Практикум по английскому языку для студентов специальности «Государственное и муниципальное управление»

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Finance management

Vocabulary

Read and remember the following words and word-combinations:

1)	corporate finance – корпоративные финансы, финансы корпорации	8)	equity issue ['ekwɪtɪ 'ɪsjuː] – выпуск долевых ценных бумаг, эмиссия долевых ценных бумаг
2)	Commonwealth ['kɔmənwelθ] countries – страны Содружества	9)	capital investment – капитальные вложения
3)	investment banking –инвестиционная деятельность банков	10)	fixed assets – основные средства, основной капитал
4)	merger ['mɜːʤə] – поглощение, слияние	11)	long-term [ˌlɔŋ'tɜːm] – долгосрочный, длительный, долговременный
5)	acquisition [ˌækwɪ'zɪʃ(ə)n] –приобретение	12)	capital budgeting – бюджетирование (составление сметы) капиталовложений
6)	flotation [fləu'teɪʃ(ə)n] – флотация, размещение, эмиссия	13)	сash flow ['kæʃˌfləu] – движение денежной наличности
7)	ownership ['əunəʃɪp] – право собственности	14)	estimate ['estɪmeɪt] оценивать, производить оценку, приблизительно подсчитывать

Match Russian definitions with English terms:

1)	flotation	a)	процесс размещения долевых ценных бумаг среди инвесторов
2)	the Commonwealth	b)	процесс, в ходе которого создаваемая компания или компания, преобразующаяся из закрытой компании в открытую акционерную компанию, выпускает новые акции на свободный рынок
3)	decision tree analysis	c)	межгосударственное объединение Великобритании и большинства бывших английских доминионов, колоний и зависимых территорий
4)	equity issue	d)	метод принятия решений, основанный на построении схемы, иллюстрирующей альтернативные варианты решений и их возможные последствия

3. Match the columns:

1) seed capital	1) анализ дерева решений
2) start-up capital	2) разъединение, разделение
3) development capital	3) начальный капитал (для финансирования новой деятельности)
4) expansion capital	4) капитал на расширение
5) demerger [ˌdiː'mɜːʤə]	5) явная стоимость
6) R&D	6) оценивать, определять
7) path [pɑːθ]	7) метод чистой текущей (приведенной) стоимости
8) net present value (NPV) approach	8) фиксировать
9) explicit value	9) НИОКР
10) to place	10) незначительный начальный капитал (для проведения НИОКР)
11) decision tree analysis	11) капитал на развитие
12) capture	12) путь

Grammar

4. Find out Infinitives in the sentences below, define the form and the function.

1. The transactions may include the flotation of companies on a recognised stock exchange in order to restructure ownership.

2. These transactions include equity issues by companies in order to raise capital for development.
Reading and Analysis
5. Read the text and be ready to answer the questions.

Text A

Use of the term “corporate finance” varies considerably across the world. In the United Kingdom and Commonwealth countries, the term “corporate finance” tends to be associated with investment banking, i.e. with transactions in which capital is raised for the corporation. These may include raising seed, start-up, development or expansion capital, mergers, demergers, acquisitions or the sale of private companies, equity issues by companies, including the flotation of companies on a recognised stock exchange in order to raise capital for development or to restructure ownership. On the other hand in the United States it is used to describe activities, decisions and techniques that deal with many aspects of a company’s finances and capital.

Capital investment decisions are long-term corporate finance decisions relating to fixed assets and capital structure. Management must allocate limited resources between competing opportunities or projects in a process known as capital budgeting. Making this investment, or capital allocation, decision requires estimating the value of each opportunity or project, which is a function of the size, timing and predictability of future cash flows.

In many cases, for example R&D projects, a project may open or close the paths of action to the company, but this reality will not typically be captured in a strict NPV approach. Management will therefore employ tools which place an explicit value on these options. The two most common tools are Decision Tree Analysis (DTA) and Real options analysis (ROA). They may often be used interchangeably.

6. Review the terminology of the text:

движение денежной наличности, анализ реальных возможностей, быть взаимозаменяемыми, проекты НИОКР, реконструировать право собственности, капитал на расширение, стоимость возможности, основной капитал, решения по капитальным вложениям, финансы корпорации, страны Содружества, разделение, анализ дерева решений.

