Investment stock exchange go public investors invest

С О Д Е Р Ж А Н И Е

1^st Y E A R.. 4

PART ONE. 4

Section I. TEXTS. 4

Section II. WORD-BUILDING.. 15

Section III 33

PART TWO.. 48

TESTS. 48

2^nd Y E A R.. 89

PART ONE. 89

Section I. TEXTS. 89

Section II. VOCABULARY 1. 126

Section III. VOCABULARY 2. PHRASAL VERBS. 139

PART TWO.. 146

TESTS. 146

СПИСОК ИСПОЛЬЗОВАННОЙ ЛИТЕРАТУРЫ.. 196

1^st Y E A R

PART ONE

Section I. TEXTS

Use the words above the texts to complete the texts.

Text 1

Board of directors board senior executives chief executive officer

Managing director company secretary chair

People at the head of an organization are ___ 1 ___ or senior managers. The ____ 2 ____ is the person who has overall responsibility for the day-to-day running of an organization. In the case of a limited company the CEO is normally the ____ 3 ____ , appointed by the ____ 4 ____ on the authority of its members. The same person is usually the ____ 5 ____ of meetings of the ____ 6 ____, i.e. the people who are legally responsible for a company. The person responsible for keeping the minutes of board meetings is the ____ 7 ____.

Text 2

investment stock exchange go public investors invest

Some companies are publicly owned. The shares of public limited companies are tradeable on a ____ 1 ____. Shareholders or ____ 2 ____ buy the company’s shares and are the owners of the company. Other companies are privately owned, and there is no open market for their shares. This can be a problem when they need to raise finance, and for that reason they may choose to ____ 3 ____ or to make their shares available on the Stock exchange. Shareholders ____ 4 ____ their money in the stock market in the hope that their ____ 5 ____ will pay a good dividend or, in other words, that they will make a good profit.

Text 3

cost pricing strategies market price price-sensitive (x2)

discounting list price

Price is part of the marketing mix, and all businesses must decide how to price their products or services. This can be quite difficult, as consumers are heavily influenced by the ____ 1 ____ of something. A product may have a published ____ 2 ____ but this price may rarely be charged because of ____ 3 ____ by sellers. When a price has been “decided” by the market, it is known as the ____ 4 ____. The market for a particular product can be easily affected by changes in price, in which case it is ____ 5 ____, and consumers, too, if they are very aware of prices are also ____ 6 ____. If the company is able to set its own price there are several ____ 7 ____ or policies that it can choose.

Text 4

distribution network end users wholesalers factory shops distribution warehouse distributor agent

____ 1 ____ is concerned with getting a product to the customers (or, for technical products, ____ 2 ____). The ____ 3 ____ makes the product available to the customers through various retail outlets. Products may be distributed directly to retailers, or through a ____ 4 ____ to ____ 5 ____ who store the goods in a ____ 6 ____. The wholesalers then forward the products to the retailers or retail outlets. Some businesses use an ____ 7 ____ to bring buyers and sellers together, who works on a commission basis. Some products may be sold directly to the consumer. One British shoe shop, for example, has several ____8 ____ where goods are sold direct to the public.

Text 5

product range product portfolio global brands brands product mix brand product differentiation

The combination of products that a business sells is known as the ____ 1 ____. The American multinational McCann and Muir, for example, have pharmaceuticals, fragrances, consumer products, cleaning products and beauty care products in their ____ 2 ____. Their cleaning products include a ____ 3 ____ of soap powders including ____ 4 ____ such as Brash, Saturn and Brill. A ____ 5 ____ is a product which customers see as different from other similar ones available. McCann and Muir knows that different products satisfy different needs, and that’s why ____ 6 ____ is important. Their customers may choose Brill because it’s advertised as offering high quality at an affordable price, or Brash because it combines detergent and conditioner for convenience, for example. Many of their ____ 7 ____ are sold around the world, others are aligned to meet the needs of specific markets.

Text 6

free trade protectionism tariffs customs duties quotas imports exports exchange rates

The WTO was set up in 1995 to encourage free trade in the global marketplace. It is therefore designed to resist ____ 1 ____. No new barriers to trade can be set up, and governments cannot set new ____ 2 ____ or ____ 3 ____ or increase ones that already exist as these are really taxes that prevent ____ 4 ____. Similarly the WTO opposes the use of ____ 5 ____ since these limit the amount of ____ 6 ____ coming into a country. This may protect a country’s industry in the short term, but its trading partners reply with similar measures, then ____ 7 ____ will suffer. The WTO governs trade in many products and raw materials, but the world of finance is largely outside of its scope, therefore it has no control over ____ 8 ____.

Text 7

study competitive advantage stand for impact commitment

As more and more companies selling the same product come onto the market, our company realised that our current product advertising was no longer enough to ensure us a ____ 1 ____. We decided to carry out a market ____ 2 ____ to discover what perception people had of the company and its products. We organised a poll to find out what the public thought our company should ____ 3 ____. The results showed that people needed to view the company as an organisation with a ____ 4 ____ to worthwhile objectives. Therefore we organised a corporate advertising campaign showing the company as a caring member of the community. We haven’t been able to measure ____ 5 ____ of the campaign yet.

Text 8

under leading name range retailer join

canned suppliers financial

The origins of Marks and Spencer, Britain’s best known ____ 1 ____ go back to 1882 when a Russian refugee, Michael Marks, began selling simple household products from door to door, in villages in North East England. In 1884 he set up a stall in Leeds Kirkgate market and to overcome his language problem, he made a sign displaying his sales pitch: “Don’t ask the price, it’s a penny”. By 1894 Marks had eight stalls and had invited Tom Spencer to ____ 2 ____ him in what was to become one of the most famous business partnerships in British history.

