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IV. Test. 1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях. 1) The firm’s costs are the
1. Выберите из колонки справа по смыслу слова, пропущенные в предложениях.
| 1) The firm’s costs are the... incurred in producing goods or services. 2) Set up costs must be... before revenues start to flow in. 3) The... shows a flow of money during a given year. 4) Profitable firms have a poor... when customers do not pay their bills immediately. 5) If the business... revenues will eventually build up. 6) The net worth is a... of firm to its shareholders. 7) The word ‘capital’ denotes goods not entirely... in the production process during the period. 8) The cost during the period of using a capital good is the... or loss of value of that good. | a) cash flow b) liability c) depreciation d) expenses e) assets f) income statement g) equipment h) incurred i) prospers j) used up |
2. Выберите существительные, которые по смыслу могут следовать за данными глаголами:
| 1) to incur a) incomes; b) assets; c) expenses. | 2) to hire a) workers; b) payments; c)goods. |
| 3) to assess a) bills; b) rates; c) nets. | 4) to restrict a) costs; b) effects; c) reasons. |
| 5) to build up a) activities; b) flows; c) revenues. |
3. Выберите из приведенного списка термины, соответствующие данным определениям.
| a) excess of revenues over costs; b) the amount a firm earns by selling goods or services in a given period; c) the expenses incurred in producing goods or services during a period; d) the net amount of money actually received during the period; e) goods not entirely used up in the production process; f) the loss in value resulting from the use of a capital good during the period; payment for hiring a good or service. | 1. rental; 2. profits; 3. revenue; 4. cash flow; 5. costs; 6. physical capital; 7. depreciation. |
Unit 10
I. Information for study.
Text A
Прочитайте следующую информацию и запишите на полях основные термины, связанные с тематикой текста.
DECISION MAKING IN BUSINESS
Businesses are DECISION MAKING units. The decisions that they make might include:
§ what to produce;
§ where to locate the premises;
§ what method of production to use;
§ what price should be charged;
§ what wages should be paid;
and many others.
Why do businesses make decisions? In each case above there are a number of choices a firm may make. For example, the choice might be to locate a new warehouse in Exeter, Plymouth or Torquay. This is an example of a strategic decision because it can affect the profitability and survival of the business. Many of the day-to-day decisions taking by business are called tactical decisions. An example might be when and how much stock to order or the setting of sales targets. These short term control decisions are often repeated on a regular basis. A business may also make longer term control decisions, such as planning to employ extra workers in future to take changes in the economy into account.
Decisions made by firms often involve some risk. Strategic decisions are likely to involve the most risk. For example, the decision to sell a new product in a foreign country involves great risk as there are many factors that can affect its success.
Owners, managers and employees are involved in business activity. They will all make some decisions, although not of equal importance. Major decisions, such as the location of a new plant, will be maid by the owners. Less important decisions, such as the amount of time spent waiting for a delivery before making an enquiry, are likely to be maid by employees.
The size of the business can affect who makes decisions. In a small firm the owner will make most of the decisions because he or she is the person in control. Some decisions might be delegated if the owner trusts the employees. As a small firm expands, the owner might employ a manager to help run the business and take some responsibility for decision making. In very large businesses decisions are made at many different levels, by different people.
Decisions are often classified into three types.
Policy decisions. These are decisions about the general direction and overall policy of the business. They might be the decision to buy another company, the closure of a plant making a loss, or whether or not to launch a new product. These decisions are the responsibility of the board of the directors, who control the business on behalf of the shareholders. In small firms policy decisions are made by the owner, although such decisions are likely to be smaller, such as the opening hours of a local DIY store.
Management decisions. Management decisions or executive decisions determine how policy decisions are carried out. An example of such a decision might be deciding the best way to close a loss making branch. For example, should it be closed immediately, gradually, over period of time? Should the closure be negotiated or enforced? Could a management buy-out be considered? Management decisions should ensure that the policy decisions are carried out as efficiently as possible according to the general objectives of the company. Some management decisions might be taken by directors since some directors are also managers in the business.
Administrative decisions. Administrators are often office staff or supervisors, they act according to general company policy and under the direction of management. They will have responsibility for a number of tasks. These may require lower level decisions to be made such as the amount of time allocated to specific tasks or the choice of equipment. It is sometimes argued that the performance of employees can be improved be letting them become involved in decision making. This is said to improve motivation.
A business makes decisions in order to achieve objectives. For example, it might decide to launch a new product in order to diversify. Decisions are made at all levels in a business and it is useful to have a flexible process which can be followed by all involved. Figure 6 shows the stages in the decision making process.
Figure 6 The decision making process |
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