Файл: Технологический университет.docx

(English for Computer Science Students: учеб. пособие / Сост. Т. В. Смирнова, М. В. Юдельсон; науч. ред. Н. А. Дударева)
II. Задайте к каждому абзацу 3 специальных вопроса.

III. Найдите абзац, в котором выражена основная идея текста.

IV. Напишите краткий план текста на английском языке.

Вариант 1 для направления подготовки 38.03.01 Экономика (Бух.учет)

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AVERAGE-COST
This method prices inventory on the basis of the average cost of all similar goods available during the period. It is mainly used because it is simple and relatively easy to use.

FIFO. This method assumes that inventory is used in the order it is purchased or produced. Under this method, ending inventory is stated at approximately current costs, with the oldest costs charged against current sales. In periods of inflation, this can cause "paper profits" to be recognised and taxed. It also results in the highest reported earnings. The FIFO method is probably the most commonly used inventory method.

LIFO. This method became popular in prior years due to significant inflation. The LIFO method assumes that the most recently purchased or produced goods are used first - the opposite assumption from FIFO. Although generally it is a more difficult method to use, a simplified LIFO method of accounting for inventories is available to small businesses A taxpayer can use the simplified LIFO method if average annual gross receipts for the three preceding tax years do not exceed $5 million. In periods of inflation, LIFO results in lower inventory valuations, higher cost of sales and lower taxable income. This method is most commonly used by companies facing rising production and material costs. The LIFO inventory method is adopted by filing Form 970 with the income tax return for the tax year in which the method is first used.

Overhead Costs. A mechanism must be established to capture overhead costs and relate them to the inventory's direct material and labour costs. Manufacturers typically allocate the "pool" of indirect costs to inventory on the basis of a standard unit, such as labour dollars or hours. In the US, once a method has been established, it cannot be changed without IRS permission. As a result, many of the planning techniques for inventory overhead costs need to be addressed when the business is starting.
(Плюхина З.А. Английский для бухгалтеров и аудиторов)

II. Задайте к каждому абзацу 3 специальных вопроса.

III. Найдите абзац, в котором выражена основная идея текста.

IV. Напишите краткий план текста на английском языке.

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Вариант 2 для направления подготовки 38.03.01 Экономика (Бух.учет)

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THE OTHER CUSTOMS BARRIER CULTURAL RESEARCH AVOIDS BUSINESS BLUNDER
Discovering cultural differences in business practices should be an integral part of conducting market research for new opportunities. Whether you are a new exporter or are exporting but looking for new markets, cultural factors play a very important role in determining the success of the venture. As markets open and the demand for American goods abroad increases, challenges beyond the traditional details of exporting now face firms doing business abroad.

Doing business with international clients requires more than just an understanding of the myriad of international rules and regulations. A lack of knowledge about a customer's culture can lead to misunderstanding, frustration, potential embarrassment and even loss of business. As David A. Ricks writes in Blunders in International Business, "Cultural differences are the most significant and troublesome variables... the failure of managers to fully comprehend these disparities has led to most international business blunders."

Savvy exporters are now not only expected to be familiar with country marketing reports but should also conduct research on their clients' culture and regional etiquette when preparing to enter new markets. The building of successful business relationships is a vital part of any venture, and such relationships rely heavily on an understanding of each partner's expectations and intentions. Export representatives will want to ensure that they make the best impression on potential clients. This means that in addition to understanding preconceived notions about American business practices, it is also important for the international representative to have at least a basic familiarity with the customs and practices of the country in which the company is considering conducting business. Gift giving, proper forms of address, appropriate dress, entertainment, holidays, business hours and sense of time, are just some cultural differences of which to be aware. Mastering international business etiquette and understanding foreign customs is imperative for success in exporting. Each culture has its own idiosyncrasies when it comes to social business relations and successful marketing strategies — what applies in one country often does not apply in another. Strategies that thrive in Japan will most likely fail in Hong Kong; therefore, not only is it important for new to export companies to be aware of the ramifications of cultural differences but also for already successful exporters contemplating expansion into new markets.
(Плюхина З.А. Английский для бухгалтеров и аудиторов)

II. Задайте к каждому абзацу 3 специальных вопроса.

III. Найдите абзац, в котором выражена основная идея текста.

IV. Напишите краткий план текста на английском языке.

Вариант 1 для направления подготовки 38.03.01 Экономика (Экономика предприятий и организаций)

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MERCHANT BANKS
Barings, the oldest of the UK merchant banks, was founded in 1762. Originally a general merchant, Francis Baring diversified into financing the import and export of goods produced by small firms. The financing was done through bills of exchange. After confirming firms’ credit standings, Barings would charge a fee to guarantee (or ‘‘accept’’) merchants’ bills of exchange. The bills traded at a discount on the market. Small traders were given muchneeded liquidity. These banks were also known as ‘‘accepting houses’’ – a term employed until the early 1980s. They expanded into arranging loans for sovereigns and governments, underwriting, and advising on mergers and acquisitions. Financial reforms,28 including the Financial Services Act (1986), changed merchant banking. The reforms allowed financial firms to trade on the London Stock Exchange, without buying into member firms. Fixed commissions were abolished, and dual capacity dealing for all stocks was introduced. This change eliminated the distinction between ‘‘brokers’’ and ‘‘jobbers’’. Most stock exchange members acted as ‘‘market makers’’, making markets in a stock and brokers, buying and selling shares from the public.

