obstructive. 5. Negative question forms: shouldnt we.?, wouldnt you.? etc. We should be working together on this.> Shouldnt we be Youd be taking an enormous risk.> Wouldnt you be taking an working together on this? enormous risk? Negative question forms are incredibly powerful in negotiations. Questions are more persuasive. Use them to make suggestions and give warnings. 6. Comparatives: -er, more, less Were looking for something cheap. > Were looking for Would you be prepared to consider this? > Would you be more something cheaper. prepared to consider this? The use of comparatives makes what you say sound more negotiable. 7. Softeners: unfortunately, Im afraid, to be honest, with respect etc.
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This doesnt meet our needs.> Unfortunately, this doesnt meet You dont quite understand.> With respect, you dont quite

our needs. understand. Softeners at the beginning of a statement signal bad news. With respect, is a particularly bad sign! 8. Restrictive phrases: at the moment, at this stage, so far, etc. Thats our position. > Thats or position at the moment. I dont think we can go any further. > I dont think we can go any

further at this stage. Using a restrictive phrase does not exclude the possibility of future movement. 9. The passive: it was understood, it was assumed etc. You said you were ready to sign.> It was understood you were We thought you had accepted the terms.> It was assumed you ready to sign. had accepted these terms. By avoiding the use of statements beginning You said and We thought. and using passive forms instead, you depersonalize the situation and reduce the amount of personal responsibility or blame. 10. The ing form: were aiming, had been hoping We aimed to reach agreement today. > We were aiming to reach We had hoped to see some movement on price. > We had been agreement by today. hoping to see some movement on price. Using the Past Continuous keeps your options open you were aiming to reach agreement and still are. The Past Perfect Continuous closes the door a little more youve stopped hoping, but could be persuaded to hope again.

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Part III: Practice Activity 1: Make the direct remarks below more diplomatic using the words in brackets to help you. a This is too expensive. (unfortunately/ would) __________________________________________________________ ________ b Were not interested in your economy model. (would/less) __________________________________________________________ _______ c It will be difficult to sell the idea to my boss. (unfortunately/ may/very easy) __________________________________________________________ _______ d We should be near a decision by now. (shouldnt / a bit nearer?) __________________________________________________________ ______ e We cant pay straight away. (afraid/might/able) __________________________________________________________ ________ f I wont make any promises. (nor/position/this stage) __________________________________________________________ ________ g This is difficult for us to accept. (would/ a little/ the moment) __________________________________________________________ __________ h You said you wanted immediate delivery. (understood) __________________________________________________________ __________ i We hoped you would provide after-sales service. (honest/hoping) __________________________________________________________ __________ j Our discussions have been unproductive. (not very/so far) __________________________________________________________ ___________
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A fixed interest rate would be a good idea. (wouldnt/better)

__________________________________________________________ ___________ l We had aimed to get further than this morning. (aiming/slightly) __________________________________________________________ ___________

Activity 2: Study these phrases and choose the most appropriate heading for each group from the list below. Then use each phrase once only to complete the negotiation transcript. You will need to think carefully about the meaning and the form of the missing language. - asking for clarification - rejecting - interrupting - bargaining/trading 1. We just cant agree to is out of the question. No, I dont really think so. Id rather not.. - making a suggestion - stating your position - agreeing - asking for reaction 5 Ive got to stop you..

2. 6.. Hows that then? for. It depends what you mean when you say What do you have in mind/ Could you run through that again? I guarantee I was hoping for.. 3 Well ., if you We might be able to make an about? exception, if you. Were prepared to., providing. If you.., I could

What

were

looking

We think Wed like to. Theres no way. We wouldnt want to

7 How does that sound? How do you feel What do you say.?

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I was going to . but what if I were to say? 4 Why not? we? Yes, of course. I agree to Thats a deal. 8 .. Lets agree.., shall

How about.? We could.. Do you want me to? ., say, .. Id like to suggest.. Negotiation Transcript

