X. Read the text about securities. Write a suitable word to fill each of the gaps

IX. Fill in the blanks with articles if needed

VIII. Fill in the blanks with suitable prepositions

Articles. Prepositions

One … the major causes … small business failure is inadequate start-up financing. Before you open … business, it is very important to determine how much cash you will need. Many businessmen start operations until profits begin to roll in – which is typically three … six months. They have only enough money … a few months’ rent, some equipment and minimum inventory. Many experts advise having … least a 12-months financial cushion to handle all business and personal expenses. This will allow you to remain self-sufficient and minimize the risks should your business provide unprofitable.

Prior … starting …, carefully review your total financial needs. The checklist entitled “How much money do you need?” should assist you … this evaluation process. Don’t forget to add … the additional funds that will be necessary … personal and living expenses. Some examples include mortgage or rent payments, medical and insurance costs, entertainment, food, clothing, utilities and transportation.

Equally important is … preparation of … cash budget. This analysis forces the businessman to think ahead by estimating … firm’s income and expenses. It will also warn you about … possible deficits that could require additional funding. By carefully projecting your financial needs, you can avoid some of … crises that would otherwise arise from … shortage of funds in … future. A sound finance for … long term will help you to make … profit.

It is essential to distinguish … few different concepts of profit. Profit in everyday life means advantage or … good obtained from something. Besides it can mean … money gained in … business. Profit for … accountant means simply … difference between total receipts and total costs. For … economist profit has … much wider meaning. It is … revenue derived from … use of resources minus … opportunity cost of using those resources. The economist attaches … cost to … use of retained earnings, since they could have yielded revenues if used outside … business. Besides … economist would value the time of … owner-managers in accordance with what they could have earned outside … business.

bond convertible portfolio unit

gilts index preference value

inflation tend price

prices redeemable securities

Most investors seek, above all, security. They even call their investments ______. By building up a _______ of investments. You can be pretty confident that, in the long run, the _______ of your shares will stay a little ahead of _______. Many small investors pay their money to a _______ trust, which can invest more securely and profitably than the individuals could if they acted separately.

Every stock exchange has its _______, to show share _______ are moving from day to day, in London, the Financial Times-Stock Exchange 100-share index (known as the FT-SE 100 for short), which is pronounced “Footsie”, calculates the average _______ of shares of 100 major companies. This index started at 100 on 1 January 1984.

Instead of buying shares in a business, you may prefer simply to ______ money to it. You receive in return a certificate, called a ______. The safest business to lend money to is the Government. UK Government bonds are called ______ (because they are printed on gilt-edged paper). If you lend to a company, you may receive bonds or _______ shares. ______ preference shares give the holder the right to convert them into ordinary shares at a later date; ______ preference shares give the company the right to buy them back or redeem them.

XI. A businessman gives his partner advice on his investments in a number of ways. Perhaps the most obvious is when he uses the verb “advise”:

“I would strongly advise you not to go playing the market”. The pattern here is:

to advise (someone) to do (something).

You can also use the noun “ advice”:

“ Let me give you some advice”,

“ Let me give you a piece of advice”.

But there are many other ways of giving advice to people:

“I suggest that you (do) … “,

“If I were you, I’d (do)… “,

“ Why not (do) …“,

“ How about (doing) … “,

“ What about (doing) … “.

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