3RD YEAR TRANSLATION STUDIES

BUSINESS ENGLISH AUTUMN TERM 2018-2019

Course coordinator: Roxana-Cristina Petcu, PhD

WORKSHEET 1

I.TRANSLATE INTO ROMANIAN:

Almost unnoticed, Japanese companies are starting to turn away from their obsessive pursuit of market share
towards a more western-style stress on profitability and return on equity. The change will have a profound effect
on how corporate Japan manages itself. The shift in strategy has been partly prompted by a worse-than-expected
economic slowdown. But Japanese companies have also begun to realise that there is a practical limit to the
pursuit of market share. Quite apart from the political constraints imposed by the threat of a protectionist
backlash, there are also sound commercial reasons for changing course. In the easy credit conditions of the late
1980s, the pursuit of market share almost regardless of cost led to wasteful spending, diseconomies of scale and
a proliferation of products that are now clogging Tokyo warehouses. Corporate Japan faces the prospect of a
third consecutive year of declining company profits in the fiscal year to March. This will be the first time this has
occurred since 1945, which is one good reason why the Tokyo stock market is depressed. Other signs of corporate
weakness abound. Inventories have soared. Industrial output will decline by 4% in the first three months, the
biggest drop since 1975.The most dramatic change to come, however, may be in capital spending. Robust private-
business investment has been at the core of Japanese economic strength. Japanese firms indulged in investment
overkill in the so-called Heisei boom which began in late 1986 and ended in 1991.Capital spending accounted for
two-thirds of the growth in real GNP during those five years. But business spending was even greater than this
figure suggests, since firms spent lavishly in the boom years buying land at crazy prices on which to build
unproductive assets like corporate dormitories. Yet, land is not included in official measures of capital spending.

II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE

SAME THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1.market share:a.the business of dealing in stocks and shares; b. an enclosed area in a market place; c.the
proportion of the total demand that is supplied by a particular manufacturer or brand.
2.equity: a.fairness; b.the part of a company’s capital that belongs to the shareholders; c.a branch of law.
3.slowdown: a.reduction in activity;b.protest by workers in which they deliberately work slowly and cause
problems; c.collapse.
4.backlash:a.revolt; b.acceptance; c.strong reaction against
5.regardless of :a.taking something into account; b.in spite of; c.on condition
6.diseconomies of scale:a.decreases in costs; b.increases in efficiency; c.decreases in efficiency and rising
costs
7.clog:a.free; b.jam; c.not to allow free movement
8.prospect:a.view; b.chance; c.expectation.
9.stockmarket:a.stock exchange; b.open-air market; c.the market in which goods are traded.
10.inventory :a.detailed list of things; b.raw materials and unsold stock held by a business; c.list of furniture
provided by the owner the tenant.
11.soar :a.tower; b.decrease;c.rocket.
12.overkill:a.lack; b.average; c.excess.
13.figure :a.form; b.person; c.digit
14.lavishly : a.generously; b.economically; c.sparsely.
15.assets : a.liabilities; b.debts; c.possessions.

III.TRANSLATE INTO ENGLISH:

