I. Translate into Russian.

EXERCISES

to raise the large amount of money needed to sue to fine to tax a charter of incorporation shares of stock a stockholder a board of directors limited liability equipment

a bond ownership the rate of return on stocks ownership transfer to be filed with to keep detailed records to be subject to double taxation income tax forms hierarchical report to smb

II. Explain

to be dominated

to make legal contracts

to receive a dividend

to keep detailed records

to owe

to set prices

III. Answer the questions.

1. What is the role of business?
2. How do different businesses differ?
3. What are the rights and duties of a corporation?
4. What should be done in order to be legally recognized as a corporation?
5. What is a share of stock? What role do the stockholders play in the activities of a corporation?
6. Who runs the day-to-day operation of the corporation?
7. What is a dividend? Who decides in what way the profit of the company should be distributed?
8. What are the advantages of corporations over the other forms of businesses?
9. What disadvantages do the corporations face?
10. Why do many corporations arrange for management to own shares of stock?

IV. Say whether these statements are true or false, explain why?

1. Corporations are easy to organize, decisions can be made quickly, profits are shared with only a few people, and the owners are responsible for success or failure of the business.
2. If the corporation makes a loss the board may decide to reinvest some of the profit in the corporation for expansion, modernization, or research and development.
3. If the corporation goes bankrupt or is sued, the stockholders lose the value of their stock. They are personally responsible for any money the corporation owes.
4. Bonds represent ownership in the corporation.
5. In corporations with many owners or stockholders the individual share of profits in the form of dividends is comparatively small.
6. In very large firms the shareholders have very little to do with the day-to-day running of the firm.

V. Develop the following ideas. Make use of the active vo­cabulary given in brackets.

1. The basic economic institution in different economic systems is the business.

(to produce goods and services; to come in every shape and size; to be dominated by large firms; to differ in a wide variety of ways; to require natural resources, labour, and capital; to organize these resources; to be an entrepreneur)

2. The stockholders elect a board of directors.

(to have a vote; to manage the day-to-day operation; the president and other chief administrators; to manage the resources of the corporation; to produce a profit; to receive a dividend; to reinvest the profit)

3. Corporations have disadvantages as well as advantages.

(to be filed with the state or federal government; to issue a charter; to set up a corporation; to pay stockholders regular dividends; to keep detailed records; to be subject to double taxation; to include smth. on income tax forms; to control the business; to invest own money in the business; to arrange for management to own shares of stock)

VI.

a). Consider the following information:

Most companies are made up of three groups of people: the shareholders (who provide the capital), the management, and the workforce. The management structure of a typical company is shown in the following organisation chart:

At the top of the company hierarchy is the Board of Directors, headed by the Chairperson (or President). The Board is responsible for making policy decisions and for determining the company's strategy. It will usually appoint a Managing Director (or Chief Executive Officer) who has overall responsibility for the running of the business. Senior managers head the various departments or functions within a company, which may include the following:

Marketing Public Relations Personnel (or Human Resources)

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