Choose the correct form from the alternative. Discuss the prospects of electronic cash with your partner.



The future of money: electronic cash

Nowaday/Nowadays, what we think of as “money” is quickly changing: electronic cash has entered the picture. Electronic cash, sometimes referring/referred to as e-cash, cybercash, or digicash, is money that is created electronically and that exists outside the world of banks, checks, coin, and currency overseeing/overseen by the Federal Reserve, and is creating/created electronically. Though still in its infant/infancy, electronic cash exists in the computer world of the Internet and on plastic cards. Who creates this money? Just about anyone. Electronic cash is replacing/replaced traditional cash, credit cards, and checks as a medium of exchange. It is more convenient/convenience than other forms of money and can result in lower/lowest costs of transacting business.

Fill in the missing words.

The cost of money

Money … not free. Those … need money are willing to pay for … and those … lend money expect to … compensated. The interest rate is … cost of money. If you put $1,000 in an account in a savings and loan that pays interest of 5% … year, you … earn $50 interest in one year. The savings and loan … paying you $50 … the use … your $1,000. Similarly, … you buy a $1,000 face value bond with a coupon rate of 5%, you earn $50 interest each year. The issuer is paying $50 interest each year … the use … your $1,000.

Find financial terms in the text above. Explain their meanings.

12. Translate into Russian some set expressions with the word money.

Black money; blood money; conscience money; counterfeit money; earnest money; easy money; hush money; mad money; overnight money; paper money;  pocket money; prize money; seed money; silly money; tax money; tight money;  upfront money; well-spent money.

Complete the definition below naming the crime related to illegal operations with money. Provide additional information on this crime.

Money _______ is the crime of processing stolen money through a legitimate business or sending it abroad to a foreign bank, to hide the fact that the money was illegally obtained.

14. Write 1-2 paragraphs to illustrate the meanings of the proverbs/sayings:

· One is rolling in money.

· Money makes money.

· Money is no object.

15.  Render the text in English.

Финансовый контроль в таможенной сфере

Финансовый контроль в Российской Федерации – явление сложное и многогранное. В свете тенденций модернизации российской экономики, борьбы с коррупцией, противодействия легализации (отмыванию) доходов, полученных преступным путем, финансированию терроризма, а также интеграции России в единое экономическое пространство в рамках ЕврАзЭС роль финансового контроля существенно возрастает.

Новой вехой в функционировании системы финансового контроля стало образование Таможенного союза Республики Беларусь, Республики Казахстан и Российской Федерации и принятие Таможенного кодекса Таможенного союза.

Роль финансового контроля в современных условиях системы государственного управления заключается не только в обеспечении эффективного использования финансовых и материальных ресурсов, но и в защите экономической безопасности государства. Посредством финансового контроля в области таможенного дела таможенные органы обеспечивают полное и своевременное поступление в доходную часть федерального бюджета сумм таможенных платежей, а также иных фискальных доходов (пеней, штрафов).

Объектом финансового контроля в области таможенного дела являются финансовые потоки, поступающие в бюджет; правильность исчисления и своевременность уплаты таможенных платежей и др.

 

Role-playing

You are a financial manager working for the customs. Explain to a businessperson what duties and taxes he/she shall pay according to the Russian customs law.

 

Case-study/Project          

Solve the problem. A client deposits $1,000 in his savings bank and earns 4.5% interest per year. How much total interest would he earn after three years if he withdrew the interest each year?


Self-assessment grid

Tick (✓) “Yes” or “No” answers in appropriate columns and lines to self-assess your knowledge and skills. Yes No

I know:

- the topical vocabulary “Customs duties and taxes”;
- how the customs value of goods is determined;
- how calculations of customs duties and taxes are made;
- differentiate the meanings of the modal verbs shall and ought (to);
- some set expressions with the word money.

I can:

- illustrate the meaning of some proverbs/saying about money;
- form and use adjectives with the suffix –able;
- find financial terms in the text and explain their meanings;
- properly use interrogative/relative pronouns which and whose;
- explain what customs duties/taxes ought to be paid in Russia.
Total number of positive/negative answers:

REVISION TESTS

Test 1

Choose the best answer.

