Вариант5
I. Прочитайте текст и выполните следующие за ним задания.
Inflation and Working Capital Management
Finding the optimal level of inventory in an hyperinflationary environment is not always easy, since conflicting situations may exist. The idea of redacting inventories to improve liquidity and lower financing costs is sound. The company with a rapid turnover is in a better position because less investment in inventory is requires. Funds can therefore be alternatively invested. Of course, a film with a minimum inventory dependence is in the most advantageous position during inflationary times. It is also better if it owns saleable goods because cash flow may immediately be generated. Secondly, one of the quickest methods of increasing the return of capital is to reduce the amount of capital invested in the business. However there are another important factors that may influence the inventory decision.
We have already mentioned the case of a company that would be well advised to build up inventory prior to anticipated inflation after appraising supply/demand relationships, manufacturing cost, financing costs, and cash needs, When such circumstances do not exist, we must be aware that liquidity is important provided itcan be used for some worthy cause. Otherwise it subject to the monetary erosion while the Inventory is not. It is therefore preferable to be rich in inventories than in cash.
The means trough which the reduction in turnover is achieved should also be considered. Redacting inventory through discounts offered in an attempt to win customers can be harmful. Increased discounts offered to a market declining in consumption must be paid for out of net profits. At the same time as company profits decrease, borrowing increases and die cost of borrowing depresses profits further. Finally me firms should try to pursue any possible method to reduce the inventory cost. The company should try cat costs by finding cheaper ways of doing things. The incidence of scrap and salvage should be minimised. In addition, poor product lines should be cancelled. To be especially avoided are components that traditionally experience excessive price increases, With respect to the purchase of materials the following factors should be taken in consideration.
To minimise cost increases, the firm should enter long-term contract agreements and encourage suppliers to quote firm prices A change in suppliers may be warranted if one allows for more liberal credit and grants easier credit terms. When available, contracts in die futures market may be entered into when inflation is expected to get worse. The firm may lock itself into buying a raw material at a stated price that is lower man the anticipated future price.
Good relationship with vendors should be developed to assure adequate flow of components and supplies during a shortage period.
The following factors should be taken into considering investment projects.
To protect itself against rapid inflation, the firm should stay out of investments in vulnerable areas of nonessential items. Luxury long-term investment proposals should be temporarily scrapped if higher costs occur and the firm has a weak funds-flow position and/or credit is tight.
On the other hand, low investments opportunities such as obtaining licenses for new developments or granting licenses for the finn's products to others should be pursued. Because high rates of inflation affect projects requiring short-lived assets more than those requiring long-lived ones, it would be beneficial to shift towards high-quality machinery, with a longer life or to stretch replacement intervals.
An attempt should be made to divide projects into self-contained economic units so that success is not dependent upon the completion of the whole projects. This flexibility may help in controlling costs.
It would probably be best for the company to avoid investing m projects with long lead times because the impact of inflation on these items is difficult to control. Perhaps risks can be minimised through joint ventures.
A company in a technologically oriented industry that does not keep up to date wit! be incurring higher operational costs in maintaining equipment. Production stoppages will result and, in a later period the higher replacement cost for property, plant, and equipment may place a serve cash drain on the firm.
A capital-intensive business is quite vulnerable to inflation because of the high costs and availability problems of replacing heavy machinery. Once the projects is started, construction should continue regardless of the point in the business cycle. Delay will only cause higher capital, shutdown, and start up costs and lower productivity.
During inflation a company's greatest need is for its assets to be flexible. Specially designed and produced machinery which cannot be resold puts a company in a very high risk situation if there is a turndown in the market. It would be far better to have disposable assets which can be traded if necessary, such as land, non tailor made buildings, standard machinery. Even cash is better than a long-term fixed assets in time of trouble It may be wasting away, but at least it can easily be pushed into something more profitable.
Leasing instead of buying machines, making use of outside suppliers instead of internal services, all these provide a greater flexibility and enable a company to concentrate its affairs upon the activities which it dies well and which make company profit.
It is critically important for a company to recognize which if its activities and of its assets are highly productive and which are not. Those activities and assets which are not fully productive should be eliminated. The resultant surplus energy concentrated on highly productive areas of the "business will produce profits in excess of any earnings which might have been made from the marginal activities.
//. Определите значение следующих слов и словосочетаний без помощи словаря.
to invest money
inventory to depress
liquidity
to minimise risks
to generate business cycle corporate funds
to control the impact monetary erosion
vertical integration
standard machinery.
