Module Test 1

ASSESS YOUR PROGRESS
Task	Scope of the task	Points for each correct answer	Maximum score
Task 1.	20 items	0,5	10 points
Task 2.	20 items		20 points
Task 3.	5 items		5 points
Task 4.	20 items		40 points
Task 5.	10 items		20 points
Task 6.	10 items		20 points
Task 7.	10 items		20 points
Task 8.	5 items		10 points
Task 9.	5 items		5 points
Task 10.	5 items		10 points
Task 11.	10 items		20 points
Task 12.	5 items		20 points
Final mark	200
Mark for the test	National assessment system	ECTS System
180-200	“Excellent”	90-100	A
164-179	“Good”	82-89	B
150-163	75-81	C
138-149	“Satisfactory”	69-74	D
120-137	60-68	E
70-119	“Bad”	35-59	FX
1-69	1-34	F

Variant 1.

Task 1. Fill in the missing letters.

1.de…t; 2.ex…el; 3.tre…ty; 4.vi…ion; 5.defi…it;

6.a…cept; 7.s…rplus; 8.so…iety; 9.produ…t; 10.welf…re;

11.essen…e; 12.ind…stry; 13.b…siness; 14.resour…e; 15.catalog…e;

16.propri…tor; 17.suc…essful; 18.emplo…ee; 19.all-inclu…ive; 20.manuf…cturer.

10 points

Task 2. Give the English equivalents for:

1. Виробник; 2. підприємець; 3. підприємство; 4. збанкрутувати; 5. підкорятися владі; 6. виготовляти товари; 7. міжнародний договір; 8. економічний надлишок; 9. керувати підприємством; 10. видимий імпорт / експорт; 11. власник, володар; господар; 12. вести комерційну діяльність; 13. необмежена відповідальність; 14. малий бізнес; мале підприємство; 15. франшиза; ліцензія; комерційна концесія; 16. борг; заборгованість; боргове зобов’язання; 17. великий бізнес; велике підприємство; великий капітал; 18. індивідуальне приватне підприємство; одноосібна власність; 19. вітчизняний бізнес; вітчизняне підприємництво; внутрішня торгівля; 20. основна діяльність; профільна діяльність; основний вид діяльності, яким займається компанія.

20 points

Task 3. What do these abbreviations stand for?

1.BP	_________________________________________________;
2.Ltd.	_________________________________________________;
3.IBM	_________________________________________________;
4.TNC	_________________________________________________;
5.GDP	_________________________________________________.

5 points

Task 4. Distribute the following synonyms of “ENTERPRISE” into two columns according to their meaning: PERSONALITY TRAIT (column A) and BUSINESS ENTITY (column B).

1.Firm;	6.business;	11.ingenuity;	16.inventiveness;
2. drive;	7.initiative;	12.dynamism;	17.establishment;
3. energy;	8.company;	13.enthusiasm;	18.resourcefulness;
4. venture;	9.operation;	14.corporation;	19.entrepreneurialism;
5.concern;	10.creativity;	15.organization;	20.profit-making enterprise.

A PERSONALITY TRAIT	B BUSINESS ENTITY
1.----------- 2.----------- 3.----------- 4.----------- 5.----------- 6.----------- 7.----------- 8.----------- 9.----------- 10.-----------	1.----------- 2.----------- 3.----------- 4.----------- 5.----------- 6.----------- 7.----------- 8.----------- 9.----------- 10.-----------

40 points

Task 5. Complete each sentence with the correct form of one of the words from Task 4 (for some sentences there may be more than one way to be completed).

1. Most governments try to create an economic environment favorable for small _____s.

2. A joint _____ (often abbreviated JV) is an entity formed between two or more parties to undertake economic activity together.

3. _____ tests will be given to those applying for jobs in our company where new approaches are needed to solve old problems.

4. She had the _____ to succeed where everyone else had failed.

5. With extensive experience in the international pharmaceutical industry, he lent his knowledge to inject a new spirit of _____ for a potentially unlimited emerging Canadian economy.