7. Complete the following sentences using the text.

1. In the U K and the Commonwealth the term “corporate finance” is associated … .

2. The transactions in which capital is raised include raising start-up or expansion capital, mergers, acquisitions, equity issues including the flotation of companies in order to raise capital … .

3. in the US the term “corporate finance” is used to describe activities, decisions and techniques that … .

4. Management must allocate limited resources between competing opportunities or projects … .

5. Management employs tools which place an … .

8. Answer the following questions.

1. What is the term «corporate finance» associated with in the UK the Commonwealth?

2. What are the possible transactions in which the capital is raised?

3. What does the term «corporate finance» mean in the US?

4. What does the process of capital budgeting assume?

5. Should the value of each opportunity be estimated?

6. What are the tools to place an explicit value on the options?
9. Write a summary of the text above.

Vocabulary
10. Read and remember the following words and word-combinations:

1)	working capital – оборотный капитал	8)	current liabilities – краткосрочные (текущие) обязательства, текущие пассивы
2)	readily convertible resources – легко конвертируемые ресурсы	9)	amounts payable – суммы к уплате
3)	inventories – материально-производственные запасы	10)	to service long term debt – выплачивать проценты по долгосрочным долговым обязательствам
4)	current assets – оборотные активы (средства), текущие активы	11)	maturing short-term debt – подлежащий к оплате краткосрочный долг
5)	working capital management –управление оборотным капиталом	12)	to enhance – повышать, увеличивать
6)	upcoming operating expenses – предстоящие текущие (операционные) расходы	13)	return on capital – прибыль на (инвестированный) капитал
7)	cost of capital – стоимость капитала	14)	such that – в пределах

11. Match the columns:

1) resources in cash	1) достаточный поток денежных средств
2) short term decisions	2) при этом
3) sufficient cash flow	3) краткосрочные решения
4) in so doing	4) применять иные критерии
5) apply different criteria	5) наличные денежные средства
6) decision making	6) система, методика, правила, принципы, нормы, стандарты
7) liquidity [lɪ'kwɪdətɪ]	7) метод, методика, технология
8) technique	8) принятие решений
9) policy ['pɔləsɪ]	9) ликвидность

Reading and Analysis
12. Read the text and be ready to answer the questions.

Text B

Working capital management

Working capital is the amount of capital which is readily available to an organization, that is, working capital is the difference between resources in cash or readily convertible into cash (Current Assets), and amounts payable (Current Liabilities). As a result, the decisions relating to working capital are always current or short term decisions.

The goal of working capital management is to ensure that the firm is able to operate, and that it has sufficient cash flow to service long term debt, and to satisfy both maturing short-term debt and upcoming operational expenses. In so doing, firm value is enhanced when, and if, the return on capital exceeds the cost of capital.

Working capital management decisions are therefore not taken on the same basis as long term decisions, and working capital management applies different criteria in decision making. The main considerations are: cash flow or liquidity and profitability or return on capital, of which cash flow is probably the more important.

Guided by the above criteria, management will use a combination of policies and techniques for the management of working capital. These policies aim at managing the current assets (generally cash and cash equivalents, inventories and debtors) and the short term financing, such that cash flows and returns are acceptable.
13. Translate from Russian into English:

сумма капитала, оборотные средства, текущие обязательства, предстоящие текущие расходы, наличные денежные средства, управление оборотным капиталом, суммы к уплате, принятие решений, ликвидность, прибыль на капитал, материально-производственные запасы, выплачивать проценты по долгосрочным долговым обязательствам.

14. Answer the following questions.

1. What does the term «working capital» mean?

2. Why are the decisions relating to working capital always current?

3. What is the goal of working capital management?

4. What decision making criteria does working capital management apply?

5. What do policies and techniques for the management of working capital aim at?

Vocabulary'>15. Write a summary of the text above.

16. Make a brief report on the topic.

Module 4

Community Development

Vocabulary

1. Read and remember the following words and word-combinations:

1)	community development – развитие общества	8)	to overcome (overcame) – побороть, преодолеть, охватить, ослаблять
2)	academic disciplines – академические, университетские дисциплины	9)	poverty – бедность, нищета
3)	local community – местное сообщество (местного самоуправления)	10)	to knit – связывать, соединять, скреплять, сращивать, объединяться
4)	to seek (sought) – искать, стараться, просить, обращаться	11)	roots – причины, источники, сущность
5)	to empower – уполномочивать, доверять, давать возможность	12)	to deepen – углублять(ся), усиливать(ся)
6)	agenda – повестка дня	13)	to involve – включать в себя, вызывать, повлечь
7)	value – ценность, важность, полезность	14)	issue – исход, результат, вопрос, проблема

2. Find the synonyms:

activists, social groups, community groups, involved citizens, issue, leaders, developers.