III. Найдите английские эквиваленты следующих словосочетаний.
приносить прибыль
закупать сырье по фиксированной цене
уязвимый к инфляции гарантировать стабильные поставки предоставить лицензию
нести убытки
брать в аренду быстрый товарооборот снижение потребления.
IV. Назовите все глагольные формы (личные и неличные) и объясните их роль в предложении.
Leasing instead of buying machines, making use of outside suppliers instead of internal services, all these provide a greater flexibility and enable a company to concentrate its affairs upon the activities which it dies weu and which make company profit.
V. Дайте адекватный перевод текста на русский язык..
VI. Найдите в тексте случаи использования страдательного залога (Passive Voice) в сочетании с модальными глаголами и дайте их адекватный перевод на русский язык.
Образец; "In addition, poor product lines should be cancelled", "Кроме того, слабые производственные линии следует отменить".
VII. Ответьте на вопросы:
In what way should a company ran its business during the time of hyperinflation?
How must the cash flow be handled?
What measure must be taken in respect with raw materials?
Is it reasonable to make long-term contracts?
"Why is it so important for the business to be flexible?
What other precautions can help the company to survive?
Объясните заголовок текста.
Объясните значение следующих терминов:
- steady supply
- assets
leased property
joint venture liquidity cash drain
marginal activities
futures market
supply / demand relationships
inflationary environment.
X. Перечислите все меры, которые компания должна принимать во время гиперинфляции.
Прочитайте тексты и выполните задания
FOREIGN TRADE OF THE UNITED KINGDOM
In thel9th century Britain dominated international trade, accounting for about one-third of world's exports. Early in the 20th century its position changed. The volume of world's exports increased but the percentage of British exports in world trade declined significantly.
But still foreign trade is vital to Britain's livelihood. With a large population, small land area, and few natural resources, the country must depend on foreign trade to supply the raw materials for English factories and to provide a market for the sale of the thousands of types of manufactured goods produced by English industries.
The United Kingdom's principal exports are vehicles, machinery, manufactured goods and textiles. Her mam exports are foodstuffs and most of the raw materials for industry. Britain imports half the food it needs.
There is usually an unfavorable balance of trade, that is, imports exceed exports, but this is compensated for in part by the so-called invisible trade.
The earnings from invisible trade come in the way of shipping charges, interest payments from foreign investments, interest payments from British enterprises abroad, and tourist expenditure. The earnings from foreign tourist trade make this one of Britain's important industries.
Britain has got very sound economic ties with various countries of the world, especially the Commonwealth countries. The Commonwealth, officially called The Commonwealth of Nations, has grown out of the old British Empire which came to an end with the Second world war. The Commonwealth countries are Canada, Australia, New Zealand and many other small countries and territories.
The United Kingdom has been a member of the European Free Trade Association (E.F.T.A.) since 1959, and a member of the European Economic Community (E.E.C.) since 1973.
I. Найдите ответы в тексте;
1. What goods docs Britain export?
2. What goods does the United Kingdom import?
3. What services does the country export?
4. Does the country earn a lot of money thanks to a big number of tourists coming to Britain?
5. What is The Commonwealth?
6. Is Britain closely connected with Commonwealth countries?
7. Is the United Kingdom a member of the European Free Trade Association?
8. When did Britain join the European Economic Community?
//. Найдите, что говорится в тексте о:
Britain's visible imports, its visible and invisible exports, its ties with the Commonwealth countries, its membership in European economic organizations.
THE PAYROLL OF A COMPANY
The list of people employed by a company is blown fay the payroll. The payroll is usually divided up as follows:
Monthly-paid staff
Weekly-paid staff
Hourly-paid staff
Office staff are either monthly or weekly paid and the money they get is called salaries, which are usually set.
Workers are either weekly or hourly paid and they get set wages. Many companies often operate a bonus system for monthly and weekly-paid staff. The bonus is usually paid against certain work done.
The amount of the bonus payment is worked out from the employees job cards.
Hourly-paid staff are usually on the clock. Under this system each worker has a clock number and a clock card. He records his hours of work on the clock card by inserting it into what is literally a clock.
A device in the clock stamps the card with the time. At the end of each week the clock cards (are collected by the timekeepers. The cards are checked and then passed on to the Wages Office. In the Wages Office the wages and overtime are calculated.