1. The manager’s job is …

A different B difficult C various

2. The job of a manager is constantly …

A changing B challenging C choosing

3. Managers must be … for their work.

A recorded B rewarded C reported

4. Organizational … is important for good management.

A code B culture C credo

5. Managers are … into many functions.

A involved B intertwined C introduced

6. There are different … of management.

A loans B levers C levels

7. Managers have to plan what they want to …

A account B accomplish C admonish

8. Managers can be described as people who … different hats.

A wear B wore C worn

9. Managers must work hard to … goals and objectives.

A meet B need C lead

10. Managers play their roles to a different …

 A level B part C extent

11. To be a manager, you need conceptual, technical and … skills.

A human B humane C humanitarian

12. Managers … be able to arrive at interesting ideas.

A must B can C should

13. Managers … specific knowledge.

A assess B possess C process

14. Managers should be able to work … individually and in a team.

A both B bath C booth

15. Managers can have junior or senior positions … the organization.

A with B without C within

16. They offer training and … development.

A career B carrier C currier

17. The manager’s work depends … many factors.

A in B on C for

18. There are different programs for … managers.

A supporting B supported C supportive

19. I cannot figure it …

A away B on C out

20. The company needs managers in different …

A amounts B accounts C awards

 


Test 2

Choose the best answer.

1. Organizations and people are … .

A incredible B inseparable C impossible

2. Workers should act in pursuit of a common … .

A game B good C goal

3. Organizations should meet new … to stay in business.

A demands B needs C problems

4. It is important for workers to … to organizational success.

A attribute B contribute C complete

5. It is good for organizations to be free … problems.

A from B of C off

6. Jams in the system slow … the work of the organization.

A away B down C up

7. There are some exceptions … the rule

A to B from C in

8. Organizations are, … their nature, resistant to change.

A by B in C for

9. Organizations are subject … some laws of behavior.

A at B on C to

10. Good managers understand the … and weaknesses of their companies.

A strong B strengths C extremes

11. Business environments are important for … correct decisions.

A make B take  C taking

12. That solution might have disastrous … .

A consequences B sequences C essences

13. Our respect is … .

A actual B mutual C factual

14. Managers should be … concerned about the well-being of workers.

A genuinely B generously C tenuously

15. The manager is highly appreciated by … team.

A the B a C –

16. You are … very valuable worker.

  A the  B a C –

17. The managers of the company are always able to accomplish their work in the best … .

A form B kind C way

18. Dramatic changes in technology … businesses.

A changed B have changed C had changed

19. It is … management practice.

A the more effective B the most effective C most effective  

20. The capabilities of these organizations are … .

A some B same C the same


Test 3

Choose the best answer.

1. … organizations are governed by the laws of capitalism.   

A private B public C non-profit

2. Their main … is to make profit.

A aid B aim C act

3. They have no governmental … in their structure.

A compound B component C opponent

4. Local councils are … sector organizations.

A private B public C non-profit

5.   They provide goods and services for the … of society

 A benefits B goods C profits

6. The Doctors Without … is the example of an NPO.

A  Orders B Barriers C Borders

7. … means job.

A employment B employer C employee

8. You can work on a … basis.

A valuable B voluntary C various

9. The organization … with the help of donors and government.

A rules B runs C goes

10. On the … hand, your life is at risk.

A another B other C either

11. An organization is a combination of shared … and duties.

A abilities B possibilities C responsibilities

12.  It is important to build a firm … between the organization and individual.

  A band B bend C bond

13. He … the company last year.

A has abandoned B had abandoned C abandoned

14. Private organizations are the … for making profit.

A one B ones C once  

15. The data … required by the CEO.

A is B was C are

16. There are some … who like being at risk.

A people B persons C ones

17. There … a local and some regional councils.

A is B are C were

18. Donors don’t need anything … return.

A for B in C without

19. What is the … of their success?

A basis B bases C basic

20. We need to … a strong bond between us.

A build B construct   C erect


Test 4

Choose the best answer.

1. … organizations are governed by the laws of capitalism.   

