Nowaday/Nowadays, what we think of as “money” is quickly changing: electronic cash has entered the picture. Electronic cash, sometimes referring/referred to as e-cash, cybercash, or digicash, is money that is created electronically and that exists outside the world of banks, checks, coin, and currency overseeing/overseen by the Federal Reserve, and is creating/created electronically. Though still in its infant/infancy, electronic cash exists in the computer world of the Internet and on plastic cards. Who creates this money? Just about anyone. Electronic cash is replacing/replaced traditional cash, credit cards, and checks as a medium of exchange. It is more convenient/convenience than other forms of money and can result in lower/lowest costs of transacting business.
Fill in the missing words.
The cost of money
Money … not free. Those … need money are willing to pay for … and those … lend money expect to … compensated. The interest rate is … cost of money. If you put $1,000 in an account in a savings and loan that pays interest of 5% … year, you … earn $50 interest in one year. The savings and loan … paying you $50 … the use … your $1,000. Similarly, … you buy a $1,000 face value bond with a coupon rate of 5%, you earn $50 interest each year. The issuer is paying $50 interest each year … the use … your $1,000.
Find financial terms in the text above. Explain their meanings.
12. Translate into Russian some set expressions with the word money.
Black money; blood money; conscience money; counterfeit money; earnest money; easy money; hush money; mad money; overnight money; paper money; pocket money; prize money; seed money; silly money; tax money; tight money; upfront money; well-spent money.
Complete the definition below naming the crime related to illegal operations with money. Provide additional information on this crime.
Money _______ is the crime of processing stolen money through a legitimate business or sending it abroad to a foreign bank, to hide the fact that the money was illegally obtained.
14. Write 1-2 paragraphs to illustrate the meanings of the proverbs/sayings:
· One is rolling in money.
· Money makes money.
· Money is no object.
Render the text in English.
Финансовый контроль в таможенной сфере
Финансовый контроль в Российской Федерации – явление сложное и многогранное. В свете тенденций модернизации российской экономики, борьбы с коррупцией, противодействия легализации (отмыванию) доходов, полученных преступным путем, финансированию терроризма, а также интеграции России в единое экономическое пространство в рамках ЕврАзЭС роль финансового контроля существенно возрастает.
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Новой вехой в функционировании системы финансового контроля стало образование Таможенного союза Республики Беларусь, Республики Казахстан и Российской Федерации и принятие Таможенного кодекса Таможенного союза.
Роль финансового контроля в современных условиях системы государственного управления заключается не только в обеспечении эффективного использования финансовых и материальных ресурсов, но и в защите экономической безопасности государства. Посредством финансового контроля в области таможенного дела таможенные органы обеспечивают полное и своевременное поступление в доходную часть федерального бюджета сумм таможенных платежей, а также иных фискальных доходов (пеней, штрафов).
Объектом финансового контроля в области таможенного дела являются финансовые потоки, поступающие в бюджет; правильность исчисления и своевременность уплаты таможенных платежей и др.
Role-playing
You are a financial manager working for the customs. Explain to a businessperson what duties and taxes he/she shall pay according to the Russian customs law.
Case-study/Project
Solve the problem. A client deposits $1,000 in his savings bank and earns 4.5% interest per year. How much total interest would he earn after three years if he withdrew the interest each year?
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 “Customs duties and taxes”; | ||
| - how the customs value of goods is determined; | ||
| - how calculations of customs duties and taxes are made; | ||
| - differentiate the meanings of the modal verbs shall and ought (to); | ||
| - some set expressions with the word money. | ||
| I can: | ||
| - illustrate the meaning of some proverbs/saying about money; | ||
| - form and use adjectives with the suffix –able; | ||
| - find financial terms in the text and explain their meanings; | ||
| - properly use interrogative/relative pronouns which and whose; | ||
| - explain what customs duties/taxes ought to be paid in Russia. | ||
| Total number of positive/negative answers: |
REVISION TESTS
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Test 1
Choose the best answer.
