М. М. Ахрамович, С. С. Дроздова, О. В. Евдокимова, Л. М. Ушакова



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A sole proprietorship is a form of business organization owned and operated by one person. Sole proprietorships are the most numerous kind of business organization, but most of them are very small. Sole proprietors own all the profits of their enterprises, and they are “own bosses”. They don’t have to pay the special taxes placed on corporations. Among sole proprietors are farmers, professional men, small storekeepers and small manufacturers.

The greatest disadvantage of a sole proprietorship is unlimited liability that each proprietor faces. Liability refers to legal obligations to pay for debts or damages. Other disadvantages may include lack of opportunities for employees, limitations of size and growth and lack of management resources.



A partnership is a form of business organization that is owned and run by two or more persons. Partnerships are easy to form, relatively small to control and often get tax benefits from the government. Partnerships are not subject to special taxation. Partnerships can be found in such professional fields as medicine, law, accounting, insurance.

In many cases partnerships have unlimited liability. Each partner is both jointly or separately responsible for all the debts of their business. If the business fails, its creditors have the right to recover their money from any, or all, of the partners.



A corporation is a form of business organization created under a government charter.

A corporation may issue and sell stock certificates. A person who owns a stock certificate is called a stockholder. Shareholders are the owners of a corporation and their shares of ownership are represented by stock certificates.

A corporation is managed by the Board of Directors.

It is difficult and expensive to organize a corporation. The process of obtaining a charter usually requires the services of a lawyer. Corporations are subject to special taxes.


Ex. 1. Match the English words with the appropriate Russian equivalents:

1. profit

a) бухгалтерский учет

2. lack of opportunities

b) держатель акций

3. accounting

c) устав, привилегия

4. shareholder

d) обязанности

5. charter

e) прибыль

6. obligations

f) совет директоров

7. the Board of Directors

g) недостаток возможностей

8. insurance

h) страхование


Ex.2.Give English equivalents from the text:

Единоличные владельцы, прибыль, производители, налоги, подлежать налогообложению, держатели акций, услуги юриста, устав, совет директоров, неограниченная юридическая ответственность, недостаток возможностей, долг, сталкиваться, недостаток возможностей, бухгалтерский учет.


Ex.3. Say whether these statements are right or false:

  1. A business may be organized in four different forms.

  2. A sole proprietorship is a form business organized and operated by two persons.

  3. Sole proprietors have to pay special taxes.

  4. A partnership is a form of business organization that is owned and run by two or more persons.

  5. Partnerships are easy to form, relatively small to control and often get tax benefits from the government.

  6. If a partnership fails, its creditors don’t have the right to recover their money from any, or all, of the partners.

  7. A corporation may issue and sell stock certificates.

  8. A person who owns a stock certificate is called a broker.

  9. Corporations are subject to special taxes.


Ex.4. Answer the questions:

  1. What are the forms of business organizations?

  2. What is the main purpose of business organizations?

  3. What is a sole proprietorship?

  4. What is the greatest disadvantage of a sole proprietorship?

  5. What is a partnership?

  6. Who is responsible for all business debts in a partnership?

  7. What form of business organization is created under a government charter?

  8. Who can be an owner of a corporation?

  9. By whom is a corporation managed?


Ex.5.Complete the sentences:

  1. Most business firms are created and …

  2. A sole proprietorship is a form…

  3. Among sole proprietors are…

  4. A partnership is a form of organization that…

  5. Partnerships can be found in…

  6. Partnerships are easy to form, relatively small…

  7. A corporation is a form of business organization…

  8. Shareholders are the owners of corporation and their shares…

  9. A corporation is managed…


Ex.6. Make up a plan of the text and retell it.