By the 1920s Marks and Spencer stores were selling some food as well as household products, but the first extensive expansion of the ____ 3 ____ came in the early 1930s when ____ 4 ____ goods, cake, fruit and vegetables were introduced. Today Marks and Spencer sells a wide variety of products in over 670 stores worldwide. They have a 16 per cent share of the UK clothing market, a position they maintain by insisting that their ____ 5 ____ manufacture new collections up to one year in advance of the season. The clothes are sold ____ 6 ____ their own label St Michael, which has become a ____ 7 ____ in the British fashion industry. Marks and Spencer’s profit for the ____ 8 ____ year 2005 was 389 million pounds.

Text 9

launch flexible enabled due strategy

innovate frequently budget

Since the beginning of the century, 3M has known that it must continually ____ 1 ____ in order to survive. Indeed, the company has been responsible for the ____ 2 ____ of 60,000 products, each of which is protected by a patent.

The successful performance of 3M over the years is ____ 3 ____ to several factors. Firstly, the company spends a large part of its annual ____ 4 ____ on the creation, improvement and testing of products. The company also has ____ 5 ____ structure which allows employees to change jobs ____ 6 ____, from research to manufacturing, or from manufacturing to marketing. The exchange of ideas and information is also a key aspect of 3M’s ____ 7 ____ of constant innovation. Top technical people attend an annual meeting at the headquartersin St Paul where many 3M laboratories show their latest products. Another interesting fact about 3M is that it encourages staff to spend 15% of their time on personal projects. It was this unusual policy which ____ 8 ____ 3M employee Arthur Fry to come up with one of the most famous 3M inventions – the Post-it note.

Text 10

run since exhibitions total owned established consultant outlet

We negotiated our first franchise in 1984 with a young couple, Brian and Anne Webster, who opened an ____ 1 ____ in Cambridge which they still ____ 2 ____ today. Following the success of this operation we contacted a franchise ____ 3 ____ who was able to help us to select ten additional franchisees who then set up their businesses in some of the major towns in the South of England. ____ 4 ____ then our company has continued to grow and today we are ____ 5 ____ in more than 50 locations across the country. This year, for the first time, we attended the two European franchise ____ 6 ____ in Utrecht and Paris, where we had some very promising interviews with local operators who were interested in taking out a licence for our master franchise. We have predicted that by 2012 we will have a ____ 7 ____ 120 shops across Europe and almost all of these will be ____ 8 ____ by franchisees.

Text 11

cut made bring once commitment used manufacturer

Richard Simpson ____ 1 ____ to be a successful financier with the Morgan Grenfell bank in the City of London. However, in early 1991, at the age of 32, he decided to leave his job and buy his own business. The company that he chose to buy was “Price’s Patent Candle Company”, an old-fashioned candle ____ 2 ____ located in South London, which belonged to Shell. ____ 3 ____ he had bought it, Simpson’s lifestyle suddenly changed: he took a salary ____ 4 ____ of 40%, said goodbye to the company car and moved from his comfortable office into a prefabricated one in the car park. He then decided to ____ 5 ____ his father into the business to help him and together they ____ 6 ____ the decision not to sell Price’s subsidiaries. As Simpson says, “I’ve got a ____ 7 ____ to the staff and the business”.

Text 12

met fixed hired within delayed too

improvements effective following warehouses

A major Italian manufacturing company needed a new computerized system for its shipping and handling department. The Italian company ____1 ____ a Swiss software and engineering company to develop the computerized equipment. This equipment was going to be put in the Italian company’s warehouses.

The two companies agreed on a plan with the ____ 2 ____ four phases: 1) develop software specifications for the shipping and handling department, 2) design the software, 3) make the computerized machines using the software, and 4) put the new equipment in the ____ 3 ____. They also developed a general schedule of when each phase should be completed.

In the first phase, the two companies agreed on the preliminary specifications for the new software and began to write a more detailed description of these specifications. At first, these meetings were friendly and ____ 4 ____. The two teams used English in the meetings and had no difficulty speaking to each other. However, ____ 5 ____ three months there was a breakdown in communication and cooperation between the two companies.

The Swiss engineers complained that the Italian team changed the software plans ____ 6 ____ frequently. Every time the Swiss team thought they had an agreement on the detailed specifications of the computer software, the Italian team came up with new ideas and changes which ____ 7 ____ the project. The Swiss team complained that the Italians were often late and therefore the deadlines were not being ____ 8 ____.

The Italian team also had complaints. They said that after the preliminary specifications were made, they thought of some basic ideas that would lead to great ____ 9 ____. The Swiss team rejected the new ideas even though the new ideas might be important because they said they were finished with that step in the process. They also added that the Swiss team required ____ 10 ____ dates for everything and only cared about keeping the schedule.

Text 13

contrast on issues sent domestic longer to

managers responsibilities competitions making related

Three years ago, a German manufacturer of ____ 1 ____ electrical appliances (hairdryers, blenders, coffee grinders, etc.) opened a plant in Tijuana, Mexico. The company has two assembly line ____ 2 ____ , one is German and one is Mexican. Nine months ago, a new German assembly line manager was ____ 3 ____ over to replace a returning manager. The returning manager was not successful with managing the assembly line employees during his stay. The new manager is Ms. Mara Graus. Working alongside Ms. Graus is the Mexican manager, Pablo Arango, who has been at the plant from the beginning. Both managers share ____ 4 ____. They are responsible for teaching the German-based assembly line technology ____ 5 ____ the workers. They are also responsible for four floor supervisors. From the beginning the two managers have disagreed ____ 6 ____ many management policy ____ 7 ____. Ms. Graus feels that Mr. Arango is too friendly with subordinates, both the supervisors and assembly line workers. Mr. Arango in ____ 8 ____, feels that Ms. Graus is very cold and unfriendly to subordinates.

Mr. Arango feels that the floor supervisors should be given more responsibility and control over their workers. He feels they should be given more information ____ 9 ____ to their jobs and more decision-making power. Ms. Graus believes that they have enough information to carry out their jobs and that she and Mr. Arango should be ____ 10 ____ all the decisions.

Ms. Graus points out that the assembly line workers have low company morale. She confirms that ____ 11 ____ in which workers with the greatest output are rewarded with a bonus would raise company spirits.