Carson: .first on how to organize todays meeting, ? Pieter: Aha. Carson: Ok, well, .starting with the contract itself? Then .move on to the product range, sales targets and discounts. .for the morning session? Pieter: That sounds fine. Theres plenty to talk about there, for sure, start things off? Carson: .? Go ahead. Pieter: Ok, well, as you know, weve signed up quite a few overseas agents recently. ..really is exclusivity- .an exclusive agent can offer us more more commitment, more motivation and better service. . build up the relationship gradually, based on trust, and common interests Carson: ..right there, Pieter. Sorry, but..that. An exclusive agreement Absolutely impossible. Pieter: Oh, .? Carson: Its just that were agents for a lot of big manufacturers, European, North American, a couple from the Far East, and were locked into agreements with them. we can break them. In any case, ..-weve always handled cometitors products, its the way we run our business. Pieter: I see. Carson: Look, exclusivity isnt everything, you know. ..look after your firm well .give us the chance- therell be no lack of commitment on our part. it. Pieter: Hm, I suppose ., erm Carson: Yes? Pieter: if you offered us a realistic sales target for the first year. Carson: I see. Well, I suppose.. realistic. exactly? (Later that morning)
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Carson: I want to be clear about this- for me? Pieter: What Im saying is that offer you a non exclusive contract, .you stock out a whole range of products and an agreed quantity of spare parts for each item. Carson: Right. Pieter: What Id like to know now is are you prepared to commit yourself to a figure for sales growth, ., over the next three years .. Carson: . Pieter: What, not even a rough figure? Carson: . . Its going to depend on a lot of variables_any figure I give you wont be very accurate. Pieter: Ok, I wont try to pin you down (to pin somebody down= a forta pe cineva sa ia o decizie) on that. Lets move on to discounts. .2% on orders up to $200,000, 5% on orders from $200,000$500,000, and 10% for anything over that. It gives you a strong incentive to exceed your target. .that? Carson: Well, Im a bit disappointed, really. .at least 5% up to $200,000. Its the going rate over here- or werent you aware of that? Pieter: Im sorry, I cant improve my offer on discounts. Weve worked them out veery carefully. Carson: I see. Well, I dont know.. Pieter: How about this? ..accept the discount rates, help you with your mark-ups. ..set some limits, ..you can set your own mark-ups and we wont interfere. Carson: Hm, yes, thatd be useful. Itd give us plenty of flexibility with our pricing. Pieter: Exactly. ..? Carson: Right, OK, that. Pieter: Great, .then. Lets summarize, shall we?

SELF EVALUATION TEST

A. The following thoughts passed through the minds of two negotiators during a negotiation. Use the words and phrases in brackets to reproduce what they actually said. a Thats impossible. (unfortunately/would not/possible) __________________________________________________________ ______ b We cant go higher than $5 a unit. (would find/ quite difficult)
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__________________________________________________________ ______ c We wont accept less than $5 a unit. (afraid/ not in a position/this stage) __________________________________________________________ _______ d Youll have to pay more if you want that. (may/slightly) __________________________________________________________ __________ e We need a commitment from you now. (would/some kind) __________________________________________________________ __________ f We should spend more time looking for a compromise here. (shouldnt/little?) __________________________________________________________ __________ g It would be a good idea to agree on a price before we go any further. (wouldnt/better?) __________________________________________________________ __________ h We hoped youd pay a deposit today. (were hoping/ able) __________________________________________________________ __________ i It will be difficult to get my boss to agree to this. (might not/ very easy) __________________________________________________________ _______ j Thats as far as we can go. (think/about/the moment)
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B. Here are a series of negotiating idioms using the word ground. Match the idioms in italics (a-i) with equivalent expression (i-ix) below. a b c d e f g h i. i ii iii iv v vi vii viii ix Youre on dangerous ground. We need to find some common ground. Weve covered a lot of ground. You must keep both feet on the ground. Youre on shaky ground there. Were just going over the same ground. Their offer cut the ground from under us. Dont give in. Hold your ground. We have lost ground to our competitors. dealt with a lot of points repeating ourselves undermined our position theres a high risk of failure dont make any concessions your arguments are not very convincing points we can agree on were in weaker position be cautious and sensible