6. Does she have enough _____ to finish the job?

7. Shops and other commercial _____s remain closed today.

8. Large _____s can be entrepreneurs, too.

9. A _____ is a German type of business group. It results from the merger of several legally independent companies an economic entity under unified management.

10. In simple terms, _____ is the energy and desire to build successful, sustainable businesses and to continually seek ways to improve and change as conditions change.

20 points

Task 6. Each sentence contains a mistake. Correct the sentences.

1. A document that presents the reasons that show why a product, project, etc. would be successful and make money, used to try to get people to invest in the project is called licence.

2. A sole trader (sole proprietorship) is a firm with a single owner – a proprietor – who has limited liability.

3. Entrepreneurs and small businesses owners are motivated by the possibility of losing money.

4. Esperanto – an international artificial language based on words common to the chief European languages – was designed in 1887.

5. College education helped Mary Kay Ash develop a successful cosmetics business.

6. Jean Baptist Say invented the Master of Business Administration degree (MBA) in 1921.

7. Globalization is a result of the increasing decline of international business ventures.

8. A gift of liquor is most appropriate in Arab countries.

9. A well-known saying holds “Nothing have, nothing venture.”

10. Stockholders own all the profits of their enterprises, and they are their own bosses, free to make whatever changes they please.

20 points

Task 7. Use the terms in the box to complete the paragraph.

risk	goods	owners	ownership	consumers
profit	wealth	enterprise	economies	state-owned

A business (also called a company, firm and (1) _____) is a legally recognized organization designed to provide (2) _____ and/or services to (3) _____. Businesses are predominant in capitalist (4) _____, most being privately owned and formed to earn (5) _____ that will increase the (6) _____ of its owners and grow the business itself. The (7) _____ and operators of a business have as one of their main objectives the receipt or generation of a financial return in exchange for work and acceptance of (8) _____. Notable exceptions include cooperative enterprises and (9) _____ enterprises. Socialist systems involve either government agencies, public ownership, state-ownership or direct worker (10) _____ of enterprises and assets that would be run as businesses in a capitalist economy.

20 points

Task 8. What type of company is the sentence about? Put number of each sentence in the correct column in the table below.

A SMALL BUSINESS	A MEDIUM FIRM	A LARGE FIRM / CORPORATION

1. Although such business organizations are outnumbered by about four to one by sole proprietorships, they dominate the world business.

2. The company is cutting its headcount to about 45 000.

3. The firm of accountants has an annual turnover of $750 000.

4. This American business employs 400 people.

5. With over 388,000 employees worldwide, IBM is the largest and most profitable information technology employer in the world.

10 points

Task 9. Are the following statements true or false?

	True	False
1.Business interruptions can cause losses.	€	€
2.There are many business parks in the centre of Kyiv.	€	€
3.A scope of a company’s business activity is defined in terms of its turnover and the headcount.	€	€
4.Corporate stockholders personally assume all the debts of their companies.	€	€
5.Entrepreneurial wealth creation often is rapid: for example within 5 years.	€	€

5 points

Task 10. Choose the correct alternative from the brackets.

1. French economist Jean Baptiste Say coined the term “entrepreneur” in (1800 / 1900) to describe a very important activity.

2. With $(1,000 / 10,000), dedication and desire, Michael Dell dropped out of college at age 19 to start PC’s Limited, later named Dell, Inc.

3. Mickey Mouse was created in (1918 / 1928) by Walt Disney and Ub Iwerks and voiced by Walt Disney.

4. Henry Ford was (30 / 40) years old when he founded the Ford Motor Company.

5. Bill Gates was ranked as the world’s richest person from 1995 to (2006 / 2009).

10 points

Task 11. Name 10 most successful entrepreneurs you know and the respective fields in which they excelled.