The disagreements have become so serious that Ms. Graus and Mr. Arango are no ____ 12 ____ able to effectively manage the assembly line.

Text 14

would located in expand situation on representatives companies way competition majority control

Grand Metropolitan, a British drinks conglomerate, wanted to ____ 1 ____. Pernod-Ricard Company of France, another drinks company, also wanted to penetrate into new markets. They were both looking for new ____ 2 ____ to invest in. Unfortunately, they both became interested ____ 3 ____ the same drinks enterprise Irish Distillers ____ 4 ____ in Ireland. But in order to take over, or gain ____ 5 ____ of, Irish Distillers, they had to first gain control of another company. This company was called FII-Fyffes and was also in Ireland.

A company takes over another company by buying the ____ 6 ____ of shares, or stock, in that company. FII-Fyffes had the largest number of shares of Irish Distillers stock. The company that bought the most shares of FII-Fyffes ____ 7____ automatically become the largest shareholders of Irish Distillers, and in this ____ 8 ____ would gain control of Irish Distillers.

Grand Metropolitan and Pernod-Ricard were now in ____ 9 ____. Both companies sent representatives to Ireland to try to buy the shares from FII-Fyffes. At one meeting, the ____ 10 ____ of Pernod-Ricard and FII-Fyffes discussed acceptable prices for the FII-Fyffes shares. The French company offered to pay $4.30 per share. FII-Fyffes assessed the offer and then demanded $4.70 per share. Pernod then offered $4.50 per share. The two company representatives shook hands ____ 11 ____ the $4.50 per share.

The next day, Grand Metropolitan offered FII-Fyffes $5.25 per share. Later that day the Pernod-Ricard and FII-Fyffes representatives met. The FII-Fyffes negotiator said that the company was rethinking the ____ 12 ____. The Pernod-Ricard executive officer was shocked.

Pernord-Ricard brought FII-Fyffes to court. It demanded that FII-Fyffes honor the handshake the two companies made on the $4.50 per share offer.

Text 15

each extremely details proposed based commitments long for with in as persuasive few deal make instead

A well-known US candy company was interested in selling its product overseas. The company found a possible partner ____ 1 ____ in Tokyo, Japan. The Tokyo company seemed to be perfect for the deal. After many phone calls between the two parties, a decision was made to meet in Tokyo. The US company chose one of the company businessmen, Mike Waller, to represent it in Tokyo. He was the company’s most ____ 2 ____ negotiator.

Before Waller left the United States, he and the company’s lawyer worked together to write a detailed contract for the ____ 3 ____. The contract was fifty pages ____ 4 ____. The deal would be advantageous for both companies. It promised big profits.

Waller left ____ 5 ____ Japan with the contract. He was pleased ____ 6 ____ his careful preparation. He thought his future partners would be satisfied with his work and would be ready to bargain about the ____ 7 ____ in the contract. He had studied their company interests and was sure they would want to change a ____ 8 ____ conditions in the contract. He planned to agree to those changes ____ 9 ____ concessions. He was certain the meetings would result ____ 10 ____ good negotiations and a quick final agreement.

On the day of the meeting in Tokyo, Waller entered the boardroom with copies of the contract for the Japanese businessmen at the meeting. He handed them ____ 11 ____ a copy and began discussing the details. The representatives of the Tokyo company did not open their contracts. They didn’t discuss the contract at all but ____ 12 ____ spoke about general business issues. They spoke about the ____ 13 ____ cooperation between the two companies but they didn’t ____ 14 ____ any promises.

Waller then went back to the United States. He felt ____ 15 ____ surprised and disappointed. The Japanese businessmen had never asked him one question about the contract. No agreements or ____ 16 ____ had been made. He wasn’t even sure if there would be another round of negotiations.

Text 16

enough had less know transferred whatever party off qualities style accepted relationship including socializing

An American manager by the name Bill Morris worked for an American multinational firm. One year he was ____ 1 ____ to France. When he began working in the French office, he wanted to get to ____ 2____ his employees and show them that he was friendly and interested in a good work ____ 3 ____. He decided to throw a ____ 4 ____for the whole office. He thought it would be a good way to get acquainted with everyone in a ____5____ formal environment. He invited everyone in his office, ____ 6 ____ secretaries and executives, for a big party in his elegant apartment. Everyone ____ 7 ____ the invitation. He was pleased that no one ____ 8 ____ declined his invitation.

At his apartment Morris served a buffet of snack foods and drinks. The employees could help themselves to ____ 9 ____ they liked. The manager liked this casual ____ 10 ____ of parties. As an informal and relaxed host of the party he could show them that he was an open person and easy to talk to. Morris feels these are important ____ 11 ____ of a manager and boss.

The party, however, was not a success. The employees were very uncomfortable as guests. They felt they didn’t know Morris well ____ 12 ____ to be in his home. They thought he was showing ____ 13 ____ his money by inviting them to his elegant apartment. They also were not comfortable with one another because they were not used to ____ 14 ____ together.

Text 17

supply stake ran to partnerships of truly

objectives by major activities

Vivendi, the French utilities and communications group, has a long history going back to 1853. In that year the Government created Campagnie Generale des Eaux. The founders had two ____ 1 ____ to irrigate the countryside for farming and to supply water to towns and cities in France.

In 1880 a treaty gave Generale des Eaux the right to ____ 2 ____ water to Venice, and then Constantinople and Oporto came soon after. By the time of the centenary celebrations in 1953 Generale des Eaux supplied water to eight million people in France.

In the 1960s and 1970s the company began ____ 3 ____ in the area of civil construction and built a large tower block in the La Defense business district of Paris.

During the 1980s Generale des Eaux joined with the Havas media group to create Canal Plus, a pay TV channel. They also took a controlling ____ 4 ____ in the civil engineering giant, SGE. In the 1990s they won ____ 5 ____contracts in the Asia Pacific region and in Latin America.

