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Business English Topics

Workbook
1st year 2nd semester

Bogdan VECHE
Table of Contents

BUSINESS & BUSINESSES ..................................................................................... 5

ORGANIZATIONAL STRUCTURE ....................................................................... 12

MANAGEMENT ...................................................................................................... 22

EMPLOYMENT ....................................................................................................... 29

WORK AND MOTIVATION .................................................................................. 36

PRODUCTION ......................................................................................................... 42

MARKETING ........................................................................................................... 51

ADVERTISING ........................................................................................................ 63

ACCOUNTING ........................................................................................................ 71

BANKING AND PERSONAL FINANCE ............................................................... 80

BUSINESS ON THE ROAD: THE TOURISM INDUSTRY .................................. 88

GLOSSARY .............................................................................................................. 97
Bogdan Veche – Business English Topics

BUSINESS & BUSINESSES

“The most important thing about running a company is to remember all the time
what a company is. A company is simply a group of people and as a leader of
people, you have to be a great listener, you have to be a great motivator, you have to
be very good at praising and looking for the best in people. People are no different
from flowers: if you water flowers, they flourish; if you praise people, they flourish.
And that’s a critical attribute of a leader.

There is a very thin dividing line between success and failure. Most people who set
up a business without financial backing, they fail at some time in their lives. And
I’ve only just stayed on the right side of that dividing line. For instance, just after we
had the record company, I was fed up flying on other people’s airlines, I felt that the
experience of flying other people’s airlines was an unpleasant one and I decided to
set up an airline. Well, our bank went into a complete panic attack and, when I came
back from… during the inaugural flight of Virgin Atlantic, it was the very first flight
from London to New York, I came back to find the bank manager sitting on my
doorstep. And informing me that they were going to close Virgin down on the
Monday. And this was the Friday and that I had two days to effectively pay them off
the money that they’d loaned us. And I remember pushing the bank manager out of
the house, telling him he wasn’t welcome – which is a dangerous thing to do to your
bank manager – and then spending the weekend ringing around the world to all of
the distributors of our music, asking them if they could give us a temporary loan to
get us through the following week, which they were good enough to do. And by the
end of the week we changed banks; we actually managed to find a bank which was
willing to lend us 30 times the overdraft facility that our banker at bank Atlantis.
And we managed to survive. And I think, you know, the moral of that story is
actually, don’t think of your bank as somebody that you’re beholden to… And
people, you know, just don’t move from one bank to another and sometimes you

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need to be willing to step up and move your banks in the same way you should step
up and move your doctor on occasions and, anyway, I learned from that lesson.

Virgin does work very well without me. I mean, I used myself to build the brand, to
build the three or four hundred companies around the world, but I also learned the
art of delegation. I have a fantastic team of people who run the Virgin companies; I
give them a lot of freedom to run their companies as if they were their own
companies, I give them the freedom to make mistakes and the Virgin brand is now
maybe one of the top twenty brands in the world, well-respected, and when my
balloon bursts, Virgin will continue to flourish. And maybe I had the icing on the
cake on occasions, maybe that I had to spend more money on marketing, but
fortunately, Virgin is in a state where it can live on healthily without me.”
(© Richard BRANSON)

COMPREHENSION

I. Having read the text above, decide whether the following statements are true or
false.

T F
1. A leader should constantly remind his subordinates of his
superiority.
2. Richard Branson thinks that his presence at the top of the
Virgin brand is key to its existence.
3. When talking about his financial problems and the need to
change banks Richard Branson sounds regretful.
4. Praise is not seen as an effective motivator.
5. Starting up a business requires solid financial backing.
6. Knowing when to delegate is essential in management.
7. When delegating, one should accept the possibility of
people making mistakes.
8. In business a drawback can be a learning opportunity.

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II. Answer the following questions:

1. Is setting up a business a risk-free endeavor? If not, state some possible risks.


2. How does praise help bring out the best in people?
3. Would you like to work for one of the companies that are part of the Virgin
group? Why?
4. If you were a manager in Romania, would you adopt Richard Branson’s
attitude towards your employees?

Exercise 1. Fill in the blanks with one suitable word to rebuild the terms and
collocations.

1. The villa was owned by a wealthy business………………… .


2. He’s very calculated and does things in a business…………………… manner.
3. I can’t remember where he works, but I’m sure I have his business
………………… somewhere.
4. The Chairman is rich, but modest and never books business …………………
seats for his flights.
5. The business ………………… of hypermarkets in Romania are convenient for
customers, but not for some of the employees.
6. All the company’s offices and buildings are being relocated to the business
………………… on the outskirts of the city.
7. If you want funding in order to start a business, you’d better have a good
business ……………………… .
8. As she dreamt of becoming an accountant, she was sure to undertake business
……………………… .
9. This is so boring: everybody seems to wear the same type of business
……………………… in this office!
10. The business ……………………… was concluded after months of negotiations.
11. The new fiscal measures were not popular with the business
………………………………… .

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12. After the fall of the communist regime, many companies had business
……………………………… in the developing country.

Exercise 2. Fill in the blanks with the words from the table.

A. DOING BUSINESS

go into stay in have / own do


set / start up conduct run develop

1. Many companies nowadays ………………… business in China due to the cheap

labor force.

2. We ………………………………… business in a way that is ethical.

3. Many alumni wanted to ………… ………… business right after graduation.

4. I had to take out a loan to …………… ………… my construction business.

5. With so many supermarkets around, small shops are finding it difficult to

………………… ……… business.

6. They ………………… several successful businesses in this area.

7. Before giving up, he had spent years trying to ………………… a business in

Asia.

8. If you don’t know how to ………………… your own business, you should read

some useful books and talk to other entrepreneurs.

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Bogdan Veche – Business English Topics

B. BUSINESS PERFORMANCE

bust collapsed / failed insolvency ailing


go out liquidation bankrupt fold

1. Due to the financial crisis, many small firms had to …………… ……………
of business.
2. Due to some management errors, his furniture business …………………………
after a few months.
3. The firm went ……………………………… for failing to repay the loan.
4. Because of being in debt, the company went into …………………………. and
its assets were sold.
5. The …………………………………… economy has a negative impact on small
businesses.
6. Due to sales inferior to the annual forecast, the Asian branch of the company had
to ………………………… .
7. Several Romanian companies went ……………………… as no investors could
be found to take them over.
8. Thousands of workers protested as the companies they worked for were on the
brink of …………………………… .

Exercise 3. Choose the right word to rebuild the phrases.

1. He sent offers to all of his former customers to drum up / on / in business for his
company.
2. Don’t call me next weekend: I’ll be in Rome in / on / after business.
3. It’s any / no / none of your business how much I earn.
4. ‘So, was that a friend or more than a friend?’ ‘Find / Mind / Keep your own
business!’

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5. Now that we’ve been introduced, let’s get up / out / down to business!
6. His company has been on / in / off business for years now.
7. The machine is working again! We’re back in / on / out business.
8. The people were going after / about / for their business when the accident
happened.
9. As a manager, Jenny decided / enforced / made it her business to meet with her
suppliers.
10. I wouldn’t mock the police if I were you: they surely mean / want / do business!
11. ‘Why do you want to meet him so much?’ ‘We have some undone /
unexplained / unfinished business.’
12. I don’t care what his reasons were: he had / did / meant / no business telling him
that.

Exercise 4. Fill in the blanks with the words from the table.

offer consideration agreement verbally binding


intention acceptance parties terms obligations

A contract is a voluntary …………………… between two or more entities – called

………………… –, which creates legal …………………… for them to do or not do

a particular thing. While some contracts can be made ……………………, most of

them are made in writing and bear the parties’ signatures and, if applicable, seals

(stamps). A contract has several elements, such as the ……………………… to enter

it expressed by both parties. A second element is the ……………………… a party

makes and its ……………………… by the other party. Unless acceptance is

unequivocally communicated, the contract is not legally ………………………… .

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A third element is the ………………………… (something of value that is

exchanged between the two parties). Usually a payment, it may also be a service. It

all depends on the ………………………… of the contract.

Exercise 5. Write down the words that correspond to both definitions.

Definition 1 Missing word Definition 2


A company or business A complicated project
usually done together with
other people
A new and risky business To go someplace
dangerous
A business or company A feeling of worry about
something important
A small business or Opposite of soft
company

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ORGANIZATIONAL STRUCTURE

Organizational structure refers to the way an organization distributes


workforce and tasks so that work can be performed at optimum efficiency and
objectives can be achieved. Since it is essential in determining the staffing levels a
company needs to perform well, it can be seen as a framework or operating manual
that helps employees understand their relations with the leadership (the
management), their subordinates and their peers. Structure binds members and gives
them a sense of responsibility, purpose and belonging, as well as clear guidelines for
how to proceed. Therefore, the business firm is no longer the workplace, but a
community where people grow together around common objectives.

Organizational structure itself is well structured according to different


patterns. Most organizations adopt a hierarchical or pyramidal structure, with a clear
line or chain of command involving a person or a group of people at the top and
several employees below them. Everybody in the company knows their immediate
superiors and subordinates. Information typically flows bottom up, while orders
move top bottom. In some cases, managers with high responsibilities may require
the help of colleagues: for example, there might be an Assistant to the Production
Manager. This is known as a staff position: unlike the Production Manager, who has
a line position, the Assistant does not have decision-making authority, but acts rather
as a consultant.

The business is organized according to the functions it has to carry out:


research and development (R&D), production, marketing, sales, finance, personnel
(or staff) departments. In this functional structure, a department cannot make
decisions affecting another (for example, the production department would have to
consult the finance department for financial decisions). Functional organization is
efficient, but it has its drawbacks. Firstly, people are usually more concerned with
the success of their department than that of the company, so there are permanent
battles between, for example, finance and marketing, or marketing and production,

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which have incompatible goals. Secondly, separating functions is unlikely to


encourage innovation.

If this simple management structure suits small companies, it is generally


inefficient in larger organizations that manufacture a wide range of products.
Consequently, a decentralized structure is preferred, where several divisions are
created, each having its own functional departments. A good example of divisional
structure (also called product structure) would be that of the automotive industry
where manufacturers produce more than a single type of vehicle. A division is set up
for each type of product and is empowered to operate as a unit with its
aforementioned specific departments. There is, however, some overlap that
encourages innovation and stimulates competition since each division is expected to
make a profit.

An attempt at creating the best of both worlds, so to speak, is the matrix


structure. It is considered most effective for companies that operate internationally,
since cultural differences do not allow for a functional or divisional approach. This
type of structure creates teams for organizational projects that need to be completed
by putting together the most qualified employees who synergize their competencies
for a limited amount of time. However, it is often difficult to establish a clear chain
of command within these groups, not to mention the risk of relational problems,
unless they are small and have a lot of self-discipline.

Whatever its type, organizational structure tells a lot about the values of the
company. For that reason, when doing business, it is often important to get
acquainted with the pattern of interaction between the people that make the
enterprise possible.

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COMPREHENSION

I. Having read the text above, decide whether the following statements are true or
false.

T F
1. The pyramidal structure is rarely preferred by organizations.
2. A staff position implies the absence of decisional authority.
3. The company is increasingly seen as a community rather than a
workplace.
4. The matrix structure is the optimum type of organizational
structure.
5. The functional structure lacks a clear chain of command.
6. Manufacturers of a wide range of products prefer a divisional
structure.
7. The functional structure involves a dialogue between the
departments.
8. Temporarily using teams for projects is specific to the divisional
structure.

II. Find in the text the words that mean the following.

All of the employees from all the levels of hierarchy


that a company needs to operate
The system by which authority and decision-making
levels are established within a company
A set of products made by a company
Rules or instructions about the best way of doing
something
A position in a company held by someone who
doesn’t make decisions, but helps managers
The people who are in the same position as you, or
have the same job, social class, etc.
A series of levels of authority within an organization
A piece of work that must be done, usually regularly,
by employees

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Exercise 1. Choose the best word to complete the sentences.

1. The marketing department has a large advertising plan / budget / strategy.


2. The factory is working at complete / over / full capacity.
3. The sales agents earn a high commission / percentage / proportion.
4. Teams have been created to fulfill / make / accomplish a series of tasks.
5. The market space / place / share for the new range of products is weak.
6. High R&D earnings / spending / payments stimulates innovation.
7. The product is offered without any extra characteristics / attributes / features.

Describing company structure (example)

Board of Directors
with a Chairman (GB)
or
President (US)

Managing Director (GB)


or
Chief Executive Officer (US)

Research and
Production Marketing Finance Development Personnel

Advertising
Market
Sales & Accounting
Research
Promotions

Eastern Western
Europe Europe

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Exercise 2. Use the following words to fill in the company organization chart.

A. Market Research B. Board of Directors C. Wages and Salaries


D. Innovations E. Recruitment F. Human Resources
G. Sales H. Accounts I. Chairman
J. R&D K. Engineering L. Finance

Exercise 3. Fill in the blanks with the right verbs.

contained divided consists includes composed made

1. The company ……………………………… of four main departments.


2. The finance department is ……………………………… up of three units.
3. The sales department is ……………………………… into three sections.
4. The memo ……………………………… information about that morning’s
meeting.
5. His job ……………………………… managing small teams of up to five
employees.
6. The teams are ……………………………… of the most skilled employees.

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Bogdan Veche – Business English Topics

Exercise 4. Fill in the blanks with the right prepositions (you may use them more
than once).

for by of in to with

1. His predecessor resigned, so now he is ……… charge ……… the new project.
2. The idea of cutting the budget by $15 million was not supported ……… the
board.
3. The personnel department is responsible ………........... hiring and training staff.
4. A business partner is liable ……… the debts of the partnership.
5. Subordinates are accountable ……… their superiors.
6. Recently recruited employees are involved ……… team-building programs.
7. The young graduate was employed to assist ……… the development of the new
item.
8. The department managers report ……… the board of directors.
9. The team has dealt ……… the unforeseen issues promptly.
10. Every worker is expected to participate ……… the life of the factory.

Exercise 5. Match the following terms with their respective definitions: joint
venture | partnership | branch | subsidiary | holding company | limited liability
company (Ltd) | multinational | corporation.

A large company that operates in many countries


A business that is part of a larger business
A business activity done by two companies working
together
Several companies acting together to form an
organization
A business owned by two or more people
A company that owns other companies and also does
business itself
A company whose owners are responsible for part of
the debt should it have financial difficulties
A company that is owned or controlled by another one

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Exercise 6. Choose the right term to fill in the blanks.

1. The company is trying to …………………………… qualified staff for the new


jobs.
A. enroll B. recruit C. bring in D. sign off

2. When the embezzlement scandal broke, the company issued a press


…………………………… .
A. statement B. release C. leak D. information

3. Employers should provide the necessary …………………………… equipment


in case of emergency.
A. safety B. sure C. first aid D. security

4. The …………………………… informs the managers of next month’s


meetings.
A. itinerary B. agenda C. timetable D. program

5. If you want to apply for the job, please send us your CV and
…………………………… letter.
A. motivation B. goodwill C. intent D. cover(ing)

6. You shouldn’t keep so much paper next to the ashtray. It’s a fire
…………………………… .
A. exit B. brigade C. precaution D. hazard

7. He’s only 30 and starting his third company. That makes him an
…………………………… .
A. daredevil B. entrepreneur C. risk-taker D. scrooge

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8. The oil business has turned more than an entrepreneur into a


…………………………… .
A. magnet B. boss C. magnate D. CEO

9. Our organization provides health services for the poor and is


…………………………… .
A. out-of-state B. charitable C. not-for-profit D. sympathetic

10. As the …………………………… manager, Jill is responsible for telephone


sales.
A. telesales B. phonesales C. mobilesales D. talk sales

11. Every phase of production is the responsibility of a group of workers led by a


…………………………… .
A. boss B. headmaster C. headman D. foreman

12. The company hired several sales …………………………… to promote the


product door-to-door.
A. agents B. representatives C. people D. workers

Exercise 7. Watch the following video


(http://www.youtube.com/watch?v=g0nD7UKY_8c) and fill in the blanks with the
missing words.