PACIENŢII FMI SE VINDECĂ DIN CE ÎN CE MAI GREU
Odinioară era confortabil să crezi că sistemul financiar internaţional era un Dumnezeu bun şi drept.Ţările care
înregistrau mari deficite bugetare şi împrumutau din străinătate pentru a finanţa consumul, mai degrabă decât
investiţiile, erau pedepsite prin fuga capitalurilor şi deprecierea monedei naţionale.Ţările care duceau o politică
prudentă erau recompensate prin creştere sănătoasă şi un flux stabil al veniturilor din investiţii.La adunarea
anuală din octaonbrie, de la Washington, reprezentanţii FMI şi ai Băncii Mondiale, împreună cu miniştrii de
finanţe şi reprezentanţi ai marilor bănci, s-au confruntat cu o realitate complet diferită.Ţări cum sunt Coreea de
Sud, Thailanda, Malaezia şi Indonezia care, timp de decenii, au fost considerate modele de dezvoltare pentru
restul lumii, au fost răvăşite de fuga capitalurilor.În acelaşi timp, planurile de salvare ale FMI pentru aceste ţări
nu par să funcţioneze.Şomajul şi nivelul dobânzilor au răbufnit, monedele s-au prăbuşit şi prosperitatea s-a
transformat în pauperizare şi revolte.Fluxul fondurilor private către aceste ţări s-a îngustat până la stopare.Chair
şi Thailanda, care a făcut progrese însemnate ăm modernizarea sistemului său financiar şi legislativ, nu se va
putea redresa decât peste ani.Pe ansamblul ţărilor asiatice lovite de criză se va înregistra în acest an o contracţie
de 5%, potrivit Agenţiei Standard&Poor’s, faţă de creşterea medie de 5% în anii 1996-1997.Cu atât mai grav este
faptul că încercările de asanare a crizei, care se rostogoleşte peste noi şi noi pieţe, nu au avut succes - vezi Rusia
şi America Latină.Ultima victimă este Brazilia, unde piaţa de capital s-a prăbuşit cu 40% în câteva luni.A apărut,
ca urmare teama că o serie de deficienţe vor genera o dezordine în sistemul financiar global.Reverberaţiile crizei
au ajuns şi în SUA, prin colapsul înregistrat de Fondul de investiţii Long-Term Capital Management.

IV. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE THESE
TERMS INTO ROMANIAN .

A. exchange rate ; interest; mortgage; an overdrawn account; savings account; current account; pension;
disability allowance; child benefit; grant

B.a bank account with minus money in it; money paid towards the cost of raising a family ; money given by the
government for education,welfare,etc.; an account that is used maninly for keeping money; money paid to people
after a certain age; money chargeable to a loan; an account that cheques are drawn for day-to-day use; a loan to
purchase property; the price at which one curreny can be exchanged for another currency; money paid to people
with a handicap

V.MATCH THE TERMS IN LIST A WITH THEIR CORRECT DEFINITION IN LIST B, TRANSLATE
THEM INTO ROMANIAN AND USE THEM IN SENTENCES OF YOUR OWN:

A. MONETARY POLICY; COMMODITY PRICE; EXCHANGE RATE; EMPLOYMENT; GROSS DOMESTIC

PRODUCT; PUBLIC EXPENDITURE; BALANCE OF PAYMENTS; CAPITAL FLOW; FOREIGN RESERVES;
STATE ASSETS

B. all property owed by the state; that part of the national product remaining after taking away the country`s
net income from abroad; movement of capital as if in a steam; money spent by the government on the needs of
the country, public services, etc; the control of a country`s currency and its system for lending and borrowing
money, especially through the supply of money; the difference between the amount of money a country pays
for its imports and the amount it receives for its exports; the amount of foreign currency that a country has; the
state of having paid work to do; amount of money to be paid for a useful article that needs a manufacturing
process before it is ready for the consumer; the price at which one currency can be exchange for another currency

VI. Fill in the blanks with the appropriate words in the list below:

DEBENTURES, SHARES, ISSUES, AUTHORISED CAPITAL, LODGE, SUBJECT, MANAGEMENT,

FINANCIAL RESOURCES, DEMAND, FREEDOM, BUSINESS, CAPITAL, LOSS, INCORPORATION.

