Exercises

Ex.1. Answer the following questions using the text.

1. What are the advantages of your own business?

2. What are the disadvantages of your own business?

3. What is the first step when a person starts a business?

4. What other necessary steps does a person make to choose a business?

5. Which forms of business do you know?

6. What do you need to become a sole proprietor?

7. Why is a sole proprietorship a dangerous way to do business?

8. What is attractive about a partnership?

9. What are the downsides to a partnership?

10. What problems can you face if you form a partnership?

11. Who owns public and private limited companies?

12. In which form do shareholders get their profit?

13. What kind of liability do shareholders have?

14. What does limited liability mean?

15. What is the purpose of a private limited company?

16. What is the best thing about forming your business as a corporation?

Ex.2. Read the following statements and say whether they are true or false.

1. Your own business is a great challenge.

2. Risk makes your business enjoyable.

3. A business plan and personal evaluation are the necessary steps of any business.

4. A business license is all you need to become a sole proprietor.

5. A sole proprietor has unlimited liability.

6. Public and private limited companies should have at least two shareholders.

7. Shareholders own and run limited companies.

8. The profit of public and private limited companies is spent on dividends for shareholders.

9. Shareholders of both public and private companies have limited liability.

Ex.3. Translate the following sentences from English into Russian.

1. The article includes a lot of useful information. 2. I’d like to get a fair evaluation of the results. 3. He is using your ideas for his own purposes. 4. She shares all my troubles and joys. 5. He has been successful in all his ventures. 6. I’m sure he did it on purpose. 7. We must do our best to meet the deadline. 8. I’m going to speak about the downsides to a sole proprietorship. 9. What should you do if you are intending to set up a joint venture? 10. Who is the owner of this company?

Ex.4. Translate the following word combinations from Russian into English.

Дополнять друг друга; создать совместное предприятие; использовать оборудование для разных целей; выяснить курс акций; владелец индивидуального предприятия; незаконные действия; личная оценка; недостатки исследования; важное преимущество; делить прибыль с акционерами; компания с ограниченной ответственностью.

Ex.5. Complete the following sentences using prepositions where necessary.

1. They are going to discuss the downsides … our business. 2. We can use this tool … many purposes. 3. Who will share the responsibility … me? 4. These strategies complement … one another and form a profitable combination. 5. The Managing Director gave a high evaluation … this partnership. 6. The manager included some important data … his sales report. 7. He has just become the owner … the company. 8. Did he manage to meet … the deadline?

Ex.6. Insert the missing words. Use your active vocabulary.

1. What… do you have to meet in your daily life? 2. Uncertainty and risk are the …to your own business. 3. What information does this contract…? 4. I’d like to know your personal … of his work. 5. He is … to start his own business. 6. A … doesn’t take much time or money. 7. As the matter is complicated you should ask for … advice. 8. Mr.Brown is the … of the factory. 9. Have you achieved your … yet? 10. All the … attended the meeting of the Board of Directors last week.

Ex.7. Express the same ideas using your active vocabulary.

1. an aim

2. a disadvantage

3. the latest time for finishing smth.

4. important

5. to judge the value

6. to divide and distribute

7. to be going to do smth.

8. to have smth.

9. established by law

10.a business enterprise involving risk

Ex. 8. Open the brackets using Future forms

1. I think I (buy) a new mobile phone for Tommy’s birthday.

2. If you (phone) me tomorrow I (prepare) all the information for you.

3. Where you (go) if nobody (want) to go to the cinema with you?

4. She (start) her own business after graduation.

5. This time tomorrow I (swim) in the Atlantic.

6. ... you be at home tonight?