C. Which of the idiomatic expressions from a-i above would you use in the following situations? a Our sales have gone sharply this year, whilst our competitors have increased their market share. b You have had a day of wide-ranging discussion, and have talked through many of the issues on your agenda. c A rival company has made a competitive bid which makes your offer look really expensive. d You must stand firm. You cannot afford to make any more concessions. e You are looking for areas of agreement. f The negotiation has got stuck and is not moving forward. At the moment, all you are doing is repeating yourselves. g. There is a risk that you could be seduced into making a silly offer. You must proceed very carefully. h. You need to be very cautious in this particular area of negotiation.

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Answers to the self evaluation test A. a. Unfortunately, this would not be possible; b. We would find it quite difficult to go higher than $5 a unit. c. Im afraid we are not in a position to accept less than $5 a unit at this stage. d. You may have to pay slightly more if you want that. e. we would need some kind of a commitment from you now. f. Shouldnt we spend a little more time? g. Wouldnt it be better to agree on a price before we go any further? h. We were hoping youd be able to pay a deposit today. i. It might not be very easy to get my boss to agree to this. j. I think that is about as far as we can go at the moment. B. a.- iv; b. vii; c- i. d.- ix; e.- vi; f.-ii ; g.-iii ; h.-v ; i. viii C. a. We have lost ground to our competitor; b. Weve covered a lot of ground ; c. Their offer cut the ground from under us; d. Dont give in. Hold your ground ; e We need to find some common ground; f. Were just going over the same ground; g. You must keep both feet on the ground; h. Youre on dangerous ground. BIBLIOGRAPHY: Ciuciuc, Olea, English for Business Purposes, Teora, Bucureti 1999. Emmerson, Paul, Business Grammar Builder, Macmillan, 2002. Evans V. , Grammarway 4, Express Publishing House, 1999. Evans V. , Grammarway 3, Express Publishing House, 1999. Paidos, Constantin, Gramatica limbii engleze, Institutul European, 1993. Pile, Louise, Intelligent Business, workbook, Pearson Education Limited, 2005.

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UNIT 4: Setting Up a Business LEARNING OBJECTIVES at the end of this unit the student should: should become familiar with the basic vocabulary related to the topic be able to write their own business plan be able to make the difference between defining and non-defining relative questions and use them correctly PART I READING PART II VOCABULARY PRACTICE Topic-related vocabulary PART III LANGUAGE FOCUS Relative clauses PART IV PRACTICE SELF EVALUATION TEST ANSWERS TO SELF EVALUATION TEST TIME NEEDED TO COVER THE TOPIC: 2 hours Part I : Reading Many large businesses in the UK are public limited companies (plc), which means that the public can buy and sell their shares on the stock exchange. Examples include Marks and Spencer, British Telecom and the National Westminster Bank. The minimum share capital for a public limited company is $50,000, so many new businesses are likely to take one of the following forms. Sole trader or Sole Propietor (UK) The simplest way of starting a business. You are self-employed and entirely responsible for all aspects of the management of your business. Any profits go to the owner; any losses are his or her responsibility as