Before any business starts, ......... must be raised and the amount of capital and the methods of raising it depend
on the type of .......... organisation.The sole trader has control of his capital with almost complete ....... from
external interference, but his business can succeed only when the commodities are in regular ....... and the
expansion of his business is limited to the ...... of the owner.The partners not only take an active part in the ......
of the business but they share the resulting profit or ...... as well. The utility service companies are granted special
privileges and rights but they are .......... to restrictions for consumer protection.Before a public or private
company begins business, it must ...... with the Register of Business a number of documents.The amount of the
...... must be stated in the Charter of the Company.The Registrar ........ the Certificate of ....... . The working capital
is obtained by the issue of ....... . If a company finds its capital fails to meet its requirements it can obtain
additional funds by the issue of .......... .
3RD YEAR TRANSLATION STUDIES
BUSINESS ENGLISH AUTUMN TERM 2018-2019
Course coordinator: Roxana-Cristina Petcu, PhD

WORKSHEET 2

I.TRANSLATE INTO ROMANIAN:

If the ECB is squeamish about funding governments, it is quite content to provide banks with cheap, long-term
cash that might be used to buy sovereign bonds. Yet the ECB’s offer of unlimited liquidity to banks is not a
close substitute for direct bond purchases. The ECB’s qualms put the onus on governments to bolster the euro
zone’s rescue resources to stem a self-fulfilling run on the bond markets of Italy and Spain. But the EU
summit fell short of what was required, just as all previous such gatherings had. Much diplomatic effort was
wasted on securing a new “fiscal compact”, which tries to build upon the rubble of the failed stability and
growth pact. The new pact commits euro-zone members to a structural budget deficit (ie, allowing for the
economic cycle) of no more than 0.5% of GDP a year. This fiscal rule is to be hard-wired into each country’s
constitution to make compliance likelier. Fines for breaching the “old” pact’s limits of a 3% of GDP budget deficit
will be automatic, unless voted down by the bulk of the euro zone. The pact’s rigidity would make recessions
worse, and the new fiscal rule would not have kept Ireland or Spain out of trouble. The commitment to the
compact might at least have eased bond-market tensions if it were presented as a staging post to a fiscal union
or to common bonds. Sadly, there was no mention of Eurobonds in the summit’s final communiqué. Nor was
there enough progress in increasing the rescue funds for troubled sovereigns. The summit pledged up to €200
billion of new money for the IMF to deal with the crisis in the hope that other contributions from outside Europe
might follow. The euro zone’s permanent rescue fund, the European Stability Mechanism (ESM), may
come into operation as soon as June, a year earlier than planned, and will be able to respond to a new emergency
as soon as 85% of the euro zone (by voting weights) gives it clearance. But any increase in its €500 billion kitty
will not be considered until March. Even if the summit’s pledge of €200 billion to the IMF is matched by others
and then combined with the €250 billion or so that is left in the euro zone’s temporary rescue fund, the money
available would be barely enough to cover the borrowing needs of Spain and Italy over the next two years. It is
well short of what was needed to persuade skeptical investors that big euro-zone countries are safe from runs on
their bond markets. And though the Brussels summit ruled that private-sector “involvement” (ie, losses) would
not be mandatory were a country forced to tap the ESM, reliance on IMF funds to augment the euro zone’s own
resources will make investors nervous. The IMF usually gets its money back first, leaving private investors to
take any losses. This package was supposed to save the euro but is clearly inadequate. Unless a more impressive
cure for the euro’s ills is agreed soon, it is hard to see it surviving the next year intact.