“In a matrix, networking is the way things really get done. The structure itself
solves nothing; it’s the networks and …………………………… of relationships
that make for success or failure. So we train individuals how to ……………………
and energize really purposeful networks that allow things to get done faster.

Supporting these two critical elements, there are five supporting capabilities that
individuals working in a matrix need to develop. The first is living with ambiguity.

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A matrix organization is ……… ………………………… meant to be more


ambiguous. If we could have complete clarity of goals and roles for example, we
wouldn’t need a matrix structure. The whole point of the matrix is to reflect
…………………………… demands on our time, ……………………………
priorities and perspectives. In order to cope with this, we need to give our people the
capabilities, confidence and authority to cope with ambiguity.

Second, is living with competing priorities. If we have more than one boss, we’ll
inevitably have competing demands on our time. We can’t escalate everything for
resolution, or we’ll look incompetent and slow down the organization. We need
individuals to be able to …………………………… these competing priorities
themselves, as well as to be able to escalate things in a positive way when they
can’t. In order to do this, we need clarity on the …………………………… goals of
the organization or department, but we also need to be adept at managing conflict
and the daily dilemmas that are normal in a matrix.

Third, we need to manage multiple bosses. If we don’t, we can easily be squeezed


between competing demands on our priorities and time. We need to build trust in our
managers so that they’re confident and leave us alone and let us get on with our jobs.
We also need to be able to escalate issues where they’re not aligned, when we need
…………………………… on topics such as priority or politics.

Fourth, we need to develop the skills of influence without authority. The matrix
undermines traditional forms of hierarchy and …………………………… power.
Alternative sources of power such as …………………………… and influence
become much more important. So we train individuals to understand how to use
their network to influence people in a structured way and how to apply different
sources of power and influence to get things done.

And fifth, we focus on what we call shaping my role. You might think that by
having multiple bosses, you have even more people helping you make your role

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clear, both now and in the future. In reality, in a matrix, you may be the only
individual who really has an overview of your role. You will certainly be the person
most …………………………… to shape your role for the future in areas that you
find interesting and valuable. So we help individuals to think through their own roles
and how they can be developed.” (© Global Integration)

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MANAGEMENT

Coined in English around the end of the 16th century, the word management was late
to acquire its meaning as “governing body” (mid-18th century). However, one can
only assume that the act of managing is as old as the existence of groups of people
formed in order to accomplish together something the individuals were unable to do
by themselves. Therefore, managing has been key to harness individual efforts in
order to achieve goals otherwise impossible for one person alone. In time, society
came to realize that its very existence relies on larger groups, which stressed the
importance of the managers’ task. Management can thus be defined as the process of
creating and maintaining the right environment in which groups of individuals work
efficiently in order to achieve pre-set goals.

Therefore, management applies to every kind of organization. In this process,


managers are of critical importance, because their activity is concerned with
productivity, effectiveness and efficiency. Through their work, they have the same
aim: creating surplus. They accomplish the managing process through a series of
functions such as planning, organizing, staffing, leading and controlling.

During the initial stage represented by planning, managers select missions and
objectives, as well as the actions required to achieve them. This implies long-term
decision making by taking the best course of action. Actually, a carefully thought-
out plan is not a real one unless the decision to implement it has been taken.

Organizing refers to the distribution of tasks. Since several individuals come


together for a common task, each of them has to be assigned specific responsibilities
or roles. These roles may as well be taken on by the participants, if the manager
prefers giving them freedom. Most often, however, this function has managers
establish a structure in which each individual plays a specific part in order to
stimulate performance. Roles, it goes without saying, are attributed according to
individual strengths, skills and motivations.

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Staffing is about workforce. Managers need to be attentive to the positions in the


organization structure. These positions need to be identified, filled and kept filled
with the right people. Recruiting is an important part, together with compiling a
shortlist of the workforce available. Furthermore, personnel need selecting, placing,
but also training with respect to objectives and promoting according to performance.
People must be motivated on a career path that needs thinking ahead.

Since problems can arise at any given time in a group, it is up to the managers to
ensure cohesion. This is done through leading, which involves motivational
techniques, communication and leadership styles that managers can choose from to
keep the desired performance standards. Effective managers also have to be
effective leaders.

Even with everything in place and running, the manager is far from done. Plans may
be well devised and outlined, but they do not carry out themselves. Things may go
wrong at any point or simply deviate and it is up to the manager to take preventive
action. The best way to tackle difficulties is to make sure they never arise, so
controlling is about measuring performance against goals and correcting deviations
from the original plan. Desired outcomes depend directly on controlling what
employees do.

Exercise 1. Complete each sentence with an appropriate form of the word in bold.

1. MANAGE

The stakeholders expect a change in ………………………………………… .

The task is ………………………………………… only if we work as a team.

Applicants are expected to have solid …………………………………… skills.

Upon retiring, the ……………………… director received a golden handshake.

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2. LEAD

This company is the market …………………………… in navigation electronics.

The country needs rulers with vision and ……………………………………… .

……………………… members of the parliament have been charged with


corruption.

3. SUPERVISE

Few people like to work under constant ………………………………… .

The warehouse …………………………… will vacate his position next month.

Taking on a ………………………………… role can be very challenging.

Exercise 2. Being in charge. Choose the right verb to fill in the blanks. Make the necessary
changes.

manage The two brothers ……………………… a company called Green IT.

lead ……………………………… a supermarket is certainly no easy task.

run The investigation into embezzlement is ………………… by an expert.

supervise The young manager …………………………… a team of six.

oversee A teacher has to ………………………… the work of his pupils.

head Team leaders ………………… the work of their subordinates daily.

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Exercise 3. Rebuild the following excerpt from David Lodge’s novel Nice Work by using the
words given.

pondered stake senior lottery edge


rely losses share carry improving

‘You can have the greatest ideas in the world for ……………………………
competitive ………………………………, but you have to
…………………………… on other people to ………………………………….
them out, from …………………………… managers down to labourers.’
‘Perhaps if everybody has a …………………………… in the business, they would
work better,’ said Robyn.
‘How d’you mean?’
‘Well, if they had a …………………………… in the profits.’
‘And in the ……………………………… , too?’
Robyn …………………………… this awkward point. ‘Well,’ she shrugged, ‘that’s
the trouble with capitalism, isn’t it? It’s a ……………………………… . There are
winners and losers.’
‘It’s the trouble with life,’ said Wilcox, looking at his watch. 1

Exercise 4. Management styles. Identify the aspects that describe each of the three
management styles: autocratic, democratic, laissez-faire.

• This manager likes to be in control by making decisions alone.


• Consulting employees can quickly become time consuming.
• This manager allows his team to choose how to tackle problems.
• Employees lose motivation easily under all this pressure.
• Employees appreciate being involved in the decision-making process.
• This manager appreciates feedback from his staff.
• People who like to be told what to do like this style.
• Under this type of management, employees are most creative.

1
David Lodge, Nice Work, London, Penguin Books, 1988, p. 135.

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Exercise 5. Rebuild the collocations with the following words: objectives | a survey
| a project | interviews | conflicts | benefit from | information | a policy | the
performance | control.

To defuse To monitor
To implement To complete
To achieve To tighten
To gather To conduct
To draw To carry out

Exercise 6. Meetings. Choose the right verbs to rebuild the collocations. Make any
necessary changes.

to address to adjourn to arrange / fix / set up to attend


to bring forward to call / convene to cancel to chair / preside over
to close to have / hold to open to postpone

1. He ………………………… the meeting by saying how pleased he was to work


with the team.

2. All the managers are expected to ………………………… the meeting this


afternoon.

3. After consulting his staff, the manager ………………………… a meeting for the
following week.

4. The board can ………………………… a meeting whenever they think fit.

5. The long awaited meeting was ………………………… due to unforeseen


circumstances.

6. Everybody was tired and the meeting was ………………………… until the
following day.

7. The Chairman himself will ………………………… tomorrow’s meeting.

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8. I would like to ………………………… this meeting by congratulating you on a


job well done!

9. Friday’s meeting has been ……………………………………. to Tuesday.

10. As the holidays are approaching, I think we should ………………………… the


last meeting.

11. Our manager is very organized and always ………………………… meetings on


a Monday.

12. After hours of protests, a member of the government finally


2
………………………… the meeting .

Exercise 7. Too many words! Replace the fragments in bold type by one word only.

1. All the people that are taking part in this event are kindly asked to take their seats.

________________________

2. Sometimes it is difficult to predict the final result of elections.

________________________

3. The discussions between the representatives of the two companies led to an

agreement two months later. ________________________

4. The employees are given the right and legal means to challenge unfair practices in the

workplace. ________________________

5. The members of the team have the determination and energy to see the project

through. ________________________

6. The latest findings in the field of management have been effectively made available to

as many people as possible! ________________________

2
Here meeting refers to the people that gather in order to manifest their discontent.

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Anul I semestrul al 2-lea

7. His authority over the team has been made less effective by an imbalanced leadership

approach. ________________________

8. The management carefully watches and checks the situation in order to avoid further

strikes. ________________________

9. Our company states clearly that the need for good communication between staff is

very important. ________________________

10. Instead of being authoritarian, a good manager knows when to give part of his power

or of his work to capable subordinates. ________________________

11. Our customers’ advice and criticism about the success of our product has helped us

improve it considerably. ________________________

12. The new official rules require that staff undergo safety training.

________________________

13. We must encourage new ideas, methods or inventions if the company is to remain

competitive. ________________________

14. Well-known economists make statements about the future saying that there will be a

recession. ________________________

15. The company has recently hired a person who finds the people with the skills and

experience for the vacancies. ________________________

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Bogdan Veche – Business English Topics

EMPLOYMENT

Employment is a contract between two parties – an employer and an employee. The


latter uses his knowledge, skills and expertise in order to perform specific duties
packaged into a job. Depending on the contract, the period of engagement is
important. A contract worker is hired to do a specific job for a pre-determined and
agreed upon period, while a permanent employee is hired for an indefinite amount of
time. He does in-house work and, if happy, he can expect to have a job for life.

When the permanent (or regular) staff is insufficient for a particular task, the
company may take on temporary staff or casual labor either on a contract or through
a temp agency. Many organizations are trying to find ways of having more flexible
working, and casual labor is just a means of achieving that goal. They can also have
part-time workers or use job-sharing – when two people share the same job, each of
them working part-time.

The main issue with employment is that it can be lost in several situations, like
bankruptcy or the management’s decision to cut costs through rationalization (or
restructuring). The company may decide that its workforce needs downsizing (or
rightsizing – a more polite way of letting workers know that they are being laid-off).
The tendency may also affect management, in which case the process is called
delayering. Sometimes, delayering is simply done by redesigning the organization’s
structure without actually “removing a single name from the payroll” 3.

Costs may also be reduced by finding a cheaper specialized workforce outside the
company – a transfer process known as outsourcing or contracting-out. Although it
may be a hassle, outsourcing may prove beneficial because it provides specialist
activities to companies that could not normally afford in-house capabilities or the

3
“Delayering”, The Economist. [Online] Available at: http://www.economist.com/node/12677027
(Accessed May 17, 2012).

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Anul I semestrul al 2-lea

hiring of full-time employees 4. The downside to this process is the fact that, should
outsourcing prove less costly, the workers replaced are made redundant.

Finally, the management may decide that cutting costs is better attained by moving
some of a business’s activities to another country, in search of cheaper labor force
and reduced costs of production. Relocation or delocalization is a highly criticized
tendency because, although it promotes more flexibility in a globalized highly
competitive economy, brings lower prices for customers, for workers it can mean the
loss of jobs and a huge negative impact on incomes and living standards.

Whatever the reason, losing one’s job is a difficult position to be in; unemployment
benefits – the money paid to jobless people – and redundancy payments are only a
short-term solution until one finds another job to earn one’s living. Companies are
aware of that and some of them stress the importance of professional development
and lifelong learning in order to keep up with the trends in one’s specialty and
always be employable. Thus, employees gain a high level of knowledge and
autonomy that may stimulate them to make a career move and join other companies
or even set up on their own as freelancers.

COMPREHENSION

Find in the text the terms that mean the following. Sometimes you may have to adapt
them.

Temporary employment to do a specific piece of work


Employment to do a specific job for an indefinite amount of
time
All of the company’s permanent employees
The workers employed temporarily

4
Cf. “Outsourcing”, The Economist. [Online] Available at:
http://www.economist.com/node/12323287 (Accessed May 17, 2012).

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Bogdan Veche – Business English Topics

Doing the same job in pairs and working less than full-time
To reduce costs
To make a business more effective by removing unnecessary
workers
To reduce the number of workers in an organization
Making organizations more efficient by reducing management
hierarchy
Using other businesses to supply services or manufacture parts
The negative part or disadvantage of something
Moving some of the business activities abroad
Compensation money given to unemployed people
Money given to former employees upon firing them
Having the skills and knowledge needed to get a job
Changing your employer in search of a more challenging or
better paid job
A person working independently for companies rather than
being employed

Exercise 1. Match the phrases on the left with their respective meanings on the
right.

1. the job description A. a job that you are likely to keep for a long
time
2. to be on the payroll of a company B. a large increase in wages (a rise)
3. labor shortage C. a list of the work and responsibilities in your
job
4. to outlive your usefulness D. a privileged status in a company for having
worked there a long time
5. a steady job E. to be bound by a number of working hours
each day, but not by the time at which they start
and finish
6. a wage hike (Am.E. informal) F. a situation in which there are not enough
workers
7. a position of seniority in a company G. to be employed by a company and earn a
salary there
8. to work flextime H. to become no longer useful

1. 2. 3. 4. 5. 6. 7. 8.

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Anul I semestrul al 2-lea

Exercise 2. Choose the words or phrases that best complete the sentences.
1. He was a real nighthawk and was happy to work unsocial / uncanny /
undesirable hours.

2. After five years with the same company, I was stuck in a rut / gap / halt and
began to look for a new job.

3. Overworked and underpaid, Jane decided to give / hand out / tender her
resignation.

4. Several doctors have been accused of professional misbehavior / misconduct /


misanthropy.

5. When he retired, the company gave him a golden handshake / goodbye / watch in
acknowledgment of his loyalty and hard work.

Exercise 3. Organize the verbs from the following sentences vertically. Write down
the infinitive form.

David was appointed as chairman. The bus driver was fired for being slightly
drunk.
They sacked me although I didn’t do The best engineers have been signed up for
anything wrong. the project.
In a weak economy, more and more jobs Recruiting qualified staff has become a
are made redundant. problem lately.
I might have a chance: they are taking on The manager was relieved of his duties for
seventy new staff this year. failing to handle the previous project.
A drop in demand forced the company to The family engaged a maid after the birth of
lay off a hundred workers. the third child.
The factory employs over a thousand Robert was hired on a fixed-term contract.
people.
He pressed charges as he thought he had Nearly a third of the recruits were
been unfairly dismissed from his post. discharged from the Army due to
insubordination.

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Bogdan Veche – Business English Topics

To get a job To lose a job

Exercise 4. Fill in the blanks with words from the box. Make any necessary
changes.

nine to five fill-in headhunter co-workers


absenteeism vacancies nepotism company car
off-duty white-collar blue-collar bloodletting
reinstated pink-collars shifts occupational
hazard undermanned redeployed networking
moonlight workdays quit overstaffed

1. The company is very strict about …………………: don’t come to work for two
days, and you’re fired!
2. Many employees have been sacked, and the ……………………………… is far
from over.
3. The ………………………………. is not yours to drive across the country
without paying for the gas!
4. The new employee is very outgoing and has made many friends among her
…………………………… .

