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Learn the following words and word combinations.

  1. A) Answer the following questions. Prove your point of view
  2. A) Form nouns of the following nouns.
  3. A) Read the following extract from an essay by V. Belinsky and summarize it in English.
  4. A) Read the following text dealing with comprehension of literature on school level.
  5. A) Read the following text.
  6. A) Read the. following.
  7. A) Travelling and holiday-making are in a way related to each other. Read the following dialogue for enlarging your topical vocabulary (A - student of English; В - teacher).

Account n 1) рахунок, розрахунок, ~ current поточний рахунок 2) звіт, 3) доповідь v 1) вважати, брати до уваги 2) звітувати (for) 3) пояснювати (for)

Accountant n 1) бухгалтер 2) відповідач

Accounting n 1) облік, звітність 2) розрахунок, балансування

Asset n юр. 1) майно боржника, майно збанкрутілої фірми 2) pl. фін. активи 3) майно 4) цінна якість, риса

Charge n 1)навантаження 2) турбота, нагляд, піклування, зберігання 3) обов'язки, відповідальність 4) доручення, вимога 5) pl. ціна, витрати

v 1) заряджати зброю 2) навантажувати 3) доручати 4) назначати ціну (for) 5) записувати в борг 6) звинувачувати

Inventory n 1) перелік, інвентар 2)товари, предмети, занесені до переліку 3)переоблік товару, інвентаризація to make (draw) up an ~ провести інвентаризацію

v складати перелік, вносити в інвентар

Overdue a 1) запізнений; the train is ~ потяг запізнюється; it is long ~ давно пора 2) прострочений (про вексель, борг)

WHAT IS FINANCE?

Finance is the function in a business that acquires funds for the firm and manages funds within the firm (for example, preparing budgets, doing cash flow analysis, and planning for the expenditure of funds on such assets as plant, equipment, and machinery). As you can see, without a carefully calculated financial plan, the firm has little chance for survival regardless of its product or marketing effectiveness. Most organizations will have a manager in charge of financial operations. Generally, this chief financial officer is known as the treasurer or vice president of finance. The fundamental charge is to obtain money and then plan, use, and control money effectively. That includes managing cash, accounts receivable and inventory. When a company's cash is invested it may have a major impact on profits.

You are probably familiar with several finance functions such as buying merchandise on credit and collecting payment from buyers of the firm's merchandise. Both credit and collections are important responsibilities of financial managers. The finance manager must also be sure that the company does not lose too much money to bad debts (people or firms that don't pay). Naturally, this means that finance is further responsible for collecting overdue payments. These functions are critical to all types of businesses, but particularly important to small and medium size businesses,

which typically have smaller cash or credit cushions than large corporations.

All financial managers functions depend greatly on the information

provided by the accounting statements.

♦ Planning ♦ Collecting funds (credit
♦ Budgeting management)
♦ Obtaining funds ♦ Auditing
♦ Controlling funds (funds     ♦ Managing taxes
management) ♦ Advising top management on

financial matters

A manager cannot be optimally effective at finance without understanding accounting. Similarly, a good accountant needs to understand
finance. Accounting and finance, finance and accounting - the two go together
like bread and butter.

1.Paraphrase or explain the following word combinations:

- to do cash flow analysis;

- to acquire funds;

- to be in charge of financial operations;

- critical;

- accounts receivable.

2.Find in the text English equivalents to the following words and word combinations. Make the sentences of your own with these phrases.

- планування витрат;

- активи;

- управляючий фінансами компанії;

- управління готівкою;

- дебіторська заборгованість;

- товарно-матеріальні запаси;

- купівля товару в кредит;

- інкасація;

- безнадійні борги;

- прострочені платежі;

- кредитний резерв;

- облікова звітність;

- бюджетування;

- аудит;

- управління податками;

- поради керівникам вищої ланки;

- облік.

3. Fill in the blanks with proper words and phrases from the box:

Financial plan, tax, accounts receivable, to invest, a loan, auditing, bad debts, to go bankrupt, financial officer.  

1. ... is a revive and an evaluations of financial records by a second set of accountants.

2. We had a serious problem with ..., and were forced to write off thousands of pounds of ...,when one of our customers ... And had to stop trading.

3. The government always tries to reduce ..., before elections.

4. If you ... your money wisely, you will earn profit.

5. The major responsibility of ... is to acquire funds for the firm, manage and control them effectively.

6. ... is a fixed sum of money borrowed for a fixed period of time.

7. It is rather difficult for a firm to survive without a carefully calculated...

 



Learn the following words and word combinations. | Establishing Financial Control
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