Jean-Marie Messier became CEO in 1996 and ____ 6 ____ the company along American lines. He sold $5 billion in assets and cut the workforce ____ 7 ____ 10%. All this meant that an annual loss ____ 8 ____ $600 million turned into a profit of $320 million. In 1998 he changed the name of the group ____ 9 ____ Vivendi and soon after made a series of ____ 10 ____ and acquisitions in the telecommunications industry.

Operations in North America grew very quickly after this and in 2000 Vivendi bought Seagram to become a ____ 11 ____international media and communications company.

Text 18

financial for other privatisation finally

through most markets services continues

1) Argentina is one of the most deregulated ____ 1 ____ in the world. The ____ 2 ____ process started in the 1990s, and has included sectors such as telecommunications, utilities and ____ 3 ____ services. The Argentine telecoms market was fully deregulated in November 2000 and there are now five million cellular lines and six million homes with cable television ____ 4 ____. Water was decentralized before being privatized. Aquas Argentinas, the local water supply company ____ 5 ____ the city of Buenos Aires and all the municipalities in Greater Buenos Aires, is the largest privatized water utility in the world.

2) Imagine a country that ____ 6 ____ for 4,200 km from dry deserts in the north, ____ 7 ____ the industrial heartland in the centre, to lakes and forestry plantations in the south, and ____ 8 ____ to the ends of the earth in Patagonia and Antarctica. Welcome to Chile! It’s a very diverse country, with the Pacific Ocean to one side and the Andes to the ____ 9 ____. You can swim in the sea and ski in the mountains all in the same day. There are business opportunities in many areas, and the financial services sector is the ____ 10 ____ sophisticated in Latin America.

Text 19

fewer with pension getting increase just

division particularly across expected result rates

Governments ____ 1 ____ Europe are already starting to worry. Why? Because low birth ____ 2 ____ combined with longer life expectancy mean that the Continent will soon have ____ 3 ____ people working and fewer people paying taxes. As a ____ 4 ____ a whole range of measures must be taken to deal ____ 5 ____ the problems that this change in demographics will bring.

At the recent Annual World Economic Forum in Davos, Switzerland, a session called “Reforming Pension Systems” took place. The speaker, director of the population ____ 6 ____ of the United Nations, highlighted that this is a global problem, not ____ 7 ____ a European one. However, the facts cannot be ignored: the situation in Europe is ____ 8 ____ serious. Look at the findings of a recent European Commission study: Italy’s population is ____ 9 ____ to drop from 58 million by 2050. Spain’s will fall from 40 million to 35 million, and Germany’s from 82 million to 76 million. Sweeden is one of the few countries where the population will probably ____ 10 ____.

And as the populations get smaller, they are also ____ 11 ____ older. From 2007 onwards an enormous part of Europe’s population will start to retire. Solutions will have to be found to deal with the problems that this will create. Certainly governments must encourage private ____ 12 ____ plans, and old-fashioned tax and social security models must be looked at in a completely new way.

Text 20

return loss stability retirement manager means

much like safest developed particularly

In this report we are going to look at the three main types of investments: cash (in bank accounts), bonds (long term loans that give a fixed rate of return) and stocks (equities). The ____ 1 ____ is cash, and the fact that this has less risk than the others ____ 2 ____ that it also has a lower ____ 3 ____. If you want a better return you should consider bonds. These are fixed interest investments, and are a more attractive option than cash, ____ 4 ____ when interest rates are falling. The riskiest form of investment is stocks. They offer the chance of ____ 5 ____ greater profits over the long term, but you might make a ____ 6 ____ if the company does badly. The worst case scenario is that the company goes bankrupt and you lose everything. You can reduce the risk by investing in a fund rather than individual stocks. Funds that invest in ____ 7 ____ economies are a more sensible choice for most people, as the markets have more liquidity and it is easier for the fund ____ 8 ____ to buy and sell. But there are also emerging market funds that invest in countries ____ 9 ____ China, India, or Turkey. These markets are only for the most aggressive investors of all as they have much higher volatility.

So what is the best solution? Most financial advisors recommend a balance. In the middle of your career you can afford to have a larger part of your investments as stocks, perhaps, 60-80%, with some bonds for ____ 10 ____ and cash for emergencies. As you get nearer ____ 11 ____ you should consider switching most of your money to bonds, and increasing your available cash.

Text 21

highly some nervous on expected available

prices position over sharply

European investors have watched US stock markets nervously ____ 1 ____ the last few months. The problems with US technology and telecomms stocks began last March, and since then share ____ 2 ____ at companies like Intel, Apple and Dell have crashed. Over the summer all these giants announced lower than ____ 3 ____ profits, and investors fear that demand for PCs in the ____ 4 ____developed US market has peaked. Now it’s the turn of European stocks. On Monday stocks in companies like Germany’s SAP and Finland’s Nokia fell ____ 5 ____. SAP was down 3% in Frankfurt, and Nokia dropped 7% in Helsinki.

But there was ____ 6 ____ good news for investors yesterday. Yahoo! Released figures which showed that in the last quarter revenues have risen to $295 million, up from $115 million a year earlier. Yahoo! Relies ____ 7 ____ online advertising for most of its income, and this year it has gained significant market share in Europe and has managed to achieve the ____ 8 ____ of top Web-navigation company.

Analysts believe that the market has not hit the bottom yet. Earlier this year investors bought any Internet stocks that were ____ 9 ____ , creating a stock market bubble. Now it’s just the opposite. Investors have become so ____ 10 ____ that they are selling everything, even if the company is sound and the stock looks cheap.

Section II. WORD-BUILDING

A. NOUN

Use the words given in capitals to form a word that fits in the sentence.