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Anul I semestrul al 2-lea

5. Vocabulary is very colorful when it comes to jobs: …………………………


workers do physical work, …………………………………… workers have jobs in
offices, while …………………………………… are women doing low-paid jobs in
restaurants and offices.
6. The new face is a ………………………… while Bruce, the accountant, is away.
7. Jill’s calm assurance during the interview impressed the
…………………………………… .
8. The President was forced to resign under allegations of
……………………………… and corruption, but after his innocence was proven, he
was ………………………………. .
9. Working ………………………………………… leaves you with little leisure
time.
10. Temporarily losing your voice is an
…………………………………………………… for teachers.
11. The ……………………………… guard that apprehended the thief got a medal.
12. This company really is ……………………………… so downsizing is a must.
13. I don’t want to work 12-hour …………………………… so I won’t study
medicine.
14. Due to a lack of specialists, the office is ……………………………… and
cannot operate properly.
15. I cannot find a suitable position despite the fact that I search the newspapers
regularly for job …………………………… .
16. Nobody knows she ……………………………… as a waitress in the evenings.
17. Conferences are great opportunities for …………………………………… .
18. He ………………… his job after disagreements with his boss became too
frequent.
19. Commuting two hours on ……………………………… is very uncomfortable.
20. As new offices have been created, 50 employees will soon be
………………………………. .

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Bogdan Veche – Business English Topics

Exercise 5. Types of strikes. Fill in the blanks with the words given.

general go-slow lockout sick-out


slowdowns walk-out wildcat work-to-rule

Workers dissatisfied with their working conditions or pay can resort to strikes if

their grievances fall on deaf ears. Several types exist, depending on how and when

they are organized or happen. Used by labor unions, strikes can be very powerful

weapons to get demands accepted by the management. Usually, it is the union that

votes in favor of a strike. However, action taken spontaneously by workers leads to a

………………………… strike.

In most situations, during a ………………………… strike or a

………………………… , the cessation of work paralyzes a company’s regular

activity. The same result is achieved in a …………………………: workers call in

sick on the same day. This approach is legal since they are entitled to sick leave

anyway.

Sometimes, work is continued, but no effort is made to improve it beyond

requirements. Because of their …………………………, employees will not do

overtime either. On other occasions, such as ………………………… or

…………………………, they may choose to take their time during operations.

Obviously, the management would rather avoid dealing with widespread discontent,

but occasionally it may happen that, during a …………………………, the company

itself prevents the workers from going back to work unless they accept the

employers’ conditions.

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Anul I semestrul al 2-lea

WORK AND MOTIVATION

Motivation plays an important place in people’s lives because it gives us


eagerness and willingness to take part in our habitual activities. It converts intention
into action by harnessing the mental and physical effort needed to accomplish
something. Therefore, what motivates us tends to have an emotional aspect. Most
often, motivation is goal-oriented, i.e. it stimulates us to get involved in these
activities in order to obtain something in the end. In what work is concerned, the
reasons for doing it are diverse and specific to the individual.

Some people work for the sheer pleasure of doing something they like,
learning something new or for personal achievements, while others like the taste of
challenge and solving problems or simply the socializing aspect of work. However,
it is reasonable to assume that, whatever the personal reasons for working, almost
everyone works for money. Money is the universal motivator because it provides the
“creature comforts” such as housing and amenities, food and clothing, as well as
access to healthcare, leisure activities and, eventually, retirement.

Nevertheless, money is just the means to afford all that once the work is
done. At the workplace, there are a number of other motivators just as important –
and an equal number of de-motivators. First and foremost, employees need to know
exactly what is expected of them. Many people resist uncertainty, which is why
managers should avoid vague or constantly changing performance objectives.
Instead, clear objectives mobilize faster the motivation required to attain them,
especially if they are challenging enough and with a medium-term focus. Secondly,
concrete goals should be accompanied by the knowledge that the work done has an
actual effect or impact. Good results should yield rewards such as recognition,
financial incentives and pay rises, but also increased responsibility and challenges.

The employees’ motivation to strive for better performance benefits greatly


from a positive working environment where they do not feel suffocated. One of the

36
Bogdan Veche – Business English Topics

major de-motivators at work is unnecessary rules and policies that may occasionally
hinder the work process. Managers should be open to letting their subordinates
express themselves at their place of work. After all, they spend the better part of the
day there as a community! For example, a dull strictly standardized workplace might
feel oppressing. To counteract this, workers might be allowed to personalize their
offices or desks in a way that expresses their diverse personalities.
Micromanagement – a tendency some managers have to control all the details of
work – is therefore to be avoided.

Managers should also be careful not to demotivate their workers by


providing excessive negative feedback. Pointing out mistakes too often or in a harsh
way disregards past accomplishments and triggers poor performance. A good
approach would be that of constructive criticism through gap-focused feedback: in
case failure happens, workers should be motivated by being reminded of their
progress and of the goal decided upon. Further discussion should then focus on how
to close the gap between the two.

In conclusion, the worker as an individual needs to be considered in order to


create a work environment that fosters motivation. A constant dialogue between
management and workforce helps leadership identify the specific needs and wants,
many of which are easy to meet in order for the company to achieve success.

COMPREHENSION

Complete the table with the main motivators and de-motivators from the text above.

MOTIVATORS DE-MOTIVATORS

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Anul I semestrul al 2-lea

Exercise 1. Financial motivators. Match the words with the explanations.

1. Pay a. The money paid to a worker monthly.


2. Income b. The pay / amount of money that you give someone for a job.
Salary Money added to someone’s pay as a reward for good
3. c.
performance.
4. Wage d. Money that you are given for working extra hours.
5. Remuneration e. A regular increase in the amount of money paid to someone.
6. Bonus f. All the money that someone earns by working.
Increment Money earned according to the number of hours / days that
7. g.
you work.
Earnings The money that you earn from work or receive from
8. h.
investments.
9. Overtime i. Money that you are given for doing your job.

1. 2. 3. 4. 5. 6. 7. 8. 9.

Exercise 2. Fill in the gaps with the right word to form common collocations in
connection with one’s income.

1. Does a promotion get you a pay ………………………?


a. grow b. rise c. up

2. He works hard in order to avoid a ……………………… in salary.


a. drop b. fall c. plunge

3. Due to the crisis, the workers had to accept a 10% pay ……………………… .
a. slice b. cut c. trim

4. There is a report that compares the ……………………… incomes of managers.


a. standard b. conventional c. average

5. Low-paid people benefit from the introduction of a national ……………………… wage.


a. minimum b. least c. threshold

6. If you want to ……………………… your income, make a few investments!


a. add b. supplement c. expand

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Bogdan Veche – Business English Topics

7. Even if the ……………………… salary is average, you can get other benefits.
a. basic b. fundamental c. essential

8. The wage ……………………… haven’t changed in five years!


a. proportion b. amount c. rates

Exercise 3. Financial and non-financial motivators. Choose the right word from
the three given.

1. Besides salary and tips from hotel guests, room-service personnel also get some
nice perks / fringe benefits / benefits packages such as free meals.

2. Salespeople are usually paid a commission on what they sell, on top of their basic
salary. With this job there are some benefits packages / fringe benefits / perks such
as a company car and a mileage allowance.

3. She has got the job of her dreams: rewarding, well remunerated and offering a
generous benefit package / perk / fringe benefit such as health insurance, maternity
leave and part-time work.

4. Sometimes employees are allowed to buy shares in the company they work for,
usually at a special price. This is called a share option / share choice / share pick.

5. New and experienced managers are given golden hellos / watches / accolades so
that they don’t feel tempted to look for jobs elsewhere. (Br. E. informal)

6. Important workers may receive golden bracelets / handcuffs / anklets as


motivation to continue working for the same company.

7. If you have to work the weekends or on official holidays, you are paid double /
triple / high time.

8. Firefighters earn a monthly salary, but also receive hazard / risk / danger money
for the perilous work they do.

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Anul I semestrul al 2-lea

Exercise 4. Job satisfaction. Several people talk about their jobs. Choose from the
list the adjectives (more than one) that summarize their opinions.

dull satisfying tiring uninspiring stimulating repetitive


boring fascinating tough routine exciting uninteresting
hard demanding rewarding fulfilling humdrum day-to-day

1. My name is Sarah. I am a surgeon. I love my job, but it comes with great


responsibility. When people’s lives are at stake, you cannot afford to make the smallest
mistake. On top of that, I do not live in the city and have to commute every day.
Sometimes, when complications arise or I am on duty, I even sleep at the hospital.

2. I am Bob. Being an office worker is not difficult, although I have a nine-to-five job. I
am very good at what I am doing because I haven’t had to learn anything new in the past
five years. I would like a bit of a challenge, but nothing ever happens, so I cannot be
enthusiastic about my job. Being tied to a desk is no fun...

3. Let me tell you: if you’re looking for high earnings, team work and team-building
sessions, then go be a computer programmer. There is a flextime system in my
company, so I can pretty much work whenever I want, as long as the daily work gets
done. The job is tiring, but not stressful and the colleagues are great! The big issue,
however, is that besides programming, you don’t really do anything else.

4. Working in advertising is quite an adventure! No two days are the same and I get to
interact with people by different means: on the telephone, face-to-face, by mail. It’s
quite demanding, but I have learned a lot about human interaction since I began
working. I could never feel bored with what I do and would recommend this job to
everyone that hates doing the same thing over and over again.

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Bogdan Veche – Business English Topics

Exercise 5. Watch the following video


(http://www.youtube.com/watch?v=RLYH93VsPSw) and write down the dos and
don’ts when attending an interview. (© LSE)

Dos Don’ts

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Anul I semestrul al 2-lea

PRODUCTION

Match the types of manufacturing industries with the goods produced:

Manufacturing industries Goods

1. Food and kindred products a. Cloth, clothing (hats, coats, furs),


etc.
2. Tobacco products b. Tires, footwear, belts,
miscellaneous plastic products, etc.
3. Apparel and other textile products c. Buildings
4. Wood industry d. Footwear, gloves, luggage,
handbags, etc.
5. Chemical and allied products e. Household appliances (washing
machines, refrigerators, etc.), audio
and video, computer hardware,
batteries, etc.
6. Rubber and plastics f. Medicines
7. Leather g. Metal tools, cans, cutlery, screws,
bolts, etc.
8. Primary metal industries h. Meat, dairy, preserved fruits and
vegetables, beverages, processed
(canned, frozen) food, etc.
9. Fabricated metal products i. Planes and space vehicles.
10. Electronic and electric equipment j. Plastics, drugs, soaps, paints,
fertilizers, adhesives, etc.
11. Pharmaceuticals k. Steel, iron, copper, aluminum, etc.
12. Construction l. Cigarettes, cigars, etc.
13. Aerospace m. Cars, automobiles.
14. Automobile industry n. Furniture, household, office, wood
buildings and mobile homes.

1 2 3 4 5 6 7 8 9 10 11 12 13 14

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Bogdan Veche – Business English Topics

You need to understand production issues in China 5

I heard many Chinese suppliers say “the buyer doesn’t know how production
works”. And, most of the time, they were right.

As Jacob Yount wrote in his latest blog post, “A Factory’s Point of View” 6, many
importers are cloudy on specs and lack expertise in their products’ manufacturing
processes:

Many distributors…ok, most distributors and importers for that matter, are
largely naive on the China manufacturing aspects of the project. The
attitude, and I’m simplifying, seems to be “token in the machine” attitude.
Distributors, who haven’t had a hands-on experience with manufacturing
can be in the dark when it comes to what’s feasible and what’s not.

They tend to lead their vendors into a mine field because they are not
knowledgeable on can’s and cannot’s, thus not being able to deftly handle
the end-user, thus leading the factory down a bad road…and in turn, the
factory usually ends up eating the blame but you may end up eating bad
production. All the while the distributor is thinking “What in the world are
they doing there…can they not handle something that simple!?” (and many
importers do this who are not knowledgeable on what they’re having
manufactured).

I advise importers to come and spend a few days (right, not just a couple of hours in
a meeting room) in factories, and to ask many questions. It will open their eyes on
the realities of China manufacturing.

5
Renaud Anjoran, “You need to understand production issues in China”, [Online] posted on 22
February 2012. Available at http://www.qualityinspection.org/understand-production-china/
(Accessed March 29, 2012).
6
Jacob Yount, “A Factory’s Point of view”, [Online], posted on 20 February 2012. Available at
http://www.jacobyount.com/promotional-products-a-factorys-point-of-view/ (Accessed March 29,
2012).

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Anul I semestrul al 2-lea

If you don’t understand the production process, you will:


• Give projects to the wrong suppliers, who don’t necessarily have the capability to
handle all your products (but who won’t always tell you about it).
• Estimate poorly the risks of quality issues and delays.
• Push suppliers at times when they actually should NOT rush production (haste
makes waste).
• Never know if a supplier’s excuse is a lie, or if it might make sense.
• Omit certain specifications that should absolutely be written and confirmed by
suppliers.
• Ask systematically for re-inspection when inspectors find quality issues, instead of
studying the situation and guiding the manufacturer toward the logical next step
(sorting? re-work? re-production?).

So, next time you come to China, plan a few extra days and spend time in
workshops. This education is essential for purchasers. (© Renaud ANJORAN)

COMPREHENSION

I. Answer the following questions.

1. Why are distributors or buyers prone to getting the wrong products from
(Chinese) manufacturers?
2. What steps can they take in order to avoid bad production?

II. Find the words in the text that mean the following.

Not knowing how the products ordered are actually


manufactured
Experience that you get by doing things yourself
Something that can be done or that is likely to work

44
Bogdan Veche – Business English Topics

A formal synonym for ‘seller’


To know a lot about something
The person who uses a manufactured product
To deal with a situation / to do the things necessary to
complete a job
To make / put pressure on someone to do something
faster
To speed up production
To not include details intentionally or because you
simply forget them

Exercise 1. Complete each sentence with an appropriate word form of the word in
bold.

1. PRODUCE
Germany is the biggest …………………………… of cars in Europe.

Consumer ………………………… such as cassette tapes are out of fashion.

This has been a highly …………………………… meeting!

The company is looking for ways to increase its ………………………… .

2. MANUFACTURE
Please read the …………………’s instructions before using the product!

The boom in the …………………… industry has created job opportunities.

3. DEVELOP
Microsoft Corp. is the best known software …………………………… .

The ………………………… economies in Eastern Europe rely on the IMF.

Life-long learning is a continuing …………………………… process.

The charity helps poor people from less ………………………… countries.

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Anul I semestrul al 2-lea

Exercise 2. Read the definitions and rebuild the compounds by choosing words from
the right column.

Manufacturing A formal synonym for “factory”.


___________________ chain
A factory or industry using all its
_______________ capacity available resources. batch
A factory or industry not using all its
_______________ capacity available resources. assembly
A manufacturing method aimed at
________________ reducing wastage by keeping stocks low facility
production / manufacturing and producing goods on demand only.
______________ of All the stages of production until the just-in-time
production product reaches the consumer (JIT)
A system for making products by
having the parts put together by a line
spare
of workers where each of them
____________________ line performs a specific operation.
________________ A method for producing a large number
production of goods for several customers full

Exercise 3. Complete the text using the words in the box.

automated specifications continuous improvement suppliers


labor cost-effective raw materials benchmarking
capital in-house spot checks knowledge
CADCAM

Car manufacturing is a complex process. It requires inputs like


…………………………… for the components, …………………………… (the
workforce and the management), …………………………… (money) and
…………………………… . Depending on the producer, the manufacturing process
can be highly …………………………… . Industrial robots are expensive, but also

46
Bogdan Veche – Business English Topics

…………………………… in the long-term since they only require maintenance


instead of monthly pay.

