IX. Retell the text A using the following words and
U N I T 8
| TOPIC: BUSINESS ORGANIZATIONS TEXT A TEXT B TEXT C GRAMMAR: The Perfect Continuous Tenses Indefinite Pronouns: much, many, few, little |
READING DRILLS
1. Practise the pronunciation of the following words:
a) stress the first syllable:
business, enterprise, scarce, chance, satisfy, partnership, savings, retail, effort, profit, minimal, legal, legally, liable, personal, personally, loss, property, debt, borrow, terminate;
b) stress the second syllable:
proprietor, proprietorship, restriction, consumer, achieve, success, aside, financial, compete, involve, dissolve, assume, salon, repair, incur, ability;
c) stress the third syllable:
institution, economic, satisfaction, corporation, operation, disadvantage, recognition, liability, opportunity, continuity.
Text A
One of the major economic institutions is the business organization, a profit-seeking enterprise1that serves as the main link between scarce resources and consumer satisfaction. These businesses compete with one another for the chance to satisfy people’s wants.
There are three major kinds of business organizations: the sole proprietorship2, the partnership3and the corporation4.
The most common form of business organization is the sole proprietorship — a business owned and run by one person. The main advantage of a sole proprietorship is that it is the easiest form of business to start and run. There is almost nored tape5involved. Most proprietorships are able to open for business as soon as they set up operations. In the event that the owner wants to dissolve the business6, a sole proprietorship is as easily dissolved as it is formed.
Sole proprietors own all the profits of their enterprises and are free to make whatever changes they please. They have minimal legal restrictions and do not have to pay the special taxes placed on corporations. They also have the opportunity to achieve success7and recognition through their individual efforts. Sole proprietorships are generally found in small-scale retail and service businesses such as beauty salons, repair shops, or service stations.
The major disadvantage of a sole proprietorship is the unlimited liability8that each proprietor faces. Since the business and the owner are legally the same, the sole proprietoris liable for9all financial losses or debts that the business may incur. If a business fails, the owner must personally assume the debts10. This could mean the loss of personal property such as automobiles, homes and savings11.
A second disadvantage of the sole proprietorship is that it has limited financial resources. The money that a proprietor can raise is limited by the amount of savings and ability to borrow. Another serious problem faced by the sole proprietorship is the lack of continuity of the business. When the owner dies, the business also legally terminates.
COMMENTS
1.a profit-seeking enterprise — прибуткове пiдприємство
2.sole proprietorship/sole trader/one-man firm — одноосiбна власнiсть
3.partnership — партнерство
4.corporation — корпорація
5. red tape — бюрократизм
6.to dissolve the business —припинити діяльність підприємства
7. to achieve success — досягти успіху
8.unlimited liability — необмежена юридична відповідальність
9. to be liable for — бути відповідальним за
10. to assume the debts — приймати/брати на себе борги
11.savings — заощадження
VOCABULARY EXERCISES
I. State the part of speech and say how the words are formed:
economic, organization, enterprise, consumer, compete, scarce, common, satisfy, satisfaction, proprietor, legal, legally, free, assume, personal, personally, owner, opportunity, generally, recognition, financial, lack, another.
II. Find equivalents:
| 1. to be liable for smth 2. a partnership 3. to dissolve the business 4. profit-seeking enterprise 5. sole proprietorship 6. retail business 7. the main link 8. red tape 9. unlimited liability 10. to compete 11. scarce resources 12. the main advantage 13. to achieve success 14. savings 15. to pay taxes | a. конкурувати б. одноосiбна власнiсть в. основна сполучна ланка г. прибуткове пiдприємство д. заощадження е. бути вiдповiдальним за щось є. припинити діяльність підприємства ж. партнерство з. платити податки и. дефіцитні/недостатні ресурси i. головна перевага ї. необмежена відповідальність й. бюрократизм к. досягти успіху л. роздрібна торгівля |
III. Substitute the words in bold type by their synonyms:
1. Business organization is a profitable enterprisethat serves as the main link between scarce resources and consumer satisfaction. 2. The firms compete with one another for the chance to meet people’s requirements. 3. The simplest form of business undertaking is that managedby one person. 4. There is almost nobureaucracy involved. 5. In the event the owner wants to go out of business, a sole proprietorship is as easily dissolved as it is formed. 6. Sole proprietors have the chance to succeed in business through their individual efforts. 7. Theyare responsible for the firm’s operation and take all risks of loss. 8. Many small businesses have gone bankrupt recently.
IV. Fill in the blanks with prepositions or adverbs if necessary:
1. A business organization is a profit-seeking enterprise that serves ... the main link ... scarce resources and consumer satisfaction. 2. These businesses compete ... one another ... the chance to satisfy people’s wants. 3. The most ... common form ... business organization is the sole proprietorship — a business owned and run ... one person. 4. Most ... proprietorships are able to open ... business ... they set ... operations. 5. Sole proprietors have the opportunity to achieve success and recognition ... their individual efforts. 6. Another serious problem faced ... the sole proprietorship is the lack ... continuity ... the business.