A ENTREPRENEUR	B FIELD
1. -----------	-----------
2. -----------	-----------
3. -----------	-----------
4. -----------	-----------
5. -----------	-----------
6. -----------	-----------
7. -----------	-----------
8. -----------	-----------
9. -----------	-----------
10. -----------	-----------

20 points

Task 12. Give definitions of the following concepts (in writing).

1.Profit	________________________________________________
	________________________________________________
	________________________________________________;
2.invisibles	________________________________________________
	________________________________________________
	________________________________________________;
3.entrepreneur	________________________________________________
	________________________________________________
	________________________________________________;
4.philanthropist	________________________________________________
	________________________________________________
	________________________________________________;
5.venture capitalist	________________________________________________
	________________________________________________
	________________________________________________.

20 points

Variant 2.

Task 1. Fill in the missing letters.

1.l…gal; 2.as…et; 3.tou…h; 4.su…ply; 5.desi…n;

6.en…ure; 7.forei…n; 8.a…quire; 9.a…umen; 10.con…ept;

11.se…urity; 12.effi…ient; 13.perc…ive; 14.a…thority; 15.mer…urial;

16.guarant…e; 17.expan…ion; 18.conv…nience; 19.conven…ional; 20.in…eniousness;

10 points

Task 2. Give the English equivalents for:

1. Прибуток; 2. рівень життя; 3. постачальник; 4. прямі інвестиції; 5. глобальний ринок; 6. електронний бізнес; 7. комерційна діяльність; 8. новатор; раціоналізатор; 9. вітчизняне підприємство; 10. підприєм-ницька культура; 11. юридична відповідальність; 12. традиційна (звична) торгівля; 13. акціонер; власник пакету акцій; 14. прибутковий, вигідний, дохідний; 15. зайнятість (робочої сили); робота, служба; 16. спільне підприємство (СП); спільна діяльність; 17. клієнт; замовник; фірма, пов’язана з даною компанією; 18. життєздатний; такий, що спонукає ефективну життєдіяльність; 19. мультинаціонал, мультинаціональна (багатонаціональна) компанія (корпорація); 20. одноосібне підприємство; підприємство, що перебуває в управлінні однієї людини; підприємство з одним працівником.

20 points

Task 3. What do these abbreviations stand for?

1.DIY	_________________________________________________;
2.LBD	_________________________________________________;
3.SMB	_________________________________________________;
4.CEO	_________________________________________________;
5.MNE	_________________________________________________.

5 points

Task 4. Distribute the following synonyms of “BUSINESS” into two columns according to their meaning: BUYING AND SELLING (column A) and BUSINESS ENTITY (column B).

1.Firm;	6.concern;	11.institution;	16.free enterprise;
2. trade;	7.dealings;	12.commerce;	17.merchandising;
3. office;	8.company;	13.transactions;	18.entrepreneurship;
4.trading;	9.exchange;	14.negotiations;	19.a business venture;
5.agency;	10.a business;	15.an operation;	20.commercial organization.

A BUYING AND SELLING	B BUSINESS ENTITY
1.----------- 2.----------- 3.----------- 4.----------- 5.----------- 6.----------- 7.----------- 8.----------- 9.----------- 10.-----------	1.----------- 2.----------- 3.----------- 4.----------- 5.----------- 6.----------- 7.----------- 8.----------- 9.----------- 10.-----------

40 points

Task 5. Complete each sentence with the correct form of one of the words from Task 4 (for some sentences there may be more than one way to be completed).

1. _____ is widely regarded as an integral player in the business culture of American life, and particularly as an engine for job creation and economic growth.

2. A Branch office is an _____ that serves a certain geographic or demographic area to expand the access of customer services and other services available to beyond the home office.

3. An _____ is a business that serves other businesses.

4. I’ve had some _____ with him, but I don’t know him very well.

5. In Eastern Europe, particularly in Russia, the term “_____” is commonly used within the trading industry and denotes all marketing and sales stimulation activities around PoS (point of sale).

6. In the 16^th century, Holland was the centre of free _____, imposing no exchange, and advocating the free movement of goods.