Mechanical precision is achieved as part of the so-called ……………………………


system (computer-assisted design and manufacturing). Many of the car components
are not made ……………………………, but received from outside
……………………………, according to …………………………… .

The goal of the manufacturing process is quality and …………………………… are


done regularly. Competitiveness is achieved through
………………………………………………, also referred to by its Japanese name:
‘kaizen’. At the same time, performance is compared to that of similar companies in
an attempt to boost it; this is called ……………………………

Exercise 4. Fill in the blanks with the missing term from the list given.

1. The …………………………… of the factory was increased by 15% to keep up with


rising demand.
A. amount B. output C. performance D. precision

2. Many of the research …………………………… are concentrated in the Silicon


Valley.
A. buildings B. factories C. facilities D. spaces

3. Unable to manufacture all the components, the company has many


…………………………….
A. subcontractors B. partners C. helpers D. competitors

4. Safety …………………………… are scheduled every year in mid-September.


A. protocols B. regulations C. laws D. inspections

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Anul I semestrul al 2-lea

5. The design fault was discovered during a routine …………………………….


A. check B. checking C. operation D. work

6. Their top research facility uses ………………………………………… equipment.


A. perfect B. pristine C. newest D. state-of-the-art

7. The company applied for a …………………………… for a new method of removing


graffiti.
A. prize B. patent C. recognition D. acceptance

8. After discovering the design fault, Toyota …………………………… 440,000 Prius


units.
A. destroyed B. bought back C. recalled D. took apart

9. Timber …………………………… in the area forced several furniture factories to


close.
A. wastage B. shortage C. lack D. crisis

10. Laboratories that do not receive enough funding end up using ………………………
equipment.
A. rusty B. ancient C. antique D. obsolete

11. Many companies prefer JIT manufacturing to producing components in large


………………… .
A. quantities B. numbers C. batches D. figures

12. In an attempt to test the public’s reaction to the new model, a


…………………………… was scheduled in late June.
A. release B. roll-out C. output D. sell-off

13. Many Chinese-made products imitate others as a result of ……………………………


engineering.
A. reverse B. inverse C. similar D. precision

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Bogdan Veche – Business English Topics

14. The …………………………… of food translates into a lot of waste past expiration
date.
A. overeating B. overthrowing C. overproduction D. overcooking

15. Their latest findings led to a major technological …………………………… .


A. breakdown B. breakout C. breakup D. breakthrough

16. Coca-Cola’s …………………………… mixture of ingredients is a well-kept secret.


A. personal B. private C. hidden D. proprietary

17. There is a …………………………… on this machine, so you are not allowed to copy
the design.
A. signature B. document C. patent D. interdiction

18. Due to unforeseen technical problems, production fell ……………………………


schedule.
A. before B. behind C. after D. under

19. The old plant was expanded and …………………… to allow for a new manufacturing
process.
A. redecorated B. retooled C. refurbished D. renewed

20. His business went bankrupt after he was charged with patent
…………………………… .
A. infringement B. disrespect C. fraud D. blackmail

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Exercise 5. Crossword puzzle: industry.

Across
1. an additional product obtained during a natural or industrial process
6. a building where an industrial process happens; synonym for "factory"
7. a large building for storing large quantities of goods
8. the amount of goods that a factory can produce
9. a limited quantity or amount of items to be manufactured
10. a particular place or the position of something

Down
2. one of several parts that make a machine
3. (about a company) using the workforce or services of another company for a
job
4. all the goods in a shop; a list of all the things in a place
5. to produce goods in large numbers

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Bogdan Veche – Business English Topics

MARKETING

Defining marketing

The management process responsible for identifying, anticipating and satisfying


customer requirements profitably. 7
The process by which companies create value for customers and build strong
customer relationships in order to capture value from customers in return. 8
Marketing consists of the strategies and tactics used to identify, create and maintain
satisfying relationships with customers that result in value for both the customer and
the marketer. 9
Marketing is the activity, set of institutions, and processes for creating,
communicating, delivering, and exchanging offerings that have value for customers,
clients, partners, and society at large. 10

What is a Product?

In marketing, the word “product” is often used as an umbrella term to identify


anything that a marketer provides to a target market in order to satisfy a want or a
need. From the point of view of their tangibility, products can be classified into
several categories such as:

Goods – They refer to items that are tangible (meaning that can be felt, tasted,
smelled, heard or seen). For example, cars, computers and cakes are all examples of
tangible goods.

Services – A service is the result of someone’s work or labor that is offered to a


customer. Unlike goods, services are not tangible and are only available at the time
of use (e.g., accommodation, transportation). This means that they can be
appreciated differently by each customer that uses them.

7
http://www.cim.co.uk/resources/understandingmarket/definitionmkting.aspx
8
http://marketingteacher.com/lesson-store/lesson-what-is-marketing.html
9
http://www.knowthis.com/what-is-marketing/definition-of-marketing
10
http://www.marketingpower.com/AboutAMA/Pages/DefinitionofMarketing.aspx

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Categories of Consumer Products

Types of General Examples Characteristics Characteristics


product characteristics from the from the
consumer’s marketer’s
point of view point of view
• The profit per
• Consumed
Convenience unit is very
regularly and
products Food, low.
purchased
(FMCGs = cleaning • They must be
• They appeal to a frequently
Fast- products, sold in large
Moving very large market • Little / no effort
personal volumes in
Consumer to choose the
care items. extensive
Goods) item
distribution
• Low price
networks.
• The target
• Purchased and
Clothing, market is
consumed less
personal smaller than
frequently
• They appeal to a services, that of
• Chosen
Shopping large market, but electronic convenience
products,
carefully
products demand is not goods
constant household • More
• The outlets
appliances, expensive than are chosen
furnishings convenience
more
products
carefully
• Consumption • Very small
may be target
Luxury frequent, but markets
cars, customers are • The outlets
Specialty • They carry a expensive extremely selling the
products high price tag beverages selective products are
and • The purchase limited,
services is planned and sometimes
the best value even
is sought exclusive
• Their purchase is
unplanned
• They are bought
under the
Unsought influence of
products promotional
activity, usually
as a result of
impulsive
purchasing

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Branding

Branding is a company’s practice aimed at establishing an identity for products in


order to distinguish them from the competitors’ offerings. Creating an identity for
products is essential in markets where competition is fierce and where the customer
has a wide range of similar items to choose from. Branding helps position the
product in the minds of the customers that form its target market.

Brand Names and Brand Marks

In layman’s terms, branding is done through the use of unique brand names and
marks. The brand name, which may be a name applied either to a product or to a
group or family of products, is important for many reasons: it may suggest the
product’s function (Airbus, Mop-and-Glow), it sticks to the mind by being funny
(M&M). The name is also what we utter when we discuss the product (i.e., word-of-
mouth marketing).

The brand mark is a design element, such as a symbol (e.g., ), logo (e.g., ), a

character (e.g., ) or even a sound (e.g., Intel inside sound), that provides visual
or auditory recognition for the product.

COMPREHENSION

I. Answer the following questions.

1. What is the main difference between goods and services?


2. How does branding influence the buyers’ decisions?
3. What does the profit from selling convenience products depend on mainly?

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II. Find the words in the text that mean the following.

A term whose meaning is very general and includes


many types of a particular thing
A synonym for the seller of goods or services
The type of customers that a product is meant for
The relationship between two companies selling similar
products to the same target market
Unpaid form of promotion by which satisfied customers
recommend to other people products or services they
like
How to say that a product is interesting for the potential
customers
A shop that sells products from a particular company
A piece of paper attached to a product to show its price
Buying a product on the spur of the moment, due to a
price reduction

Exercise 1. Complete each sentence with an appropriate word form of the word in
bold.

1. MARKET
……………………. are interested in the consumer’s behavior when purchasing.

An MBA program should provide students with solid ……………………… skills.

2. DISTRIBUTE

All retailers in the area are supplied by the same ………………………… center.

The ………………………… announced that they were unable to supply that model
as it was out of stock.

There’s no use shopping around; they have an exclusive ……………………………


for these products.

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3. CONSUME

Office work implies a lot of expenses on ………………………… such as paper.

The growth of ……………………… goes hand in hand with the growth of waste.

4. COMPETE

They are selling twice as many laptops as their …………………………… .

Advertising is an intensely ………………………………………… business.

Retooling the factory increased the company’s ……………………………… .

Exercise 2. Read the definitions and rebuild the compounds by choosing words from
the right column.

The activity of collecting and


analyzing data about what goods leader
Market ________________ people buy and why they buy them.
The act of having a group of people
try a new product and give feedback name
Market ________________ on the experience.
A ~ company focuses on developing
goods or services in order to satisfy image
Market- _______________ an existing need on the market.
The most successful product in a
Market ________________ range. loyalty
The price of a certain product on a
awareness
Market ________________ market at a particular time.
The brand that sells the most
recognition
Brand _________________ products of a particular type.

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The name given by a manufacturer


to a product sold in order to stretching
Brand _________________ distinguish as proprietary.
The way a brand is perceived by or
research
Brand _________________ what it stands for the customers.
The tendency some customers have
test
Brand _________________ to constantly buy a particular brand.
The amount of knowledge people
leader
Brand _________________ have about a particular brand.
The act of correctly identifying or
recalling information about a brand
price
when seeing its name/symbol or
Brand _________________ upon hearing its name.
The use of an existing brand name led / oriented /
Brand _________________ to sell a new product. driven

Exercise 3. Fill in the blanks with the words from the list, then assign a title for
each paragraph, in order to describe the stages of the product lifecycle.

allocating competitors manufacturers saturated


shelf stages expand share
feasible loyalty launch obsolete
aim generated target advertising

MATURITY | DEVELOPMENT | GROWTH | DECLINE | INTRODUCTION

A product’s lifecycle can be divided into several …………………… in relation to


the revenues generated by the product over time.

_______________________
The very first stage – that could be referred to as the ‘incubation’ stage –, ideas are
…………………… for new products based on research and a SWOT analysis. The

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screening phase discards unsound ideas or concepts prior to …………………… any


resources to them. The best and …………………… proposal is retained.

_______________________
The new product is then introduced on a market so that customers become aware of
it. Very often, companies may choose to announce a ……………………, in order to
attract attention, although in so doing, they also alert …………………… and lose
the element of surprise. During this stage, expenses are usually higher as they are
associated with …………………… aimed at increasing customer awareness, but
also with the initial distribution of the product.

_______________________
During this stage, the revenues grow rapidly as sales rise due to increased customer
awareness. Increased demand for the product encourages marketers to
…………………… additional market segments and to …………………… their
distribution network. Similar products from other …………………… stimulate
competition, which translates into lower prices or promotional costs for the
consumers.

_______________________
This stage is the most profitable: customer awareness is strong, but sales will only
increase at a slower rate. The competition has similar products, so the
…………………… at this point is to maintain market …………………… by
increasing usage per customer and acquiring more customers. Sales promotions are
also used to increase the …………………… space with retailers.

_______________________
As the market becomes ……………………, sales decrease and the product slowly
becomes ……………………. The customers may also look out for newer products
and profitability may rely exclusively on brand ……………………. Eventually, the
costs per unit go up as the production volumes go down, thus eliminating profit.

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Exercise 4. Fill in the blanks with the missing term from the list given.

A. MARKETING
1. You could …………………… out a survey and find out what people think of
this product.
A. put B. bring C. carry D. set

2. Only 70% of the …………………… said they were satisfied with the services.
A. questioners B. respondents C. interviewees D. inquisitors

3. Statistical data should be backed by …………………… research.


A. theoretical B. desk C. intense D. field

4. The company is planning to …………………… into new types of products.


A. diversify B. spread C. scatter D. fan out

5. Luxury cars are sold to people who can afford them and who form a
…………………… market.
A. closed B. niche C. limited D. specific

6. For years, Dacia Logan was the company’s cash ……………………: sold in
large quantities, it brought in a lot of money.
A. dog B. horse C. mule D. cow

7. All the combined activities needed to sell form what is called the marketing
………………………. .
A. combination B. mix C. mixture D. blend

8. There is …………………… competition between mobile phone makers.


A. some B. deadly C. fierce D. harsh

9. Family cars are sold in large quantities to many people, so they are
…………………… market products.
A. large B. mass C. big D. normal

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10. If the product is properly ……………………, it should sell vey well.


A. manufactured B. placed C. shown D. merchandised

B. PRICES

1. The manufacturer’s …………… price is smaller than that of the usual retailers.
A. list B. original C. inventory D. genuine

2. The same model costs less abroad. It all boils down to the ……………………
strategy.
A. pricey B. price C. pricing D. priceless

3. We bought …………………-price toys for our children during the winter sales.
A. sliced B. cut C. trimmed D. slit

4. The bungalow costs a lot and we have to borrow 75% of the


…………………… price.
A. buy B. buying C. original D. purchase

5. The company’s branch office operates in a cost-…………………… building.


A. effective B. efficient C. wise D. reduced

6. Purchase now, and you’ll receive a gift …………………… of $50 to use in our
stores.
A. wrap B. certificate C. shop D. special

7. This TV set is overpriced! I’d really like to know the recommended …… price!
A. retail B. shop C. sell D. official

8. Due to the current price …………………, we’ll soon buy any of these models
for nothing!
A. conflict B. fight C. combat D. war

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9. Those who want a sturdy business laptop usually pay ………………… prices.
A. high B. astronomical C. premium D. exorbitant

10. The investor quickly bought the property as it was worth more than the
…………………… price.
A. demanding B. asking C. requested D. claimed

C. PRODUCTS

1. …………………… products are less expensive than branded ones.


A. General B. Generic C. Bulk D. All-Round

2. Cars, furniture or household appliances are called consumer


…………………….
A. indestructibles B. durables C. unbreakables D. long-lasting

3. …………………… goods (usually food) go bad after a certain length of time.


A. Stale B. Perishable C. Old D. Rotten

4. Some dairy products like yoghurt are edible up to ten days past their
…………………… date.
A. sell-out B. sell-off C. sell-by D. selling

5. Gardening tools or seeds are …………………… goods widely advertised in


spring.
A. limited B. special C. yearly D. seasonal

6. ………… goods refer to appliances such as refrigerators or washing machines.


A. White B. Pink C. Black D. Grey

7. …………..… goods refer to equipment that provides entertainment at home


(TVs etc.).
A. Brown B. Green C. Yellow D. Crimson

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8. Perishables deteriorate quickly, therefore they have a short ……………… life.


