Answer the questions:
What influence does a corporate culture have on the organization and people who work for it?
What’s there at the heart of corporate culture?
What types of corporate culture can you name? What type is the most effective in your opinion?
Is it easy to start a job in a new company?
Why is a company’s culture called “the most powerful motivating tool”?
Formulate your own definition of the corporate culture.
Replace the words in italics by synonyms from the text:
Companies often succeed when their subordinates identify the shared values.
Corporate culture influences the success of the organization.
Everyone in the company knows the objectives necessary to achieve.
In companies with a facilitating culture people are stimulated to work their own ways.
In a high productivity culture employees link their personal aims with the aims of the organization.
People would like to work not only because of money but also because of the chance to have a challenging post.
The thoughtful way of doing work is different to a tough approach.
A company with a bureaucratic culture is organized strictly and autocratically.
Even if a new organization reminds you the last one you worked for it will take some time to adapt.
It’s rather difficult for new comers to manage a new style of working.
Make collocations:
A verb + preposition + a noun
hold about a company
run for a problem
cope in employees
work to a system
care with a line
adapt along esteem
B verb + adjective + noun
exhibit organizational development
have a strong job
encourage a bureaucratic goals
achieve personal influence
create a new culture
enter a powerful motivation
Text 2. The caring company
A strong corporate culture is said to help firms succeed. Does it?
Task 1. Before you read, look at the title and subtitle. What theory is the article questioning?
Management thinkers have long associated a strong corporate culture – the beliefs, goals and values that guide the behavior of a firm’s employees – with superior long-term performance. The theory is that strong cultures can help workers march to the same drummer; create high level of employee loyalty and motivation; and provide the company with structure and controls.
John Kotter and James Heskett, both professors at Harvard Business School, report on their four-year study to examine the link between corporate culture and economic performance. To do this, the authors calculated (from survey responses) ‘culture-strength indices’ for over 200 big American firms. Their analysis did show a positive correlation between strong cultures and long-term economic success, but it was a weaker association than most management theorists would have expected. Strong-cultured firms seemed almost as likely to perform poorly as their week-cultured rivals.
Strong cultures, even those which once made a company successful, can also be an obstacle to change. Too strong a culture can lead to corporate arrogance and insularity. So what makes a corporate culture a competitive weapon, rather than a liability?
To find out, the researchers dug deeper. They selected two small groups of strong-cultured companies. The first group comprised high-performing firms whose net profits had, on average, increased by three times as much over an 11-year period as those in the second group. What is it about the cultures of the high-performing companies that makes them successful? The authors’ theory is that firms whose cultures seem consistently to produce long-term economic success share one fundamental characteristic: their managers do not let the short-term interests override everything else, but are about all of the company’s shareholders. Only when managers care about the legitimate interests of shareholders do they strive to perform well economically over time, and in a competitive industry that is only possible when they take care of their customers, and in a competitive labour market that is only possible when they take care of those who serve customers – employees.
To test their idea, John Kotter and James Heskett asked the investment analysts to rate a larger number of firms by how much each valued customers, shareholders and employees. Managers and employees at the companies were also interviewed; their views closely matched those of the analysis. Of these, 12 firms were identified whose cultures stressed all of the three big corporate constituencies – customers, employees and shareholders. A further 20 were identified which did precisely the opposite (whose managers, according to the analysts, cared mostly about themselves).
Over the 11-year period, Messrs Kotter and Heskett found that the 12 firms in the first group increased their revenues, on average, by four times as much as the 20 companies in the second group; their workforces expanded by eight times as much; and their share prices increased by 12 times as much (by 901%, against 74% for the second group). Perhaps most impressively, however, the net profits of the firms in the first group soared by an average of 756% during the period, compared with an average increase of just 1% for companies in the second group.
Task 2. The article focuses on a four-year research study undertaken by two Harvard Business School professors, John Kotter and James Heskett. Read it carefully again and complete the research chart:
Corporate Culture and Economic Performance
Aims of the study |
Methods / procedures |
Findings |
Conclusions |
|
Survey over 200 big US firms and calculate their culture-strength indices |
|
|
to correlate the strength of the firms’ cultures with their economic performance over an 11-year period |
|
|
|
|
|
|
|
|
|
|
strong cultures had helped the high performers but had equally hindered the low performers |
Task 3. Complete the following sentences with the correct form of the underlined word:
Employ
In an area of high … people are desperate to find jobs.
