Notes on the text.

Against shipping documents - против отгрузочных документов

Деление и название документации в коммерческой практике в Англии и в нашей стране не совпадает. К отгрузочным докумен­там, против которых производится платеж, относятся: счет (In­voice), оригинал коносамента (original Bill of Lading) или дубли­кат железнодорожной (автомобильной) накладной (a copy of rail or road Waybill), отгрузочная спецификация (shipping specification), упаковочный лист (packing sheet), сертификат ка­чества (Certificate of Quality), сертификат происхождения (Certificate of Origin), страховой полис или сертификат (Insurance Policy/Certificate).

Набор документов, против которых осуществляется платеж, из контракта в контракт может меняться в зависимости от догово­ренности между контрагентами и торговых условий в стране.

Remittance (transfer) – денежный перевод

Letter of credit – аккредитив

A confirmed irrevocable L/C - подтверждённый безотзывный аккредитив

A revolving L/C – револьверный (автоматически возобновляемый) аккредитив

To default – не выполнять обязательства

To overcome the gap – преодолевать разрыв

Draft – тратта, переводной вексель (Bill of Exchange)

To draw drafts on smb. – выставлять тратты на кого-либо

Acceptance – акцепт

To endorse a draft – индоссировать тратту, делать передаточную надпись

Sights draft – предъявительский вексель

Term draft – срочный вексель (с фиксированным сроком)

In advance - авансом

Exercise 1. .Find English equivalents in the texts:

1) не может быть ни изменен, ни аннулирован без согласия сторо­ны, в чью пользу он был открыт

2) в случае, если банк, осуществляющий платеж, не выполнит обязательств

3) он преодолевает разрыв между поставкой и платежом

4) производить платеж почтовым переводом в соответствии с инструкциями покупателя

5) производить расчеты в соответствии с теку­щим обменным курсом валюты

6) быть выгодным, безопасным, но дорогим методом платежа

7) своевременно осуществлять поставку

8) предъявлять тратту к оплате, когда наступит срок платежа

9) чтобы суммиро­вать плюсы (преимущества) и минусы предусмотренного метода расчетов

10) чтобы сократить многочисленное движение валюты

11).т.е. для подтверждения долга

12) могут передать ее новым владельцам

Exercise 2. Translate the sentences:

1. При наличной оплате платеж может быть осуществлен денежным переводом.

2. Платеж осуществляется в соответствии с существующим валютным курсом.

3. Если покупатель не получает вовремя лицензию, продавец имеет право аннулировать контракт.

4. Оплата путем инкассо означает платеж против документов.

5. Через 3 дня мы вышлем документы в ваш банк на инкассо.

6. Платеж будет осуществляться векселями.

7. Этот вексель подлежит оплате по предъявлению необходимых документов.

8. Платеж по аккредитиву осуществляется против отгрузочных документов.

9. Поставщик попросил заказчика внести аванс.

10. Какие методы оплаты предусматриваются контрактом?

11Покупатель должен открыть аккредитив в пользу продавца.

Text 2.

Taxation

Read the text and make sure you know all the taxes mentioned here

During the 19th century the prevalent idea was that taxes should serve mainly to finance the government. In earlier times, and again today, governments have utilized taxation for other than merely fiscal purposes. One useful way to view the purpose of taxation, attributable to the American economist Richard A. Musgrave, is to distinguish between objectives of resource allocation, income redistribution, and economic stability.

Patterns of taxation throughout history can be explained largely by administrative considerations.

Taxes played a relatively minor role in the ancient world. Taxes on consumption were levied in Greece and Rome. Tariffs - taxes on imported goods - were often of considerably more importance than internal excises so far as the production of revenue went. As a means of raising additional funds in time of war, taxes on property would be temporarily imposed. For a long time these taxes were confined to real property, but later they were extended to other assets. Real estate transactions also were taxed. In Greece free citizens had different tax obligations from slaves, and in Rome the tax laws distinguished between nationals and residents of conquered territories.

In the Middle Ages many of these ancient taxes, especially among the direct levies, vanished and gave way to a variety of obligatory services and a system of "aids" (most of which amounted to gifts). The main indirect taxes were transit duties and market fees. In the cities, the concept developed of a tax obligation encompassing all residents: the burden of taxes on certain foods and beverages was intended to be borne partly by consumers and partly by producers and tradesmen. During the latter part of the Middle Ages, some German and Italian cities introduced several direct taxes: head taxes for the poor and net worth or occasionally crude income taxes for the rich. (The income tax was administered through self-assessment and an oath taken before a civic commission.) The use of land taxes and taxes on houses gradually spread.