1. The manager’s job is …
A different B difficult C various
2. The job of a manager is constantly …
A changing B challenging C choosing
3. Managers must be … for their work.
A recorded B rewarded C reported
4. Organizational … is important for good management.
A code B culture C credo
5. Managers are … into many functions.
A involved B intertwined C introduced
6. There are different … of management.
A loans B levers C levels
7. Managers have to plan what they want to …
A account B accomplish C admonish
8. Managers can be described as people who … different hats.
A wear B wore C worn
9. Managers must work hard to … goals and objectives.
A meet B need C lead
10. Managers play their roles to a different …
A level B part C extent
11. To be a manager, you need conceptual, technical and … skills.
A human B humane C humanitarian
12. Managers … be able to arrive at interesting ideas.
A must B can C should
13. Managers … specific knowledge.
A assess B possess C process
14. Managers should be able to work … individually and in a team.
A both B bath C booth
15. Managers can have junior or senior positions … the organization.
A with B without C within
16. They offer training and … development.
A career B carrier C currier
17. The manager’s work depends … many factors.
A in B on C for
18. There are different programs for … managers.
A supporting B supported C supportive
19. I cannot figure it …
A away B on C out
20. The company needs managers in different …
A amounts B accounts C awards
Test 2
Choose the best answer.
1. Organizations and people are ….
A incredible B inseparable C impossible
2. Workers should act in pursuit of a common ….
A game B good C goal
3. Organizations should meet new … to stay in business.
A demands B needs C problems
4. It is important for workers to … to organizational success.
A attribute B contribute C complete
5. It is good for organizations to be free … problems.
A from B of C off
6. Jams in the system slow … the work of the organization.
A away B down C up
7. There are some exceptions … the rule
A to B from C in
8. Organizations are, … their nature, resistant to change.
A by B in C for
9. Organizations are subject … some laws of behavior.
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A at B on C to
10. Good managers understand the … and weaknesses of their companies.
A strong B strengths C extremes
11. Business environments are important for … correct decisions.
A make B take C taking
12. That solution might have disastrous ….
A consequences B sequences C essences
13. Our respect is ….
A actual B mutual C factual
14. Managers should be … concerned about the well-being of workers.
A genuinely B generously C tenuously
15. The manager is highly appreciated by … team.
A the B a C –
16. You are … very valuable worker.
A the B a C –
17. The managers of the company are always able to accomplish their work in the best ….
A form B kind C way
18. Dramatic changes in technology … businesses.
A changed B have changed C had changed
19. It is … management practice.
A the more effective B the most effective C most effective
20. The capabilities of these organizations are ….
A some B same C the same
Test 3
Choose the best answer.
1. … organizations are governed by the laws of capitalism.
A private B public C non-profit
2. Their main … is to make profit.
A aid B aim C act
3. They have no governmental … in their structure.
A compound B component C opponent
4. Local councils are … sector organizations.
A private B public C non-profit
5. They provide goods and services for the … of society
A benefits B goods C profits
6. The Doctors Without … is the example of an NPO.
A Orders B Barriers C Borders
7. … means job.
A employment B employer C employee
8. You can work on a … basis.
A valuable B voluntary C various
9. The organization … with the help of donors and government.
A rules B runs C goes
10. On the … hand, your life is at risk.
A another B other C either
11. An organization is a combination of shared … and duties.
A abilities B possibilities C responsibilities
12. It is important to build a firm … between the organization and individual.
A band B bend C bond
13. He … the company last year.
A has abandoned B had abandoned C abandoned
14. Private organizations are the … for making profit.
A one B ones C once
15. The data … required by the CEO.
A is B was C are
16. There are some … who like being at risk.
A people B persons C ones
17. There … a local and some regional councils.
A is B are C were
18. Donors don’t need anything … return.
A for B in C without
19. What is the … of their success?
A basis B bases C basic
20. We need to … a strong bond between us.
A build B construct C erect
Test 4
Choose the best answer.
1. … organizations are governed by the laws of capitalism.