Every … of the firm is entitled to a 10% discount.
Her … gets very angry if she uses the phone too much.
I’m looking for temporary … during the summer holidays.
Perform
The Walt Disney Company has been remarkable in its long-term … .
High- … companies have flexible corporate cultures.
Our economy has … well over the past 5 years.
High … are those who are stable in showing excellent results.
Compete
Philips has managed to gain … advantage on the market of home appliances.
Companies face stiff … from their rivals for the market share.
… expand markets and find new uses and users for products, which enriches everyone in the field but mostly the market leader.
Research
Cambridge University has a worldwide reputation in the field of scientific … .
Pierre works in our department, he is one of ten … .
The effects of the factory environment on the workers have been … by a well-known industrial psychologist.
Success
Companies often … because their employees can act on the shared values of the organization.
The Japanese have … achieved their economic targets.
The meeting turned out to be … - we didn’t reach an agreement on the major points.
If a Benetton advertisement is … in Europe, it will probably be … elsewhere.
Analyze
By … their results in some detail, the professors were able to reach some interesting conclusions.
If you work in financial management, you probably need to have an … mind.
Investment … evaluate the investment merits of different stocks and shares.
Their … showed a number of interesting insights.
Text 3. Business Ethics
Ethics is the system of moral principles, rules of conduct, and morality of choices that individuals make. Business ethics is the application of moral standards to business situations. Business ethics has become a matter of public concern. All business people face ethical issues daily, and they stem from a variety of sources. Although some types of issues arise infrequently, others occur regularly. Let’s take a closer look at several ethical issues.
Fairness and Honesty. Fairness and honesty in business are two important ethical concerns. Besides obeying all laws and regulations, business people should refrain from deceiving, misrepresenting, or intimidating others.
Organizational Relationships. A business person may be temped to place his or her personal welfare above the welfare of the organization. Relationships with customers and coworkers often create ethical problems – since confidential information should be secret and all obligations should be honored. Unethical behaviour in these areas includes not meeting one’s obligations in a mutual agreement, and pressing others to behave unethically.
Conflict of Interest. Conflict of interest results when a business person takes advantage of a situation for his or her own personal interest rather than for the employer’s or organization’s interest. Such conflict may occur when payments and gifts make their way into business deals. A wise rule to remember is that anything given to a person that might unfairly influence that person’s business decision is a bribe, and all bribes are unethical.
Communications. Business communications, especially advertising, can present ethical questions. False and misleading advertising is illegal and unethical, and it can infuriate customers. Sponsors of advertisements aimed at children must especially careful to avoid misleading messages. Advertising of health-related products must also take precautions against deception.
Relationships. Business ethics involves relationships between a firm and its investors, customers, employees, creditors, and competitors. Each group has specific concerns, and each exerts some type of pressure on management. Investors want management to make financial decisions that will boost sales, profits, and returns on their investments. Customers expect a firm’s products to be safe, reliable, and reasonably priced. Employees want to be treated fairly in hiring, promotion, and compensation. Creditors require bills to be paid in time and the accounting information furnished by the firm to be accurate. Competitors expect the firm’s marketing activities to portray its products truthfully.
Task 1. Find the English equivalents:
Система моральных принципов; проблема общественной важности; сталкиваться с этическими вопросами; справедливость и честность; законы и постановления; личное благосостояние; деловая этика; конфиденциальная информация; неэтичное поведение; конфликт интересов; воспользоваться ситуацией в личных интересах; взятка; ложное и вводящее в заблуждение рекламирование; принимать меры предосторожности; принимать финансовые решения; относиться честно; правдиво отображать.
Task 2. Translate into English:
Деловая этика – это применение моральных стандартов к деловым ситуациям.
Справедливость и честность в бизнесе являются двумя важными этическими вопросами.
Деловой человек не должен ставить свое личное благосостояние выше благосостояния других или благосостояния организацию
Когда деловой человек пользуется ситуацией для своих собственных личных интересов, это приводит к конфликту интересов.