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well. If the losses prove to be greater than the investment, the individual is responsible for paying them, even if this depletes all personal assets. In spite of its limitations, the sole proprietorship is well adapted to many kinds of small businesses and suits the temperament of many persons who like to exercise the initiative and be their own bosses. Some economic contributions of small business are: Small business if often the starting point for developing a new product or service. one person tries out an idea. If it is successful, the business grows, or the product may be bought by a larger firm. The small business can give an individual a chance to gain Small businesses are particularly well suited for meeting Artizans can provide individualized products for customers who Small businesses provide a service where knowing ones experience, which the person may use later on a larger scale. specialized local needs. have grown weary of mass-produced goods. customers is important. Of course, it is true that small businesses often fail. But in the United States failure of a small business venture does not carry with it the social stigma or opprobrium for the failed entrepreneur that it does in some countries. Often, failure of a small business venture turns out to be a valuable learning experience for the entrepreneur, who may be more successful the second or the third time. Unsuccessful attempts t start a business become part of the larger process of sorting out the market and making it efficient, according to small business experts. Partnership (UK) Two or more people starting a business together can set up a partnership. All partners are responsible for the debts of the partnership, and profits and losses are shared between them. The rights and duties of a partnership are regulated by laws of the state where it is formed and by a legal agreement enetered into by the co-owners. Usually an agreement specifies the amount of money each is investing and the duties each
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partner assumes. A partnership agreement also may provide for a silent partner who does not take part in the management, but who also invests money in the business. A major disadvantage of the partnership is that each member is liable for all the debts of the partnership; the act of any partner is legally binding upon all the others. If one partner takes a large amount of money from the business and squanders it, the others must pay the debt. Partnerships suffer another major disadvantage: decision-making is shared. If partners have serious and constant disagreements, the business is bound to suffer. Private Limited Company (UK) A company can be formed with a minimum of two people becoming its shareholders. They must appoint a director and a company secretary. If the company goes out of business, the responsibility of each shareholder is limited to the amount that they have contributed; they have limited liability. Such a company has Ltd (limited) after its name. In the US, businesses take the same basic forms. However, American companies are registered or incorporated with the authorities in the state where they have their headquarters. The abbreviations Inc or Corp refer to such companies. To sell shares to the public they must apply to the Securties Exchange Commission. Warming up activities: 1. In pairs, decide which of the advantages and disadvantages below you would associate with the following forms of business. In some cases there may be more than one correct answer. a sole trader a partnership a private limited company

Advantages 1. You have total control of your business. 2. This is a good way of sharing the pressure and work of starting a business. 3. The financial risks that you are taking are restricted. 4. You can increase your capital by selling shares. Disadvantages 1. There is a danger that conflicts of personality could ruin your business. 2. It may be difficult to expand.
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3. You may have to sell your possessions if the company goes into debt. 2. In pairs prepare a short checklist of the questions that you would need to ask yourselves before starting a business. Example: How much money will I need? 3. Do the questionnaire, then compare your answers with a partner.

