I. Read and translate the text. Write down your translation of the first paragraph.

Stakeholder Power

1. Many stakeholders have relationships with you and your business that the law regulates. Employees have rights, customers have protections, your contracts with vendors carry legal obligations, and your loan with a bank must meet legal standards pertaining to a few stakeholders that could have legal claims on your business. You must deal with all of these stakeholders in a manner that meets the requirements of the law. When dealing with lenders, the law says that your failure to pay can result in forfeiting your collateral. A vendor has the legal right to sue you if you don't pay your invoices. Even in cases where a violation will not subject you to criminal charges, you could be subject to a civil lawsuit, such as when a customer or an employee gets injured on your premises. As you deal with stakeholders, keep any legal implications of the relationship in mind.

Any new project you undertake requires financial support from stakeholders. To make money from an initiative, you must sell to customers. In addition, you may have to get credit from lenders and vendors. You have to safeguard stakeholder relationships where money is at stake. For example, you must treat customers fairly and honestly, or they can stop buying from you. If you consistently pay vendors late, they may stop extending credit to you. A lender may call in a loan if you fall behind on payments.

Some stakeholders can disrupt your business plans and cause uncertainty in the operation of your business. They can actually influence or veto your decision-making. For example, a bank that turns you down for a loan you planned to use for expansion has basically decided your expansion plan is not viable. If you decide to raise prices, customers may challenge your decision by refusing to buy from you. An investor may not approve of your new marketing plan, and a neighborhood watch group may influence you to install lighting to make your property safer at night. Though you may have gone into business to make your own decisions, stakeholders may rein you in with their own needs and opinions.

II. Decide whether the following statements are a) true, b) false or c) information is not available in the text:

1) The owners and managers of companies are crucial stakeholders in any economy.

2) When dealing with lenders, the law says that your failure to pay can result in forfeiting your collateral.

3) No stakeholders can disrupt your business plans.

II. Match the words (1-10) with their definitions (a-j):

1. stakeholder 2. relationship 3. vendor 4. requirement 5. lender 6. lawsuit 7. premises 8. implication 9. stock 10. property

a) the way in which two or more people or things are connected with or involve each other   b) a person or company that has invested in a business and owns part of it   c) something that a rule, law, contract etc states that you must do   d) someone who sells something, but not in a shop   e) the buildings and land that a business or organization uses   f) a person or a financial institution such as a bank that lends money   g) a case that a court of law is asked to decide involving a disagreement between two people or organizations   h) the total amount of something that is available for people to use   i) things, especially valuable things, that are owned by someone   j) a possible effect or result

IV. Complete the sentences (1- 10) with the words (a-l). There are two extra words:

a. funds

b. stake

c. lent

d. profits

e. advise

f.accounting

g. allowance

h. lawsuit

i. premises

j. vendors

k. credit

l. management

1. They have a 25% ......... in the business.

2. The President supports a tax cut on .......... from sales of property such as stocks and real estate.

3. The chairman proposed a scheme to save both the company and investors’ .......... .

4. Last year financial institutions .......... over $30 billion to new businesses.

5. Local people filed a private .......... against the City over water contamination.

6. We are operating with fewer layers of ........... .

7. The firm is looking for larger ........... .

8. House sales could dry up as .......... refuse to accept drastic price cuts.

9. They .......... small businesses and link them up with private investors.

10. Sales were helped by the introduction of interest-free ........... .

V. Match (1-10) with (a-j) to make up sentences:

1. These goods are made 2. It is a standard practice 3. The system was designed to deal separately 4. Viability assessment should be considered as a tool 5. Plan makers should consider the range 6. Vendor management is a discipline that 7. The country will have strong economic growth and 8. Federal officials making the grants consider such factors 9. The outputs of the production system 10. Employees were provided with

a) to pay a deposit with an order.   b) on the premises.   c) with professional market operators and personal investors. d) of costs on development. e) that can assist with the development of plans and plan policies.   f) as an organization’s ability to raise other funds. g) enables organizations to control costs, drive service excellence and mitigate risks to gain increased value from their vendors throughout the deal life cycle. h) need to be accounted for, invoiced and delivered to the customer.   i) an extensive package of outplacement services.   j) reduced unemployment through next year.

VI. Complete the sentences (1-10) with a) a, b) an, c) the or d) no article:

1. Your account number is printed on ..... top of your policy document.

2. The economy’s performance in April pointed toward ..... recovery in the manufacturing sector.

3. They plan to introduce measures to reduce ..... air pollution from traffic fumes.

4. ..... review of Britain’s policy on mergers is overdue.

5. When companies sell securities, they need to decide between a fixed-price offer for sale, and ..... auction.

VII. Put the words (1-5) in the correct order to make up sentences:

1.company, states, regional, has, sales, The, offices, several, US, in .

………………………………………………………………………………

2. agreed, The, transactions, company, appoint, a, compliance, officer, to, monitor, its, to.

……………………………………………………………………………….

3. expensive, average, healthcare, is, too, Private, the, earner, for.

………………………………………………………………………………..

4. possible , Some, want, to, start, people, earning, as, young, soon , as.

…………………………………………………………………………………

5. is, interest, The, bank, prepared, central, to, ease, rates, further.

…………………………………………………………………………………..

VIII. Listen to the text American Millennials are Cautious About Spending

using http://learningenglish.voanews.com/a/young-americans-cautious-about-spending/3486404.html and answer the following questions:

1. Why are millennials not using their credit cards?

A. Because they don’t have much money.

B. Because they are afraid of losing their jobs.

C. Because they are worried about paying their students’ loans.

D. Because they can’t find any jobs.

2. Why did Stefanie O’Connell become cautious about how she spent her money?

A. Because there were not many jobs for someone with her education.

B. Because she couldn’t find a job at all.

C. Because she doesn’t earn much money.

D. Because she wants to keep her money.

3. What blog does Stefanie O’Connell write about?

A. She writes a blog about financial management.

B. She writes a blog about accounting.

C. She writes a blog about millennials.

D. She writes a blog about wealth management.

4. Why are credit cards very important for the American financial system?

A. Because it is difficult to buy many goods and services without credit cards.

B. Because it is difficult to buy apartments without credit cards.

C. Because nobody can buy something without credit cards.

D. Because people don’t use banknotes and coins.

5. What smartphone apps can help young people build credit?

A. Smartphone apps like Watch & Earn can help young people build credit.

B. Smartphone apps like Cash can help young people build credit.

C. Smartphone apps like Level Money can help young people build credit.

D. Smartphone apps like Mint Coins can help young people build credit.

IX. Complete the sentences (1-5) with the most suitable preposition (a-e):

1. Real estate is property consisting of land and the buildings ..... it.

a) on b) of c) in d) by e) among

2. Some states allow card payments ..... certain taxes.

a) by b) among c) between d) of e) for

3. Creditor banks are considering cutting off assistance and forcing the company to be placed ...... receivership.

a) under b) by c) among d) near e) of

4. The company plans to spend $750 million ...... capital improvements next year.

a) between b) on c) between d) by e) of

5. The firms operate separately, ...... no centralized media planning or buying.

a) on b) by c) with d) in e) among

X. Сomplete the sentences with the correct form of the words in capitals:

1. We have insufficient data to reach any firm __________ . CONCLUDE

2. A cut-back in staff has slowed down ____________ . PRODUCE

3. We ask for immediate ____________ as one of the conditions of the sales agreement.DELIVER

4. All job __________ are required to submit a curriculum vitae. APPLY

5. Free trade can be a powerful engine for economic ___________ , creating new jobs and opening new markets. DEVELOP

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