A. store B. shelf C. shop D. sell

9. Goods that do not pass a quality control check are called …………………… or
seconds.
A. rejects B. rebuttals C. giveaways D. refusals

10. Samsung Galaxy S is considered by many a …………………… of the iPhone.


A. copy B. clone C. copycat D. remake

D. SALES

1. There are plenty of bargains now due to the …………………… sales meant to
make room for the new line of winter clothes.
A. final B. clearance C. last D. end year

2. The marketing manager suggested the strategy of …………………… selling:


the laptops would be placed next to the accessories so as to sell more than one
item.
A. mixed B. cross C. double D. multiple

3. I haven’t paid the TV set yet; they’ve sold it to me on ……………………


which means that I can return it after a trial period if dissatisfied with it.
A. approval B. accord C. agreement D. contract

4. …………………… campaigns are not always effective, because many people


dislike being called at their homes and offered products.
A. Line sales B. Phone sales C. Telesales D. Dial sales

5. All those products advertised for hours on TV don’t seem to be of high quality.
Nevertheless, …………………… seems popular with many people.
A. television B. teleshopping C. TV selling D. TV offers

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6. I cannot understand how they sell this lamp at such a low price. It must be a
…………………… leader, in the hope that customers would come back.
A. insignificant B. poor C. loss D. cheap

7. We’ll settle for a lower price, but at least we’ll manage to ……………………
our competitors while still making a profit.
A. understate B. underplay C. undermine D. undercut

8. Retailers usually buy goods from …………………… then sell them at retail
price.
A. wholesalers B. warehouses C. auctions D. others

9. As the latest model was a success, the sales …………………… were very
good.
A. numbers B. calculations C. figures D. sums

10. We have a generous market share and there is a steady demand for our product,
so my sales …………………… is about 9 million euros for next year.
A. forecast B. prognosis C. prophecy D. guess

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ADVERTISING

Advertising is the activity of using mass media content to promote a product, service
or event to its target audience, i.e. to the segment of the general public for which that
product, service or event is intended in order to fill a desire or need. The purpose of
this activity is to persuade people to become buyers or consumers. The content used
is written by copywriters, finished with artwork by graphic designers and then run
through various channels to reach its target audience: Internet, broadcast or print.
Advertisements can also exist in stores, broadcast on screens in the aisles or printed
on cardboard displays usually placed next to the products on offer; this is called
point-of-purchase advertising (POP).

Online advertising delivers the promotional message under various forms. Many
websites have click-on ads or colorful banners that can include plain text, audio,
video or animations. An obtrusive variant would be a floating ad superimposed on
the content accessed. Some websites temporarily redirect the visitor to promotional
content before displaying the required page (this is called an interstitial ad), while
sometimes a second webpage is opened (called a pop-up). Email is also regularly
used to inform potential customers of offers and discounts.

Broadcast advertising comprises television and radio commercials. Its major


advantage is the fact that it reaches a broad audience – national or even worldwide –
with the purpose of persuading consumers of the benefits of various brands. In TV
ads, the use of pictures and animations is accompanied by a clever use of sound and
text. Many advertisements feature songs or melodies called “jingles” and slogans
designed to be memorable (which is why they are called “catch-phrases”). Humor is
often widely used as an effective persuasion tool. Radio advertisements take up part
of the “airtime” of radio stations under the form of live-reads (a DJ reads a spot
based on various sources such as a fact sheet, a script or even personal knowledge)
and of produced spots, recorded for a client in an advertising agency or even the
radio station itself.

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Print advertising refers to ads in printed form such as those in magazines and
newspapers. The lack of animation means that the text and the artwork must be well
designed so as to hold the reader's interest. The choice of the publications where ads
appear is based on the preferences of the target audience. Advertising also reaches
us in our mailboxes, as flyers, letters or brochures sent via the postal service,
sometimes containing coupons that can be used to purchase goods at a discount.

However, advertisements are all around us even when we walk the streets. Outdoor
ads are to be found on means of transportation such as busses and streetcars, in busy
train stations and airports. Billboards placed next to roads and posters hanging on
the walls of tall buildings are aimed to reach consumers on the move. Having to
compete with the surroundings, they have to be eye-catching and straight to the
point so as to grab the customer’s attention.

COMPREHENSION

I. Find the terms in the text, which mean the following.

The potential buyers of the product or


service advertised.
The person writing the words for
advertisements.
Advertising campaign taking place in shops
where the products are sold.
Synonym for “to get somebody’s attention”.
A small piece of printed paper that gives
you the right to buy something cheaper or to
get it for free.
A large sign used for advertising outdoors.
Something unusual or attractive in ways that
make you notice it.

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Exercise 1. Complete each sentence with an appropriate word form of the word in
bold.

1. ADVERT

They can no longer afford to …………………………………… in the papers.

If you want to make this product visible, look for an ………………………… .

I don’t buy magazines; they are full of …………………………………… .

The company contacted several ………………………………… agencies.

A product can be promoted in a longer text such as an ……………………… .

2. PROMOTE

At the fair, I was approached by several ……………………… of green energy.

I can’t wait for the winter sales ………………………………………… !

A …………………………… campaign is what persuaded me to buy this phone.

3. PUBLIC

Alumni having successful careers are good ……………………… for universities.

The young writer gave lots of interviews to …………………………… his book.

Exercise 2. Read the following promotional message and fill in the blanks with the
words given.

leading informed decisions health support innovative


no-calorie scientists together (3x) well-being effort
nutritionists all-natural portfolio difference healthy habits

For over 125 years we’ve been bringing people ……………………… . Today we’d
like people to come ………………… on something that concerns all of us: obesity.

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The long-term ……………………… of our families and the country is at stake. As


the nation’s ………………… beverage company, we can play an important role.

Across our …………………… of more than 650 beverages, we now offer over 180
low- and no-calorie choices. And most of our full-calorie beverages now have low-
or …………………… versions. Over the last 15 years, this has helped reduce the
average calories per serving across our industry’s products in the US by about 22
percent. We’ve created smaller, portion-controlled sizes for our most popular drinks,
and will have them in about 90 percent of the country by the end of this year.

We've added the calorie content of all our beverages on the front, to help make it
even easier for people to make …………………… …………………… . For
elementary, middle and high schools, our industry has voluntarily changed its
offerings to primarily waters, juices and low- and no-calorie options. This has
helped reduce the calories from our industry’s beverages in those schools by 90
percent since 2004.

We ………………… programs like the Boys & Girls Club of America that enable
young people to get active and start …………………………………………….
early.

Leading is also about new thinking, which is why we will continue to work with
…………………… and …………………… on …………………… things like
zero-calorie, …………………… sweeteners. But beating obesity will take action by
all of us, based on one simple, common-sense fact: all calories count, no matter
where they come from, including Coca-Cola and everything else with calories. And
if you eat and drink more calories than you burn off, you'll gain weight.

The …………………… of our families and communities concerns everyone, and


finding a solution will take continued …………………… from all of us. But at
Coca-Cola we know that when people come ……………………, we can make a
real ……………………… .

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Exercise 3. Read the definitions and rebuild the compounds by choosing words from
the right column.
A company who designs
subliminal
advertising ____________ advertisements for other companies
A manager responsible for the
advertising of the company’s brand
advertising ____________ products
A series of actions intended to
generic
advertising ____________ promote and sell a particular product
A short phrase used in advertising so
corporate
advertising ____________ that people remember the product
Advertising using hidden messages
word-of-
and pictures perceived on an
mouth
____________ advertising unconscious level
The advertising of patented goods or
testimonial
____________ advertising of goods that have trade names
Advertising for commodities in
general, rather than for branded agency
____________ advertising products
Advertising for a company rather
executive
____________ advertising than for its products
Advertising as a result of satisfied
customers recommending the product
campaign
to other people or telling them about
____________ advertising it
Advertising that uses celebrities to
slogan
____________ advertising recommend or endorse a product

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Exercise 4. Fill in the blanks with the missing term from the list given.

commercials TV ad flyers banner ads classified ads spread


billboards spot freesheets posters brochures trailer

1. The university representative was given a 60-second …………………………


just after the news bulletin.
2. As usual, the double-page ………………………… from today’s newspaper
advertises a car.
3. I hate it when movies are frequently interrupted by TV
……………………………… .
4. After watching the …………………………, I knew that I would attend the
movie premiere.
5. I don’t believe my eyes: that’s our neighbor in the ………………………….
6. Every time there is a concert, there are ………………………… all over the
city.
7. One cannot take a walk in the city without being handed a couple of
………………………… in the street.
8. When driving, I dislike having the charm of the beautiful scenery ruined by
………………………… on the side of the road.
9. I’ve got plenty of holiday ………………………… and I’m having a hard time
choosing the right offer.
10. Unless you want to pay for premium services, most webpages are full of
………………………… .
11. Every week I get lots of ………………………… from hypermarkets in my
mail box.
12. If you want to rent a studio, read the ………………………… in the weekly
newspaper.

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Exercise 5. Fill in the blanks with the missing term from the list given..

1. Ever since I got this free …………………… I have been looking for this
perfume.
A. bottle B. recipient C. fragrance D. sample

2. Despite all the media ……………………, the movie was disappointing.


A. excitement B. hype C. shouting D. news

3. Reading the …………………… made me buy the book, and I was not
disappointed.
A. cover B. information C. headline D. blurb

4. This …………………… made some of the best slogans for many known
brands.
A. copywriter B. poet C. columnist D. author

5. TV channels with live …………………… of the matches have many beer


commercials during the break.
A. coverage B. disclosure C. shows D. exposure

6. Big companies advertise on the TV channels with the highest


……………………… .
A. value B. visibility C. reputation D. ratings

7. …………………… time entertainment programs are frequently interrupted by


commercial breaks.
A. High B. Prime C. First D. Extra

8. I bought a six-pack of beer, and I got this mug as a ………………………… .


A. bonus B. gift C. freebie D. supplement

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9. Beverage marketers usually furnish promotional …………………… to


retailers.
A. materials B. things C. stuff D. artifacts

10. The commercials show hamburgers bigger than they really are and that’s a form
of ……………………… advertising to me!
A. tricky B. forged C. hidden D. deceptive

11. We make rugged laptops ……………………… to our customers’ needs in


terms of specifications.
A. modified B. adjusted C. tailored D. altered

12. Due to their low quality and price, ……………………… goods are meant for
poor people.
A. downsized B. downscale C. down-at-heel D. downhearted

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ACCOUNTING

Accounting is the activity of recording the financial performance of a business


entity. Most people who are unfamiliar with this field think that accounting is the
very dull and repetitive work of keeping records, or bookkeeping, i.e. the day-to-day
recording of transactions such as sales, purchases, income, receipts and payments by
an individual or an organization.

Each type of transaction is recorded in a separate account – the cash account, the
liabilities account, and so on. Double entry bookkeeping is a system that records two
aspects of every transaction. Every transaction is both a debit - a deduction - in one
account and a corresponding credit – an addition – in another. For example, if a
company buys some raw materials that it will pay for a month later, it debits its
purchase account and credits the supplier's account. If the company sells an item on
credit, it credits the sales account, and debits the customer’s account. As this means
the level of the company's stock is reduced, it debits the stock account. There is a
corresponding increase in its debtors – customers who owe money for goods or
services purchased – and the debtors or accounts payable account is credited. Each
account records debits on the left and credits on the right. If the bookkeepers do their
work correctly, the total debits always equal the total credits. Done by a bookkeeper,
bookkeeping is in fact just a part of the accounting process.

Another part refers to operations like checking the financial information and
reporting it to users such as shareowners and managers. This information is usually
summarized and carefully selected, so that only the relevant and reliable details are
communicated to the user. Financial reporting is about putting together documents
and records to track and review how much money your business is (not) making.
Financial statements deliver this information to lenders and shareowners
(stakeholders or shareholders) as part of an essential contract between them and the
business. This way, the investors get to know if their money is being spent wisely
and returning a profit or if, on the contrary, the business is suffering a loss.

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One should also mention auditing – an evaluation or examination of an organization,


system, product, etc., in order to express an opinion pertaining to its performance –
and management accounting or managerial accounting. The latter is concerned with
the use of accounting information to managers within organizations, to provide them
with the basis to make informed business decisions that will allow them to be better
equipped in their management and control functions. Based on the findings, the
people in charge can resort to the right or corrective measures needed to boost
performance or to help an ailing business recover.

COMPREHENSION

I. Find in the text the words that mean the following.

Group of people organized for some


profitable purpose
Information about something that is written
down or stored on computers, film etc. so
that it can be looked at in the future
A company that provides a particular product
Goods which the company has available to
sell
A person or an organization that owes money
Someone who holds shares in a company or
business
Someone who gives money to a business in
order to get profit
The noun corresponding to the verb ‘to lose’

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Exercise 1. Match the English terms with their respective Romanian equivalents.

1. balance sheet A. imobilizări


2. liabilities B. cheltuieli generale
3. assets C. bilanţ
4. finished goods D. cifră de afaceri
5. share / stock (Am.E.) E. devalorizare
6. to bring / carry forward F. capital de investiţii
7. overheads G. active
8. depreciation H. flux de numerar
9. ledger I. beneficii acumulate
10. cash flow J. produse finite
11. fixed assets K. registru de contabilitate
12. retained earnings L. acțiune
13. investment capital M. pasive
14. turnover N. a prezenta

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Exercise 2. True or false.

T F
1. The opposite of profit is loss.
2. A “statement” can be something you say publicly or a financial
record.
3. An auditor is a person that attends public performances of
artists.
4. A buyout is a financial operation aimed at saving a business in
distress.
5. Debtors are people who owe you money.
6. “Stock” and “Inventory” are synonyms.
7. The average is the total amount of something.
8. “Return” and “Profit” are synonyms.
9. “Cash flow” is a term meaning uncontrollable loss of money.
10. Pre-tax profits are the same as gross profits.

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Exercise 3. Complete the sentences using the following terms:

loopholes money laundering tax-bracket levy


tax evasion tax haven corporation tax tax exempt
expenditure VAT tax burden tax-deductible

1. …………………………. on research and development has doubled since last


year.
2. Most countries impose …………………… on the income or capital of
corporations.
3. The ………………………… on second-hand vehicles is very unpopular
among car owners.
4. The government loses millions each year due to tax …………………………. .
5. Many of the small businesses that last for short periods of time are used for
…………………………… ……………………………….
6. Office expenses and supplies are …………………………, as well as money
spent on software.
7. Some of the country’s most famous tycoons have been accused of
…………………………… .
8. Owning a luxury car may put you in a higher ……………………… according
to the new laws.
9. For those who dislike paying a lot of taxes, the Cayman Islands are a
…………………………… .
10. Income from agriculture is …………………………, meaning the farmers
don’t have to pay any taxes.
11. From the buyer’s perspective, ………………………… is a tax on the
purchase price.
12. The total …………………………… has maintained a relatively stable level.

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Exercise 4. Fill in the blanks with the missing prepositions.

at between by from of to

1. The number of units sold has fallen …………… 20,000 …… 13,000 over
the last two years.
2. The real estate prices soared …………………… 2004 and 2007.
3. So far, we’ve managed to sell 5,000 units of the new product, ……… $23
each.
4. The business is successful: the company reported a rise ……………… 30%
in profits.
5. A 5% drop in sales has reduced the profit …………………… 10%.
6. The floor space of our outlet has been increased ………… 5% ……… a total
………… 800 m2.
7. The management expects a 25% increase in sales ………………… the end
of next year.
8. Our workforce stands …………………… 554.
9. Sales this month have reached a peak …………………… 500 units.
10. Monthly sales have leveled off …………………… $34,000.

Exercise 5. Expressing change. Fill in the blanks with the verbs missing. Some
letters are given, as well as a short definition at the end of each sentence.