II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE

SAME THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1. fund: a) finance or underwrite a business, program, or project; b) a collection of assets belonging to a trust, held
by the trustees for the beneficiaries; c) an investment vehicle that is made up of a pool of funds collected from
many investors
2. sovereign bonds: a) an instrument of indebtedness of the bond issuer to the holders; b) bonds issued by
governments. They can be either local-currency-denominated or denominated in a foreign currency; c)
a bond that a corporation issues to raise money effectively in order to expand its business.
3. liquidity: a) a high volume of activity in a market.; b)the state of being neither a gas nor a solid ; c) liquid
assets
4. run on: a) a particular type; b) a long vertical hole; c) a situation that occurs when a large number of bank
or other financial institution's customers withdraw their deposits simultaneously due to concerns about the
bank's solvency.
5. bond market: a) primarily includes government-issued securities and corporate debt securities, and
facilitates the transfer of capital from savers to the issuers or organizations requiring capital for government
projects, business expansions and ongoing operations.; b) a medium that allows buyers and sellers of a specific
good or service to interact in order to facilitate an exchange ; c) Network of banks, discount houses, institutional
investors, and money dealers who borrow and lend among themselves for the short-term (typically 90 days).
6. fiscal compact: a) reinforced surveillance and coordination of economic policies; b) financial sanctions
for euro-area Member States are imposed in a gradual way; c) an intergovernmental treaty signed by 25 EU
Member States which establishes that national budgets must be in balance or in surplus under the balanced
budget rule, a criterion that is met if the annual structural government deficit does not exceed 0.5% of GDP at
market prices.
7. budget deficit: a)the amount by which government expenditure exceeds income from taxation, customs
duties, etc., in any one financial year; b) The amount by which a government's, company's, or
individual's income exceeds its spending over a particular period of time; c) an estimate of income and
expenditure for a set period of time.;
8. Eurobonds: a) a stock or any other security representing an ownership interest ; b)national bonds
denominated in the national currency of the country where it is issued; c) an international bond issued in
Europe or elsewhere outside the country in whose currency its value is stated;
9. fiscal rule: a) a permanent constraint on fiscal policy through simple numerical limits on budgetary
aggregates; b) relating to government revenue, especially taxes.; c) a legal or treasury official in some countries;
10. fiscal union: a) an organized association of workers in a trade, group of trades, or profession, formed to
protect and further their rights and interests.; b) the action of joining together or the fact of being joined
together, especially in a political context; c) the integration of the fiscal policy of nations or states. Under fiscal
union decisions about the collection and expenditure of taxes are taken by common institutions, shared by the
participating governments;
11. sovereign: a) a supreme ruler, especially a monarch; b) Self-governing; independent state ; c) possessing
supreme or ultimate power
12. European Stability Mechanism: a) international financial institution established to provide financial
assistance to non-euro area member states experiencing severe financial difficulties; b) a non-
profit European Union institution based in Luxembourg that makes loans, makes guarantees, provides technical
assistance and provides venture capital for business projects that are expected to further EU policy objectives; c)
an international organisation located in Luxembourg which was established on 27 September 2012 as a
permanent firewall for the eurozone to safeguard and provide instant access to financial assistance programs for
member states of the eurozone in financial difficulty;
13. euro zone: a)the Member States of the EU ; b) the economic region formed by those member countries of
the European Union that have adopted the euro ; c) all the states in Europe;
14 borrowing. a) receiving something of value in exchange for an obligation to pay back something of usually
greater value at a particular time in the future; b) taking and using something that belong to someone else for
a period of time before returning it; c)receiving money from another party with the agreement that the money
will be repaid
15. private investors: a) a person or a private company whose shares are privately held and not traded on a
stock market that makes investment; b) money that a government spends on public services, such
as education and health; c) a person who allocates capital with the expectation of a financial return;