1.The _____, which is strictly confidential, comes from a very good source. 2. A marketing _____ works in my department. 3. Three times as many _____ prefer our product to theirs. 4. While we've been talking, my_____ has handed me the file. 5. Thank you for your _____, it was very helpful. 6. You'll be impressed by the_____ of this equipment. 7. The _____ of their offices has cost a lot of money. 8. Could you please remain in contact with the head office until the _____ are completed. 9. Health and _____ are aspects of employee welfare. 10. The wholesaler stocks a _____ of products. 11. We encountered a lot of _____ in the market. 12. Ads remain a good source of management _____. 13. He plans to go back to college to get a management _____. 14. Up till now we've promoted the _____ junior project leaders. 15. The workshop will be run again next month, so you'll have an _____ to participate. 16. For _____ to take place, workers must believe that effort on their part will lead to rewards. 17. The business went into _____. 18. The job description indicates where the job is to be carried out in terms of location, plant, _____, department, section. 19. These rules are formal – such as the procedure for _____. 20. We have automated the _____ line. 21. We fixed an _____ for four o'clock. 22. He filled in an _____ form. 23. Our main _____ is export trade. 24. If motivation decreases, _____ is likely to increase. 25. Some Eastern European countries were accused of selling very cheap steel in the US to gain _____ to their market. 26. In spite of his intelligence, he doesn't find _____ to production problems very easily. 27. He invested most of his _____ in the Stock Exchange. 28. My stockbroker advised me to make several safe _____. 29. _____ on the personal computer market has increased considerably over the past few years. 30. The prices given for buying and selling shares on the Stock Exchange are known as _____.

INFORM   MANAGE CONSUME ASSIST RECOMMEND FLEXIBLE MODERN   NEGOTIATE SAVE VARY RESIST RECRUIT QUALIFY ANALYZE   OPPORTUNE MOTIVATE   LIQUIDATE   DIVIDE DISMISS ASSEMBLE APPOINT APPLY ACTIVE ABSENT   ENTER SOLVE   SAVE INVEST COMPETE     QUOTE

B. ADJECTIVE

1. I found her comments quite _____. 2. We are going to introduce a _____ newsletter for all employees. 3. The opening of the banking complex will be an important _____ development for the region. 4. The new model was up-to-date and visually _____. 5. If you want cheap and _____ products you can buy them at the discount supermarket. 6. The managing director prefers to leave _____ affairs to the accountant. 7. The accounts department supplies us with a _____ list of all payments. 8. Every company in our country is expected to contribute towards _____ training. 9. The new clerk was given some _____ advice about dealing with customers who do not pay immediately. 10. Extra payments at Christmas are an _____ feature of salaries in our country. 11. Before we can decide where to buy our materials we require as much _____ information as we can get on the suppliers. 12. We required a _____ description of all the company's orders since last December. 13. There were a lot of problems and customers looked for a more _____ supplier. 14. The products were excellent and many customers remained _____. 15. His CV, which you showed me yesterday, is most _____. 16. She gave me some information that was supposed to be _____. 17. An interviewer who tries to frighten the candidate is abusing his/her _____ position. 18. We are sending you our spring catalogue under _____ cover. 19. At a time when so many _____ workers are out of work, it will be easy to fill the vacancy. 20.We'll have to reduce workforce to a certain extent, perhaps by a process of _____ redundancies. 21. They may feel _____ of our success. 22. My brother did well. I was _____ of him. 23. _____ prices are making food very expensive. 24. They were less _____ than us. 25. He tends to choose the _____ solution rather than the least-costly. 26. The newspapers printed a shocking and _____ story. 27. In general taking an MBA is a good idea. For an _____ young professional, however, you do have to make some sacrifices. 28. There’s not much work in the _____ sector at the moment. 29. Mr Wright proved to be an extremely _____ and loyal employee. 30. The business, we must confess, is not very _____.

SURPRISE MONTH     COMMERCE STYLE AFFORD   FINANCE   QUARTER     VOCATION CAUTION   OPTION     STATISTICS SYSTEM     RELY   LOYALTY IMPRESSION   CONFIDENCE   SUPER SEPARATION SKILL     VOLUNTEER JEALOUSY PRIDE INCREASE FORTUNE COST   SHAME AMBITION   MANUFAC-TURE COMPETENCE   PROFIT

C. ADVERB

1. The corporate headquarters _____ moved from Huston to Charlotte. 2. The company very _____ realized that it was a profit-making area. 3. The machine was _____ serviced by the engineer. 4. The production schedule will _____ be achieved. 5. The order book is _____ stagnating. 6. They check their inventory _____. 7. I am sorry to say there is little we can _____ do. 8. The customer delivered the cargo _____. 9. We have _____ increased our product range in order to give our customers more choice. 10.There have _____ been disputes with our suppliers. 11.Last year there were _____ delays in concluding contracts. 12.Serious clients can _____ accept the offer. 13.You _____ don’t know what we are talking about. 14.Their operating expenses _____ remained low. 15.The liaison officer _____ forgot to inform the export manager’s PA. 16.There has _____ been a mistake in this invoice. 17.The final price was _____ much higher than the purchaser expected. 18.The customer was _____ quite satisfied with our after-sales service. 19.We _____ asked to see the chief negotiator before we made the decision. 20._____ after he managed to find a job with a major record label. 21._____ he set up his own business and became a millionaire. 22.He works _____ fast. 23.Her work record is quite _____ awful. 24._____ the firm used to produce horseshoes. 25._____ the situation will get better. 26.They negotiated _____ for four hors. 27.They _____ disagree with our position. 28.Prices have gone up _____. 29.Their products are always _____ packaged. 30.You ought to go to one of his presentations. He speaks very _____. 31.He was not in a hurry, so he waited _____ until the client was ready to see him. 32.Most stockbrokers will buy and sell shares in _____-quoted companies. 33.The new motor is very quiet, and at most speeds it operates almost _____. 34.The bank decided that the project was not _____ viable, so they refused to give them a loan. 35.He reacted _____ when I told him the bad news. 36.Most policy decisions are taken at head office, but day-to-day decisions are taken _____. 37.We are launching a new share-dealing service that will let you buy and sell shares_____.