1. For the time being, prices and markets are S __ __ B __ __. (steady, not likely to change)

2. The economy is in a bad shape and the political crisis seems to D __ __ P __ __. (to get

worse)

3. The amount of money invested in real estate is bound to D __ __ __ N __ __ H due to low

demand. (to become smaller or less important)

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4. The investors are more cautious now and the resources invested are

D __ __ __ D __ I N G. (to gradually decrease)

5. Share prices __ __ __ L when companies go through rough patches. (to go down to a

lower amount; the opposite of to rise)

6. After the last year’s financial disaster, the situation __ __ P __ __ V __ __. (to become

better)

7. Nobody believes it, but prices have M __ __ __ T __ __ __ E D the same level as last year.

(to make the level stay the same)

8. Salaries remained __ __ N S __ __ __ __ and are very similar to 2011/2012. (staying the

same)

9. Laptop sales R __ __ K __ __ __ D from 1000 to 3000 a year. (to increase quickly and

suddenly)

10. The local currency S __ __ M __ E D to a record low. (to suddenly go down in value or

price)

11. Analysts expect a __ __ C __ I __ E in car sales for next year. (a decrease in quantity or

quality)

12. The rumor that sales may D __ S __ __ __ D made everybody hope for discounts. (to

move from a higher level to a lower one)

13. Within three years, the factory __ O __ B __ __ __ in size. (to become twice as big or as

much)

14. As the costs were __ S C __ __ __ __ I N G at an alarming rate, the project of the new

factory had to be rethought. (to become much higher than usual or expected)

15. Sales of new cars are expected to __ __ O __ by 15% this year. (to become bigger in

amount)

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16. Poor people in this area hope that investments will __ N __ __ E __ __ E in value and the

mining facility will be built quickly. (to become bigger in amount or degree)

17. The tourist industry has a lot of potential and is expected to __ __ C __ V __ R after the

fall of the regime. (to return to a normal condition after a period of difficulty)

18. Japan struggles to R __ T __ I __ position as a top supplier of electronic parts. (to

continue to have something)

19. In spite of the crisis, his business did not __ H __ __ __ K but expanded. (to become

smaller)

20. The price of gasoline has S __ __ R E D in recent months. (to increase quickly to a high
level)
21. Household appliance prices usually D __ __ R __ __ S __ after the winter holidays. (to

become less)

22. Austerity measures aimed at helping the __ E __ E __ __ O __ __ __ I N G Greek

economy recover are unpopular with the people. (to become worse)

23. Due to the lawsuit, Samsung’s share of the market __ R __ __ P __ D 10%. (to drop to a

lower amount)

24. The IT industry has __ X __ __ N __ E __ greatly over the last ten years. (to develop by

innovating, building more factories and opening more shops)

25. ‘Germany __ O __ __ S F __ R __ on Greece as IMF pressure mounts’. (to not

change your actions or opinions)

26. Profits J __ __ P __ __ to $3.1 million last year. (increase suddenly by a large amount)

27. Start-ups will have to __ __ D __ __ E costs in order to survive. (to make something

smaller or less in size)

28. Sales of package tours for the summer are expected to R __ __ __ in March. (to increase

in number our value)

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29. After the initial success of the product, the growth in sales began to

S __ __ W D __ __ N. (to become slower or make something slower)

30. Quality may have to S __ F __ __ __ if costs are cut. (to become worse)

31. They saw their profits P L __ __ M __ T from $35 million to $12 million. (to suddenly

decrease in value / to fall suddenly from a high place)

32. The company’s profits will most certainly P __ __ N G __ due to the recession. (to

suddenly decrease by a large amount)

33. I’d buy now! Share prices will S __ O __ T UP next week! (to increase in number

quickly and suddenly)

Exercise 6. Group the verbs in the exercise above according to the movement they
express.

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Exercise 7. Illegal practices.

Across
3. the act of not doing your job properly in a way that directly affects people
7. the crime of deceiving people in order to obtain goods or money from them
8. the act of making someone believe something that is not true
9. to dishonestly take something that you've been entrusted with
10. the crime of copying official documents, artworks or money

Down
1. the act of wasting resources or money in an unreasonable way
2. the act of modifying information so that it becomes false
4. the crime of stealing things of limited value from your place of work
5. the crime of stealing money from your place of work
6. (Br.E.) money that you pay illegally and secretly to obtain something

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BANKING AND PERSONAL FINANCE

As a financial institution, the bank acts as an intermediary: it uses term deposits and
funds deposited on current accounts it receives to lend capital either directly or
through capital markets. In other words, it allows the interaction between customers
that have capital deficits and customers with capital surpluses.

Banks are mainly payment agents that manage current accounts for customers.
Customers can take out or withdraw money from a current account without any
restriction. Although it is convenient to have money on such an account, the rate of
interest on it is very low. However, one usually has a savings / deposit account as
well, which pays more interest but has restrictions regarding the immediate
availability of your money. Against small charges, the owner normally receives
monthly statements either printed or by email, if Internet banking (e-banking) is
used. These statements provide an overview of debits (money going out) and credits
(sums of money coming in). Nowadays, current accounts are most often debited
when people withdraw cash from cash machines/dispensers or automated teller
machines (ATMs), purchase goods and services, pay their bills or borrow money.
These transactions are possible through the use of debit cards. In some countries,
people have the option of paying with checks (Br.E. cheques). In countries where
banks do not issue checkbooks (Br.E. chequebooks), their customers make bank
transfers. These include standing orders, used to pay regular fixed sums of money,
and direct debits, if the amount and payment date vary.

Banks lend money by making advances to customers on current accounts, or by


offering overdrafts: customers in need of money for short amounts of time can
overdraw their account. Banks also offer credit facilities to customers that want to
purchase goods by credit card. The money borrowed has to be paid off by monthly
installments in order to avoid paying a high interest. People who want to buy
themselves houses but cannot pay the asking price may choose to take out a
mortgage – a loan to buy the house, which they have to repay. If the borrower

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cannot repay the loan, the bank can repossess the house or the apartment, i.e. take it
back from the buyer and sell it.

A bank can generate revenue in a variety of different ways including interest,


transaction fees, private pension plans and financial advice about investments. It can
as well do so by exchanging foreign currency for customers going abroad, but also
by selling insurance products.

COMPREHENSION

I. Find the terms in the text that mean the following.

_____________________ To get money from a bank account (two verbs)


The extra money that you must pay back when you borrow

_____________________ money
An account in which you keep the money you don’t spend in

_____________________ order to get an interest on it

_____________________ A record showing the financial transactions on your account

_____________________ Machines where you can withdraw money if you need cash
To officially give documents (such as checks) to customers if

_____________________ they need them


An arrangement by which a bank pays a fixed amount of

_____________________ money from your account every month, year, etc.


A regular payment you have to make until you have paid all

_____________________ the money that you owe


The amount of money that you owe to a bank when you have

_____________________ spent more money than you had in your account


An amount of money that you pay for a bank’s transaction

_____________________ services

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Exercise 1. Fill in the blanks with the words from the table.

A. BANKING
banker banknotes bank rates banking
balance bankrupted bankable bank holiday

1. The young actor’s performance makes him one of the most


………………………………… stars in the future.
2. I check my bank ………………… every time I want to spend more than usual.
3. The ………………………………… refused to grant the company another loan
as the debt had not been repaid.
4. Friday is a ……………………………………… so all banks are going to close.
5. The international ………………………………… system relies on a well-
defined set of rules and regulations.
6. The wallet he found on the street contained $5,000 in one-hundred dollar
………………………………… .
7. I would take out a loan from the banks that offer the lowest …………………….
8. Many small firms were nearly ………………………………… once the crisis
hit the country’s economy.

B. DEBTS
clear write off service run up / amass
reduce settle have saddled / burdened

1. He hoped that by working a couple of years abroad, he would have enough


money to ………………………………… his debts.
2. Unfortunately, I ……………………… a few debts, but I will repay them soon.
3. The country’s efforts to ………………………………… the national debt
yielded results within three years.

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4. His alcohol addiction made him lose his job and


………………………………………… debts.
5. After buying my car, it took me five years to …………………... my bank debts!
6. You should focus on repaying your current debts unless you want to
………………………………… others.
7. When he proved that he was the victim of identity theft, the bank agreed to
………………………………… his debt.
8. Poorer countries are often ……………………………………… with huge debts.

Exercise 2. Rebuild the terms (there are as many gaps as there are missing letters).
Use the hints explaining the meaning.

Meaning
1. The bank informed me that my
OUT__ __ __ __ __ __ __ __ debt was over $5,000 Not yet paid
dollars.
2. They cut the phone line because the bill was Not paid by the time
OVER __ __ __ . expected
3. That’s a relief! I OVER __ __ __ __ __ __ __ __ __ the To guess an amount
interest rate, but I can actually afford another loan. that is too high
4. Unfortunately, in our country research is still seriously Not given enough
UNDER __ __ __ __ __ __ . money to be effective
To think that the
5. It appears that the firm’s assets were
value of sth. is lower
UNDER __ __ __ __ __ __ by millions of dollars!
than it really is
6. In spite of their crucial jobs and long years of Earning less money
education, doctors are overworked and than it is usually
UNDER __ __ __ __ . deserved

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Exercise 3. Match the following words with their definitions and write down their
Romanian equivalents: allowance, bribe, dividend, donation, duty, fare, fee, fine,
grant, gratuity, inheritance, penalty, pension, premium, ransom, reward, royalties.

English word Definition Romanian


equivalent
A payment made to the writer of a book or piece of
music according to how well they sell
Amount of money given regularly for a particular
purpose OR (Am.E.) small amount of money that a
parent gives regularly to a child
An amount of money demanded by kidnappers in
exchange for the release of their victim
An amount of money usually given by the
government, for a particular purpose, to a person or
to an organization
Gift or money illegally given to someone in
exchange for a service
Money offered to people that help the police solve a
difficult case or that retrieve lost goods
Money paid regularly to someone who does not
work anymore, be it because of illness or of old age
Money paid to a professional (like a doctor or a
lawyer) for their services
Money that one has to pay as a punishment for
breaking the law
Money, goods or property received from someone
who has died
Punishment for breaking the law or a legal
agreement
Something, usually money, given to a person in need
or to an organization that helps people in need
Tax paid on certain imported goods
The cost of insurance, especially the amount that
one has to pay per year
The part of a company’s profits that a shareowner is
entitled to
The price paid when traveling to a certain
destination by train, plane, bus, taxi, etc.
Tip OR (Br.E.) golden handshake offered especially in
the army or in the navy

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Exercise 4. Choose the best word to complete the sentences.

1. A trial is expensive; you will ………………………… all the legal costs.


A. receive B. incur C. withdraw D. repay

2. The company is certain to go bankrupt: this is the third year it is in the


………………………
A. red B. green C. blue D. yellow

3. The two spouses have a ………………………… account for paying their bills
and mortgage.
A. common B. collaborative C. combined D. joint

4. ‘$200? $300?’’Let’s ………………………… the difference, and I’ll give you


$250.’
A. slice B. divide C. separate D. split

5. If we cannot reach an agreement, let’s ………………… a coin!


A. flip B. throw C. hurl D. lob

6. Now that we have repaid the loan and are again in the ………………………, we
can afford to buy new furniture.
A. green B. pink C. black D. blue

7. Their $1 million ………………………… in the lottery allowed them to buy a


country mansion.
A. gift B. windfall C. reward D. victory

8. What a scrooge! She can’t bear to ……………… with the smallest amount of
money and refuses to give to charity.
A. part B. separate C. offer D. let

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9. “Brother, Can You ………………… a Dime?” is one of the best-known songs


of the Great Depression.
A. donate B. give C. spare D. offer

10. You could say I’m rich, but in fact, my capital is all ……………………… up in
shares.
A. fastened B. buckled C. buttoned D. tied

11. The debt has to be paid ………………………… unless you want to pay a high
rate of interest.
A. completely B. in full C. totally D. entirely

12. ……………………… tax is not popular, but modern economics cannot do


without it.
A. Salary B. Income C. Wage D. Revenue

13. Government …………………………… on education and research has been cut


by half.
A. expenditure B. overheads C. costs D. investments

14. Should you, by mistake, pay more tax than normal, you would be entitled to a
………………
A. pardon B. relief C. rebate D. reduction

15. Agricultural ………………………. help farmers reduce the cost of soil


cultivation.
A. money B. subsidies C. funds D. aid

16. The trade ……………………… can only be ended by stimulating export.


A. deficit B. loss C. failure D. decrease

17. If you don’t want to pay any charges, simply write a check to the
………………………
A. bank B. payee C. owner D. debtor

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18. I was reluctant to accept a check from a stranger and I was right: when I tried to
cash the money, it …………………………
A. hopped B. leaped/leapt C. bounced D. skipped

19. I couldn’t make the deposit: the ………………… told me that the computer
system was not working.
A. cashier B. shop assistant C. teller D. desk clerk

20. …………………………. are required to activate their new cards before using
them.
A. Cardholders B. Cardinals C. Card carriers D. Cardmasters

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BUSINESS ON THE ROAD: THE TOURISM INDUSTRY

Very often, the terms travel and tourism are used interchangeably because,
according to the World Tourism Organization (UNWTO), tourism is defined as “a
social, cultural and economic phenomenon which entails the movement of people to
countries or places outside their usual environment for personal or
business/professional purposes” 11. Apart from being the act of travel for
recreational, leisure or business purposes, tourism implies departures that do not
exceed a year.

Personal motivations aside, tourism is important and often even vital for many
countries since it generates income by the consumption of local goods and services.
Demand generates offer under the form of various services (transportation,
accommodation and others specific to the hospitality industry) and the taxes levied
on businesses in the hospitality industry further increase this income. At the same
time, the development of these services creates numerous opportunities for
employment. As part of the tertiary sector of the economy, tourism is possible due to
transportation services (airlines, cruise ships, busses and taxis), hospitality services
(accommodation, food and beverage) and entertainment (theme parks, casinos,
theaters and opera houses, music and film venues etc.). One has to take into account
what one would need in order to become a tourist: a disposable income and leisure
time, as well as infrastructure that allows travel to the chosen destination and the
facilities needed during the stay.

There are many forms of tourism that have been identified over the years as a
consequence of new demands from or offers to travelers, but three forms are
considered to be basic. Domestic tourism refers to the activities of visitors within
their own country of residence. Inbound tourism comprises the activities of

11
http://media.unwto.org/content/understanding-tourism-basic-glossary (Accessed on December 17,
2013).

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foreigners visiting a country of reference, while traveling to another country than


one’s own is called outbound tourism.

However, apart from being a highly lucrative business and a pleasurable experience,
the environment and local communities can be greatly affected by mass tourism.
Therefore, tourists should adopt a sustainable approach and respect the local,
economical and sociocultural balances by becoming aware of their responsibilities:
to travel as informed individuals with a high level of intercultural awareness that
fosters tolerance, to support local economies by purchasing local goods and to be
sparing with non-renewable resources.

Exercise 1. Fill in the blanks with the correct form of the word in bold.

The hotel provided all the facilities for the meeting as well as CATER
the ……………………………………… .
Sam has been the main ……………………………………… CATER
for the hotel since its opening.
If you want to be a guest at our hotel, it is necessary that you RESERVE
make the ……………………………………… in advance.
If you desire to cancel your ………………………………… BOOK
there will be a small charge.
All the rooms we offer are subject to AVAILABLE
……………………………………… .
They are creatures of habit and always hope that the hotel ALLOCATION
will ………………………………… them the same rooms.
Currently the hotel is fully booked, but we will notify you if CANCEL
there are any ……………………………………… .
Potential guests who are unsure of their exact date of arrival PROVISION
are allowed to make ……………………………… bookings.
This area of the hotel is only available to AUTHORITY
……………………………………… personnel.
At the beginning I only dealt with menial jobs like sorting CORRESPOND
and delivering ……………………………………… .

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Exercise 2. Match the terms in the two columns.

youth ___________________________ pass


occupancy ___________________________ poisoning
key ___________________________ charge
boarding ___________________________ lag
jet ___________________________ card
waiter ___________________________ sickness
motion ___________________________ rate
food ___________________________ number
room ___________________________ service
handling ___________________________ hostel

Exercise 3. Correct the misprints in the following sentences.

