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1. establish a) sharing
46. designate b) tax
47. bring in c) officers
48. make d) people
49. pay off e) bankrupt
50. appoint f) control
51. apply g) money
52. profit h) the capital
53. pay i) a date
54. elect j) the firm
55. turns k) a business
56. retain l) debts
57. run m) knowledge
VOCABULARY AND SPEAKING
Complete each sentence with a word from the box.
goods sales research marketing production
personnel expenses income purchasing company
1. A (1)_____is an organization that aims to make a profit for its owners and investors.
2. Companies make profits by producing and selling (2)_____or providing services for a fee.
3. Companies have (3)_____ such as salaries, production costs, and advertising costs.
4. If a company’s (4)_____from sales is greater than its expenses, it makes a profit.
5. A company’s (5)_____and development department creates new products or improves existing products.
6. A (6)_____ department is responsible for manufacturing products.
7. A (7)_____ department is responsible for launching, promoting and advertising products.
8. A (8)_____department is responsible for dealing with customers when they make a purchase.
9. A (9)_____ department buys everything the company needs, from raw materials to vehicles and office supplies.
10. A (10)_____ department is responsible for recruiting and managing employees, and for cutting staff numbers when necessary.
Complete each sentence with a word from the box.
discount high wholesale margin lower
services retail distributor representative retailer
1. Companies make money by selling goods such as computers or cars, or by selling (1)_____ such as legal representation or website design.
2. Company employees who find customers and make sales are called sales (2)_____.
3. The selling of a product in a large quantity, or “in bulk”, to a distributor or retailer is a (3)_____ sale.
4. The selling of a product to a customer or “end-user” in a shop or an online store is a (4)_____ sale.
5. A company that buys products in bulk at wholesale prices and sells them for a profit to retail outlets is called a (5)______.
6. A company that sells products directly to the public in a store or through a website is called a (6)______.
7. A reduction of the retail price in order to boost sales is called a (7)_____.
8. The difference between the wholesale price paid by a retailer, and the retail price paid by a customer, is called a (8)______.
9. “Low-end” products are inexpensive products with a small margin that require (9)_____ sales volume to make a good profit.
10. “High-end” products are expensive products with a large margin that require (10)_____ sales volume to make a good profit.
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| Read the text about different types of companies and answer the following questions. | | | Types of International Business |