RECENT   QUICK   CARE PROBABLE CURRENT WEEK IMMEDIATE PUNCTUAL GRADUAL   RARE HARD HARD OBVIOUS APPARENT COMPLETE   DEFINITE OCCASION   INITIAL   SPECIFIC   SHORT   EVENT EXTREME HONEST ORIGINAL HOPE AGGRESIVE TOTAL EXCESSIVE ATTRACTIVE   GOOD PATIENT   PUBLIC     HEAVY COMMERCIAL   CALM   LOCAL   INSTANT

D. VERB

1. To _____ is to put something in a category. 2. To _____ is to introduce computers. 3. To _____ is to make a state industry private. 4. To _____ is to make a private industry national. 5. To _____ is to make something legal. 6. To _____ is to make a general statement. 7. To _____ is to give a subsidy. 8. To _____ is to have special knowledge. 9. To _____ is to make something more rational. 10.To _____ is to make something more modern. 11. If you _____ something, you make it soft and softer. 12. If you _____ something, you make it weaker. 13. We _____ our products into many markets. 14. The second section of the report _____ the results for the group as a whole. 15. “Politicians are the same all over. They _____ to build a bridge even where there’s no river.” 16. She laughed and that seemed to _____ her voice. 17. She tried to _____ her room with posters and plants. 18. However much they _____, they all felt it was her fault. 19. It is important to _____ the rainforests. 20. I always _____ that the service is bad in restaurants. 21. We need to _____ our prices. 22. Could you _____ for the contract in euros? 23. Up till now we've _____ the programmers to junior project leaders. 24. The workshop will be run again next month, so you'll have an opportunity to _____. 25. Sometimes employees don't _____ at the required standard because they don't know what the standard is. 26. The company _____ with another European company. 27. We must _____ our profits. 28. The company _____ the world in design. 29. We _____ the market in 2000. 30. Workers certainly don't want their pay to _____ wildly. 31. The company _____ interim profits of 200 million euros. 32. It's difficult to _____ with low-priced imports. 33. They have a good research reputation but they find it difficult to _____ their products. 34. The property was _____ of 350 000 euros last month. 35. We _____ the receipt of the shipment.   36. Last week we _____ the company and are now wondering whether we did the right thing or not. 37. On-line banking services let you _____ funds from one account to another quickly and easily. 38. With Citibank, you can _____ interest on your current account balance. 39. Each year the company _____ from twenty to thirty managers to head up offices all over the country.

SUMMARY COMPUTER PRIVATE NATION LEGAL GENERAL SUBSIDY SPECIAL RATIONAL MODERN SOFT WEAK SALE ANALYSIS   BELIEF   DEEP BEAUTY SYMPATHY PRESERVATION COMPLAINT REDUCTION QUOTATION PROMOTION     PARTICIPANT PERFORMANCE   MERGER MAXIMUM LEADER ENTRANCE FLUCTUATION DECLARATION COMPETITION   COMMERCE ASSESSMENT ACKNOWLEDGE-MENT ACQUISITION   WITHDRAWAL   EARNINGS   RECRUITMENT

E. PREFIXES

Ex. 1

Look through the sentences an fill the gaps with a word built from the list on the right and a prefix from above. Some prefixes can be used more than once.

mis- out- over- multi- pre- sub- re- trans-

1. The fall in the value of the dollar will mean a poor _____ for the tourist trade this year. 2. Because the machine had _____ its usefulness, the production manager proposed ­­­­_____ it. 3. Our company can supply you with reply cards which are usually _____ to suit standard situations. 4. The finance department badly _____ the costings for the new factory buildings. 5. There's something wrong with this bill. I think they've _____ me. 6. We've received so many complaints about the product that we'll have to _____ the next model. 7. Our major supplier is a large _____ company, which always delivers on time. 8. Manufacture of the components was _____ to a smaller company. 9. If the rent is too big for the firm, they'll _____ part of the site to another company. 10. Industrial buildings are sometimes _____ in a factory and then assembled on site.

LOOK   LIVE PLACE   PRINT CALCULATE   CHARGE     DESIGN NATIONAL   CONTRACT   LET   FABRICATE

Ex. 2

Use prefixes anti- (against), counter- (against) and semi- (partly or half) to build words that mean:

1. against unions ___________

2. half a circle __________

3. against the government __________

4. not completely professional__________

5. not completely official__________

6. not completely permanent __________

7. partly automatic __________

Ex. 3

Fill the gaps in the sentences, using the words from the list.

non-stop anticlockwise unforeseen dishonest illegal dissatisfied unfortunately insufficient invalid invisible

1. The claims made in this advertisement are _____.

2. Please make sure you book me on a _____ flight.

3. I'm afraid the deposit you sent us was _____.

4. Discrimination on the grounds of race, religion or sex is _____.

5. Please inform the manager if you are in any way _____.

6. Tourism and financial services are ______ exports.

7. Turn the handle _____ to open the door.

8. Your visa expired last week and is now _____.

9. _____, your reservation didn't reach us in time.

10. Due to _____ circumstances, the flight has been cancelled.

Ex. 4

Complete the sentences with appropriate words with negative prefixes derived from the root word supplied. Decide whether the word you require is a noun, a verb, an adjective or an adverb.

1. On the whole I like living in the country but it has some _____ (advantage).

2. If you answered the first question _____ (correct), look again at the instructions.

3. I am sorry if I gave you the wrong information. I didn't mean to _____ (lead) you.

4. What you are saying doesn't make sense. It's completely _____ (logic).

5. The driver responsible for the accident was _____ (qualify) from driving for ten years.

6. Everyone at the hospital was very efficient, but there was nothing friendly about them – it was all very _____ (person).

7. If you find a word spelt wrongly in this book it's a _____ (print).

8. There was some _____ (agree) between them about the best treatment to give the patient.

9. I didn't mean to insult you. I think you've _____ (understand) what I said.

10. His poetry is _____ (mortal). It will never die.

11. He said my advice was _____ (relevant) and had nothing to do with the case.

12. I was very _____ (appoint) that I couldn't come to your wedding.

13. I thought he was rather unpleasant when I first met him, but I realize that I _____ (judge) him. Actually he is quite nice.