HOW DO YOU RATE AS AN ENTREPRENEUR 1. Are you a self-starter? a I only make an effort when I want to. b If someone explains what to do, then I can continue from there. c I make my own decisions, I dont need anyone to tell me what to do. 2. How do you get on with other people? a I get on with almost everybody. b I have my own friends and I dont really need anyone else. c I dont really feel at home with other people. 3. Can you lead and motivate others? a Once something is moving on Ill join in. b Im good at giving orders when I know what to do. c I can persuade most people to follow me when I start something. 4. Can you take responsibility? a I like to take charge and to obtain results. b Ill take charge if I have to but I prefer someone else to be responsible. c Someone always wants to be the leader and Im happy to let them do the job. 5. Are you a good organizer? a I tend to get confused when unexpected problems. b I like to plan exactly what Im going to do. c I just like to let things happen. 6. How good a worker are you? a Im willing to work hard for something I really want. b I find my home environment more stimulating than work. c Regular work suits me but I dont like it to interfere with my private life. 7. Can you make decisions? a I am quite happy to execute other peoples decisions. b I often make very quick decisions which usually work but sometimes dont. c Before making a decision, I need time to think it over.
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8. Do you enjoy taking risks? a I always evaluate the exact dangers of any situation. b I like the excitement of taking big risks. c For me safety is the most important thing. 9. Can you stay the course? a The biggest challenge for me is getting a project started. b If I decide to do something, nothing will stop me. c If something doesnt go right first time, I tend to lose interest. 10. Are you motivated by money? a For me, job satisfaction cannot be measured in money terms. b Although money is important to me, I value other things just as much. c Making money is my main motivation. 11. How do you react to criticism? a I dislike any form of criticism. b If people criticize me I always listen and ma or may not reject what they have to say. c When people criticize me there is usually some truth in what they say. 12. Can people believe what you say? a I try to be honest, but it is sometimes difficult or too complicated to explain things to other people. b I dont say things I dont mean. c When I think Im right, I dont care what anyone else thinks. 13. Do you delegate? a I prefer to delegate what I consider to be the least important tasks. b When I have a job to do I like to do everything myself. c Delegating is an important part of any job. 14. Can you cope with stress? a Stress is something I can live with. b Stress can be stimulating element in a business. c I try to avoid situations which lead to stress. 15. How do you view your chances of success? a I believe that my success will depend to a large degree on factors outside my control. b I know that everything depends on me and my abilities. c It is difficult to foresee what will happen in the future. 16. If the business was not making a profit after five years, what would you do? a give up easily b give up reluctantly. c carry on.
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Scoring: Ask your teacher for the key of the questionnaire and check below to see how you rate as an entrepreneur. 44 or above You definitely have the necessary qualities to become the director of a successful business. You have a strong sense of leadership, you can both organize and motivate and you know exactly where you and your team are going. between 44 and 22 You may need to think more carefully before setting up your own business. Although you do have some of the essential skills for running a business, you will probably not be able o deal with the pressures and strain that are part of the job. You should perhaps consider taking some professional training or finding an associate who can compensate for some of your weaknesses. below 22 Managing you own business is not for you. You are better suited to an environment where you are not responsible for making decisions and taking risks. To operate successfully you need to follow well define instructions and you prefer work that is both regular and predictable. 4. Cargolifter is a company that is producing a new generation of airships for cargo transportation. You will hear a company spokesman answering questions about the different stages that were involved in starting the company. A. Before you listen, number the different stages of the project in the order in which you think they happened. a Conduct a feasibility study. b Get the idea of using an airship to transport heavy goods. c Identify the market. d Construct the assembly plant. e Seek investment for major companies. f Identify a problem. g Create the company. h Invite private investors to join the project. B. Listen to the cassette and check your answers.

5. Setting up a successful business requires careful preparation and planning but also involves a degree of risk-taking. there are a number of questions that all entrepreneurs must ask themselves concerning the products or services that they intend to sell, the competition that they will face, the structure of the business itself and the sources of finance that they will need to open their new venture. This means that all of these parameters must be defined in a business plan: a document that shows how the entrepreneur will organize his or her business, how much he or
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she expects to sell and where the capital will come from. Once this information has been put down on paper, the entrepreneur can then choose an appropriate form for the company, register it with the authorities and open for business. 1. Read these extracts and decide which sections of the checklist they come from. a At first I will be concentrating on getting the business into profit. But if I am successful I would then consider looking for other sites in the city area and expanding the management team. Eventually it might be possible to set up shops in different locations around the country. b The Tea Set. Initially the business will be registered as a limited company with ten shareholders. c In a street with pedestrian access only, which leads into the main shopping area and market square in a town of 70,000 inhabitants. The shop is also close to the station, which is used by several thousand commuters daily. The surface area is 45 square meters at a rent of 1000 euros per month. d Retail outlet selling a wide range of specialist teas and tea-related giftware. Sales will be made direct to customers and also by mail order. e I plan to advertise on local radio and in the local press and free press. This will be complemented by flyers distributed directly through letterboxed to residents in the area. f I have already worked as an employee in two different companies, where I was involved in both marketing and customer service at junior management level. g It is not easy to give a precise estimate but it would seem to be essentially passing trade within the shopping area. The target consumer is middle-aged and with a comfortable income. There is no competition in the area as the concept for this type of shop is new and comparable products are not currently available in other outlets. h Two full-time sales staff for the shop. One personal assistant to do secretarial work and general office administration. Business plan checklist 1 Details of the business Name of business Type of business (limited company, partnership etc.) 2 Personal details Relevant work experience 3 Personnel Number of people/ job/ function 4 Product/service Description
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5 Market Describe your market. Who are your customers? Is your market growing, static or in decline? Who are the main competitors? What are the advantages of your product or service over the competition? 6 Marketing What sort of marketing or advertising do you intend to do? 7 Premises/machinery/vehicles Where do you intend to locate the business and why? What sort and size of premises will you need? What machinery/vehicles do you require? 8 Objectives What objectives do you have for the business?