7. In the United States, a _____ is a corporation that carries on an industrial enterprise.

8. Market is the _____ or selling opportunities provided by a particular group of people.

9. The _____ system guarantees business owners the right to all profits (after taxes) earned by the business.

10. Today^[update] _____ includes a complex system of companies that try to maximize their profits by offering products and services to the market.

20 points

Task 6. Each sentence contains a mistake. Correct the sentences.

1. A business friend is an investor who helps new companies develop by lending them his own money, which may involve a lot of risk.

2. Sole proprietorships are the least numerous kind of business organization, but most are very small.

3. Modern world is dominated by Soho’s.

4. Euro-ad is an advertisement engineered to be suitable for all countries in the European Union.

5. Sir William Gates is seen as different from the typical businessman, because he has long hair and does not wear a suit.

6. Coco Chanel, a French fashion designer, is known especially for a simple type of women’s suit and for the great black dress, which she invented.

7. International business success requires as much business acumen as managing a domestic enterprise.

8. Avoiding eye contact can be regarded as a sign of respect in Europe and North America.

9. Business is commonly defined as the art of removing money from a person’s pocket applying violence.

10. When you engineer something, it is completely new and noting of the kind has existed before.

20 points

Task 7. Use the terms in the box to complete the paragraph.

joint	NAFTA	cooperate	agreements	cross-national
labour	political	integration	organizations	World Trade Organization

Integration suggests (1) _____ and economic (2) _____ among countries that gives preference to member countries to the agreement. General (3) _____ can be achieved in three different approachable ways: through the (4) _____ (WTO), bilateral integration, and regional integration. In bilateral integration, only two countries economically (5) _____ with one and other; whereas in regional integration, several countries within the same geographic distance become (6) _____ to form (7) _____ such as the European Union (EU) and the North American Free Trade Agreement ((8) _____). Indeed, factors of mobility like capital, technology and (10) _____ are indicating strategies for (9) _____ integration along with those mentioned above.

20 points

Task 8. What type of company is the sentence about? Put number of each sentence in the correct column in the table below.

A SMALL BUSINESS	A MEDIUM FIRM	A LARGE FIRM / CORPORATION

1. In the UK, firms employing less than 20 staff make up 97% of all businesses.

2. Last year this company had revenue of $32 million.

3. The company employs around 300,000 people and has business premises located in European countries as well as Mexico, the United States and China.

4. This German consulting firm employs 150 people.

5. The Walt Disney Company now has annual revenue of $30 billion.

10 points

Task 9. Are the following statements true or false?

	True	False
1.Business gifts are commonly used as a means of advertising.	€	€
2.Company names of American corporations usually contain the abbreviation Ltd. (for limited).	€	€
3.A successful entrepreneurial venture creates substantial wealth, typically in excess of several million dollars of profit.	€	€
4.A nation’s positive balance of trade willalways lead to a surplus balance of payments.	€	€
5.Intrapreneurs are outside entrepreneurs hired by an organization to develop a new product or line of business.	€	€

5 points

Task 10. Choose the correct alternative from the brackets.

1. The volume of Edison’s work – (193 / 1,093) patents in 20 different areas – is staggering.

2. Hershey’s Milk Chocolate is America’s best-loved chocolate brand with a legacy of quality spanning over (50 / 100) years.

3. Ty, Inc., made $ (100 / 700) million in a single year without spending money on advertising!

4. The first modern MNC is generally thought to be the Dutch East India Company, established in (1602 / 1902).

5. British Petroleum plc is the (first / third) largest global energy company.

10 points

Task 11. Name 10 most powerful companies you know and the respective fields of their activities.

A COMPANY	B FIELD OF ACTIVITIES
1. -----------	-----------
2. -----------	-----------
3. -----------	-----------
4. -----------	-----------
5. -----------	-----------
6. -----------	-----------
7. -----------	-----------
8. -----------	-----------
9. -----------	-----------
10. -----------	-----------

20 points

Task 12. Give definitions of the following concepts (in writing).