A private B public C non-profit

2. A … manager makes decisions without the consultation of others

  A autocratic B democratic   C participative

3. This manager is unwilling to share work … his staff.

A on B for C with

4. The company … never feel involved in the process of taking decisions.

A employees B employers C employment

5. Their job performance … to be better than it has been thought before.

  A like B likes C is likely  

6. Do not push … all the work on me!

A over B of C off

7. Concentrate on this question before … to the next one.

A processing B proceeding C preceding

8. She is … stubborn to admit she is wrong.

   A very B too C only

9. The manager has found the right decision … the long run.

A in B on C at

10. On the … side

A flip B flop C flap

11. The CEO practices a … approach to develop the staff’s initiative.

A hands-free B hands-off C hands-on

12. The manager’s job is to provide … if needed.

A guide B guideline C guidance 

13. It can’t be accepted … of good management.

A in terms B in time C in turn

14. Such … contributor can make the team stronger.

A the B a C -

15. There is also a … to being famous.

A downside B downsize C downscale

16. The most effective management styles create a good working … .

A environment B setting C employment

17. You cannot … the CEO’s approach with your own management style.

A match B combine C join

18. Too many people involved in the project … slow the work down.

A should B could C had to

19. This style works … enough for marketing promotions.

A well B good C best

20. I would never work for a company where … .

A I have no say B I have not to say C I have nothing to say


Test 5

Choose the best answer.

1. Organizations have to match the organizational needs and the values of their … .

A employees B employers C employment

2. Managers are only responsible for … the job done.

  A getting    B making   C taking

3. It’s very important to find the … people for the right job.

A correct B right C proper

4. Managing people is not a … thing.

A open-hearted B direct C straightforward

5. HRM is the management of an organization’s … .

A workshop B work style C workforce

6. People are … beings.

A complicated B complex C compound

7. HRM is a set of … and procedures.

  A politics B policies C polities

8. The purpose of HRM is to make that the employees … the greatest benefit.

A obtain B abstain C contain

9. Employees can get both material … psychological rewards.

A and B or C with

10. There are important … between personnel management and HRM.

A distinctions B disfunctions C distractions

11. Personnel management regards employees as … .

A price B cost C expense

12. The main aim is to … natural resources.

A review B regard   C retain

13. Personnel managers play a … role.

A first-party B second-party C third-party

14. Managing a consensus means seeking … .

A agreement B agritainment C disagreement

15. A set of rules and regulations … what to do when an employee has a problem.

A state B say C show

16. HRM has a long-term … .

A agent B agenda C adjustment

17. The most effective ways of putting these ideas … practice are being designed.

A in B to C into

18. It is fully in … with the organization’s strategic goals.

A alignment B aliment C allowance

19. Organizational flexibility is vital for its … .

A survey B survival C surveillance

20. HR managers have to analyze the organization’s internal … .

A strengths and weaknesses B strengths and threats C strengths and costs


Test 6

Choose the best answer.

1. Culture of an organization is a system made … artеfacts, values and assumptions.

A from B up C with

2. Organizational culture is the collective behavior of humans that … part of an organization.

  A are    B is C does

3. Organizational culture refers … culture in any type of organization.

A to B at C with

4. Organizational culture can … be changed … developed fast enough.

A neither … or B neither … nor C neither … and

5. … organizations are not conducted primarily to make a financial gain.

A Non-ability   B Non-access  C Non-profit  

6. HRM and organizational culture are … .

A inter-allied B interceded C interlinked

7. They do not … employee involvement.

A favor B facilitate C fasten

8. … management culture an organization adopts, it has to facilitate it.

A Wherever B Whichever C However

9. It is important to create a … reward system.

   A fare B fair C fire

10. Conflicting cultures … due to different characteristics of the management team.

A exist B co-exist C co-occur

11. A company may have its own … culture.

A unit B unite C unique

12. Small organizations tend to be more … in organizational culture.

A formal B informal C informational

13. Organizations often have very differing … .

A under-cultures B sub-cultures C in-cultures

14. National and regional cultures are significant in … the organizational cultures.

A shaping B shaking C sharing

15. Organizational culture refers to type of organization … it not-for-profit groups or government agencies.

A to be B be C is

16. What kind of business … is this organization?

  A entity B entirety C integrity

17. The concept “company culture” is similar to “… culture”.

A corporate B corporal C corpus

18. Different nations have different work … .

A aesthetics B ethics C ethic

19. It is … to be true.

A like   B likely C likable

20. I wonder … an HR manager.  

A is she B if is she C if she is  


Test 7

Choose the best answer.