Part II: Focus on language: relative clauses Relative clauses are short phrases beginning with words like: who, that and which that define or describe people and things. There are two types: Defining relative clauses: we use these to identify exactly which person or thing we mean. The candidate who we interviewed on Friday is better than this one. The relative clause is part of the noun phrase. The information is necessary for the sentence to make sense. Non-defining relative clauses: we use these to add extra information about a person or thing. Apricot, which ran a version of Microsofts MS-DOS operating system, had a hardware architecture peculiar to itself. The information may be interesting, but it is not a necessary part of the sentence. To show this in writing we use commas. Non-defining clauses are more common in writing. In speech, we often give the same information by just using two short sentences. Compare: The salesman, who was very helpful, said this model in stock. (writing)
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The salesman was very helpful. He aid this model was in stock. (speech) Relative pronouns The words who, which, that, whom and who can begin a relative clause. They are called relative pronouns. - Who and that are used for people, but who is more common. The candidate who they chose for the job has a finance background. -For things or ideas both which and that are used, but that is more common, especially in speech. The products that you ordered were sent today. The food sector faces another problem. In order to participate in the EUs single market it will have to conform to the Common Agricultural Policy, which makes up 40% of all EU regulations. The fight for survival of daily business will be won by the organizations that adapt most successfully to the new world that is developing. The relative pronoun whose shows that something belongs to someone or something. Ive invited to the meeting everyone whose work is relevant to this project. The European Union is an organization whose policies change quite slowly. He owns 100 per cent of this company, whose sales hit close to $3 million in 1998. In formal English it is possible to use whom instead of who where who is the object of the sentence. But in modern English most speakers only use who. The candidate who/whom we chose for the job has an MBA in corporate finance.

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Leaving out the relative pronoun in a defining relative clause We can leave out who, which, that (but not whose) in a defining relative clause if they are followed immediately by a noun or pronoun The technician (who) Tony spoke to said the network was working fine. The salad (which/that) I had for my starter was superb. This is usual in spoken English. We must keep the relative pronoun if it is followed immediately by a verb. The technician who spoke to Tony said the network was working fine. The salad which/that came with the fish was superb. The relative pronoun in non-defining relative clauses We must keep the relative pronoun in non-defining clauses. We cannot leave it out (it makes no difference whether it is followed by a noun or a verb). The technician, who my colleagues know well, said the network was working fine. The technician, who spent over an hour here, said the network was working fine. The salad, which had avocado in it, was superb. That is never used in a non-defining relative-clause. Chile, which is an important market for us, is having some currency problems. Formal and informal English: Spoken or informal written English Please send us the report (that/which) you referred to. We know the people (who) he got a recommendation from. Could you send us the list of applicants (who) you have not been able to get in touch

Formal written English Please send us the report to which you referred. We know the people from whom he received a recommendation. Could you send us the list of applicants with whom you have not been able to get in
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with? We attach some information about the area (that/which) you will be responsible for.

touch? We attach some information about the area for which you will be responsible.

