EXERCISES. Exercise 10. Study the difference between the following synonyms

Exercise 10. Study the difference between the following synonyms. Only one meaning of the word is given here. Consult a good dictionary to find the meanings and some more synonyms to the given words. Then use them in the sentences that follow.

Exercise 8. Before you begin this exercise, be sure that you know the meaning of the words and word-combinations given below. From the list, choose a word or word combination that fits both grammatically and contextually in each blank. Use each word only once and add noun or verb endings if necessary.

Using these words ask your partner as many questions as you can.

direct costs, fixed costs, income statement, costs, indirect costs, assets and liabilities, earnings, balance sheet, timely information, revenue, entry, depreciation.

1. Substance should triumph over form in situations of window-dressing and off-... financing.

2. It is argued that... should be brought together on the balance sheet if this is necessary to give a true and fair view, whether or not the information involved is specifically required by legislation.

3. Firms locate their production and other operations internationally for reasons that are more complex then the simple minimization of …

4. Mainly because of higher..., a German manufacturing worker costs almost twice as much per hour as a British one.

5. 5.The... shows the amount that the company earned during the year.

6. After deducting the costs of goods sold and other expenses, the firm had total... before interest and taxes of $ l0mln.

7. Lufhansa's cost problem is illustrated in a comparison with British Airways, when personnel...amount to about 24 per cent of revenues against Lufhansa's 33 per cent.

8. Any gain in market share fattens profit, because... are high and variable costs are low.

9. There remains, of course, the risk of capital...

10. The purpose of adjusting... is to bring the accounts to their proper balances before the financial statements are prepared.

11. This matching of expenses and... is necessary for the income statement to present an accurate picture of the profitability of a business.

12. Since those interested in the activities of a business need..., financial statements must be prepared periodically.

Exercise 9. Complete the table.

Noun	Adjective	Verb	Meaning
		trace
account
	payable
		transfer
profit
	comparable
finance
		manage
		accept
system
	liable
		require
dependence
quality
		recognize
	total
		Estimate
		Observe
		Enter
explanation

Evaluate. If you evaluate something you decide on its significance, value, or quality after carefully studying its good and bad features.

Estimate. If you estimate an amount or quality you calculate it ap­proximately, you make judgment about it based on the available evidence.

Appreciate. If you appreciate something, for example apiece of mu­sic or good food, you recognize and understand the good qualities or features that it has and like or admire it because of them.

1. They meet monthly to discuss policy and... the current political situation.

2. They really... the peace and quiet of rural Wales.

3. The hurricane caused damage... at 300 mln pounds.

4. How would you... our chances?

5. He is the kind of individual that's very hard to....

6. The lawyers... the property at 90 thousand pounds.

7. The builder... the cost of repairing of roof at 600 pounds.

8. It can explain why actual costs varied from cost....

9. I would... the size of the garden at 1000 square metres.

TEXT 13. CAREERS IN FINANCE

Careers in finance vary as widely as the scope of finance itself. Some of these career paths require extensive, highly specialized knowl­edge and advanced degrees. Others begin with entry level positions open to enthusiastic, hard-working individuals regardless of their un­dergraduate majors.

The scope of finance has increased so much over the past decade that the field is generally subdivided into three parts. Financial markets and institutions, financial management, and investments are commonly considered to be separate disciplines. The study of financial markets and institutions focuses on those public and private institutions engaged in granting loans, accepting deposits, facilitating securities transfers, rais­ing corporate funds, and regulating both the economy (domestic and global) and its financial institutions.

Financial management is concerned with how firms acquire and allocate funds. It examines how firms obtain short-term and long-term funds and how these funds are spent to acquire selected assets. Deci­sions regarding dividend policies, merger and acquisition activities, and leasing, all fall within the realm of the capital budget. Financial man­agement also emphasizes the cash budget and management of its com­ponents.

Investment analysis focuses on how individuals or portfolio manag­ers select appropriate financial and real assets. It examines the markets within which fund raising and security trading take place. It explores the methodologies used by investors, providing insights into criteria for an­alyzing companies and industries, as well as generating norms of behav­ior. The study of the markets for stocks and bonds, stock and index op­tions, warrants, and commodities and financial futures are all part of the investments area.

Careers in Institutions and Markets

Entry level positions in financial institutions and markets can in­clude everything from bank teller to credit trainee. A person with a strong finance background would probably begin as an administrative assistant to a loan officer, or as a junior financial analyst in either the credit depart­ment or the research department of a depository institution. Positions such as customer service representative or mortgage servicing specialist in an insurance company or a mortgage banking company, respectively, are generally staffed by people with limited finance back­grounds. More experienced individuals would be eligible for loan of­ficer, branch manager, or senior analyst positions.

Careers in Financial Management

Entry level positions for those with associate degrees and lim­ited experience in finance include data processing clerks, investor relations specialists, and accounts payable staff positions. Finance majors find entry level positions as junior accountants in cost or Financial accounting departments, budget analysts, or financial planners. Promotion opportunities generally lead to managerial positions such as cash manager, credit manager, or financial ac­counting manager. Senior financial management positions include CFO, corporate comptroller, and treasurer.

Careers in Investments

Generally it is the investment area that attracts people to finance. They see an appealing opportunity to control multimillion dollar invest­ment portfolios, or to be part of an investment banking institution en­gaged in mergers and acquisitions. Most brokerage houses, however, provide entry level positions as registered representatives (for those who qualify by passing specific NASD (National Association of Securities Dealers) examinations), or as investment or industry analysts. Clerical and assistant positions are always available with the major brokerage houses for those with limited experience, but excellent self-motivational skills. Senior employment opportunities include portfolio manager, senior investment analyst, and investment counselor.

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