Все, что дается какому-либо лицу и может несправедливо повлиять на деловое решение этого лица, является взяткой.
Взятки противозаконны и неэтичны.
Ложная и вводящая в заблуждение реклама является противозаконной и неэтичной.
Открытость часто создает доверие и помогает строить прочные деловые отношения.
Task 3. Speak about business ethics, its basic principles and its importance in the world of business:
Text 4. Money and the Meaning of Life
Why do brilliant people allow their hunger for money to cause their ruin?
Everywhere you look, there's compelling evidence that the single-minded pursuit of wealth often leads smart people to do incredibly stupid things—things that destroy what money can't buy.
How is it that brilliant people with more money than they'll ever need allow their hunger for even more money to cause them to lose everything? How much is enough, and why are people willing to risk so much to get more? If money is so alluring, how is it that so many people of great wealth also seem so unhappy?
To answer those questions, I tend to turn to the big lessons in a small book that was published 20 years ago. Called Money and the Meaning of Life, the author is Jacob Needleman, a professor of philosophy at San Francisco State University. I met Needleman during the heyday of the first Internet boom, when lots of people in their twenties and thirties were making more money than they ever imagined they would and were trying to come to terms with what it meant.
Since then, we've had a broader stock-market boom, a real-estate bubble, a second Internet boom, and plenty of busts along the way. The specifics of the financial markets have changed, but the questions remain the same. Here's some of what Jacob Needleman has taught me about the answers, drawn from an interview we did with him at Fast Company many years ago. It's amazing to me how relevant these insights are to what's happening today.
Money may be the root of all evil, but only if you're not honest about what it means to you. "Money is about love and relationships," Needleman explained. "It has a wonderful power to bring people together as well as tear them apart. You can't escape money. If you run from it, it will chase you and catch you. If we don't understand our relationship to money in this culture, then I think we're doomed. If you don't know how you are toward money and really understand that relationship, you simply don't know yourself".
Money truly can't buy happiness, especially if you're unhappy to begin with. "If you are worrying about vegetables now, you'll be worrying about yachts then," Needleman joked. "You're a worrier. It's in you, not the money. Life, except for the obvious physical needs, is not so much defined by the external situation as by the inner one. Having money won't change your internal makeup".
Being rich does not make you smart—especially about things other than money. "I met a guy who worked his way up from zero to a half-billion dollars," the philosopher noted. "I asked him, 'What was the most surprising thing you discovered when you got rich?' He said, 'Everybody asks my opinion about things because they think I know something. All I really know is how to make a lot of money.' See, this guy wasn't fooled by his money. That's the key.
Being rich does not automatically lead to a rich life. "There is a difference between money and success. To be totally engaged with all my functions, all my faculties, all my capacities in life—to me that would be success.
To be successful means to have developed character. You should be looking for the joy, the struggle, and the challenge of work. What you bring forth from your own guts and heart. The happiness of hard work. No amount of money can buy that. Those are things of the spirit."
It's easy to pass judgment from afar on the misdeeds and missteps of wealthy people in the news. But look in the mirror. What's your relationship with the pursuit of wealth? What do you think about money and the meaning of life?
Task 1. Make these sentences complete:
1. Money may be the root of all evil, but … .
2. If we don't understand our relationship to money … .
3. Being rich does not … .
4. There is a difference between … .
5. To be successful means … .
Task 2. Give English equivalents for:
Погоня за богатством; заманчивый; примириться; финансовая пирамида на рынке недвижимости; спад; относящийся к делу, уместный; деньги – корень всякого зла; внутренне (душевное) состояние; сложная задача; осуждать; ошибки и оплошности.
Task 3. Write an essay on the issue : Money and the Meaning of Life
TESTS
Test 1 The fundamentals of management
Place the letter of the statement that most closely defines the key term. Translate the terms into Russian and be ready to make a back translation.
A. A leader who emphasizes group 1. Management
participation in decision making.
B. The process of establishing objectives 2. Hierarchy
for an organization and determining the
best way to accomplish them.
C. The process of getting people to work 3. Planning
efficiently and willingly.
D. Specific goals. 4. Goals
E. Management that emphasizes adapting 5. Objectives
general principals to actual needs.