Part III: Practice 1. 1 2 3 4 5 6 Look at the following sentences and decide whether they are The design that we selected was in fact the most expensive. Wayne Calloway, who is from our Glasgow office, will be The new investment plan, which was announced on Wednesday, The manager who made the mistake lost his job. This is Jane Stewart, whose company manufactures computer The Marketing Department is the one whose contribution has defining (D) or non-defining (N) relative clauses.

making a presentation of the new project. will take five years to complete.

software. been the most significant this year. 2. Join each pair of sentences using a defining relative clause. We signed an agreement. It will give us exclusive rights to The agreement which we signed will give us exclusive rights tto several products. 1. 2. 3. 4. We use videos for training purposes. This is one of them. I left a report on your desk last night. Have you read it? We interviewed some candidates. They were highly qualified. A secretarys computer crashed last week. Whats her name?

Example:

several products.

This is one of __________________________________ Have you ______________________________________ The candidates ___________________________________________ Whats the name________________________________
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5. 3

A woman introduced me to Mr Ross. She was Australian. Choose the non-defining relative clause which best completes

The woman ________________________________ each of the sentences below. 1. The firms 300 employees, decided to go on strike. 2. The report, , contained many interesting ideas on how to promote our new products. 3. The firm, ..., intends to expand its presence in Eastern Europe. 4. The new machinery, , is not as efficient as I had hoped. 5. Professor Harding, , will be the main speaker at this years conference. 6. KBJ Optics, , has over a hundred patented products. 7. The Chairman, , maintains close relations with the companys major investors. a whose engineers are among the most brilliant in the country b which cost the company over 2 million pounds c whose salaries had not been increased d who was elected to the Board last year e which was written by our Marketing Manager f which has recently signed a contract with a Polish manufacturer g who is a specialist in American management techniques 4 Complete the text below with an appropriate relative pronoun:

who, which, where, whose, that. If it is possible to omit the relative pronoun, indicate this with (-) Some tips on starting your own business Planning is an essential ingredient for a successful business. The type of business ___________needs most careful thought is the one you start from scratch. But you dont need an original idea to have a good business. If you are worried about starting from scratch, you might want to think about buying a business_______________ is already running.
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Talking to people ______________have already started up their own business is very useful. You can learn a great deal from both successful businesses and those______________have failed. Your Enterprise Agency or Chamber of Commerce may run business clubs_______________you can meet other small business owners. Not having enough finance, ____________is on of the most common problems is small business, can be fatal. It is easy to underestimate the amount of money______________ you will need to start up your business. The time____________you spend working out your cash needs and monitoring cashflow is time wellspent. You should have at least a basic understanding of trading laws, __________ protect consumers, employees, the general public and businesses as well. Failure to respect these laws could even be a crime. For example, every employee _____________ employment continues for one month or more, has the right to receive a written statement, ____________is a sort of contract with the terms and details of their employment. Your local tax office will send you documents _____________________show you how much you need to take out of each employees wages, and where to send the money. Tip: We use whose in defining or non-defining relative clauses instead of his/her/their. We can also use whose instead of its: Do you know the company? Its CEO was suspected of fraud. Do you know the company whose CEO was suspected of fraud? This is the team. We interviewed their leader last week. This is the team whose leader we interviewed last week. Enzo Ferrari died in 1988. His cars achieved cult status. Enzo Ferrari, whose cars achieved cult status, died in 1988.

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7. 1 The 2

A.

Combine these sentences using whose.

The CEO Anton Vizi resigned last week. His leadership style had CEO Anton Vizi,

provoked a lot of criticism. .. Some staff are disappointed. Their training programme was postponed. The staff. 3 The Some stores will have to be closed down. Their performance is stores deteriorating. . 4 United Steel .. C. 1. 2. 3. 4. Decide whether the relative clauses in exercise C are defining or non-defining. United Steel is now almost bankrupt. Its former director was

guilty of embezzlement.