1. Groups are individuals who … common goals.   

A shrink B share C show

2. Being in a group gives a sense of … .

A celebrity B similarity C security

3. A group of employees … to improve the efficiency and the quality of the outcome.

A is like B is likely C likes

4. People need a … of belonging.

A sense  B sign C feeling

5. He was … the issue time and again.

A rising B arising  C raising

6. Groups can … control over their members’ behavior.

A exert B except C expert

7. Informal groups emerge through the initiative of … .

A individuals B employers C employees

8. Groups are trying to … their social needs.

A modify B satisfy C verify

9. There are … differences between the terms group and team.

A subtle B settle C strong

10. Formal groups are constantly required to report back to … .

A peers B management C members

11. Group roles can lead to role … .

A ambition B abandon C ambiguity

12. Teams are more … .

A self-monitored B self-managed C self-reliant

13. … the task is achieved, formal groups are often dispersed.

   A Once B Ones C One time  

14. … commitment and leadership are essential factors that determine the performance of the group.

A Loyalty B Liability C Liveliness

15. Groups usually have a … leader.

A single B self-reliant C sufficient

16. The more shared interests employees have, the … pleasant the working environment will be.

A more B most C less

17. Formal groups are established to carry … certain organizational tasks.

A on B out C away

18. Individuals … to have certain roles.

A expect B are expected C are expecting

19. They are given enough flexibility without constant need for … .      

A surveillance B supervision C solution

20. Not all groups can be … as teams.

A regarded B retrained C reconsidered


Test 8

Choose the best answer.

1. The SWOT analysis is commonly used in … planning.

A operational B strategic C regional

2. Strengths and weaknesses are factors that exist … the organization.

A besides B outside C within

3. The … are those factors that are not good for the company.

A dangers B menaces C threats

4. … the SWOT is concluded, there are four strategies to choose from.

A One B Once C Once again

5. A … strategy means that the company is going to maintain the status quo.

A stability B growth C combination

6. They are going to continue what they … up till now.

A have done B have been done C have been doing 

7. Nothing is … to change.

A coming B going C arriving

8. There is no increase in production, no … in the number of employees.

A growth B grow C growing

9. Retrenchment means that somehow the company will be cutting … .

A back B by C through

10. They are selling … some assets.     

A of B off C out

11. The company is reducing the … of products.     

A amount   B quantity C number

12. A combination strategy is more common with … companies.        

A multidivisional B multinational C multilateral

13. The company will … one strategy.

   A purchase B pursue C pursuit

14. The strategies … directly out of the SWOT analysis.

  A fly B flow C flee

15. … correctly, the strategies and the SWOT analysis form a great package.

  A Done B Make  C Performed

16. Retrenchment is the act of … expenditure.

  A leveling B increasing C reducing

17. There are … main strategies in order to guide future directions of the company.

  A three B four C five

18. The opposite of strength is … .

  A weakness B threat C opportunity.

19. … factors outside the organization are favorable.

A Those B This C That

20. They have no wish for any ... in the status quo.

A change B chance C choice


Test 9

Choose the best answer.

1. Businesses need to … exchanges.

A abduct B addict C conduct

2. Businesses should be able to cover costs and … expenses.

A take B make C meet

3. Equally important are the … that the firm charges.

A prices B batteries C goods

4. … goods and services meet basic human needs.

    A Necessity B Necessary C Needed

5. Luxury goods and services go … basic needs.

A by B beyond C above

6. A higher price might bring … greater profits on items sold.

A in B to  C into 

7. The trick is to find a price that is … to generate demand.

A high enough B low enough C enough low

8. … is needed to create exchanges with consumers.

A Advertisement B Advertising C Advert

9. Incentives should be used to … consumers to trade with your firm.

A compete B compile C compel

10. Care should be taken when choosing … outlets.     

A demand B supply C supply and demand

11. … to target markets should be considered when choosing a location.     