Wars have influenced taxes. Many taxes, notably (the income tax (first introduced in England in 1799) and the turnover or purchase tax (Germany, 1918; Great Britain, 1940) began as "temporary" war measures. Similarly, the withholding method of income tax collection began as a wartime innovation in France, the United States, and Britain. World War 11 converted the income taxes of many nations from upper-class taxes to mass taxes.

It is hardly necessary to mention the role that tax questions play in peacetime politics. Arguments for tax reform, particularly in the area of income taxes, are perennially at issue in the domestic politics of many countries.

The power to tax now generally resides in parliamentary bodies. The level of most taxes has risen substantially and so has the ratio of tax revenues to the national income. Taxes today are collected in money, not in goods. Taxes are assessed and collected by civil servants. There has been a reduction in reliance on customs duties and excises. Many countries increasingly rely on sales taxes and other general consumption taxes. An important late 20th-century development has been the replacement of turnover taxes with value-added taxes. Taxes on the privilege of doing business and on real property have lost ground and are important today mainly as revenue sources for local communities. The absolute and relative weight of direct personal taxation has been growing in most of the developed countries, and increasing attention has been focused on payrolland value-added taxes.

Income taxation, both of individuals and of corporations, payroll taxes, general sales taxes, and (in some countries) property taxes occupy leading positions in modern tax systems. The income tax has ceased to be a rich man's tax; it is now paid by the general populace, and in several countries it is complemented by a tax on net worth. The emphasis on the ability-to-pay principle and on the redistribution of wealth, which led to graduated rates, especially in the case of income taxes, appears to have peaked and been replaced by greater concern for the economic distortions and disincentives caused by high tax rates. A good deal of fiscal centralization has occurred, as reflected in the kinds of taxes levied by central governments. The latter now control the most important taxes (from a revenue-producing point of view): income and corporation taxes, payroll taxes, and value-added taxes. Various ways have been found to allow lower-level governments to share in the tax revenues of central governments.

Exercise 1. Translate the sentences using the words from the text

1.Налогообложение используется не только в фискальных целях в наши дни.

2. Если налоговое бремя высоко, оно не дает возможности развиваться малому бизнесу.

3. Акцизы включают в себя прямые и косвенные налоги.

4. Процент дохода от налогообложения составляет 60% в национальном бюджете.

5. НДС – вид налога с оборота.

6. Налог на собственность был недавно введен в этом регионе.

7. Задача налогового инспектора (tax collector) - подсчитывать и собирать налоги.

8. Подушный налог заменен подоходным налогом.

9. В соответствие с налоговым законодательством (revenue laws) налог на заработную плату составляет 13%.

10. Наше предприятие платит налог на имущество в размере 2% от стоимости активов баланса.

Text 3.

BALANCE SHEET

IN book-keeping system there are two methods of recording business transactions: they are double entry and single entry. Double entry is a method of showing that every business transaction has two aspects. This method is usually used in important account books, such as a ledger, cash-book, balance sheet etc. The second method of singe entry is used while recording of payments made from a small cash float, which is used to pay for such items as stationery, stamps, etc.

The Balance Sheet is a summarized statement showing the amount of funds employed in the business and the sources from which these funds are derived.

A balance sheet describes the resources that are under a company's control on a specified date and indicates where these resources have come from. It consists of three major sections: (1) the assets: valuable rights owned by the company; (2) the liabilities: the funds that have been provided by outside lenders and other creditors in exchange for the company's promise to make payments or to provide services in the future; and (3) the owners' equity: the funds that have been provided by the company's owners or on their behalf.

The list of assets shows the forms in which the company's resources are lodged; the lists of liabilities and the owners' equity indicate where these same resources have come from. The balance sheet, in other words, shows the company's resources from two points of view, and the following relationship must always exist; total assets equals total liabilities plus total owners' equity.

This same identity is also expressed in another way; total assets minus total liabilities equals total owners' equity. In this form, the equation emphasizes that the owners' equity in the company is always equal to the net assets (assets minus liabilities). Any increase in one will inevitably be accompanied by an increase in the other, and the only way to increase the owners' equity is to increase the net assets.

Assets are ordinarily subdivided into current assets and noncurrent assets. The former include cash, amounts receivable from customers, inventories, and other assets that are expected to be consumed or can be readily converted into cash during the next operating cycle (production, sale, and collection). Noncurrent assets may include fixed assets (such as land and buildings), and long-term investments.

The liabilities are similarly divided into current liabilities and noncurrent liabilities. Most amounts payable to the company's suppliers (accounts payable), to employees (wages payable), or to governments (taxes payable) are included among the current liabilities. Noncurrent liabilities consist mainly of amounts payable to holders of the company's long-term bonds and such items as obligations to employees under company pension plans. The difference between total current assets and total current liabilities is known as net current assets, or working capital.