TASKS AND FUNCTIONS OF THE NATIONAL BANK

Look through the list of English words and their Russian equivalents before reading the text:

1. to be accountable to (v)

быть ответственным перед кем-либо

2. to appoint (v)

назначать

3. subject to approval (n)

подлежать утверждению

4. implementation (n)

выполнение

5. interest rate (n)

процентная ставка

6. to issue (v)

выпускать

7. legislation (n)

законодательство

8. to draft (v)

составлять

The National Bank of Belarus occupies the central position in the country’s banking system and is accountable to the Parliament. The Head of the National Bank is appointed by the President. His deputies and members of the board are appointed by the Presidium of the Parliament.

The National Bank is an independent institution acting within the limits of the legislation and its Charter. The Charter is the subject to approval by the Parliament. The Bank sends annual reports of its activities to the Parliament.

In cooperation with the government, the National Bank drafts and sends to the Parliament the guidelines for financial and credit policies for the coming year and reports the implementation of such policies in the previous year.

The National Bank regulates inflation chiefly by internationally accepted economic means, such as interest rates, minimum requirements for banking services and activity on the open financial market.

The National Bank acts as a creditor, economic advisor and representative of the government on the financial market.

The National Bank participates in the work of international organizations. It co-operates with the International Monetary Fund, World Bank and European Bank for Reconstruction and Development and foreign banking and financial control institutions.

The main functions of the National Bank are:

- develop and pursue monetary policy of the Republic of Belarus jointly with the government of the Republic of Belarus;

- to issue money;

- to regulate money circulation;

- to regulate credit relations;

- to carry out foreign exchange regulation;

- to act as a central depository.

The National Bank does not provide crediting to economic entities. Under the current legislation, crediting, cash collection and other financial services are provided to economic entities by commercial banks.
Ex.1. Match the English words with the appropriate Russian equivalents:

1.advisor

a) разрабатывать

2. representative

b) выполнять

3. to develop

c) предоставлять

4. to carry out

d) консультант

5. economic entity

e) представитель

6. to provide

f) финансовые услуги

7. money circulation

g) экономическая единица

8. financial services

h) основные направления

9. interest rate

i) денежное обращение

10. guidelines

j) процентная ставка



Ex.2.Give English equivalents from the text:

Занимать центральное положение, быть ответственным перед кем-либо, банковские услуги, заместители главы Национального банка, ежегодные доклады, совместно с правительством, регулировать инфляцию, минимальные требования, экономический консультант, представитель государства, экономическая единица, предоставлять, Международный Валютный Фонд, Всемирный Банк, денежное обращение.


Ex3. Say whether these statements are right or false:

  1. The National Bank of Belarus is accountable to the President.

  2. The Head of the National Bank is appointed by the Presidium of the Parliament.

  3. The Charter is the subject to approval by the government.

  4. The National Bank regulates inflation by internationally accepted economic means.

  5. The National Bank acts as a creditor, economic advisor and representative of the government on the financial market.

  6. The National Bank doesn’t participate in the work of international organizations.

  7. The National Bank provides crediting to economic entities.

  8. The National Bank regulates money circulation.


Ex.4. Answer the questions:

  1. What position does The National Bank occupy?

  2. By whom is the Head of the National Bank appointed?

  3. Is the National Bank accountable to the Parliament or to the President?

  4. What does the National Bank draft and send to the Parliament in cooperation with the government?

  5. By what means does the National Bank regulate inflation?

  6. With what international organizations does the National Bank cooperate?

  7. What are the main functions of the National Bank?

  8. What financial institutions provide crediting to economic entities?


Ex.5. Complete the sentences:

  1. The National Bank of Belarus occupies the central position …

  2. The Head of the National Bank is…

  3. The National Bank is an independent institution…

  4. In cooperation with the government, the National Bank drafts and sends to the Parliament…

  5. The National Bank regulates inflation chiefly by internationally accepted economic means…

  6. The National Bank acts as a creditor…

  7. The National Bank participates in the work of international organizations…

  8. The main functions of the National Bank are…


Ex.6. Make up a plan of the text and retell it.

TAXATION

Look through the list of English words and their Russian equivalents before reading the text:

1. to levy

облагать налогом

2. to impose

взимать налоги (облагать);

3. tax burden

налоговое бремя

4. benefit-received principle

принцип извлечения выгоды

5. ability-to-pay principle

принцип платежеспособности

6. to afford smth.

