1. Many /both/involve/decisions/financing/and/simultaneously/investing/business.
2. A/ decisions/cash/granting/make/loans/regarding/bank/and/manager/of/managing/a/may/balances.
3. This /finance/of/with/users/the/together/their/of/banks/area/with/deals/ funds/suppliers/bringing.
12. There are three types of conditional sentences in English which can express A) real condition, B) unreal present/future or C) unreal past. Consider the conditional sentences of Type A which contain the conjunction if/whether found in the text “What is financial management?”
1. … if a company may wish to acquire another firm, it is an investment decision.
2. If managers decide to borrow money, the borrowed funds must be repaid within a specified period of time.
3. If … managers decide to raise funds by selling ownership interests, these funds never have to be paid back.
4. Whether a financial decision involves investing, financing, or both, it also will be concerned with two specific factors …
Turn the sentences from the exercise above into Type B and Type C. Follow the models.
Model 1 (unreal present/future):
… if a company may wish to acquire another firm, it is an investment decision. – … if a company might wish to acquire another firm, it would be an investment decision.
Model 2 (unreal past):
… if a company might have wished to acquire another firm, it would have been an investment decision.
Read the newspaper article and discuss with your partner the issues mentioned before the article.
1. The problem Francis Halzen faced.
2. The solution to the problem he found.
3. What would you do if you were F. Halzen?
The dirty secret of some top managers
‘The language of finance is difficult, but just like any language, it can be learned.”
When Francis Halzen set out to build a gigantic telescope at the South Pole, he found himself with a major problem. He had no idea what he was doing. So Halzen hired a team of experts: a project manager to oversee construction, an expert in staging to organize construction equipment and a finance expert to meticulously track the budget using sophisticated computer models.
For new managers in a big corporation, it can be difficult to imagine their small team having much of an effect on the company’s profitability. The first step is to brush up on the basics. For some managers, that means learning how to read balance sheets and develop an understanding of how to compare profits versus cash flow. This will help you decide whether to make an investment in a project, in part based on whether it can help make the company more profitable. Balance sheet newbies should expect a somewhat steep learning curve.
It’s more likely that workers in the United States will know basic financial skills than counterparts across the globe. Nowadays, US colleges and even some high schools are teaching students how to balance budgets. New managers in cultures where bosses are viewed as infallible may also be less likely to ask for help.
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Halzen learned a lesson while building his South Pole telescope. He did what good managers do: realized his shortcomings and found the right people to help – and monitored the progress, learning something himself along the way.
“I let the people who knew what they were doing get it done,” Halzen said.
(From: https://www.bbc.com)
Render the following text in English and entitle it.
Финансовый менеджмент – это управление финансами компании, направленное на достижение стратегических и тактических целей функционирования данной компании на рынке. Основные цели финансового менеджмента связаны с формированием капитала предприятия и обеспечением максимально эффективного его использования.
В процессе реализации поставленных целей финансовый менеджмент направлен на решение следующих задач: достижение высокой финансовой устойчивости компании в процессе ее развития; оптимизация денежных потоков компании; максимизация прибыли компании; минимизация финансовых рисков.
Финансовый менеджмент также включает в себя организацию сотрудничества компании с другими предприятиями, банками, страховыми компаниями и бюджетами всех уровней.
(From: https://www.grandars.ru)
Write a mini-essay (up to 100 words) on one of the issues below.
· Financial adventure
· Financial aid
· Financial burden
Role-playing
Suppose you are manager(s) of a corporation and you feel that it will do much better in the future than most analysts believe. Speak out your arguments and opinions that make you feel so optimistic.
Case-study/Project
The Clockwork Corporation would like to issue $2 million in new shares of stock. The President of Clockwork believes that if the company waits for two weeks, they could get a better price for their shares. The Chair of the board of directors disputes this. He says that because markets are price efficient, there is no “timing” possible on the stock issue and Clockwork should issue the shares when they need the funds, and not worry about “timing.” Who is right? Why?
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Self-assessment grid
| Tick (✓) “Yes” or “No” answers in appropriate columns and lines to self-assess your knowledge and skills. | Yes | No |
| I know: | ||
| - the topical vocabulary “Financial Management”; | ||
| - what decisions financial and investment management involves; | ||
| - the difference in the meaning and use of three types of conditional clauses; | ||
| - the tool and main goal of financial management. | ||
| I can: | ||
| - make collocations with the words investment, finance, financial; | ||
| - find in the text the terms related to the area of economy and finance; | ||
| - explain the meaning of some idioms with the words cash, stock, cost, and return; | ||
| - discuss the issues related to financial management theory and practice; | ||
| - make a judgment on a concrete case related to financial matters. | ||
| Total number of positive/negative answers: |
Module 16
Pre-reading issues
1. Should all trading legal and physical entities pay customs duties?
2. Who imposes duties and taxes?
3. Why should people pay taxes?
4. Is it difficult to calculate duties and taxes?