The owners' equity of an American company is divided between paid-in capital and retained earnings. Paid-in capital represents the amounts paid to the corporation in exchange for shares of the company's preferred and common stock. The amount of retained earnings is the difference between the amounts earned by the company in the past and the dividends that have been distributed to the owners.

Exercise 1. Find English equivalents in the texts

Двойная запись; бухгалтерская книга; балансовая ведомость; активы; пассивы; собственный капитал; чистые активы; текущие активы; фиксированные (долгосрочные) активы; текущие обязательства; долгосрочные обязательства; счета; нераспределенная прибыль; оплаченный капитал.

Exercise 2. Define whether the statements are true or false

1. A balance sheet describes the resources but does not indicate where these resources have come from.

2. The lists of liabilities and the owners' equity shows the forms in which the company's resources are lodged.

3. Total assets equals total liabilities plus total owners' equity.

4. Current assets include cash, amounts receivable from customers, inventories.

5. Noncurrent assets consist mainly of amounts payable to holders of the company's long-term bonds.

6. The difference between total current assets and total current liabilities is known as net current assets, or working capital.

Exercise 3. Answer the questions

1. What are the two methods of recording business transactions? Where are they used?

2. What is a balance sheet? What does it describe?

3. What are three major sections of a balance sheet?

4. What does the list of assets show?

5. What do the lists of liabilities and the owners' equity indicate?

6. Explain the relationship between total assets, total liabilities and total owners' equity.

7. What do current assets former include?

8. What do noncurrent assets include?

9. Into what parts are the liabilities divided? Describe them.

Exercise 4. Study the balance of the English company and make a report on the companies resources: their lodging and origin.

A simple balance sheet is shown in the Table. Because the two sides of this balance sheet represent two different aspects of the same entity the totals must always be identical. Thus, a change in the amount for one item must always be accompanied by an equal change in some other item. For example, if the company pays $40 to one of its trade creditors, the cash balance will go down by $40, and the balance in accounts payable will go down by the same amount.

English Company, Inc.: Balance Sheet as of Dec. 31,1999

Assets	Liabilities and owners' equity
Current assets	Current liabilities
Cash	$ 100	Wages payable	$ 20
securities	50	Accounts payable	160
Accounts receivable	150	Total current liabilities	180
Investments	180	Deferred taxes
		Long –term bonds
Total current assets	480	Total liabilities	$260
Non-current assets	Owner’s equity
Long-term investments		Common stock	$100
Plant and equipment		Additional
		Paid-in capital	150
		Retained earnings	230
		Total owners' equity	480
Total assets	$740	Total liabilities	$740

Exercise 5. Study the balance of the Russian company and make a report on the companies resources: their lodging and origin.

Годовой балансовый отчет по состоянию на 31.12.1992

Активы	Пассив Обязательства и собственный капитал
Текущие активы	Текущие обязательства
Запасы	38667	Векселя к оплате	37600
Счета дебиторов	41245	Счета кредиторов	19520
Денежные средства	20800
Текущие активы всего		Текущие обязательства всего
Фиксированные активы	Долгосрочные обязательства
Инвестиции	51200	Ссуда
		Обязательства всего	17600
Патенты	7900	Собственный капитал
Земля (аренда)	48000
Здания	200000	Акции
Оборудование	30500	Нераспределенная прибыль
Фиксированные активы всего	337600	собственный капитал всего	205192
Общие активы		Обязательства и собственный капитал всего

Exercise 6. Read the text and then try to make up some telephone conversations (dialogues) using the given key phrases.

The credit Policy

The credit policy of a company is usually divided into tree main parts: the decisions on granting a credit and its conditions; monitoring and control of the credits; forming and realisation of collection policy. Accounts receivable (the amount of money due to be paid to the company) usually make a great part of the company’s assets. The investigation of the credit control system should be done regularly in order to find out overdue and outstanding amounts as well as bad debts. Sometimes it is necessary to call a client to ask where the money is. In this case you may use these phrases:

- I am sure you know why I’m ringing.

- It’s because of defects in your product, errors in your invoice, you sent the wrong items.

- Then why did not you tell us earlier?

- You realize that payment is now overdue?

- You know that you have exceeded your credit limit?

- Our agreement was quite clear concerning payment.

- I’d like your payment to be made without any more delay.

- We’ll be able to process your orders as soon as your payment comes through.

- I look forward for immediate payment, then. Thank you. Goodbye.

- We may have to consider legal action.

Exercise 7. Translate the text and write top ten tips for successfull credit policy

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