III.Translate into English:Ungaria s-a numărat, împreună cu Islanda, printre primele victime europene ale crizei
financiare care a debutat în toamna lui 2008, când s-a prăbuşit colosul bancar Lehman Brothers. A avut urgentă nevoie de
un ajutor financiar internaţional, pe care l-a primit de la troika finanţatoare condusă de FMI, coordonată de Comisia
Europeană şi asistată de Banca Mondială. Căderea economiei a fost acompaniată şi amplificată de efectele perverse ale
creditării în monede exotice. Aproape toate creditele ungurilor fuseseră acordate în franci elveţieni şi o mică parte în yeni
japonezi. Ungurii au preferat creditele exotice, deoarece erau mai ieftine, forintul fiind, alături de leu, una dintre cele mai
scumpe monede europene. Ungaria şi-a redresat, discret şi parţial, economia cu susţinerea troikăi şi a intrat într-un con de
umbră, datorită provocărilor pe care Grecia le-a pus în faţa pieţei financiare internaţionale. Între timp, guvernul care
articulase un program de austeritate a fost alungat în alegeri şi a apărut pe scena politică de la Budapesta o alianţă care a
alungat FMI-ul, întrerupând un acord incomod şi a aplicat un set nesfârşit de politici neortodoxe. Într-adevăr, Ungaria părea
să nu mai aibă nevoie de banii pe care FMI & Co. îi livra zgârcit şi condiţionat. Guvernul pusese mâna pe banii fondurilor
de pensii private, vreo zece miliarde de euro. Apoi se aştepta la alţi bani frumoşi, pe care ar fi urmat să-i scoată taxarea
suplimentară a băncilor. Între timp, banii confiscaţi de la fondurile de pensii s-au terminat, iar băncile nu au avut profiturile
aşteptate, aşa că n-au putut livra sume consistente unui buget hămesit. Confiscarea fondurilor de pensii private a avut ca
efect retragerea multor investitori străini de portofoliu din piaţa financiară ungară. Pe de altă parte, banii fondurilor de
pensii erau plasaţi în cea mai mare parte în titluri de stat, deci finanţau deficitul bugetar. Acum, din piaţa ungară lipsesc 10
miliarde de euro care ar fi putut susţine împrumuturile statului din piaţa financiară internă. Cabinetul condus de Viktor
Orbán şi-a continuat însă programul de politici neortodoxe şi a atacat independenţa Băncii Centrale a Ungariei. Orbán a
schimbat legea bancară, de aşa manieră încât guvernul să poată controla, indirect, deciziile de politică monetară ale Băncii
Centrale. Au apărut speculaţii potrivit cărora guvernul ungar ar fi dorit să mişte atât valuta din vistieria Băncii Centrale
pentru a plăti datoriile statutului, cât şi tiparniţa de bani. Ministrul Economiei a dezminţit zvonul privitor la mânuirea
valutei, nu şi cel referitor la tiparniţă. Budapesta a lansat operaţiunile de schimbare a legislaţiei privind Banca Centrală spre
finalul anului, dorindu-şi probabil să treacă neobservată de o piaţă financiară obsedată de zona euro.
IV. Provide synonyms for the words/phrases and use them in sentences of your own:
put the onus on ; substitute; purchases; fall short of; fine; bulk; rigidity; pledge, rescue fund; give clearance;
kitty.

V.Match the words/phrases in List A with the words/phrases in List B below to form
collocations, define the terms thus obtained, translate them into Romanian and then use them
in sentences of your own:
A. 1. European Exchange, 2. sovereign, 3. European Financial, 4. cap, 5. foreign currency;
B. a. Stability Facility, b. budget-deficit, c. reserves, d. Rate Mechanism , e. debt;

VI. Translate the following terms into English and use them in your own sentences:
Fond de investitii; participatie la o proprietate; achizitii publice; teren; a detine o proprietate; cota de participare;
obiect de activitate; portofoloiu de produse; institutie de credit.

VII. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE THESE TERMS
INTO ROMANIAN .
A.1. Gold standard; 2. output; 3. corporation tax; 4. state-owned borrowers; 5. entrepreneurial companies; 6.
domestic market; 7. saver; 8. banking union; 9. hard currency; 10. deflation

B. a) a general decline in prices, often caused by a reduction in the supply of money or credit; b) the system,
abandoned in the Depression of the 1930s, by which the value of a currency was defined in terms of gold, for
which the currency could be exchanged; c) when state-owned enterprises acts as borrowers, they must fit within
an annual limit for new borrowing determined by debt sustainability; d) a political vision for more EU integration
with the objective to strengthen and extend the regulation of the banking sector; e) a quantity produced or
manufactured during a certain time; f) a company having to do a person who organizes and manages any
enterprise, esp. a business, usually with considerable initiative and risk; g) taxes against profits earned by
businesses during a given taxable period; h) a person who regularly saves money through a bank or recognized
scheme; i) Stable, convertible currency (such as the Euro, US dollar, or Yen) or that enjoys
the confidence of investors and traders alike; j) the supply and demand of goods, services, and securities within a
single country.