F. The process of communicating the goals 6. Management by objectives
of the organization to subordinate managers
and giving them the opportunity to structure
personal goals to mesh with the organizatio-
nal objectives.
G. A system of minimizing the harm that might 7. Short-range plans
result some usually threatening situation.
H. A pyramid like structure showing top, middle, 8. Long-range plans
and lower management.
I. A leader who emphasizes the use of the 9. Directing
authority.
J. The process of insuring that organizational 10. Autocratic leader
objectives are being met and correcting deviations
if they are not.
K. The process coordinating resources to meet 11. Democratic leader
an objective.
L. Plans covering periods of up to a year and 12. Laissez-fair leader
involving the kinds of situations that are likely
to come up monthly, weekly, or daily.
M .Broad, long term targets or aims. 13. Situational management
N. A leader who basically lets the group make 14. Controlling
the decision.
O. Plans geared to a two- to five-year span and 15. Crisis management
sometimes longer.
Test 2. Distribution of Goods
Place the letter of the statement that most closely defines the key term. Translate the terms into Russian and be ready to make a back translation.
1. The route that products flow on their way A. Channel of distribution
from the producer to the consumer.
2. A combination of middlemen and channels that B. Distribution mix
a producer uses to get a product to end user.
3. Firms that sell products to the public or, more C. Middlemen
often, to other firms that buy them either for
resale or for industrial use.
4. Businesspeople that channel goods and services D. Intensive distribution
from producers to consumers.
5. An approach to distribution that involves placing E. Selective distribution
the product in nearly every available outlet.
6. A facility for storing backup stocks of suppliers F. Wholesaler
or finished products.
7. Firms that sell directly to the public. G. Retailer
8. Wholesalers that do not take title to products H. Manufacturer’s agents
but receive a commission for selling them.
9. An approach to distribution that relies on a I. Brokers
limited number of outlets.
10. Agents that specialize in a particular J. Physical distribution
commodity.
11. All the activities required to move finished goods K. Warehouse
from the producer to the consumer.
Test 3 . Мarketing and Advertising
Match a proper definition
1. Convenience goods a)special quality characteristic of activity, product etc.
2. Convenience food b)goods bought and sold; trade goods
3. Marketing c) something bought
4. Merchandise d) tending to bring ideas, etc into the mind
5. Preference item e)theory and practice of large scale selling
6. Preferential customer f)the business making and selling clothes
7.Premium g)a store where goods available for sail, distribution or use
8. Promotion h)some product which is thought to be evidence of social rank, wealth etc.
9. Publicity i) appliance, device, arrangement, etc that is useful, helpful
10. Purchase j) a buyer receiving preference
11. Rag business k) favorable
12. Sample l)amount or installment paid for insurance policy reward, bonus
13.Slogan m ) the state of being known to, seen by everyone
14.Speciality goods n ) food sold in a tin, packet etc, that needs very little preparation
15. Status product o )advertising, publicizing one’s products
16..Stock p)specimen, one of a number of, part of a whole, taken to show what the rest is like
17. Suggestive brand name q ) sticking and easily remembered phrase used to advertise some goods
Test 4.
Choose the alternative that best suits the context
1. Send a fax in order our ________ isn’t overlooked.
a) check b) invoice c)discount
2. The Moscow government worked out a program to ________the number of small business in the capital.
a) increase b) contribute c) invest
3 .If he had had more experience in marketing, we could _________him the job.
a) give b) have given c) be giving
4. Nowadays it is possible to _______money between different accounts using an electronic system.
a) transfer b) pay c) invest
5. We plan _______a new branch in Siberia.
a) opening b) to open c) being opened
6. To _______means to place money in a bank account.
a) deposit b) credit c) debit
7. We use ________materials not to injure the environment.
a) used b) recyclable c) junk
8. He said the management team __________their best to improve the situation.
a) will do b) would do c) will have done
9. Our company has 120_________at present.
a) employers b) workforce c) employees
10. I wondered __________ they had paid delivery charges or not.
a) that b) whether c) which
11. The _______name of the soap produced by our company is “Beauty”.
a) logo b) slogan c) brand
12.I wish she_________ me about it earlier.
a) told b) had told c) have told
13.Last year we increased our market__________.
