Exercise 1. Read the international words and guess their meaning

business market bank

firm product company

organization to finance basic

production operation corporation

personal management partner

capital to form to combine

license group privilege

limited authority idea

Exercise 2. Match English and Russian equivalents.

1. to purchase stocks a. нести ответственность за

долги и убытки

2. to manage a sales force b. частное владение

3. proprietorship c. владелец акций

4. to be responsible for debts and losses d. покупать акции

5. the only requirement e. руководить

6. to have an advantage f. единственное требование

7. tax advantages g. налоговые скидки

8. possible lack of experience h. иметь преимущество

9. stockholder i. возможный недостаток опыта

Exercise 3. Choose the right word or word-combination.

1. …… is simply a one-owner firm.

a) partnership b) proprietorship c) corporation

2. The proprietor is responsible for all personal and business …….

a) debts and losses b) banks c) insurance companies

3. …… are firms owned jointly by two or more persons.

a) disadvantages b) liabilities c) partnerships

4. …… is an entity formed and owned by a group of people called

stockholders.

a) profit sharing b) corporation c) tax advantages

5. …… of a corporation are variety of skills, abilities and ideas.

a) unlimited liability b) advantages c) possible lack of ability