14. As soon as they heard of the climbers' _____ (appear) in the fog, they organised a search party.

15. When he suddenly appeared with so much money we wondered if he had acquired it _____ (honest).

Ex. 5

Replace underlined words or phrases with appropriate adjective forms derived from the verb given in brackets. Change the word order where necessary.

1. For some reason that I cannot explain I left all my luggage on the station platform. (account)

2. I never met such an unpleasant person. (agree)

3. She always wears clothes that are no longer in fashion. (fashion)

4. He hit his head on the wall and fell to the ground unconscious. (sense)

5. He's behaved in a completely careless manner. (respond)

6. The plan they have suggested is impossible to put into practice. (practice)

7. The painting is worth so much money that its value cannot be estimated. (value)

8. Most people say they have to work too hard but are paid too little. (work, pay)

9. He dated his cheque with a date that was later than the real date. (date)

10. He made so many mistakes in the letter that he had to write it again. (write)

Ex. 6

Fill in the table with the missing forms. Put a tick (V) if a form doesn’t exist.

	Noun	Verb	Adjective
	person/personality
		consider
		include
	pay/payment
	attention
		add
		recognize
			various/varied
			special/specialised
	agreement
		sign
			presumed
		compare
	proof
		manage
	operation/operator
	administration/administrator
		surprise
		apply
		account
	criticism/critic
			reduced
		legalize
	action
		propose
	negotiations
			lost
			confirmed
		sell
	vacancy
	relationship
	advice
			successful
			strong
		widen
			short
			long
			high
	weight
	creation/creativity
		analyze
	measurement
		socialize
	effect
			consulting
			establishing
	location
		lead
	option
		produce
		benefit
			soluble
	knowledge
	instruction
			calculable
			simple
		accept
			national
		mean
			disposable
	invention
		construct
	development
		govern
		appoint
		object
		approve
	satisfaction
		argue
			loyal
			punitive
	television
	declaration
		connect
	transference/ transfer

F. TEXTS

Read the texts. Use the words at the end of each line to form the words that fit in the space in the same lines.

Ex.1

At this time of year thousands of (1)________ who want summer jobs start filling in (2)_________forms and worrying about how to write a good CV. To make a positive (3)__________on prospective (4)___________ you should follow a few basic rules. The first one is that it should be no longer than two pages and written in simple (5)___________ Divide the content into several parts, with each part under a (6)____________ and do not forget to include relevant (7)____________, work experience, and a description of any positions of (8)____________ you have had. Remember to emphasise your (9)_____________by drawing attention to your skills. But when it comes to your weaknesses, (10)___________ is the best policy. And if you are (11)___________ with your first draft, start again!

STUDY APPLY IMPRESS EMPLOY   STATE   HEAD TRAIN RESPONSIBLE STRONG HONEST SATISFY

Ex. 2

For the British, bargain hunting is something of an (1)_______ . At least that's the (2)_______ of a recent survey into the nation's shopping habits. The increasing (3)_______ of alternative retail outlets, such as second-hand shops and car boot sales is (4)______ of this and the main (5)_______ for shoppers is the chance to pick up a bargain. The (6)_______ start of the car boot season is the Spring Bank Holiday weekend when an (7)_______ ten thousand sales are held up and down the country. There are, however, certain (8)_______ to this type of shopping. The chances of buying faulty or (9)_______ goods are much greater than in a conventional shop, for example. What's more (10)_______ may not have the full (11)_______of the law when they are buying second-hand goods, and so may have no one to turn to if they are cheated.

ADDICT CONCLUDE POPULAR EVIDENT ATTRACT TRADITION ESTIMATE   ADVANTAGE STEAL CONSUME PROTECT

Ex. 3

In most parts of the world, the (1)_______ basis of the television industry is (2)_______ of advertising time. This is so important and (3)_______ that it funds all the technical and staff costs involved in the (4)_______ of programmes for a variety of audiences. This is no (5)_______ from that employed by newspapers and magazine when they sell advertising space on their pages. Except that (6)_______ have little choice but to watch the advertisements, with the added annoyance of (7)_______ during their favourite programmes. One (8)_______is the BBC which is state funded and so does not show (9)_______. To avoid the situation where children watching TV are (10)________ influenced by persuasive advertising for junk food items which their parents may consider (11) ______ .

ECONOMY SELL PROFIT PRODUCE DIFFER VIEW   INTERRUPT EXCEPT COMMERCE EASY HEALTH

Ex. 4

With the (1)_______ of fast motorway systems in many countries, once remote parts of the countryside are (2)_______ becoming (3)_______ to people who live in towns and cities. In many parts of the world, rising (4)_______ incomes have resulted in mass (5)_______ of motor cars at a time when people have more leisure time to fill. This means that there is a lot of (6)_______ on the countryside to accept a growing number of visitors. In Britain, for example, the (7)_______ parks are used by more than one hundred million people annually. In (8)_______, similar numbers visit areas that do not enjoy the same level of (9)_______. Some people regard this invasion of the countryside as (10)_______ and they have begun campaigning to try and save some aspects of (11)_______ rural culture.

DEVELOP INCREASE ACCESS PERSON OWNER PRESS   NATION ADD PROTECT DESIRE TRADITION

Ex. 5

I have just put our house on (1)________ because we are moving out of the (2) ________ and going to live elsewhere. We have put an (3) ________ in the local newspaper and hope that we will be (4) ________ enough to sell it quickly. The house is a new (5) ________ and so the (6) ________ costs are not very high, and it has plenty of (7) ________ space, which many people look for these days. The only (8)_________ is that people are short of money and this (9) ________ our chance of selling quickly. The agent's (10) ________ is to accept the first reasonable offer we get.

SELL NEIGHBOUR ADVERTISE LUCK BUILD MAINTAIN STORE ADVANTAGE LESS RECOMMEND

Ex. 6

I left university with good academic (1) ________ but writing out my first (2) ________ for a job was very difficult. I was not very (3) ________ so I could not see myself as a successful businessman: I was looking for something quieter, (4)________ related to my studies, but there was little (5)_________ in my field. Still, I had to earn my (6)_________ somehow. So I applied for the post of (7)_________ to the press officer of a company. As I stood at the (8)_________ desk before the interview I knew I had nothing to recommend me but a reasonably pleasant (9)_________ and a good (10)________ from my tutor at university.