V. Match the antonyms:
profitable, separately, advantage, producer, to give permission, limited, to start a business, unprofitable, jointly, to go out of business, to agree, illegal, to succeed in business, to be out of business, consumer, to disagree, unlimited, legal, disadvantage, to prohibit.
VI. Complete the following sentences:
1. One of the major economic institutions is ... . 2. These businesses compete with one another ... . 3. There are three major kinds of business organizations ... . 4. The most common form of business ownership is ... .
5. The main advantage of a sole proprietorship is ... . 6. In the event that the owner wants to dissolve the business ... . 7. Sole proprietorships are generally found ... . 8. Sole proprietors have ... . 9. The major disadvantage of a sole proprietorship is ... . 10. Since the business and the owner are legally the same, the sole proprietoris ... . 11. If a business fails ... . 12. A second disadvantage of the sole proprietorship is ... .
VII. Answer the following questions:
1. What is a business organization? 2. What are the major kinds of business organizations? 3. What is the most common form of business organization? 4. The sole proprietorship is a business owned and run by one person, isn’t it? 5. What is the main advantage of a sole proprietorship?
6. What other advantages does it have? 7. In what businesses are sole proprietorships generally found? 8. What are the major disadvantages of
a sole proprietorship?
VIII. Translate into English:
1. Є три форми органiзацiї бiзнесу: одноосiбна власність, партнерство та корпорація. 2. Найбiльш поширеною формою органiзацiї бiзнесу є одноосiбна власність. 3. Одноосiбна власність — це бізнес, який пiдпорядкований i провадиться однiєю особою. 4. За винятком певних лiцензiй i внескiв, якi можуть вимагати урядовi органiзацiї, бiльше жодного бюрократизму не iснує. 5. Головним недоліком одноосібного підприємства є необмежена юридична відповідальність.
6. Оскільки підприємство та власник — та сама юридична особа, власник несе відповідальність за фінансові збитки та борги підприємства.
7. Якщо бізнес зазнає краху, власник особисто бере на себе всі борги.
8. Іншим недоліком одноосібної власності є обмежені фінансові ресурси.
IX. Retell the text A using the following words and
word-combinations:
business organization; the sole proprietorship, partnership; corporation; a profit-seeking enterprise; the main advantage; to dissolve the business; to pay taxes; red tape; to have minimal legal restrictions; small-scale retail and service businesses; to achieve success; to have unlimited liability; to assume the debts; to be liable for; the loss of personal property; savings.
READING DRILLS
1. Practise the pronunciation of the following words:
a) stress the first syllable:
partner, partnership, jointly, wholesaling, stockbrokerage, management, talent, purpose, profit, common, medicine, limited, benefit, liable, legal, legally;
b) stress the second syllable:
combine, accounting, retailing, responsible, agree, decision, investment, involve, advantage, amount, invest, financial.
Text B
A partnership is a business that is jointly owned by two or more people who have combined their talents and resources for the purpose of earning a profit. Partnerships are most common in such professional fields as medicine, law, accounting, stockbrokerage1, but they are also found in manufacturing, wholesaling and retailing2.
The most common form of partnership is a general partnership3. General partners own the business, work in it and share the profits and losses. They are responsible for the management of the business and usually agree with each other before making any major decisions.
There may be a special type of partnership, called limited partnership4. Limited partners are only liable for the amount they have invested in the business. They are usually not involved in the management of the firm.
Partnerships have more advantages than sole proprietorships. Like sole proprietorship they are easy to form and often get tax benefits5from the government.
Partnerships have certain disadvantages too. The major disadvantage is unlimited financial liability. It means that each partner is responsible for all debts and is legally responsible for the whole business. But one of the greatest problems in partnerships is that partners may disagree with each other causing management conflicts.
COMMENTS
1. stockbrokerage/stockbroking — біржове маклерство
2.wholesaling and retailing — оптова та роздрібна торгівля
3.general partnership — товариство з необмеженою відповідальністю
4. limited partnership — товариство з обмеженою відповідальністю
5.tax benefits — податкові пільги
VOCABULARY EXERCISES
I. Give the English equivalents for:
партнерство; отримувати прибуток; біржове маклерство; товариство з необмеженою відповідальністю; ділити прибуток та збитки; оптова та роздрібна торгівля; юриспруденція; бухгалтерський облік; виробництво; перевага; товариство з обмеженою відповідальністю; управління бізнесом; бути відповідальним за щось; одноосiбна власність; одержувати податкові пільги від уряду; приймати рішення; головний недолік.