A Proximity  B Proxemics C Approximation

12. Locations with access … proper distribution systems should be selected.

A to B for C from

13. Prices are … attractive, yet profitable.

   A deem B deemed C doomed

14. To … in your venture, you must offer a desirable product or service.

  A success B succuss C succeed

15. Before setting … a business, evaluate all aspects of the marketing mix.

  A up B out C in

16. The marketing strategy applies to … types of organizations.

  A particular B some C all

17. They will have a hard time surviving over the long … .

  A way B road C run

18. There is no magic formula used … prices.

  A to define B to determine C determining.

19.  The marketing mix includes … .

A Product, Price, and Place 

B Product, Promotion, and Place

  C Product, Price, Promotion, and Place

20. Complete the English saying:  Business before … .

A fun B pleasure C leasure


Test 10

Choose the best answer.

1. Quality is defined by the … .

A producer B customer C supplier

2. Quality is associated with customer … .

A money B reliability C value

3. There are … of principles central to quality management.

A numbers  B a number C the number 

4. Assessment of outcome performance is replaced by the control of … .

A processes B actions C requirements

5. An excellent process can be let … by a demotivated member of staff.

A off B out C down

6. Seeing the organization in a holistic way means dealing with it … .

A whole B as a whole C on the whole  

7. Quality management is based on the scientific method: … .

A Plan, Do, Study, Act

B Plan, Make, Learn, Act

C Plan, Do, Improve, Act

8. Dissatisfaction with the status quo is … of quality management.

A in the heart B at the heart C to the heart

9. Quality management is a … area.

A contested B contained C contorted

10. Companies must create a strategic … .     

A view B vision C visibility

11. A whole which is … greater than the sum of the parts.

. A much B more C less

12. The ISO 9000 is the international standard for quality … .        

A management B measurement C development

13. Companies are certified by … .

   A ISO B accreditation bodies C certification bodies

14. Let every man praise the bridge he goes … .

  A along B on  C over

15. Higher degrees in English are a … for foreign students.

  A goal B target C objective

16. … guidance helps the majority of organizations to manage quality.

  A Impertinent B Impartial C Impartible

17. Qualityshould be associated with achieving customer … .

  A exceptions B expectations  C exaggerations

18. If ‘quality’ is the end …, ‘quality management’ is the process for getting there.

  A pack B part C point

19. … and financial marketers had been awarded massive bonuses.     

A Trade B Trading C Traders

20. We need to become obsessive … our customers’ requirements.

A about B of C with


Test 11

Choose the best answer.

1. The Federal Customs Service is a federal … authority.

A execution B executive C executary

2. The FCS functions with regard … the customs issues.

  A of  B to C from

3. The Federal Customs Service … by the Russian Government.

A manages B has been managed C is being managed

4. In … its activity, the FCS shall be guided by the Constitution.

A conducting B confining C confirming

5. The Federal Customs Service … be headed by the Head.

A will B shall C can  

6. What powers are assigned … the Head of the FCS?

A to B for C by

7. The Head is … from the post by the Government.

A discharged B disclosed C disturbed

8. Bring your proposals as regards … financing of FCS activities.

A the B a C –

9. The officials have gathered for setting a … federal budget.

A draft B drift C drawn

10. Who approves the … table of the FCS Central Office?

  A main B man’s C manning

11. The Head determines competences of customs authorities … to resolve  organizational and other issues.

  A herewith   B thereof C therefore

12. Who has the right to set … and liquidate customs departments?

  A off B in C up 

13. Deputy Heads shall be authorized to take independent decisions in ... operations issues.

   A economic B field C finance

14. There are … regional departments (directorates).

  A seven B eight C ten

15. The Federal Customs Service is an … .

  A entry B entity C envoy

16. The Customs has its … approved heraldic symbols.

   A duly B daily C dearly

17. Does the Customs abide by any international …?

  A treaties B treatise C treatment

18. The heraldic symbols of the FCS are an emblem, a seal, a flag and a … .

  A pennon B penny C pentacle

19. The customs shall be guided by … documents of the Central Bank.

  A regulatory B regulated C regulating

20. What powers does Deputy Heads of the Federal Customs Service … ?

A exercise B exert C exhibit


Test 12

Choose the best answer.