позволять себе что-либо

7. sales tax

налог с оборота

8. value-added tax

налог на добавленную стоимость

9. income tax

подоходный налог

10.property tax

налог на собственность

11.inheritance tax

налог на наследство

The principal purpose of taxes is to pay for the cost of government. Sometimes taxes are levied to protect selected industries. The federal government can use its ability to tax to regulate the level of economic activity.

Taxes may be imposed on transactions, institutions, property and all kinds of other things. But the most important thing is that taxes are paid by people.

All taxes are paid out of income. Two principles of taxation deal with the equity in distributing tax burdens.

The benefit-received principle of taxation states that those who benefit from government programme are the ones who ought to pay for it.

The ability-to-pay principle states that taxes ought to be paid by those who can best afford them, regardless of the benefits they receive.

Most taxes can be classified as progressive, regressive and proportional.

A progressive tax takes a larger percentage of a higher income and a smaller percentage of a lower income.

A regressive tax is one that takes a higher percentage of a low income and a lower percentage of a high income.

A proportional tax takes the same percentage of all incomes, regardless of size.

A sales tax is a general tax levied on consumer purchases of nearly all products. Sales taxes have a regressive effect. A value-added tax is similar to a sales tax and is also regressive.

An income tax, a property tax and an inheritance tax are progressive taxes.

Much of the government’s revenue comes from the income and property taxes.
Ex.1. Match the English words with the appropriate Russian equivalents:

1. purpose

a) способность

2. to protect

b) покупка

3. level

c) получать выгоду, прибыль

4. ability

d) сделка

5. distributing

e) заявить, сообщить

6. purchase

f) цель

7. transaction

g) уровень

8. to benefit

h) защищать

9. to state

i) распределение


Ex.2.Give English equivalents from the text:

Главная цель, облагать налогами, налоги выплачиваются из прибыли, распределение налогового бремени, принцип извлечения выгоды, принцип платёжеспособности, налог с оборота, налог на добавленную стоимость, подоходный налог, прогрессивный налог, налог на наследство, налог на собственность.



Ex3. Say whether these statements are right or false:

  1. The principal purpose of taxes is to pay for the cost of government.

  2. Taxes are paid by the government.

  3. There are three principles of taxation.

  4. The benefit-received principle of taxation states that those who benefit from government programme are the ones who ought to pay for it.

  5. A progressive tax takes a smaller percentage of a higher income and a larger percentage of a lower income.

  6. A regressive tax is one that takes a higher percentage of a low income and a lower percentage of a high income.

  7. A proportional tax takes the largest percentage of all incomes, regardless of size.

  8. A sales tax is a general tax levied on consumer purchases of nearly all products.

  9. Much of the government’s revenue comes from the income and property taxes.


Ex.4. Answer the questions:

  1. What is the main purpose of taxes?

  2. What may taxes be imposed on?

  3. Who pays taxes?

  4. What are the principles of taxation?

  5. What does the benefit-received principle state?

  6. What does the ability-to-pay principle mean?

  7. How can most taxes be classified?

  8. What is a progressive tax?

  9. What is the peculiar feature of a regressive tax?

  10. What is a proportional tax?

  11. What are the examples of progressive and regressive taxes?


Ex.5.Complete the sentences:

  1. The principal purpose of taxes is…

  2. The federal government can use its ability to tax…

  3. Taxes may be imposed on…

  4. But the most important thing is…

  5. Two principles of taxation deal with…

  6. The benefit-received principle of taxation states…

  7. The ability-to-pay principle states that taxes ought to be paid…

  8. Most taxes can be classified…

  9. A progressive tax takes a larger percentage of a higher income and…

  10. A regressive tax is one that takes…

  11. A proportional tax takes…

  12. A sales tax is a general tax levied…

  13. A value-added tax is similar…

  14. Much of the government’s revenue comes…



Ex.6.Make up a plan of the text and retell it.