a) stock b) share c) stake
14.I’m beginning to get __________worried about the situation.
a) few b) a little c) little
15. The ______-“We know the meaning of cleaning” obviously belongs to the dry cleaning company. a) logo b) slogan c) advertisement
A highly competitive market led to higher capital _______.
a) losses b) growth c) expenditure
My car ________at the moment.
a) is repaired b) is being repaired c) has been repaired
18._________values have fallen by around 20% this autumn.
a) Share b) Stock c) Stake
19. She put all her money into government________.
a) shares b) stocks c) investment
20. They _________business together for a few years.
a) are running b) have been running c) have run
21.Buying that equipment was a __________mistake.
a) reasonable b) costly c) cheaply
22.The machinery ___________in time.
a) were delivered b) was delivered c) delivered
23.I wish _________him yesterday.
a) have phoned b) had phoned c) had been phoning
24.The Project Team works under the __________of the Project Director.
a) vision b) supervision c) leading
25.We __________$ 10 million in a new media venture.
a) spent b) invested c) involved
26. It’s important that the new equipment ________properly tested before launching it to the market. a) shall be b) should be c) would be
27. Our recent advertising campaign has had a tremendous _______. Our sales boosted immediately. a) example b) impact c) slogan
The board meeting _________ at 10 a.m.
a) would start b) is to start c) would be starting
29.I _______for the position of a production manager.
a) applied b) recruited c) employed
30. He made £1 billion by selling sterling just before it was _______and then buying it back. a) crashed b) devalued c) invested
Test 5.
Choose the word or word combination to match the definition
31. To think that something will happen.
a) to expect b) to notice c) to realize
32.A way of doing something
a) achievement b) hope c) method
33. To ask for money as the price of something.
a) to charge b) to credit c) to borrow
34. The variety of products that a company makes or sells
a) rank b) range c) choice
35. A company which sells goods or equipment to another company.
a) customer b) retailer c) supplier
36. The rate at which goods are sold; the amount of business done in a particular period, measured in money.
a) turnover b) profit c) expenditure
37. Money spent regularly to keep a business running.
costs b) expenditures c) overheads
38. A local office of a large company.
a) holding b) branch c) premises
39. A charge paid to a person or a bank for the money borrowed.
a) loan b) rent c) interest
40. Money or other benefits given in addition to a salary.
a) wages b) compensation c) incentive
41. The introduction of new ideas, creativity.
a) discovery b) innovation c) project
42. The right to take decisions and give orders.
a) authority b) performance c) leadership
43. A person who works under you.
a) supervisor b) subordinate c) leader
44. General term used for all types of stocks and shares.
a) investment b) income c) securities
45. Reduced in value (about currency).
a) devalued b) cheap c) declined
46.A sudden collapse.
a) boom b) rise c) crush
47. The goods that the company intends to sell to its customers.
a) stock b) current liabilities c) turnover
48. To rise rapidly and highly
a) slump b) soar c) plunge
49. The group of people that the company wants to buy the product.
a) competitive market b) local market c) target market
50. A place where banks exchange cheques and settle their accounts.
a) clearing-house b) clearance c) clearance sale
Choose the alternative that best suits the context.
51. _________is the business of selling goods in large quantities and usually at low prices.
a) Retailing b) Wholesaling c) Franchising
52. _______are large shops which sell a wide variety of products.
a) Grocery b) Greengrocery c) Department stores
53.Price is not the only thing that customers consider when ______about which product to buy.
a) doing a decision b) making a decision c) doing business
54. Customers ________about the poor quality of frozen vegetables on sale in our store.
a) did complaints b) made complaints c) made research
55. We ________last year of nearly $ 10,000.
a) did a loss b) made a loss c) made a lost
56. When two or more people want to start a business together they can set up a ________
a) corporation b) concern c) partnership
57. Net profit this year ________around $ 200 million.
a) should be b) should have been c) should being
58. The production Manager said we could _______-better the previous year if it hadn’t been for the instability on the market. a) do b) have done c) have doing
59. ________the Japanese may say “yes” at a meeting, it does not mean that they agree with you , but that they want you to continue.