1. Customs is the nation’s … against external threats.

A guide B guard C goal

2. Customs is … on the international borders.

A posing B poised C posed

3. Customs must be knowledgeable … transport treaties and conventions.

A about B of C with

4. Customs administrations cooperate … the neighboring countries to improve their enforcement and exchange information.

A to B on C with

5. Historically, customs work consisted … the manual labor.

A of B from C in

6. It … professionalism and integrity in customs.

A undermined B undermanned C undermentioned

7. Customs use a professional workforce to … its mission.

A accomplish B accomplice C accompany

8. Traditionally, customs organizations are structured as departments of the Ministry of … .

A Trade B Justice C Finance

9. Customs environment is … changing.

A usually B traditionally C constantly

10. An ideal organization is … static.

A no B not C nor

11. It is … challenge for us.

A no B not C nor

12. A decision could be reached … the economic circumstances of the country.

A give B giving C given

13. … the task, they performed it easily.

   A Given B Being given C Having given

14. A half is … than a quarter.

  A more B less C longer

15. It seems … .

  A tradition B traditional C traditionally

16. If the job is fully done, it is … done.

  A 25% B 50% C 100%

17. Customs often deals with … traders and smugglers.

  A noncompliance B noncompliant C uncompliant

18. The opposite of manual is … .

  A hand-made B mechanized C mechanical.

19. They decide on the level of verification … .

A requiring B required C requirement

20. This organizational … is best suited for the circumstances.    

A formula B formulae C formulas


Test 13

Choose the best answer.

1. Customs formalities … border crossings are important for international trade.

A on B in C at

2. Many international organizations promote trade … .

  A facilities B facilitation   C facilitating

3. … a result, developed countries have created their own e-control systems.

A for B as C such

4. Automation is an important … of promoting trade.

A mean B means C meaning

5. They use automated systems … cargo processing.

A in relation to B in relation with C in relation for  

6. Not all customs administrations have automated at the same … .

A pace B space C part

7. There are many … reasons for automating customs processes.

A sound B sounding C sounded

8. It is time to … a balance between revenue collection and trade development.     

A struck B strike C stroke

9. They … an old manual system with modern computer equipment yet.     

A don’t upgrade B didn’t upgrade C haven’t upgraded

10. Customs administrations use similar … programs.

A software B hardware C shareware

11. She drew up a plan of what her organization should set … to achieve.

A off B out C forth

12. The system was designed to … developing countries.

A assist   B insist C persist

13. Their actions are aligned … the best practices of the World Customs Organization.

A for B in C with

14. We are going to upgrade … existing computer system with modern, high-tech equipment.     

A a B an C the

15. Among the most important reasons for automating customs processes is … cargo clearance.

A expediting B experimenting C experiencing

16. Authorizations can be … electronically.

A issued B assured C insured 

17. Trade facilitation is one of the key … of many international bodies.

A activity B activities C actions

18. The expression “accurate statistics” means “… .”    

A тщательная статистика   B точные данные C аккуратные данные

19. It is important to link … departments and government agencies.

A other B another C any other

20. You should … all unnecessary elements and duplications.

A eliminate B illuminate C imitate 


Test 14

Choose the best answer.

1. The principles of risk management are applied with … degrees of success.

A varied B varying C various

2. Organizational risk may … an organization from achieving its objectives.

  A prevent  B prevail C pretend

3. Customs needs … its risks.

A to manage    B managing C management

4. The state should interfere as little as possible … the flow of trade.

A with B in C within

5. There is a … between control and trade facilitation.

A trade-on B trade-off C trade-in

6. Too much of one makes it difficult to achieve … .

A another   B other C the other

7. Top management should … this into account.

A make B take C put

8. Mitigation of the risks may … the achievement of these objectives.

A affect B afflict C effect

9. Basic risk management … the formulation of anti-smuggling policies.

A has guided   B have guided   C has guarded

10. The speed and volume of international trade … fueled by technological advances.    

A is B are C was

11. Customs authorities … risk management.      

A imply B implement C implore

12. In …words, Customs needs to provide a risk map.

A other   B the other C another

13. Basic risk management has always been … to customs operations.

A fundamental B functional C flexible

14. Customs administrations need to adopt a more disciplined and structured approach … managing risk.

A to B in C for

15. The … of customs theory must be observed.

 A basic B basics C base

16. Compliance … the customs regulations is fundamental.

A to B with C for

17. The countries have increased their trade contacts … recent times.

A during B in C at

18. Customs evaluates the risks presented by the nature of its … .

 A action B operation C operations

19. It can … their chances of success.

A jeopardize B jeopardy C jeopard

20. Customs applies … set of management procedures.

A the B a C –


Test 15

Choose the best answer.