VIII.PUT EACH OF THE FOLLOWING WORDS OR PHRASES INTO ITS CORRECT PLACE IN THE TEXT
BELOW:
BANKS, CURRENCY,GOODS, SAVINGS, DEPOSITING,INVESTMNETS, SELL, BUY, EARN, MONEY, SHELLS, COINS,
EXCHANGE RATE, PAPER BILLS, VALUE, CHANGE.

Money is what people use to ...... things. People spend money on ....... and services. Many people save part of their money by
....... in a bank. People ....... money by performing services. They also earn money from ........, including government bonds,
and from ........ . ......... can be anything that people agree to accept in exchange for the things they …….or the work they do.
Ancient people used such varied things as ......., ........, and cattle as money. Today, most nations use metal coins and ......... .
Different countries’ ......... and bills look different and have different names. A person can ...... his money for the money of
any country according to the ........ . Usually, such rates are set by the central ...... of a country. The .......... of a country’s ........
may change, depending on the economic and political conditions in that country.

IX.MATCH THE TERMS IN LIST A TO THEIR ANTONYMS IN LIST B; TRANSLATE BOTH TERMS INTO
ROMANIAN AND USE THEM IN SENTENCES OF YOUR OWN:

A. REVENUE, NET, PROFIT, SUPPLY, WHOLESALE, STOCKS, PRIVATE SECTOR, STATE-OWNED ENTERPRISE,
CREDIT, BLUE-COLLAR WORKERS, BOOM, SKILLED LABOUR, TAKE ON NEW STAFF, LENDING, SHOP FLOOR

B. BOARD ROOM; EXPENDITURE; COLLAPSE; DEBT; UNSKILLED LABOUR; GROSS; WHITE-COLLAR WORKERS;
PRIVATELY-OWNED ENTERPRISE; LOSS; BORROWING; DEMAND; LAY OFF; PUBLIC SECTOR; DEBIT; RETAIL
3RD YEAR TRANSLATION STUDIES
BUSINESS ENGLISH AUTUMN TERM 2018-2019
Course coordinator: Roxana-Cristina Petcu, PhD

WORKSHEET 3

I.TRANSLATE INTO ROMANIAN:

With the Dow Jones Industrial Average back at 9,000 or thereabouts, you might be forgiven for thinking
that the financial traumas affecting much of the world economy this year had never happened.When the Federal
Reserve cut interest rates by another quarter of a point on November 17th, the third such change in seven
weeks, its chairman, Alan Greenspan, hinted that it might be the last cut for some time: the danger had indeed
subsided, he explained, though the economy was still feeling some strain.And for good measure the IMF has
announced its new package of assistance for Brazil; with this in place, you might argue, the chances are much
better that the recent financial contagion will stop.Things are looking up - aren’t they? We doubt it. Nobody
knows what will happen in the world economy over the coming months.It may be that a smooth adjustment to
the shocks of the past year will happen after all - meaning that growth merely slows in America and Europe,
rather than coming to a halt or worse.But this pleasant prospect has been advanced little, if at all, by the most
recent changes in policy.The proper verdict on the latest cut in American interest rates, as on the new financial
package for Brazil, is that policymakers seem hardly any less confused today than they were when the trouble
started. Why another cut in American interest rates deemed wise ? Perhaps Alan Greenspan knows something
dreadful about financial fragility in America that the markets do not.Maybe another Long-Term Capital
Management is about to cave in; possibly, regulators’ preliminary inquiries into the risks that banks and
securities houses have been taking in their dealings with hedge funds have turned up some horrors.None of
this would have come under the heading of “good news”: if this is why the Fed acted it would be wrong to regard
cut as cause for rejoicing.