1. In order to celebrate their silver wedding, they went to Venice and booked the
same sweet they had had for their honeymoon 25 years before. _____________
2. The two families booked adjourned rooms and the kids were delighted because
they could play hide-and-seek. _________________
3. Those guests who desire to stave off the heat or simply to relax can take
advantage of the recently built pull in the backyard. _____________________
4. I would refrain from opening the minibus if I were you: the drinks and snacks
available do not come for free! ________________________
5. Guests are kindly asked to leave their keys at the deception desk when leaving
the hotel! ___________________________
6. Whether you want a drink or simply have a sweet tooth, we offer 24 hour doom
service! ____________________________
7. As a guest, you have the right to disproof a charge if you deem it unjustified.
__________________________

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8. Tourists who are planning a vacation in the mountains can rent one of our
recently renovated cabanas. __________________________
9. All visitors can visit our cello, where the wine bottles are kept to age properly in
the right conditions. __________________________
10. A tomboy helped the old lady with her bags and showed her to her room.
________________________

Exercise 4. Choose the best word to complete the sentences. Occasionally, several
choices are possible.

1. Our hotel welcomes students for internships. They can learn to welcome guests
by integrating with the ……………………… office team.
A. ahead B. open C. front D. foremost

2. Whenever I go to Bucharest, I always book the same hotel. The staff know me
by now; for them I am a ……………………… .
A. habitual B. regular C. returner D. usual

3. Upon arrival, please go to the ……………………… in order to receive the key


to your room.
A. check-in B. checkpoint C. checkroom D. checkup

4. I have to pack my bags and leave the hotel: ……………………… is at noon.


A. checkout B. check list C. checkbox D. checkmate

5. Most people couldn’t afford a night in such a suite. The hotel must have a very
upmarket ……………………… .
A. consumer B. customer C. market D. clientele

6. The customer checked out but forgot to leave the key to his room. It’s a good
thing we have a ……………………… .
A. passepartout B. passkey C. main key D. hammer

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7. People that do not arrive after booking rooms in a hotel are known as
……………………… .
A. no-shows B. no comers C. scoundrels D. frauds

8. In summertime, most hotels in Paris enjoy over 60% ……………………… .


A. fullness B. occupation C. occupancy D. habitation

9. On the last day of stay, guests must ……………………… their rooms before
noon.
A. quit B. vacate C. clear D. cleanse

10. Prior to making a reservation, our guests can check the complete list of
……………………… on our webpage.
A. taxes B. tariffs C. levies D. surcharges

11. Even if it comes at a premium, I will definitely book a room


……………………… the sea!
A. showing B. overlooking C. viewing D. unveiling

12. Once I made the mistake of booking a room in a very cheap motel and found out
that it lacked even the basic ……………………… such as heating and running
water!
A. facilities B. services C. amenities D. comforts

13. Families in need of a holiday that doesn’t take away the flexibility of their
homes prefer ……………………………… accommodations.
A. self-addressed B. self-directed C. self-reliant D. self-catering

14. Busy people will find that our hotel is equipped with all the modern
……………………… so they will be able to do their work from the comfort of
their rooms.
A. gizmos B. conveniences C. gadgets D. contraptions

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Exercise 5. Match the forms of tourism with their descriptions.

Adventure 1. Last summer I gave up the hectic life in the city and went to
tourism experience life on a farm! Now that is what I call getting away from
it all! When I retire, you’ll find me living peacefully in the
countryside!
Agritourism 2. I never thought that someday I would enjoy taking photos of wild
animals in their natural habitat, but that’s why I travel every
summer to Africa!
Business 3. They say that one cannot see much if next to a racetrack, but the
tourism thrill of hearing the engines roar only meters away from you is
unique! That’s why I always travel to Mogyoród for the Formula 1
Grand Prix!
Cultural 4. When I first saw the map of the way of St. James in Europe I
tourism almost gave up the thought of pilgrimage! But spirituality is a big
part of ourselves and I need to find my own way. It took me six
weeks on foot, but I finally arrived at the Cathedral of Santiago de
Compostela.
Ecotourism 5. There is no shame in choosing better treatment elsewhere! Take me
for example: I’ve had two operations abroad and should I need a
third one, I would go to a place where doctors don’t make you feel
like a slab of meat!
Medical 6. I wanted to lose weight so I traveled with other people to this
tourism mountain resort where we were put to a special exercise and
nutrition program that yielded good results. Since then, I’ve tried
body treatments and massages elsewhere! I’ve learned to take better
care of myself!
Religious 7. It’s a pity that man’s presence can be felt almost everywhere! When
tourism I want to take a break from civilization, I travel to faraway pristine
natural areas. It makes me understand how truly beautiful this world
is, and how fragile!
Sports 8. I usually pick capitals when it comes to travel destinations because
tourism I can visit the most important museums and see the best architecture
that a country has to offer. It’s the best way of connecting with a
foreign culture!
Wellness 9. I frequently travel abroad in order to negotiate contracts or to visit
tourism clients. Occasionally I attend conferences or exhibitions associated
with my field of work.
Wildlife 10. I like going to remote places, even in the wilderness for
tourism mountaineering expeditions, rock climbing or paragliding. I like
pushing my body to the limits!

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Exercise 6. Match the following hotel jobs with their descriptions:


desk clerk (Am.E.) / receptionist (Br.E.) | hotelier | commissionaire (Br.E.) /
doorman | concierge | bellboy (Br.E.) / bellhop (Am.E.) | valet (Br.E.) /
valet parker (Am.E.) | chambermaid.

I carry the guests’ bags and sometimes take messages.

My job is to clean the rooms.


I welcome guests once they’ve entered the hotel and
give them the keys to their rooms.
I am in charge of the main entrance of the hotel. I
welcome guests and help them on their way in or out.
I am here whenever a guest wishes to report problems
or needs information.
I own and manage this hotel.
I clean the clothes of the guests who request this
service.
I park your car once you arrive at the hotel.

Exercise 7. Write down the words that correspond to both definitions.

Definition 1 Missing word Definition 2


A house or a hotel in the To provide someone with a
mountains where people can place to stay for a short time.
stay when hunting.
A hotel room that is more The people who work for an
expensive than others. important person.
The desk where visitors A large formal party to
arriving in a hotel go first. welcome someone important.
The personal belongings Someone’s mindset built by
carried by travelers. the individual’s beliefs,
opinions and experiences.
A strong metal box used to Not in danger of being
store valuable things or harmed, lost, or stolen.
money.
A room in a hotel that is A job that is available for
available for booking. someone to start doing.
An attempt to persuade A wide passage or large hall
politicians to change or to inside the entrance of a hotel
make laws. or public building.

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Exercise 8. Crossword puzzle

Across

3. Very cheap hotel where travelers stay for a short time. Preferred by young people.
5. A hotel on the side of a road for people traveling by car over long distances.
6. An old hotel usually in the countryside. It used to be popular in the past.
7. A building where people pay to stay overnight and have meals (that may or may
not be included in the price).
8. A house with a steep sloping roof, common in mountainous snowy regions and
where tourists practicing skiing or hiking can rent rooms.
9. A private house where people pay to stay and have meals.

Down

1. A small chic expensive hotel.


2. A private house where you can sleep and have breakfast.
4. A house that you rent or use while on holiday.

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Exercise 9. Watch the video {http://www.youtube.com/watch?v=o77RB6LecAM}


and answer the following questions. (© Charisma America)

1. How does Harrods encourage and facilitate purchases for Chinese customers?

2. Why does the management pay so much attention to Chinese customers?

3. What are the most popular items purchased?

4. How could the UK attract even more Chinese tourists?

5. How is the sales forecast for the following year?

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GLOSSARY

English / Romanian / French

accommodation (n.) cazare hébergement (s.m.)


account (n.) cont compte (s.m.)
account payable (n.) cont creditor compte fournisseur (s.m.)
account receivable (n.) cont debitor compte client (s.m.)
créance (s.f.)
accounting (n.) contabilitate comptabilité (s.f.)
advertising (n.) publicitate publicité (s.f.)
advertising agency (n.) agenţie de publicitate agence de publicité (s.f.)
advertising campaign (n.) campanie publicitară campagne publicitaire (s.f.)
agreement (n.) contract convention (s.f.)
înţelegere accord (s.m.)
allowance (n.) alocaţie allocation (s.f.)
indemnizaţie indemnité (s.f.)
amenities (n.) utilităţi aménagements (s.m.pl.)
applicant (n.) candidat postulant (s.m.)
candidat (s.m.)
appoint (v.) a numi pe cineva într-o nommer quelqu’un (à un
funcţie poste) (v.t.)
approach (n.) abordare approche (s.f.)
assembly (n.) întrunire réunion (s.f.)
assets (n. pl.) active actifs (s.m.pl.)
average (adj.) mediu moyen (adj.)
average (n.) medie moyenne (s.f.)

back office (n.) back office arrière-guichet (s.m.)


balance (n.) sold solde (s.m.)
balance sheet (n.) bilanţ bilan (s.m.)

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bank (n.) bancă banque (s.f.)


bank statement (n.) extras de cont relevé bancaire (s.m.)
bank transfer (n.) transfer bancar virement bancaire (s.m.)
banker (n.) bancher banquier (s.m.)
bankrupt (adj.) falit failli (adj.)
bankruptcy (n.) faliment faillite (s.f.)
basic salary (n.) salariu de bază salaire de base (s.m.)
traitement de base (s.m.)
batch (n.) lot lot (s.m.)
bellboy (Br.E.) bagajist chasseur (s.m.)
bellhop (n.) (Am.E.)
benchmark (n.) etalon point de référence (s.m.)
billboard (s.m.) panou publicitar panneau d’affichage (s.m.)
bind (v.) a obliga prin convenţie lier (par contrat) (v.t.)
blue-chip company (n.) companie puternică société de premier ordre
blue-collar worker (n.) muncitor (de obicei în col bleu (s.m.)
producţie) travailleur manuel (s.m.)
board of directors (n.) consiliu de direcţie conseil d’administration
(s.m.)
bonus (n.) bonus, primă prime (s.f.)
borrow (v.) a lua cu împrumut emprunter (v.t.)
branch (n.) sucursală succursale (s.f.)
brand (n.) marcă marque (s.f.)
brand awareness (n.) notorietatea mărcii notoriété de la marque (s.f.)
brand image (n.) imaginea mărcii image de marque (s.f.)
brand leader (n.) marcă lider marque phare (s.f.)
brand loyalty (n.) loialitatea faţă de marcă fidélité à une marque (s.f.)
brand name (n.) numele mărcii nom de marque (s.m.)
brand recognition (n.) gradul de recunoaştere a identification d’une
unei mărci marque (s.f.)
brand stretching (n.) marcă umbrelă extension de la marque (s.f.)
branding (n.) branding, marcarea unui valorisation de la marque
produs (s.f.)
business card (n.) carte de vizită carte de visite (s.f.)
business community (n.) comunitate a oamenilor de milieu d’affaires (s.m.)
afaceri
business deal (n.) afacere affaire (s.f.)
business hours (n.) program de funcţionare heures d’ouverture (s.f.pl.)
business plan (n.) plan de afaceri plan d’affaires (s.m.)

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buy (v.) a cumpăra acheter (v.t.)


buyer (n.) cumpărător acheteur (s.m.)
by-product (n.) produs auxiliar sous-produit (s.m.)

capital (n.) capital capital (s.m.)


cash flow (n.) flux de numerar flux de trésorerie (s.m.)
cash machine (n.) bancomat distributeur automatique
cash dispenser (Br.E.) de billets (s.m.)
ATM DAB
casual labor (n.) mînă de lucru ocazională main-d’œuvre
occasionnelle (s.f.)
catering (n.) catering restauration (s.f.)
chain / line of command scară ierarhică ligne d’autorité (s.f.)
(n.)
chair (v.) (to ~ a meeting) a prezida (o şedinţă) présider (v.t.)
chairman (n.) preşedinte al unei président (s.m.)
companii
challenge (n.) provocare défi (s.m.)
chambermaid (n.) cameristă préposé(e) aux chambres
cheap labor (n.) mână de lucru ieftină main-d’œuvre bon marché
check-in (n.) cazare, sosire arrivée (s.f.)
checkout (n.) plecare départ (s.m.)
chief executive officer director executiv Président-directeur général
(CEO) (PDG) (s.m.)
classified ad (n.) anunţ la mica publicitate petite annonce (s.f.)
commission (n.) comision commission (s.f.)
company (n.) companie société, compagnie (s.f.)
competition (n.) concurenţă compétition (s.f.)
competitiveness (n.) competitivitate compétitivité (s.f.)
component (n.) component composant (s.m.)
concierge (n.) concierge concierge (s.m.)
consideration (law) valoarea contractului contrepartie (s.f.)
convene (v.) a convoca (o şedinţă) convoquer (v.t.)
convenience product (n.) produs de larg consum produit d’achat courant
(s.m.)
copywriter (n.) copywriter rédacteur, créatif (s.m.)

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corporate responsibility responsabilitatea socială a responsabilité sociétale des


(n.) corporaţiilor entreprises (s.f.)
cost-effective (adj.) rentabil rentable (adj.)
covering letter (Br.E.) scrisoare de însoţire lettre explicative (s.f.)
cover letter (Am.E.)
credit (n.) credit crédit (s.m.)
creditor (n.) creditor créancier (s.m.)
currency (n.) monedă, deviz monnaie (s.f.)
customer (n.) client client (s.m.)
cut costs (v.) a reduce costurile réduire les coûts

danger money (n.) bonificaţie financiară prime de risque (s.f.)


pentru meserii cu grad
înalt de risc
debit (n.) debit débit (s.m.)
debt rescheduling (n.) reeşalonarea datoriei rééchelonnement de la
dette (s.m.)
debtor (n.) debitor débiteur (s.m.)
delay (n.) întârziere retard (s.m.)
delayering (n.) restructurare a déstratification
managementului hiérarchique (s.f.)
delegate (v.) a delega (funcţii, sarcini) déléguer (v.t.)
demand (n.) cerere demande (s.f.)
depreciation (n.) depreciere, devalorizare dépréciation (s.f.)
desk clerk (n.) (Am.E.) réceptionniste (s.m.)
receptionist (n.) (Br.E.)
develop (v.) a dezvolta développer (v.t.)
development (n.) dezvoltare développement (s.m.)
disseminate (v.) (to ~ a disemina (informaţii) disséminer (~ des
information) informations) (v.t.)
distributor (n.) distribuitor distributeur (s.m.)
dividend (n.) dividend dividende (s.m.)
doorman (n.) uşier portier (s.m.)
commissionaire (n.) (Br.E.)
downsizing (n.) restructurare (reducerea redimensionnement (s.m.)
numărului de angajaţi)

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downturn (n.) declin marasme (s.m.)


drawback (n.) dezavantaj, inconvenient désavantage (s.m.)
drop in salary (n.) scădere a salariului baisse (~ des salaires) (s.f.)
duty (n.) sarcină, responsabilitate fonction (s.f.)

earnings (n. pl.) câştig, venit gain(s) (s.m.(pl))


efficiency (n.) eficienţă efficacité (s.f.)
emphasize (v.) a accentua, a sublinia accentuer (v.t.)
employ (v.) a angaja employer (v.t.)
employee (n.) angajat employé (s.m.)
employer (n.) angajator employeur (s.m.)
employment (n.) angajare emploi (s.m.)
embauche (s.f.)
empower (v.) a împuternici habiliter (v.t.)
endeavor (n.) încercare, tentativă tentative (s.f.)
end-user (n.) utilizator final utilisateur final (s.m.)
consumator
engagement (n.) angajare recrutement (s.m.)
enterprise (n.) întreprindere entreprise (s.f.)
entrepreneur (n.) antreprenor entrepreneur (s.m.)
environment (n.) mediu environnement (s.m.)
equity (n.) capital propriu capitaux propres (s.m.pl.)
ethical investment (n.) investiţie etică placement à caractère
éthique (s.m.)
expertise (n.) îndemânare, cunoştinţe compétence (s.f.)
tehnice

factory (n.) fabrică / uzină fabrique (s.f.) / usine (s.f.)


fail (v.) a eşua échouer (v.i.)
feature (n.) caracteristică particularité (s.f.)
fee (n.) cotizaţie, onorariu droit (s.m.)
honoraires (s.m.pl.)