3. Read the adjectives and form degrees of comparison. Translate them into Russian:

broad	ordinary	concentrated
common	creative	involved
large

4. Make sure if you remember the suffixes of adjectives:

academy – academic, politic – political, practice – practical, to create – creative,

to collect – collective, profession – professional.
5. Read and translate the following word-combinations and phrases:

political power, involved citizens, various aspect, social institutions, deepening

democracy, the grass roots, common agenda, overcoming poverty.

6. Match the words in A with those in B.

1) civic

2) academic

3) ordinary

4) development

5) desired

6) social

7) political

8) collective

a) community

b) power

c) institutions

d) leaders

e) people

f) disciplines

g) goals

h) action

Reading and Analysis
7. Read the text and be ready to answer the questions.

Text A

Community Development

Community development (CD) is a broad term applied to the practices and academic disciplines of civic leaders, activists, involved citizens and professionals to improve various aspects of local communities.

Community development seeks to empower individuals and groups of people by providing these groups with the skills they need to affect change in their own communities. These skills are often concentrated around building political power through the formation of large social groups working for a common agenda. Community developers must understand both how to work with individuals and how to affect communities' positions within the context of larger social institutions.

Community development is defined as:

“A set of values and practices which plays a special role in overcoming poverty and disadvantage, knitting society together at the grass roots and deepening democracy”.

Community development involves changing the relationships between ordinary people and people in positions of power, so that everyone can take part in the issues that affect their lives. It starts from the principle that within any community there is a wealth of knowledge and experience which, if used in creative ways, can be channelled into collective action to achieve the communities' desired goals.

8. Translate the sentences into Russian and then back into English.

1. Community development (CD) is a broad term applied to the practices and academic disciplines of civic leaders, activists, involved citizens and professionals to improve various aspects of local communities.

2. Community development seeks to empower individuals and groups of people by providing these groups with the skills they need to affect change in their own communities.
3. Community development is defined as:

“A set of values and practices which plays a special role in overcoming poverty and disadvantage, knitting society together at the grass roots and deepening democracy”.

9. Answer the following questions.

1. What is community development?

2. What does community development seek to?

3. What must community developers understand?

4. How is CD defined as a set of values?

5. What does community development involve and what for?

6. What principle does CD start from?
10. Work in pairs. Correct wrong statements.

1. Community development is a narrow and local term applied to the practices and social studies of a few professionals to improve some aspects of local communities.

2. Community developers must understand how to influence people within the context of social institutions.

3. Community development involves the relationships between citizens and civic activists, so that everyone can improve their lives.

11. Translate into English.

1. Развитие общества (сообщества) направлено на расширение возможностей отдельных лиц и категорий граждан путем предоставления им навыков, необходимых для изменения условий их жизни.

2. Развитие общества предполагает изменение отношений между простыми людьми и представителями властных структур так, чтобы каждый принимал участие в вопросах, затрагивающих его жизнь.

3. В любом обществе есть богатые знания и опыт, которые при творческом использовании, могут быть направлены в коллективные действия для достижения желаемых целей сообщества.

Vocabulary

12. Read and remember the following words and word-combinations:

1)	utopia – утопия	4)	philanthropy – филантропия, благотворительность
2)	complement – комплимент, похвала, любезность, поздравление	5)	nonprofit organization – некоммерческая организация
3)	renewal – возобновление, возрождение, реставрация	6)	to uplift – поднимать, возвышать

7)	neighborhood – соседство, округ, окрестности	11)	rural community – сельская, деревенская община
8)	municipal – муниципальный, городской, самоуправляющийся	12)	seemingly – по-видимому, подобающе
9)	extensive – обширный, пространный, экстенсивный	13)	caisses populaires (фр.) – кредитные союзы
10)	to affiliate – усыновлять, принимать в члены, присоединяться к ч/л	14)	subsequent – последующий, являющийся результатом ч/л

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