Tip: In spoken English or informal English, we usually leave out who/that/which and put the preposition at the end of the relative clause. In formal written English, we often put the preposition in front of which/whom. After a preposition, we use the form whom, not who.
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8. Rewrite the following sentences in a more formal style. 1 2 3 4 5 6 As a leader, she motivated anyone she worked with. The representatives we spoke to were very helpful. The company I used to work for is now facing a financial crisis. That is the project Im most interested in. The problems we have to deal with are rather serious. Here are the details of the businesses weve invested in.

SELF EVALUATION TEST

A. Complete the text with who, that or which. Carl Rogers, is regarded as the founder of the personcentered approach, is one of the greatest psychologists of all times. Today, about two decades after his death, his ideas are still at the core of many leadership training and communication skills courses. His theory, ..developed over many years of experience with clients, is built on the belief that all human beings want to do the best they can, to realize their potential. Rogers identified a number of features of effective communication, the kind of communicationcan help people understand and overcome whatever prevents them from fulfilling their potential. There are three qualities.make effective communication possible. The first, .many consider the most important one, is called empathy. It is a quality .anybody is in a position of leadership needs to have. Indeed, good leaders need to be able to see the world through the eyes of those ..work with them. The second quality is genuineness. A genuine person is someone does not hide their real thoughts, feelings or intentions. It is this quality .enables you to be the person you really are. Acceptanceis the third quality, the one..helps you respect and accept people as they are. Good leaders .need to be good communicators, have to have those qualities. Many people would say that, in addition, a really
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good leader is one is able to develop such qualities in others. B. Cross out the incorrect relative pronoun in each of the sentences below: 1. 2. 3. 4. have. 5. 6. The assertiveness training workshops, which/that starts next The meetings that/who we hold on Friday afternoons are month, is designed for anyone who/which is or will be a team leader. compulsory for everyone. C. Combine a word or expression from A with one from B to complete the gaps in the passage below. You may need to change the form of some of the words. Definitions are given in brackets to help you. A overcome set up raise take on (x2) turn down run B a partner finance a business hurdles a request a risk the challenge Half a million people _____________________________(start a company) each year in the UK, even though they ___________________ (face the danger) of failing. Statistics have shown that within three years, 45% of them go out of business, many
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It is unbelievable what people who/ which believe in themselves The ability to motivate people is one of the greatest assets that/ Do you agree that successful people are those who/which seize Mandela, that/who is often considered to be the greatest statesman

can accomplish. who a leader possesses. opportunity and take risks? of our time, has most of the qualities that/who a successful leader has to

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losing all their money. What sort of people want to be entrepreneurs when there is such a high failure rate? They tend to be motivated, creative and eager to __________________________(accept something that is difficult but interesting) of being their own boss. They are resilient and able to _______________________ (find ways around problems) when, for example, the bank ________________________ (rejects a request) for a loan. Instead of giving up, they will look for other ways to ____________________________(obtain capital) such as ___________________ (engaging a business associate). Answers to the self-evaluation test A. B. C. who; which; that; that; which; that; who; who; who; that; who; which; who; which; that; that; who 1 set up a business; 2 run the risk; 3 take on the challenge; 4 that; who; who.

overcome hurdles; 5 turns down a request; 6 raise finance; 7 taking on a partner

TEST: The business plan

You have decided to set up your own business together and have approached the bank for advice. They have asked you to prepare a business plan. Decide what type of business you are going to set up, then discuss each of the points listed in the business plan. When you have finalized all the details of your business, prepare a written plan to give to the bank.

Use the outline of the business plan checklist in activity 1, page 54.
BIBLIOGRAPHY: Ciuciuc, Olea, English for Business Purposes, Teora, Bucureti 1999. Emmerson, Paul, Business Grammar Builder, Macmillan, 2002. Evans V. , Grammarway 4, Express Publishing House, 1999. Evans V. , Grammarway 3, Express Publishing House, 1999. Paidos, Constantin, Gramatica limbii engleze, Institutul European, 1993. Pile, Louise, Intelligent Business, workbook, Pearson Education Limited, 2005.

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