1. Financial management is sometimes called … finance.

A corporal B corporate C cooperative

2. Finance is concerned with financial decision-making within a business … .

A entirely B entirety C entity

3. Financial management decisions include … stocks and bonds.

A ensuring B insuring C issuing

4. Financing decisions involve the … of the firm’s funds.

A acquisition B acquaintance C acquittal

5. Many business decisions simultaneously involve both … and financing.

A investing B lending C borrowing

6. The success of the acquisition may depend on selling additional shares of … A stock B stuck C stick

7. The borrowed funds must be repaid within a … period of time.

A special B specified C specific

8. Creditors are those … the money.

A borrowing B lending C investing

9. Funds can be … by selling ownership interests.

A raised B rose C risen

10. Expected return is the difference between potential benefits and potential …

 A costs B interests C profits

11. Risk is a degree of uncertainty associated … expected returns.

 A with B by C from

12. Financial … is a tool of financial management.

A analyzing B analysis C analyses

13. It is necessary to evaluate the financial … of a firm.     

A condition B precondition C condiment

14. Financial managers are primarily concerned … investment and financing decisions.

A about B by  with

15. What goals do managers have in … ?

A brain B head C mind

16. The company wants to protect their products … all costs.

A at B by C with

17. The financial objective is to maximize the economic … of the owners.

A well-being B will-being C wealth-being

18. If managers … to borrow money, it must be repaid.

  A decide   B will decide C would decide

19. It cost him a pretty … .

A penny B pence C pound

20. ‘… on the nail!’ cried the gangster.

  A Cash B Money C Quid


Test 16

Choose the best answer.

1. Taxes are levied ... the goods conveyed across the customs border.

A at B for C on

2. Customs payments include … duties and taxes.

  A excise   B exercise C excision

3. Special ... and compensational duties are stipulated by the Federal Law and the Customs Code of the Russian Federation.

A anti-dumping   B anti-smoking C anti-fraud

4. Subject to customs duties and taxes … be the goods conveyed across the customs border.

A shall B will C should

5. The taxable basis of customs duties and taxes comprises the goods customs … and their quantity.

A volume B value   C valuta

6. Appraising the goods customs value ... to be based on authentic certified information.

A shall B should C ought

7. The goods customs value is determined by the ... .    

A customs officer B declarant C declaration

8. Customs duties shall be calculated using the legal ... of the RF.

A contract B tender C entity

9. Conversion of foreign currency shall be based on the … rate established by the Central Bank of the RF.

A average B annual C exchange

10. The Customs Code ... the terms of payment of customs duties and taxes.      

A stipulates B simulates C stimulates

11. Goods can be conveyed across the customs border by natural ... .      

A persons   B people C men

12. Some goods are imported with partial conditional ... from customs duties and taxes.      

A extension B exemption C expansion

13. The penalty fee shall be ... for non-payment (delay of payment) of customs duties and taxes.

  A changed B chased C charged

14. Calculation of penalty fees is based on the ... rate.

  A finance B refinance C refinement

15. Penalty fees shall be disbursed ... with the due customs duties and taxes.

  A currently B concurrently C correctly

16. Dutiable payments are made pursuant ... the Law of the Russian Federation.

  A with B to C by

17. … tax shall we pay? – An excise tax.

  A who’s B whose C which

18. … idea was it to convey the goods across the border?

  A who’s B whose C which

19. These are imported goods ... partial conditional exemption from customs duties and taxes is stipulated by law.

  A who’s B whose C which

20. What customs territory are the goods imported ... ?

A in B to C on


SUPPLEMENTARY READING

(Texts for self-study)

Text 1


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