When monthly or weekly paid staff work overtime they are also paid overtime.
Employees are sometimes paid in cash or by cheque. But direct payments into the employee's bank accounts are becoming more and more popular.
As a rule employees get pay advices for the paid period. The advice stales the earnings all the deductions and the total amount payable. The deductions usually include National Wealth Insurance contributions.
I. Ответьте на следующие вопросы:
On what time basis can different employees be paid?
What is the money paid to office staff and workers called?
On what basis is bonus paid?
How does on the clock system operate?
Do employees sometimes work overtime? How are they paid then?
In what ways can wages and salaries be paid?
What way of being paid would you prefer?
II. Найдите, что говорится в тексте о:
wages and salaries, bonus payments, on the flock system, overtime, the ways wages and salaries are paid, pay advices
TAXES IN THE UNITED KINGDOM
Individuals, partnerships and trusts pay income tax and capital gains Lax. Companies pay corporation taxes.
Income tax and capital gains tax are charged for a tax year, sometimes called fiscal year or year of assessment The tax year runs from б April to the following 5 April.
Corporation taxes are charged for a financial year which runs from 1 April to the following 31 March.
Companies generally pay corporation taxes nine months after the end of the accounting period.
Individuals usually pay 1axes in two equal instalments on 1 January and 1 July. Usually taxpayers are given 30 days to pay from the date of issue of an assessment
Tax assessments are normally based on returns issued by the Board of Inland Revenue, often called Inland Revenue or IR, for completion by the taxpayer.
If me company or person believes the assessment is incorrect an appeal may be lodged against it. Appeals arc made to either the General Commissioners or the Special Commissioners. The commissioners are completely independent of the Inland Revenue.
Employees pay taxes in a different way. When an employee takes a new job he has to give his new employer his P. 45. This is a document which shows the employee's tax coding and the amount of tax he has paid so far in the tax year.
If an employee has no P.45. he is put on an emergency coding. This means he has to pay tax at the single rate until his P.45. is found or until me tax office clarify his tax position. When the position is clarified the employee receives a refund of any tax overpaid.
Employees are taxed under P.A.Y.E. system, which means Pay as You Earn. Every employee has the tax deducted weekly or monthly. The deductions are calculated by reference to the employee's tax coding. This information is supplied to the employer by the tax office.
I.. Закончите так как в тексте:
Individuals, partnerships and trusts pay...
Income tax and capital gains tax are charged for...
The tax year runs from.,,
Corporation taxes are charged for...
Companies generally pay corporation taxes nine...
Individuals usually pay taxes in two,..
Usually taxpayers are given 30...
Tax assessments arc normally based on returns issued by...
If the company or person believes the assessment is incorrect....
10. Employees pay taxes...
When the employee takes a new job he...
P.45. is a document which shows...
If an employee has no P.45...
Emergency coding means the employee has to pay...
When the position is clarified...
Employees are taxed under...
Every employee has the tax deducted...
The deductions arc calculated...
This information is supplied... to the employer by...
//. Скажите, что вы узнали нового из текста.
BOOKKEEPERS, ACCOUNTANTS AND CONTROLLERS
Bookkeepers deal in taxes, cash How, which include cash receipts and cash disbursements, sales, purchases and different business transactions of the company. Bookkeepers first record all the appropriate figures — in the books of original entry, or Journals. At the end of a period usually a month- the totals of each book of original entry are posted into the proper page of the Ledger. The Ledger shows all the expenditures and all the earnings of the company. On the basis of all the totals of each account in the Ledger, the bookkeeper prepares a Trial Balance. Trial Balances are usually drawn up every quarter. The accountant's responsibility is to analyse and interpret the data in the Ledger and the Trial Balance.
The accountant is to determine the ways in which the business may grow in the future. No expansion or reorganization is planned without the help of the accountant. New products and advertising campaigns are also prepared with the help of the accountant. The work of accountants is rather sophisticated. Many accountants have special certificates after they pass examinations in Institute of Accountants. Certified accountants in England are called chartered accountants. In the U.S.A. the certified accountants are called certified public accountants. But it is not necessary to have a certificate to practice accounting. Junior employees in large companies, for example, often practice accounting and men take the examination. The chief accounting officer of a large company is the Controller, or Comptroller. Controllers are responsible for measuring the company's performance. They interpret the results interpret the results of operation, plan and recommend future action. This position is very close to the top exective of the company,