7. She (not listen) to me, you talk to her.

8. The phone is ringing. Don’t worry, I (get) it.

9. Why are you putting your trainers on? Where you (go)?

10. We (talk) about it as soon as Mr. Jones (come).

Ex.9. Choose the right item

1. Nick … look for another job after he leaves. He’s very ambitious.

a) will b) is going to c) doesn’t

2. Don’t ask me to do it. I … go to this stupid party.

a) won’t b) don’t c) am not to

3. Henry … his dentist today.

a) will see b) sees c) is seeing

4. Maybe Tom … the answer.

a) knows b) will know c) is going to know

5…. You …your children with you on a holiday to Spain?

a) Are …taking b) Will…take c) Do…take

6….John tonight? Tell him to call me.

a) Will you see b) Are you seeing c) Are you going to see

7. I’m sorry. I … do it again.

a) am not b) won’t c) don’t

8. If the client… dissatisfied we… offer him a replacement.

a) is …will b) will be …are to c) is not… will

9. How … spend your holiday?

a) will you b) are you going to c) shall you

10. She … redecorate her kitchen next week.

a) is to b) will c) is going to

Ex.10. Translate the following sentences from Russian into English.

1. Наша компания собирается потратить значительную сумму на покупку нового оборудования. 2. Предельные сроки часто являются причинами стресса на работе. 3. Мы постараемся оценить преимущества и недостатки нового метода. 4. Этот документ не является юридически законным. 5. Он владелец индивидуального предприятия, которое приносит большую прибыль. 6. Целью нашего собрания является обсуждение ряда вопросов с акционерами. 7. Если Вы намереваетесь создать товарищество, Вам надо выбрать хорошего партнера. 8. Что включают в себя Ваши обязанности? 9. Деловые партнеры должны дополнять друг друга. 10. Много бизнесменов приезжает в Москву с разными целями. 11. Как только Вы подпишете этот контракт, он станет правовым документом. 12. Я оценю данные после того, как проведу исследование.

Ex.11. Read the dialogue and answer the questions given below.

This is a conversation between two friends Sam and Maggie. Maggie is in retail business and Sam is thinking of starting one.

Maggie - Well, Sam, I’ve heard you are planning to start your own business. What form will it take?

Sam - Maggie, I am completely at a loss. I am not even sure that this business is for me. I have so many questions to answer. What will I sell, where will I locate my business, will I be able to share the customer base with my competitors, and will I buy a building for my business or lease space?

Maggie - Hey, stop complaining. I’m sure you’ve already done a lot of work.

Sam - Well, quite a lot, to be honest, but I am feeling so confused.

Maggie - Come on! Pull yourself together. Tell me, are you going to establish your business as a sole proprietorship, a partnership or a corporation?

Sam - A sole proprietorship is the simplest way, I’ve heard.

Maggie - Yes, it is the least complicated one. You won’t have to take any legal steps to open a sole proprietorship. But, if something goes wrong you will be personally liable for all the debts.

Sam - On the other hand, when you establish a corporation you will definitely need a lawyer to draw up the papers and an accountant to advise you on tax matters. A partnership is a good form only if you trust your partner.

Maggie -The primary advantage of these forms is the protection of your personal assets if your business fails.

Sam - Still, I am planning to start as a sole proprietor and later perhaps I’ll convert it into a corporation.

Maggie - Don’t forget that there is another question which you should think over - a name.

In the retail business it’s essential. A name should be short, clear and easy to remember.

Sam - Oh, it’s three o’clock. I must be off to the bank. Do you mind if I call you tonight and you will help me with the name selection?

Maggie - O’K. You may call me any time you want. Good-bye!

Sam - Bye-bye.

Answer the questions based on the dialogue.

1. What is Sam planning to do?

2. Which form of business has Sam chosen?

3. Why is Sam feeling confused?

4. What are the benefits of a sole proprietorship in comparison with a partnership and a corporation?

5. What is the primary advantage of a partnership and a corporation?

6. What should a business name be?

Ex.12. Make up a dialogue on the following assignment:

Mr. Bond is a small business owner. He is giving professional advice to his younger relative how to set up a retail business. A young relative has prepared a lot of questions for him. In particular, they are discussing what form this starting business should take.