THE WORLD BANK

Look through the list of English words and their Russian equivalents before reading the text:

1.to be founded (v)

быть основанным

2.staff (n)

штат, персонал

3.headquarters (n)

штаб-квартира

4.to lend (v)

давать взаймы, одалживать

5.to extend (v)

оказывать

6.to promote (v)

помогать, содействовать

7.to intermediate (v)

быть посредником

8.bond (n)

облигация

The World Bank was founded in July 1944. It is a group of four institutions: the International Bank for Reconstruction and Development, the International Finance Corporation, the International Development Association and the Multilateral Investment Guarantee Agency.

The World Bank has about 40 offices throughout the world with the staff over 7,000 members including economists, engineers, agronomists, statisticians, lawyers, experts in telecommunications, water supply, transportation, education, energy, rural development, population and health care and other disciplines. The headquarters of the World Bank is situated in Washington.

The World Bank is a lending institution. The first loans were extended during the late 1940s to finance the reconstruction of the war-destroyed economies of Western Europe. When these countries recovered, the Bank turned its attention to assisting the world’s poorer nations, known as developing countries. The World Bank has one central purpose: to promote economic and social progress in developing countries by helping to raise productivity so that they may live a better and fuller life.

The World Bank is an investment bank, intermediating between investors and recipients, borrowing from the one and lending to the other. It obtains most of the funds through the issue of bonds. The World Bank also borrows money by selling bonds and notes to governments, their agencies and central banks. The proceeds of these bond sales are lent to developing countries to help to finance projects and policy that give promise of success.

The World Bank started working with the government of Belarus in 1992. The first project was focused on improving forest management in the Belavezhskaya Pushcha nature reserve. From that time the World Bank has assisted with an economic rehabilitation loan, institution building, forestry development and a number of technical assistance projects.


Ex.1. Match the English words with the appropriate Russian equivalents:

1. water supply

a) развивающиеся страны

2. health care

b) производительность, продуктивность

3. to recover

c) выручка, доход

4. developing countries

d) водоснабжение

5. productivity

e) сосредоточивать (-ся)

6. to obtain

f) восстанавливать

7. proceeds

g) здравоохранение

8. to focus on

h) получать


Ex.2. Give English equivalents from the text:

Заём, разрушенные войной экономики, обращать внимание, главная цель, жить лучшей и более полной жизнью, продажа облигаций, давать взаймы, способствовать, получать, финансировать проекты, быть посредником, средства, развитие, улучшение, заповедник, выпуск облигаций, помощь, правительство, штаб-квартира, восстанавливать.


Ex3. Say whether these statements are right or false:

  1. The World Bank was founded in June 1944.

  2. The World Bank has about 60 offices throughout the world.

  3. The headquarters of the World Bank is situated in Washington.

  4. The World Bank is a borrowing institution.

  5. The World Bank has one central purpose: to promote economic and social progress in developing countries by helping to raise productivity so that they may live a better and fuller life.

  6. The World Bank is an investment bank, intermediating between borrowers and recipients.

  7. The World Bank also lends money by selling bonds and notes to governments, their agencies and central banks.

  8. The World Bank started working with the government of Belarus in 1992.


Ex.4. Answer the questions:

  1. When was the World Bank founded?

  2. What institutions does it consist of?

  3. How many offices does it have?

  4. What kind of institution is the World Bank?

  5. What is the central purpose of the World Bank?

  6. In what ways does the World Bank obtain the funds?

  7. When did the World Bank start working with the government of Belarus?


Ex.5.Complete the sentences:

  1. The World Bank was founded in …

  2. It is a group of four institutions: …

  3. The World Bank has about 40 offices throughout the world with the staff over 7,000 members including…

  4. The headquarters of the World Bank…

  5. The World Bank is a lending …

  6. The first loans were extended during the late 1940s to finance…

  7. The World Bank has one central purpose: …

  8. The World Bank is an investment bank, …

  9. The World Bank started working with the government of Belarus …


Ex.6.Make up a plan of the text and retell it.

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