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These changes made it attractive for banks to enter the stockbroking business, and most of the major banks (both clearing and merchant) purchased broking and jobbing firms or opted for organic growth in this area. The majority of the UK merchant banks began to offer the same range of services as US investment banks, namely, underwriting, mergers and acquisitions, trading (equities, fixed income, proprietary), asset or fund management, global custody and consultancy. As merchant banks became more like investment banks, the terms were used interchangeably and, in the new century, ‘‘merchant bank’’ has all but disappeared from the vocabulary. The UK’s financial regulator, the Financial Services Authority (FSA), has been more sanguine on the conflict of interest issue, even though many of the US investment banks that are party to the April 2003 agreement have extensive operations in London. In a July 2002 discussion paper, the FSA acknowledged the presence of US banks operating in London. The study also identifies a number of conflicts of interest, the main one being when the remuneration of research analysts is dependent on the corporate finance or equity brokerage parts of an investment bank, which generate revenues from underwriting and advisory or brokerage fees. There were no specific accusations of bias, and the FSA noted that institutional investors, who are well informed, are more dominant in the UK markets. However, the paper reports the results of a study by the FSA comparing recommendations on FTSE 100 companies made by firms acting as corporate broker/advisor to the subject company to those made by independent brokers with no such relationship. The main finding was that the firms acting as corporate brokers/advisors to the subject company made nearly twice as many buy recommendations as the independent brokers.

Having identified potential conflicts of interest, the FSA noted that many are currently covered under Conduct of Business rules, Code of Market Conduct and insider trading laws. The paper concluded by suggesting four possible options: (1) the status quo; (2) all research reports from investment banks or related firms to be clearly labelled as advertising; (3) following the US route, though this option would require a far more prescriptive approach, which is at odds with the UK’s emphasis on principles; or (4) letting market forces do their job, because investors know who the client firms of investment banks are, and discount any reports coming from their research department. These options were put forward for further discussion, and in 2003 the FSA published a consultative paper (CP171, 2003). It appears the FSA will continue with a principles-based approach, but like the US authorities, recommends analysts should not be involved in any marketing activities undertaken by the investment bank, nor should the investment banking department influence the way analysts are paid. The FSA also suggests that analysts working for a bank underwriting a share issue for a firm should be banned from publishing any research on this firm. There are objections to the last proposal: it is argued that the analyst at the underwriting firm is the best informed about the firm about to go public, so stopping the publication of their reports will mean the market is missing out on a good source of information. Also, what if more than one bank is underwriting a rights issue? Unlike the USA, the banks will not be required to fund independent research. Nor will analysts be required to certify that any published report reflects their personal opinion. However, the FSA has announced plans to educate the public on the risk associated with stock market investments, which is in line with their statutory duties.
(Шпетный К.И., Калмыкова Е.И., Захарова М.А., Казанчян К.П. Английский язык для экономистов)
II. Задайте к каждому абзацу 3 специальных вопроса.

III. Найдите абзац, в котором выражена основная идея текста.

IV. Напишите краткий план текста на английском языке.

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Вариант 2 для направления подготовки 38.03.01 Экономика (Экономика предприятий и организаций)

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COMPANIES
Individuals, and groups of people doing business as a partnership, have unlimited liability for debts, unless they form a limited company. If the business does badly and cannot pay its debts, any creditor can have it declared bankrupt. The unsuccessful business people may have to sell nearly all their possessions in order to pay their debts. This is why most people doing business form limited companies. A limited company is a legal entity separate from its owners, and is only liable for the amount of capital that has been invested in it. If a limited company goes bankrupt, it is wound up and its assets are liquidated (i.e. sold) to pay the debts. If the assets don't cover the liabilities or the debts; they remain unpaid. The creditors simply do not get all their money back.

Most companies begin as private limited companies. Their owners have to put up the capital themselves, or borrow from friends or a bank, perhaps a bank specializing in venture capital. The founders have to write a Memorandum of Association (GB) or a Certificate of Incorporation (US), which states the company's name, its purpose, its registered office or premises, and the amount of authorized share capital. They also write Articles of Association (6B) or Bylaws (US), which set out the duties of directors and the rights of shareholders (GB) or stockholders (US). They send these documents to the registrar of companies.