1.Tycoon	________________________________________________
	________________________________________________
	________________________________________________;
2.freelancer	________________________________________________
	________________________________________________
	________________________________________________;
3.joint venture	________________________________________________
	________________________________________________
	________________________________________________;
4.business angel	________________________________________________
	________________________________________________
	________________________________________________;
5.standard of living	________________________________________________
	________________________________________________
	________________________________________________.

20 points

Variant 3.

Task 1. Fill in the missing letters.

1.c…cle; 2.s…ale; 3.s…ope; 4.t…coon; 5.v…able;

6.ex…ibit; 7.li…ence; 8.vent…re; 9.pion…er; 10.spe…ific;

11.tan…ible; 12.d…namic; 13.invi…ible; 14.co…esion; 15.de…eption;

16.freelan…er; 17.consor...ium; 18.entreprene…r; 19.m…ltinational; 20.overw…elming.

10 points

Task 2. Give the English equivalents for:

1. Продукція; 2. ділова жилка; 3. власна справа; 4. підприємництво; 5. фінансова безпека; 6. творчий, креативний; 7. підприємницькі ризики; 8. товариство, партнерство; 9. заняття, справа; професія; 10. покривати витрати, збитки; 11. соціокультурне середовище; 12. комерційно-промислова зона; 13. службовець, працівник, робітник; 14. квартира-офіс (дрібного підприємця); 15. іноземна власність; власність за кордоном; 16. обіг; обсяг реалізації; обсяг продажу; товарообіг; 17. дочірнє підприємство; підконтрольне підприємство; філіал; 18. ведення (ділових операцій); виконання (справи); справа; угода; 19. відкрити (розпочати) свою власну справу; відкрити торговельне підприємство; 20. кількість штатних працівників; кількість співробітників за штатним розписом; кількість посад за штатним розписом.

20 points

Task 3. What do these abbreviations stand for?

1.R&D	_________________________________________________;
2.SoHo	_________________________________________________;
3.WTO	_________________________________________________;
4.MBA	_________________________________________________;
5.MNC	_________________________________________________.

5 points

Task 4. Distribute the following synonyms of “BUSINESS” into two columns according to their meaning: EVENT (column A) and SOMETHING TO DEAL WITH (column B).

1.duty;	6.matter;	11.problem;	16.implication;
2. case;	7.episode;	12.situation;	17.engagement;
3. affair;	8.incident;	13.happening;	18.involvement;
4. thing;	9.concern;	14.obligation;	19.circumstance;
5.worry;	10.function;	15.occurrence;	20.responsibility.

A EVENT	B SOMETHING TO DEAL WITH
1.----------- 2.----------- 3.----------- 4.----------- 5.----------- 6.----------- 7.----------- 8.----------- 9.----------- 10.-----------	1.----------- 2.----------- 3.----------- 4.----------- 5.----------- 6.----------- 7.----------- 8.----------- 9.----------- 10.-----------

40 points

Task 5. Complete each sentence with the correct form of one of the words from Task 4 (for some sentences there may be more than one way to be completed).

1. An _____ may refer to professional, personal, or public business matters or to a particular business or private activity.

2. What’s the _____?

3. The company has a duty to its shareholders.

4. They are the best cameras on the market. The only _____ is they are incredibly expensive.

5. The company is in a crisis _____.

6. Unfortunately, business failures are a common _____.

7. The _____s of this case are unusual.

8. Our _____ with this project started way back in 1989.

9. We have no _____ with this incident.

10. The bank’s financial weakness became a source of _____.

20 points

Task 6. Each sentence contains a mistake. Correct the sentences.

1. Theme parks are areas of land, usually outside a town or city, which are especially designed for offices and small factories.

2. A sole trader is a business organiza­tion created under a government charter.

3. Ford designed the idea of the assembly line (= system in which each worker is responsible for one small part of the process of making something).