II.Choose the explanation which best illustrates the meaning of the underlined words as they are
used in the text above:
1.Dow Jones Industrial Average: a.the name of a company; b.the New York Stock Exchange; c.the world’s
best known index of the movement of prices of common stock on the New York Stock Exchange
1.interest rate: a.the amount of your interest for something; b.the cost or price of borrowing money; c.a period
of time
3.point: a.fullstop; b.an item on the agenda; c.one hundredth of a cent
4.cut :a.reduction; b.stop; c.commission
5.package of assistance :a.a relief delivery of goods; b.humanitarian aid; c.a set of financial arrangements
destined to help a specific recipient
6.contagion :a.catching disease; b.something which can spread very quickly and affect a lot of other areas;
c.encouraging phenomenon
7.policy :a.document stating that one is insured; b.general course of action, planned and determined in advance
by the top management; c.actions planned to hold down inflation
8.policymaker: a.economist; b.insurance agent; c.decision-making factors involed in the determination of a
general policy
9.regulator : a.devices used to make a machine operate; b.equipment; c.persons involved in establishing new
regulations
10.securities : a.freedom from danger; b.something valuable given to a lender by a borrower to support his
intention to repay a loan; c.stocks, shares and bonds which are bought as investments.

III.Translate into English: Bursa de Valori mizează pe artificii

1. Cu un puternic iz de tranziţie, Bursa încearcă acum să se descotorosească de întreprinderile slabe, care şi-au
făcut loc pe piaţa de capital.Artificiile de până acum n-au avut efectul scontat. Un investitor străin este, în primul
nd, interesat de performanţele firmei la care cumpără acţiuni.Dacă realizează că lucrurile nu sunt aşa cum par,
devine neîncrezător şi suspicios.Este cazul întreprinderilor ale căror performanţe sunt umflate de manageri, dar
care, de fapt, au lichidităţi reduse şi, de cele mai multe ori, nu sunt tranzacţionate de o lungă perioadă de
timp.Directorul general al Bursei de Valori Bucureşti, Ştefan Farmache, speră că la începutul anului viitor
imaginea Bursei va fi alta.”O soluţie ar fi scoaterea de pe listing a întreprinderilor ai căror mamageri nu respectă
criteriul transparenţei şi nu ne dau toate datele obligatorii cotării la bursă” spune el.Este o schimbare de faţadă,
totuşi.Pe pieţele dezvoltate, o întreprindere care nu respectă regulamentul bursei este scoasă de la tranzacţionare
şi nu este cotată pe ascuns.Bursa din România nu are însă acest interes, deoarece încasează 0,6% din volumul
oricărei tranzacţii, fie ea cât de mică.Preşedintele Comisiei Naţionale de Valori Mobiliare, Ştefan Boboc, dă o altă
variantă: transferul societăţilor cu probleme de lichidităţi de pe Bursă la Rasdaq.”Soluţia ar putea fi pusă în
practică din ’99.Dar, oricum, nu rezolvă decât parţial problemele Bursei. Volumul tranzacţiilor va fi la fel de
scăzut, deoarece urmează o perioadă neagră pentru piaţa de capital din România.Iarna, activitatea economică
scade, de asemenea şi nivelul tranzacţiilor.Anul viitor va fi unul electoral, de aceea economia va trece pe locul
doi.Va urma o jumătate de an post-electoral, când aleşii vor stabili noua politică a pieţei de capital.Când să mai
relansăm Bursa?” se întreabă Ştefan Boboc.