A successful, growing company can apply to a stock exchange to become a public limited company (6B) or a listed company (US). Newer and smaller companies usually join 'over-the-counter' markets, such as the Alternative Investment Market in London or Nasdaq in New York. Very successful businesses can apply to be quoted or listed (i.e. to have their shares traded) on major stock exchanges. Publicly quoted companies have to fulfil a large number of requirements, including sending their shareholders an independently audited report every year, containing the year's trading results and a statement of their financial position. The act of issuing shares (6B) or stocks (US) for the first time is known as floating a company (making flotation). Companies generally use an investment bank to underwrite the issue, i.e. to guarantee to purchase all the securities at an agreed price on a certain day, if they cannot be sold to the public.

Companies wishing to raise more money for expansion can sometimes issue new shares, which are normally offered first to existing shareholders at less than their market price. This is known as a rights issue. Companies sometimes also choose to capitalize part of their profit, i.e. turn it into capital, by issuing new shares to shareholders instead of paying dividends. This is known as a bonus issue. Buying a share gives its holder part of the ownership of a company Shares generally entitle their owners to vote at a company`s Annual General Meeting (GB) or Annual Meeting of Stockholders (US), and to receive a Proportion of distributed profits in the form of a dividend - or to receive part of the company's residual value if it goes into liquidation. Shareholders can sell their shares on the secondary market at any time, but the market price of a share - the price quoted at any given time on the stock exchange, which reflects (more or less) how well or badly the company is doing - may differ radically from its nominal value.
(Шпетный К.И., Калмыкова Е.И., Захарова М.А., Казанчян К.П. Английский язык для экономистов)
II. Задайте к каждому абзацу 3 специальных вопроса.

III. Найдите абзац, в котором выражена основная идея текста.

IV. Напишите краткий план текста на английском языке.

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Вариант 1 для направления подготовки 38.03.01 Экономика (Финансы и кредит)

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FREE BANKING
An alternative school of thought advocates free banking. In the 19th century, free banking was unregulated by government authorities, they did not need a charter or licence to operate, and issued their own bank notes. There were periods of free banking in Scotland (1716–1844), Sweden (1831–1903), Switzerland (1826–1907) and Canada (1867–1914). Cameron (1972) argued that Scottish free banking fostered economic growth because of the intense competition between the banks, which forced them to innovate. He credits the banks as being the first to introduce branch banking, interest paid on deposits, and overdraft facilities. Dowd (1993) argued the free banking episodes in Scotland, Sweden and Canada were highly successful.

Modern-day usage of the term ‘‘free banking’’ refers to a highly competitive system operating without a central bank or regulations. Proponents of free banking claim central banks have the potential to encourage collusive behaviour among banks, thereby increasing their monopoly power. In the absence of government regulation, private banks have a collective interest in devising a framework to prevent runs. It could take the form of private deposit insurance and/or a private clearing house, which acts as lender of last resort. See, among others, Dowd (1993), Friedman and Schwartz (1986), White (1986). However, a private clearing house could also encourage collusion among banks. In Chapter 1, recall Cruickshank (2000) claimed that the private settlements system in the UK has resulted in the big banks exercising monopoly power, resulting in higher settlement charges for banks and customers. Furthermore, private deposit insurance and/or lender of last resort institutions merely replicate what a central bank does, so the same monitoring problems exist, creating incentives to free-ride.

Free banking also raises macroeconomic issues, because banks issue their own notes. No bank should have an incentive to issue too many notes because they will be exchanged for specie at that bank, thus running down its reserves. However, Nelder (2003) argues the above is only true if holders of the notes have to return to the bank where they are issued. However, if the notes issued by the different banks are perfect substitutes (or perceived to be by the public), then smaller banks have an incentive to issue an excessive supply of notes because there is a greater chance they will be redeemed at the larger banks. He argues that in the Swiss case, this resulted in an over-issue of notes, causing the depreciation of the Swiss franc. As a result, the banks agreed to give up their right of issue, and approved the establishment of a central bank, controlled by the federal government.

Nelder argues Sweden and Scotland also experienced periods of excess issue, but Canada escaped it because there was little in the way of effective price competition between the banks. Though the free banking idea is interesting in theory, it is very unlikely that the regulatory systems of western countries will be dismantled to allow an experiment. For this reason, the issue is not explored any further. The rest of this chapter is devoted to issues related to the global regulation of banks.
(Шпетный К.И., Калмыкова Е.И., Захарова М.А., Казанчян К.П. Английский язык для экономистов)
II. Задайте к каждому абзацу 3 специальных вопроса.

III. Найдите абзац, в котором выражена основная идея текста.

IV. Напишите краткий план текста на английском языке.

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