4. Caesar salad that comprises romaine lettuce and croutons dressed with parmesan cheese, lemon juice, olive oil, egg, Worcestershire sauce, and black pepper is named after Julius Caesar.

5. Apple Inc. is an American multinational corporation that produces America’s best-loved chocolate.

6. The Balance of Trade refers to both visibles and invisibles.

7. The majority of jobs in international business involve finance and accounting.

8. The familiar American symbol for “OK” means “zero” in Japan and “money” in France.

9. Work is the medicine for prosperity.

10. The essence of entrepreneurship is avoiding risk.

20 points

Task 7. Use the terms in the box to complete the paragraph.

debts	set up	owners	corporation	proprietorship
profit	assets	agreement	shareholder	unlimited liability

Sole (1) _____ is generally the simplest way to (2) _____ a business. A sole proprietor is fully responsible for all (3) _____ and obligations related to his or her business. A creditor with a claim against a sole proprietor would normally have a right against all of his or her (4) _____, whether business or personal. This is known as (5) _____.

A partnership is an (6) _____ in which two or more persons combine their resources in a business with a view to making a (7) _____. Partners share in the profits according to the terms of the agreement.

A corporation is a legal entity that is separate from its (8) _____, the shareholders. No (9) _____ of a corporation is personally liable for the debts, obligations or acts of the corporation. Directors, officers and insiders can bear some liability for their involvement with the (10) _____.

20 points

Task 8. What type of company is the sentence about? Put number of each sentence in the correct column in the table below.

A SMALL BUSINESS	A MEDIUM FIRM	A LARGE FIRM / CORPORATION

1. Such businesses generally employ fewer than 500 employees in the United States and under 250 employees in the European Union.

2. It is a privately owned convenience store.

3. In the UK the turnover of such companies is usually more than £2.8m but less than £11.2m.

4. Financial analysts say the company will fail to meet sales forecasts of between $21 million and $22 million for the second quarter.

5. The Coca-Cola Company currently offers nearly 400 brands in over 200 countries or territories and serves 1.5 billion servings each day.

10 points

Task 9. Are the following statements true or false?

	True	False
1.The terms “sole trader” and “sole proprietor” denote the same notion.	€	€
2.A corporation may have a limited number of owners.	€	€
3.Anyone who owns and operates a business is an entrepreneur.	€	€
4.International business by its nature is a primary determinant of international trade.	€	€
5.Companies willing to expand abroad must learn to tackle physical, legal, political, and cultural barriers.	€	€

5 points

Task 10. Choose the correct alternative from the brackets.

1. The name Canon began in (1934 / 1974) with a prototype for Japan’s first-ever 35 mm camera with a focal plane shutter.

2. (65 / 90) percent of students who take international business class will be working in domestic global workplace.

3. The “personal space” or “body bubble” for North Americans is about (five / seven) feet.

4. The Cadillac automobile was named after the (17^th / 19^th)-century French explorer Antonie Laumet de la Mothe, Sieur de Cadillac.

5. The form Sir is first documented in English in (1297 / 1797), as title of honour of a knight or baronet.

10 points

Task 11. Name 10 most famous inventions (innovations, improvements, distinguished products) in the world of business and the entrepreneurs who made them.

A INVENTION / IMPROVEMENT	B ENTREPRENEUR / INVENTOR
1. -----------	-----------
2. -----------	-----------
3. -----------	-----------
4. -----------	-----------
5. -----------	-----------
6. -----------	-----------
7. -----------	-----------
8. -----------	-----------
9. -----------	-----------
10. -----------	-----------

20 points

Task 12. Give definitions of the following concepts (in writing).

1.Turnover	______________________________________________
	______________________________________________
	______________________________________________;
2.partnership	______________________________________________
	______________________________________________
	______________________________________________;
3.multinational	______________________________________________
	______________________________________________
	______________________________________________;
4.sole proprietor	______________________________________________
	______________________________________________
	______________________________________________;
5.international business	______________________________________________
	______________________________________________
	______________________________________________.

20 points

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