V. Match these words as they occur in the text. Translate the phrases

IV. For each word or phrase, write one which means the opposite.

III. Change the noun form into the verb and adjective forms. You may want to use a dictionary.

Example: security (n) - secure (v) - secure (adj)

Commerce, promise, note, statement, enforcement, compensation, interest, qualification, execution, continuation, commitment, floatation, rate, bond, stock, venture, preference, appreciation, deduction, standing, tax, profit.

Long-term funds, secured loans, short-term loan, buyer, lender, advantage, agreement, higher interest rates, interest-bearing account, short-term agreement, minimum amount, forbid, insolvent firm, undue, long-term expenditures, debt financing, to grant, attractive, concealment, prime rate, common stock, distributed earnings, to purchase stock, to meet obligations, predictable cash flow patterns; slow growth, definetly.

1. line of 2. factoring accounts 3. promissory 4. revolving credit 5. venture 6. bond 7. commitment 8. stipulated 9. creditworthy 10. face 11. to pledge 12. retained

a) note b) indenture c) agreement d) fee e) firm f) credit g) collateral h) receivable i) earnings j) capital k) value 1) sum

VI. Choose the explanation for each of these words and phrases.

1. unsecured loan 2. corporate bond	a) the contract spelling out all the terms of the bond, including the principal amount, the interest rate, and the maturity date b) long-term borrowing financed from sources outside the company
3. bond indenture 4. factoring 5. debt financing 6. trade credit 7. leverage 8. equity financing 9. line of credit 10. commercial paper	c) the use of borrowed funds to finance an investment d) short-term sources of borrowed funds for which the borrower does not pledge any assets as collateral e) the use of common stock and/or retained earnings to raise money for long-term expenditures; involves putting the owners' capital to work f) a bond in which the issuing company pays the holder a certain amount of money on a certain date, with stated interest payments in the interim g) a method of short-run financing in which large, stable companies issue unsecured notes at a certain face value, sell them for less than the face value, then buy them back at the face value at a later date h) a standing agreement between a bank and a firm in which the bank promises to lend the firm a maximum amount of funds on request. The bank will not necessarily have the funds to lend when they are needed, however i) selling a firm's accounts receivable to another company j) short-term source of funds resulting from purchases made on credit or open account

VII. Find words and phrases in the text which mean:

1. an asset pledged by a borrower; in the event of nonpayment of the loan, the lender has the right to seize the asset

2. shares of ownership in a corporation

3. the way in which a bond is paid off

4. financial institution that purchases accounts receivable at a discount from retailers

5. certificate of indebtedness sold to raise long-term funds for corporations or government agencies

6. location at which stocks and bonds are bought and sold

7. the interest rate that a bank charges its most creditworthy customers

8. stock that provides owners preferential dividend payment and first claim to assets after debts are paid, but seldom includes voting rights

9. the failure to meet a financial obligation

10. guaranteed line of credit

11. to change very often from a high level to a low one and back again

12. an increase in the value of an asset

13. tax benefit

14. an amount of money lent, put into a business, on which interest is paid

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