a) In spite of b) Although c) Despite
60. As analysts predicted the ________market didn’t last long and soon the market fell dramatically. A) boom b) bull c) bear
61. We are sending out ________literature to try to boost our sales.
a) advertisement b) useful c) promotion
62. The company adopted an environment policy in order to reduce the damage that may _____
from its various activities. A) result b) cause c) due
63.We are proud of the fact that last year 25% of the company’s total waste _______.
a) was recycling b)was recycled c) has been recycled
64. Many companies do research to _________ways of reducing air and water pollution.
a) protest b) develop c) contribute
65. An environmental group organized a ______against dumping of waste into the river.
a) supply b) measure c) protest
66. The firm attempted __________ its nearest competitor.
a) taking over b) to take over c) take over
67. We had to delay _________ the new product.
a) launching b) to launch c) launch
68. Every year we make a _______ to a well-known wildlife association.
a) supplement b) order c) contribution
69. The German “Die Grunen” party has a strong influence in green ________everywhere.
a) politics b) services c) demands
70. We don’t expect conditions ________for some time.
a) to improve b) improving c) improve
71. We ________with a designer to decorate our widow displays.
a) made an arrangements b) did an arrangement c) did an agreement
72. Last year we ________despite the instability on the market.
a) did well b) made well c) did good
73. The credit ________which they suggested can’t be accepted. They seem too tough.
a) terms b) conditions c) loans
74. The amount of money in a bank account at a particular time is called _________
a) debit b) balance c) credit
75. If the situation does not improve significantly next year, the bank _______to consider closing some of its branches. A) will have b) would have c) would have had
76. If you had more money on deposit, the bank ________ you this sum.
a) will lend b) would lend c) would have lent
77. We offer you the high quality product, which is not expensive _______
a) to discount b) to buy c) invent
78. They recovered with a 10% ________in sales. A) decrease b) fall c) increase
79. If the company had lowered the prices of hotels and restaurants earlier, perhaps this _____ more visitors.
a) would have encouraged b) would encourage c) will encourage
80. Telia holds _______ in Telecominvest’s major shareholder, the Luxembourg offshore company First National Company. a) a stock b) a stake c) a dividend
81. The staff was asked to avoid ________to journalists. A) to speak b) speaking c) speak
82. Most major cities in Western Europe _______the quality of the air every day.
a) develop b) measure c) prove
83. Our current company product is no longer enough to _______us a competitive advantage.
a) promise b) maintain c) assure
84. We need _________more time to think about your proposal. A) a few b) a little c) few
85. We decided to carry out a market study to discover what ______people had of our product.
a) perception b) confidence c) certainty
86. People buy _______to protect themselves against the losses that may result from an accident or catastrophe. A) insurance b) guarantee c) obligation
87. ________candidates were interviewed yesterday. A) The both b) Both c) The both of
88. I ________my presentation since early morning.
a) had been preparing b) am preparing c) have been preparing
89. To protect itself, the company can pay a ______to an insurance company that will undertake the risk of guarantee to provide financial compensation if some disaster occurs.
a) premium b) invoice c) cheque
90. If there hadn’t been a road accident, I _______my flight.
a) didn’t miss b) wouldn’t missed c) wouldn’t have missed
Test 5.