QUALIFY APPLY AMBITION PREFER CHOOSE LIFE ASSIST RECEIVE APPEAR REFER

Ex. 7

Veronica is on a (1)________course this weekend in Devon. She got the (9)________ a few days ago and accepted immediately. The course is for (3)________ people from different (4)________ backgrounds, such as (5)________ and economists, and there are a number of (6)________ representing different disciplines. The idea in itself is (7)________ - they're going to discuss a series of (8)________ to improve the use of resources in society - but the (9)________ of the matter is that once the (10)________ get involved, they’ll turn everything round to suit themselves.

RESIDENT INVITE PROFESSION EDUCATION LAW SCIENCE ATTRACT PROPOSE TRUE POLITICS

Ex. 8

(1) ________ for Mobile Phones Mobile Phone Offer! Don't miss this (2) ________ offer from Telephone! This is a special (3)_______for you to buy a mobile phone for your child. It will make a (4) ________Christmas present and will give him or her hours of enjoyment. (5) ________ in shape and able to fit (6)_______ inside a child's pocket, that phone comes in a (7)_______of colours, from bright red to brilliant green. It is (8)_______of strong plastic so that it can't be (9) ________. It is (10)_______with children of all ages and comes at the low price of £30. We can make a special (11)_______ for you to pay over the phone on 0947 839 5038.

ADVERTISE   FANTASY INVITE TERRIFY RECTANGLE EASY VARY MAKE BREAK POPULARITY ARRANGE

Ex. 9

Macaulay Culkin, now a (1)_______ twenty year old, one of the most (2)_______ and well-paid stars in Hollywood while he was still an (3)_______. Now he has grown up, he can look back on (4)_______ which reads like fairy-tale. There are indeed few American children who can claim to have been the most famous child in the world. This was the case with Culkin after his (5)_______ in Home Alone in 1986. Although this film made him a (6)_______ name, his first (7)_______ movie had come a couple of years earlier when his (8)_______ in Rocket Gibraltar earned him very (9)_______ reviews from the critics, who are not noted for their (10)_______ towards child stars. Culkin’s career did not end with Home Alone. As a (11)_______ he went on to appear in a number of more serious films.

YOUTH FAME ADOLESCENCE CHILD     APPEARS HOUSE SUCCESS PERFORM FAVOUR KIND TEEN

Ex. 10

The British are considered to be among the worst tippers in the world but is that because they simply don't know the rules? Customs differ between countries, so it is not (1)_______that in Tokyo they do things (2)_______from London. In British restaurants, for example, a tip is (3)_______included in the bill and this is the case in most (4)_______European countries. In some Mediterranean countries, such as Greece and Spain, the customer is expected to pay a little extra for (5)_______service. As for bars and pubs, again customs vary. In Britain, one (6)_______does not have to pay a tip in pubs, while in hotel bars it is (7)_______common to leave your small change behind. This is the case in (8)_______ too, but in France you leave a tip only when drinks are brought to your table. In the (9)_______of European countries, with the (10)_______of Ireland where it applies only in top hotels, porters receive a tip for carrying your luggage to your room for you.

SURPRISE DIFFERENT GENERAL NORTH   SATISFY   CERTAIN FAIR GERMAN MAJOR   EXCEPT

Ex. 11

1. The boss of a big company brought all his employees together and told them he had an (1)_______ to make. He told them he had some good news and some bad news for them. 'It is my (2)_______to announce,' he said, 'that we have kept to all (3)_______regulations and we haven't broken any laws.' Everyone smiled with (4)_______ . 'The bad news.' he continued, 'is that ... 2. What are the (5)_______ for any young person who wishes to become a (6)_______ ? He should be able to foretell what is going to happen tomorrow, next week, next month and next year and have the (7)_______afterwards to explain why ... 3. A judge, in sentencing a (8)_______recently, said: 'I'm going to give you the maximum (9)_______. I'm going to let you go free, so you can worry about taxes, inflation, (10)_______ bills and everything else,…

ANNOUNCE   PLEASE GOVERN SATISFY QUALIFY POLITICS   ABLE CRIME PUNISH ELECTRIC

Ex. 12

My ideal job One thing I know is that I wouldn't like to have an occupation that has anything to do with physics, (1)_______or maths; I am not the (2)_______type at all. In fact, at school I was a complete (3)_______in these subjects. Neither am I very good at dealing with people, nor am I (4)_______, so jobs in business, administration and (5)_______don't really interest me either. Moreover, I find it (6)_______to be surrounded by a lot of people; I would much rather have a job involving creative work on (7)_______ skills of some sort. I’d like to have the chance to work outdoors (8)_______ and perhaps do a bit of traveling too. I am not (9)_______ concerned about becoming rich but I would like to have a (10)_______ income-enough to live comfortably.

CHEMIST SCIENCE FAIL AMBITION MANAGE IRRITATE ART OCCASION PARTICULAR REASON

Ex. 13

We live in a new residential area on the outskirts of London. It is a quiet neighborhood, which makes a nice change after living in one of the noisiest (1)_______ of London for many years. The house is set in beautiful (2)_______, though there is one fairly major (3)_______problem: a chemical factory about five miles away in the (4)_______zone. Unfortunately, the waste from the factory has caused serious (5)_______of the atmosphere and the river. Another (6)_______is the night life - there isn't any. If you want (7)_______, you have to invent it yourself or drive into (8)_______ London, with all the hassle of finding a (9)_______ parking space. Luckily, it is only five minutes walk from our house to the nearest (10)_______station.

SUBURBAN SURROUND ENVIRONMENT INDUSTRY POLLUTE ADVANTAGE ENTERTAIN CENTRE SUIT GROUND

Ex. 14