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feedback (n.) feedback feedback (s.m.)


figure (n.) cifră chiffre (s.m.)
fill-in (n.) locţiitor remplaçant (s.m.)
financial backing (n.) susţinere financiară soutien financier (s.m.)
fire (v.) a concedia licencier (v.t.)
firm (n.) firmă firme (s.f.)
fixed costs (n.) costuri fixe frais fixes (s.m.pl.)
flextime (n.) (Am.E.) program de lucru flexibil horaire variable (s.m.)
flexitime (n.) (Br.E.)
forecast (v.) a prevedea prévoir (v.t.)
foreman (n.) maistru, şef de echipă contremaître (s.m.)
fringe benefits (n.) beneficii marginale avantages divers (s.m.)
front office (n.) front office guichet (s.m.)
full-time work (n.) normă întreagă travail à plein temps (s.m.)
funds (n.pl.) fonduri fonds (s.m.pl.)

general strike (n.) grevă generală grève générale (s.f.)


go bankrupt (v.) a da faliment faire faillite
goal (n.) scop, obiectiv but (s.m.)
golden handcuffs (n.) beneficii financiare pentru menottes dorées (s.f.pl.) (fam.)
(informal) ca angajaţii să îşi păstreze cage dorée (s.f.) (fam.)
locul de muncă.
golden handshake (n.) (Br.E.) indemnizaţie oferită în gratification de départ (s.f.)
semn de recunoştinţă la indemnité de départ (s.f.)
părăsirea postului
golden hello (n.)(Br.E. informal) beneficii financiare pentru prime d’embauche (s.f.)
atragerea unui angajat pont d’or (s.m.) (fam.)
go-slow (n.) formă de grevă în care grève perlée (s.f.)
angajaţii lucrează
deliberat într-un ritm lent
grant (n.) subvenţie subvention (s.f.)
guidelines (n.) indicaţii directives (s.f.pl.)

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health insurance (n.) asigurare de sănătate assurance maladie (s.f.)


hire (v.) a angaja embaucher (v.t.)
holding company (n.) companie principală într- société holding (s.f.)
un grup de companii société de portefeuille (s.f.)
hostile bid (n.) ofertă de preluare offre publique d’achat
neagreată de consiliul de hostile (OPA hostile) (s.f.)
administraţie
hotelier (n.) hotelier hôtelier (s.m.)

importer (n.) importator importateur (s.m.)


incentive (n.) stimulent stimulant (s.m.)
income (n.) venit revenu (s.m.)
increase (n.) creştere hausse (s.f.)
increment (n.) creştere, sporire augmentation (s.f.)
incrément (s.m.)
indebtedness (n.) faptul de a fi dator endettement (s.m.)
infringe (v.) a încălca enfreindre (v.t.)
in-house (adj.) intern (în întreprindere) interne (adj.) (en entreprise)
installment (n.) vărsământ parţial versement périodique (s.m.)
rată mensualité (s.f.)
insurance (n.) asigurare assurance (s.f.)
interest (n.) dobândă intérêt (s.m.)
inventory (n.) inventar inventaire (s.m.)
invest (v.) a investi investir (v.t.)
investment (n.) investiţie investissement (s.m.)
invoice (n.) factură facture (s.f.)

J
job-sharing (n.) împărţirea unei norme partage d’emploi (s.m.)
între mai mulţi angajaţi emploi partagé (s.m.)
joint venture (n.) companie mixtă co-entreprise (s.f.)

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labor (n.) mână de lucru main-d’œuvre (s.f.)


lay sb. off (v.) a concedia licencier (v.t.)
leader (n.) leader leader (s.m.)
leadership (n.) leadership (conducere) direction (s.f.)
leave (n.) concediu congé (s.m.)
ledger (n.) registrul mare grand livre (s.m.)
leisure (n.) timp liber loisir (s.m.)
lend (v.) a da cu împrumut prêter (v.t.)
liabilities (n.pl.) pasive passif(s) (s.m.(pl.))
limited liability company societate cu răspundere société à responsabilité
(Ltd) (n.) limitată (S.R.L.) limitée (s.f.)
liquidation (n.) lichidare (a bunurilor, a liquidation (s.f.) (~ des
unei întreprinderi) biens, d’une entreprise)
liquidity (n.) lichiditate liquidité (s.f.)
loan (n.) împrumut prêt (s.m.)
emprunt (s.m.)
loan capital (n.) capital împrumutat capital d’emprunt (s.m.)
location (n.) amplasare emplacement (s.m.)
loss (n.) pierdere perte (s.f.)
lucrative (adj.) lucrativ, rentabil lucratif (adj.)

magnate (n.) magnat magnat (s.m.)


maintenance (n.) mentenanţă maintenance (s.f.)
make redundant (v.) a concedia licencier (v.t.)
mettre au chômage (v.t.)
manage (v.) a conduce, a administra gérer (v.t.)
management (n.) management management (s.m.)
gestion (s.f.)
manager (n.) manager manager (s.m.)
cadre (s.m.)
manufacture (v.) a fabrica fabriquer (v.t.)
manufacturer (v.t.)
manufacturer (n.) fabricant fabricant (s.m.)

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market (n.) piaţă marché (s.m.)


market (v.) a comercializa commercialiser (v.t.)
market leader (n.) leader de piaţă leader du marché (s.m.)
market price (n.) preţ de piaţă prix du marché (s.m.)
market research (n.) cercetare de piaţă étude de marché (s.f.)
market share (n.) cotă de piaţă part de marché (s.f.)
market test (n.) testare a pieţei test de marché (s.m.)
marketer (n.) participant la piaţă distributeur (s.m.)
marketing (n.) marketing marketing (s.m.)
mercatique (s.f.)
mass-production (n.) producţie în masă production en série (s.f.)
maternity leave (n.) concediu de maternitate congé de maternité (s.m.)
merge (v.) a fuziona fusionner (v.t. / v.i.)
minimum wage (n.) salariu minim salaire minimum (s.m.)
morale (n.) moral moral (s.m.)
mortgage (n.) ipotecă hypothèque (s.f.)
motivate (v.) a motiva motiver (v.t.)
multinational (n.) companie multinaţională multinationale (s.f.)

network (n.) reţea réseau (s.m.)


not-for-profit (adj.) non-profit sans but lucratif (adj.)

objective (n.) obiectiv objectif (s.m.)


obsolete (adj.) ieşit din uz, învechit obsolète (adj.)
occupancy (n.) grad de ocupare taux d’occupation (s.m.)
occupational hazard (n.) risc profesional risque professionnel (s.m.)
offer (n.) ofertă offre (s.f.)
organizational structure (n.) structură organizaţională structure organisationnelle
(s.f.)
outcome (n.) rezultat résultat (s.m.)
outlet (n.) outlet, punct de desfacere magasin d’usine (s.m.)
output (n.) capacitate de producţie production (s.f.)

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outsource (v.) a externaliza externaliser (v.t.)


outsourcing (n.) externalizare externalisation (s.f.)
outstanding (adj.) neachitat non réglé, impayé (adj.)
overdraft (n.) descoperit de cont découvert bancaire (s.m.)
overheads (n.pl.) cheltuieli generale frais généreux (s.m.pl.)
overproduction (n.) supraproducţie surproduction (s.f.)
oversee (v.) a supraveghea surveiller (v.t.)
overtime (n.) ore suplimentare heures supplémentaires
(s.f.pl.)
own (v.) a deţine, a avea în détenir (v.t.)
proprietate
owner (n.) proprietar, deţinător propriétaire (s.m.)

parties (contracting ~) (n.) părţi (~ contractante) parties (~ contractantes)


partnership (n.) parteneriat partenariat (s.m.)
part-time work (n.) jumătate de normă travail à temps partiel (s.m.)
patent (n.) brevet brevet d’invention (s.m.)
pattern (n.) model modèle (s.m.)
pay (n.) plată paie (s.f.)
pay cut (n.) reducere de salariu réduction de salaire (s.f.)
pay rise (n.) creştere de salariu augmentation de salaire
payroll (n.) stat de plată registre des salaires (s.m.)
pension (n.) pensie retraite (s.f.)
perform (v.) a executa, a îndeplini accomplir, exécuter (v.t.)
perk (n.) câştig suplimentar petit bénéfice (s.m.)
à-côté (s.m.)
personnel (n.) efectiv, personal effectif (s.m.)
personnel (s.m.)
planned expenditure (n.) cheltuială planificată dépense prévue (s.f.)
plant (n.) uzină usine (s.f.)
postpone (v.) a amâna remettre, différer (v.t.)
premium (n.) primă de asigurare prime d’assurance (s.f.)
press leak (n.) scurgere de informaţii în fuite d’information (s.f.)
presă
press release (n.) comunicat de presă communiqué de presse
(s.m.)

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price tag (n.) etichetă de preţ étiquette de prix (s.f.)


principal (n.) principal (suma pentru principal (s.m.)
care se calculează capital (s.m.)
dobânda)
produce (v.) a produce produire (v.t.)
producer (n.) producător producteur (s.m.)
product (n.) produs produit (s.m.)
production (n.) producţie production (s.f.)
productivity (n.) productivitate productivité (s.f.)
profit margin (n.) marjă de profit marge (s.f.)
proprietary (adj.) de proprietate déposé (adj.)
purchase (n.) achiziţie achat (s.m.)
purchase (v.) a achiziţiona acheter (v.t.)

quit (v.) a demisiona démissionner (v.i.)


quota (n.) cotă quota (s.m.)
contingent (s.m.)

range of products (n.) gamă de produse gamme de produits (s.f.)


rationalization (n.) reorganizarea unei firme redimensionnement (s.m.)
raw material (n.) materie primă matière première (s.f.)
recall (v.) a retrage de pe piaţă un rappeler (~ un produit) (v.t.)
produs cu defecte
receipt (n.) chitanţă reçu (s.m.)
receiver (n.) administrator judiciar liquidateur judiciaire (s.m.)
reception desk (n.) recepţie réception (s.f.)
recession (n.) recesiune récession (s.f.)
recruit (v.) a recruta recruter (v.t.)
recruitment (n.) recrutare (de personal) recrutement (s.m.)
redundancy (n.) concediere licenciement (s.m.)
redundancy payment (n.) plată compensatorie indemnité de licenciement
regulation (n.) ordonanţă, regulament règlement (s.m.)

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reinstate (v.) a repune în drepturi réintégrer (v.t.)


rétablir dans une fonction
relocate (v.) a reamplasa réimplanter (v.t.)
remuneration (n.) remuneraţie rémunération (s.f.)
representative (n.) reprezentant représentant (s.m.)
requirement (n.) condiţie necesară condition requise (s.f.)
exigence (s.f.)
research (n.) cercetare recherche (s.f.)
research facility (n.) laborator de cercetare unité de recherché (s.f.)
restructuring (n.) restructurare, reorganizare restructuration (s.f.)
retailer (n.) detailist détaillant (s.m.)
retool (v.) (~a factory) a reutila rééquiper (~une usine) (v.t.)
reverse engineering (n.) inginerie inversă ingénierie inverse (s.f.)
reward (n.) recompensă récompense (s.f.)
reward (v.) a recompensa récompenser (v.t.)
rightsizing (n.) restructurare a unei redimensionnement (s.m.)
companii
roll-out (n.) lansare de produs lancement (s.m.)

sack (v.) (Br.E. informal) a concedia virer (v.t.) (fam.)


safety (n.) siguranţă sécurité (s.f.)
safety equipment (n.) echipament de siguranţă équipment de sécurité (s.m.)
salary (n.) salariu salaire (s.m.)
sale (n.) vânzare vente (s.f.)
savings account (n.) cont de economii compte d’épargne (s.m.)
sell (v.) a vinde vendre (v.t.)
seniority (n.) vechime ancienneté (s.f.)
share (n.) acţiune action (s.f.)
share capital (n.) capital social capital-actions (s.m.)
share option (n.) posibilitatea angajaţilor de option d’achat d’actions
a cumpăra acţiuni în (s.f.)
compania unde lucrează
shareholder (n.) acţionar actionnaire (s.m.)
shift (n.) schimb, tură poste (s.m.)
quart de travail (s.m.)
shortage (n.) deficit déficit (s.m.)

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Bogdan Veche – Business English Topics

sick leave (n.) concediu de boală congé (de) maladie (s.m.)


skill (n.) calificare, competenţă compétence (s.f.)
specifications (n.) specificaţii tehnice caractéristiques techniques
spend (v.) a cheltui dépenser (v.t.)
spending (n.) cheltuială dépense (s.f.)
stakeholder (n.) parte interesată partie prenante (s.f.)
standing order (n.) ordin de plată permanent ordre de paiement
permanent (s.m.)
state-of-the-art (adj.) de vârf, avansat de pointe (adj.)
strike (n.) grevă grève (s.f.)
subordinate (n.) subordonat subordonné (s.m.)
subsidiary (n.) filială filiale (s.f.)
superior (n.) superior supérieur (s.m.)
supervise (v.) a supraveghea superviser (v.t.)
supplement (v.) a suplimenta augmenter (v.t.)
supplier (n.) furnizor fournisseur (s.m.)
supply (v.) a furniza fournir (v.t.)
approvisionner (v.t.)
surplus (n.) surplus, excedent excédent (s.m.)
sustainable development dezvoltare durabilă développement durable
synergy (n.) sinergie synergie (s.f.)

tangible (adj.) tangibil tangible (adj.)


tangible assets (n.pl.) active tangibile actifs corporels (s.m.pl.)
target audience (n.) public-ţintă audience cible (s.f.)
tariff (n.) listă de preţuri barème des prix (s.m.)
task (n.) sarcină, îndatorire tâche (s.f.)
team (n.) echipă équipe (s.f.)
telesales (n.) vânzări la telefon télévente (s.f.)
temporary staff (n.) personal auxiliar personnel intérimaire (s.m.)
term deposit (n.) depozit la termen dépôt à terme fixe (s.m.)
terms (n.) condiţii, clauze conditions générales (s.f.pl.)
clauses (s.f.pl.)
timetable (n.) orar, program horaire (s.m.)
trade (n.) comerţ commerce (s.m.)
turnover (n.) cifră de afaceri chiffre d’affaires (s.m.)

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Anul I semestrul al 2-lea

undermanned (adj.) cu personal insuficient en sous-effectif


unemployment benefits (n.) ajutor de şomaj indemnisation de chômage
unit cost (n.) cost unitar prix de revient unitaire

vacancy (n.) post vacant vacance (s.f.)


variable costs (n.pl.) costuri variabile coûts variables (s.m.pl.)
vendor (n.) vânzător vendeur (s.m.)
venture (n.) întreprindere cu grad mare entreprise risquée (s.f.)
de risc
venture capital (n.) capital de risc capital risque (s.m.)

wage (n.) plată paie (s.f.)


wage rate (n.) rată salarială taux de salaire (s.m.)
warehouse (n.) depozit de mărfuri entrepôt (s.m.)
white-collar worker (n.) angajat care îşi desfăşoară employé de bureau (s.m.)
activitatea în birou col blanc (s.m.)
wholesaler (n.) angrosist grossiste (s.m.)
workday (n.) zi lucrătoare jour ouvrable (s.m.)
workforce (n.) mână de lucru main-d’œuvre (s.m.)
effectif (s.m.)
workplace (n.) loc de muncă lieu de travail (s.m.)

yield (v.) a produce rapporter (v.t.)


a da randament produire (v.t.)

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