2. În zilele noastre, cărţile de credit reprezintă o modalitate de plată fără numerar, utilizată în întreaga lume.Au
fost introduse datorită avantajelor pe care le prezintă.Comoditatea şi siguranţa pe care le oferă utilizarea cărţilor
de credit sunt principalele motive pentru care oamenii s-au obişnuit să le plătească.Când cumperi ceva, prezinţi
pur şi simplu cartea de credit vânzătorului, iar plata se face automat din contul bancar.Deşi în România cărţile
de credit reprezintă încă o modalitate de plată foarte puţin folosită, utilizarea lor va deveni o necesitate din ce în
ce mai acută în viitor.Prima bancă care a emis o carte de plată în lei este Banca Română pentru Dezvoltare.Ea se
adresează în principal oamenilor de afaceri şi poate fi utilizată pe tot teritoriul României.

IV.Define the following terms in English; provide their Romanian translation and use each of
them in sentences of your own:
LEVERAGED BUY-OUT, JUNK BONDS, EQUITY, MAJORITY STAKE, TO DIVEST, UTILITY,
GREENMAIL,BID, CORE BUSINESS, MERGER, BUSINESS COMMUNITY, CORPORATE LADDER,
HOLDING COMPANY, SUBSIDIARY, PREDATOR, VENTURE CAPITAL,FREE-LANCE, TO GO PUBLIC.

V.Translate the following terms into Romanian:

cash dispenser, standing order, overdraft, mortgage, retail bank, flotation, face value, blue chip, insider share-
dealing, maturity, buy-and-hold investor, capital gains, stockbroker, internal auditor, par, bearer certificate,
assets, commodities, foodstuffs, hedge fund.

VI. Give the English term which best captures the meaning of the following definitions:
1.to place money in a bank; 2.the money used in countries other than one’s own; 3.available cash and how easily
other assets can be turned into cash; 4.the date when a loan becomes repayable; 5.when a company buys or
acquires another one; 6.when a company combines with another one; 7.taking care of all a client’s investments;
8.a company considered to be without a risk; 9.ability to pay liabilities when they become due; 10.anything that
acts as a security or guarantee for a loan.

VII.Match up the terms in list A with the corresponding definition in list B; provide their
Romanian equivalents and use them in sentences of your own:
A. 1.issuing bonds; 2. pension funds; 3. default; 4. price appreciation; 5. deregulation; 6.capital gains; 7.equity
financing; 8.liquid; 9.yield; 10.coupon

B. a. profits that an investor realizes when he or she sells the capital asset for a price that is higher than the
purchase price.; b.the ending or relaxing of legal regulations; c.retirement money; d. increase in the value of an
asset which is in excess of the asset's depreciable cost, and is due to economic and other factors ; e. interest rate
stated on a bond when it's issued; f.easily sold (turned into cash); g. raising capital by selling company stock to
investors. In return for the investment, the shareholders receive ownership interests in the company ; h. the
amount of interest paid by a fixed interest security; i. the process of offering securities as an attempt to raise
funds; j. non-payment

VIII. Match the terms below to their correct definitions; provide the Romanian translations of
these terms and use them to fill in the sentences below:

A. 1. limited liability company(LLC) ; 2. private limited company; 3. public limited company(PLC); 4. futures; 5.
derivatives.

B. a. a security whose price is dependent upon or derived from one or more underlying assets; b. a
company whose securities are traded on a stock exchange and can be bought and sold by anyone; c. a form of
incorporation that limits the amount of liability undertaken by the company's shareholders; d. a financial
contract obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or
a financial instrument, at a predetermined future date and price; e. a type of company that offers limited liability,
or legal protection for its shareholders but that places certain restrictions on its ownership

C. 1. A ______ contract specifies a transaction that will take place in the future. 2. A _____ is a company that
does not have share capital, but is guaranteed by its members, who agree to pay a fixed amount in the event of
the company's liquidation.3. In a ______, the debts of the company are separate from those of the
shareholders.4. _____ are generally used as an instrument to hedge risk, but can also be used for speculative
purposes. 5. A _____'s stock can be acquired by anyone and holders are only limited to potentially lose the
amount paid for the shares.