Choose the word or word combination to match the definition
1. To share responsibilities, to let others to take decisions.
a) lead b) delegate c) manage
2. A person who motivates others and helps them to reach a common goal.
a) leader b) sales manager c) advertiser
3. The ability of a person to do something well.
a) activity b) acting c) performance
4. A document giving permission to sell something.
a) license b) contract c) agreement
5. Successful, prosperous. A) important b) flourishing c) significant
6. A spectacular increase in business activity. A) boost b) boom c) bull
7. A person associated with another, often in business.
a) employer b) partner c) founder
8 To give money temporarily, on the condition that it will be returned. a) lend b) borrow c) pay
9. Money made on an investment. A) benefit b) return c) bonus
10. A company or a person who is competing against you. a) partner b) franchiser c) rival
11. A shop that sells products made by a particular company.
A) outlet b) department store c) stores
12. Reduction in the original price of a product. A) turnover b) discount c) profit
13. A sum of money to be paid when a contract is broken. A) fee b) penalty c) charges
14. To make the necessary arrangements for starting a business.
a) to set up a business b) to reorganize a business c) to maintain a business
15. A description of a person’s characteristics. A) character b) profile c) attitude
16. A way of feeling or thinking about someone or something.
a) motivation b) relationship c) attitude
17. To do business, to buy and sell. A) to trade b) to do research c) to perform
18. A company or business. A) patent b) concern c) budget
19. To get up, to rise a) to plunge b) to upgrade c) to increase
20. To give employment to someone a) to promote b) to hire c) to estimate
21. A movement to a more important job, with more resposibility and money.
a) recruitment b) promotion c) career
22. A job or profession for which you are trained and which you intend to follow for part or the
whole of your life. A) recruitment b) promotion c) career
23. The power to give orders a) career b) authority c) demand
24. To put in order of importance a) to rank b) to require c) to establish
Choose the alternative that best suits the context
25. Our _______is to increase the market share within a few months.
a) responsibility b) objective c) ambitions
26. ________situation is stabilizing at present. A)Economic b) Economical c) Economy
27. They are very------in their expenditures. A) economic b) economical c) economics
28. ________is a document which lists the goods you bought and tells you how much you must pay for them. A) Invoice b) Balance c) Deposit
29. We cannot afford to employ more staff in the current ________climate.
a) economic b) economy c) economical
30. The income made by the normal activities of a business is known as_______.
a) turnover b) operating profit c) gross profit
31. Fixed assets are what a company _________a)owes b) owns c) sells
32. Current liabilities are what a company ________a) invest b) buys c) owes
33. Wealth used to produce more wealth is called _____ a) liabilities b) capital c) goods
34. Balance sheet is a statement of how much _______has come in and how much has gone out,
a) shares b) money c) capital
35. The goods which a company intends to sell to its customers are known as ________
a) a stock b) a capital c) a stake
36 .Venture capital is money lent to ________
a)spend on charity b)start a risky business c)buy an estate
37. Probably the package design ________
a) will be changed b) would be changed c) will have been changed
38. In the summer sales you can sometimes get warm clothes at a _______prices, really for next to nothing. A) free b) cheaply c) giveaway
39. ______he has a degree from the prestigious university, he fears that the recession will make it difficult to find a good job. A) Despite b) Although c) However
40. My car broke down while I _____ home from the countryside.
a) drove b) was driving c) have been driving
41. I’m a salesman and work in the ________department a)Export b) Advertising c) Production
42. Due to our new supply system more products are ________to consumer and supply costs are lower. A) available b) reduced c) limited
43. You _______me yesterday. I was waiting for your call all day. The matter is too urgent to be delayed. A) may phone b) might phone c) should have phoned
44. A great number of companies in Russia were ______by the 1998 financial crash.
a) effected b) affected c) infected
45. There ______a very high demand for their product a few years ago. They grew rapidly within a couple of years. But at present they are not doing well. The market has become very competitive. A) must be b) must have been c) should have been
46. We must work overtime for about a week lest we______ a tough penalty. It was an urgent order. We must do our best to be in time with it.
a) will be paying b) should pay c) have be paying
47. __________World Bank is an organization that is a part of the United Nations, which lends money to poorer countries to develop their farming, industry and health and education systems.
a) A b) The c) __
48. If a firm ________invest in R and D, their products will rapidly become obsolete.
a) will not b) would not c) does not
49. This type of coffee is the--------leader. A) logo b) slogan c) brand
50. Last month they started their advertising campaign with the brand-new corporate_______
a) slogan b) team c) appeal
51. I’ve got ______exiting news for you. a) any b) some c) an
52. A new model ________for performance at the moment.
a) is tested b) have been tested c) is being tested
53. New technologies make global ______easier. A) communication b)travelling c) market
54. The price is not too high, I think, it’s quite ________
a) more reasonable b) reasonably c) reasonable
55. You can buy the same software quite-------at our local market.
a) reasonable b) cheaply c) free
56. Our sales have picked up ______in the last two months. A) few b) a little c) a few
57. By the time you arrive we’ll _________the work, I believe.
a) finish b) be finishing c) have finished
58. I’ll be waiting for you in _________reception area. A) a b) the c) –
59. He bought stocks during the ________market, when the share prices were the lowest, and sold them when they rose. A) bull b) bear c) boom
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