A private B public C non-profit
2. A … manager makes decisions without the consultation of others
A autocratic B democratic C participative
3. This manager is unwilling to share work … his staff.
A on B for C with
4. The company … never feel involved in the process of taking decisions.
A employees B employers C employment
5. Their job performance … to be better than it has been thought before.
A like B likes C is likely
6. Do not push … all the work on me!
A over B of C off
7. Concentrate on this question before … to the next one.
A processing B proceeding C preceding
8. She is … stubborn to admit she is wrong.
A very B too C only
9. The manager has found the right decision … the long run.
A in B on C at
10. On the … side
A flip B flop C flap
11. The CEO practices a … approach to develop the staff’s initiative.
A hands-free B hands-off C hands-on
12. The manager’s job is to provide … if needed.
A guide B guideline C guidance
13. It can’t be accepted … of good management.
A in terms B in time C in turn
14. Such … contributor can make the team stronger.
A the B a C -
15. There is also a … to being famous.
A downside B downsize C downscale
16. The most effective management styles create a good working ….
A environment B setting C employment
17. You cannot … the CEO’s approach with your own management style.
A match B combine C join
18. Too many people involved in the project … slow the work down.
A should B could C had to
19. This style works … enough for marketing promotions.
A well B good C best
20. I would never work for a company where ….
A I have no say B I have not to say C I have nothing to say
Test 5
Choose the best answer.
1. Organizations have to match the organizational needs and the values of their ….
A employees B employers C employment
2. Managers are only responsible for … the job done.
A getting B making C taking
3. It’s very important to find the … people for the right job.
A correct B right C proper
4. Managing people is not a … thing.
A open-hearted B direct C straightforward
5. HRM is the management of an organization’s ….
A workshop B work style C workforce
6. People are … beings.
A complicated B complex C compound
7. HRM is a set of … and procedures.
A politics B policies C polities
8. The purpose of HRM is to make that the employees … the greatest benefit.
A obtain B abstain C contain
9. Employees can get both material … psychological rewards.
A and B or C with
10. There are important … between personnel management and HRM.
A distinctions B disfunctions C distractions
11. Personnel management regards employees as ….
A price B cost C expense
12. The main aim is to … natural resources.
A review B regard C retain
13. Personnel managers play a … role.
A first-party B second-party C third-party
14. Managing a consensus means seeking ….
A agreement B agritainment C disagreement
15. A set of rules and regulations … what to do when an employee has a problem.
A state B say C show
16. HRM has a long-term ….
A agent B agenda C adjustment
17. The most effective ways of putting these ideas … practice are being designed.
A in B to C into
18. It is fully in … with the organization’s strategic goals.
A alignment B aliment C allowance
19. Organizational flexibility is vital for its ….
A survey B survival C surveillance
20. HR managers have to analyze the organization’s internal ….
A strengths and weaknesses B strengths and threats C strengths and costs
Test 6
Choose the best answer.
1. Culture of an organization is a system made … artеfacts, values and assumptions.
A from B up C with
2. Organizational culture is the collective behavior of humans that … part of an organization.
A are B is C does
3. Organizational culture refers … culture in any type of organization.
A to B at C with
4. Organizational culture can … be changed … developed fast enough.
A neither … or B neither … nor C neither … and
5. … organizations are not conducted primarily to make a financial gain.
A Non-ability B Non-access C Non-profit
6. HRM and organizational culture are ….
A inter-allied B interceded C interlinked
7. They do not … employee involvement.
A favor B facilitate C fasten
8. … management culture an organization adopts, it has to facilitate it.
A Wherever B Whichever C However
9. It is important to create a … reward system.
A fare B fair C fire
10. Conflicting cultures … due to different characteristics of the management team.
A exist B co-exist C co-occur
11. A company may have its own … culture.
A unit B unite C unique
12. Small organizations tend to be more … in organizational culture.
A formal B informal C informational
13. Organizations often have very differing ….
A under-cultures B sub-cultures C in-cultures
14. National and regional cultures are significant in … the organizational cultures.
A shaping B shaking C sharing
15. Organizational culture refers to type of organization … it not-for-profit groups or government agencies.
A to be B be C is
16. What kind of business … is this organization?
A entity B entirety C integrity
17. The concept “company culture” is similar to “… culture”.
A corporate B corporal C corpus
18. Different nations have different work ….
A aesthetics B ethics C ethic
19. It is … to be true.
A like B likely C likable
20. I wonder … an HR manager.
A is she B if is she C if she is
Test 7
Choose the best answer.
1. Groups are individuals who … common goals.
A shrink B share C show
2. Being in a group gives a sense of ….
A celebrity B similarity C security
3. A group of employees … to improve the efficiency and the quality of the outcome.
A is like B is likely C likes
4. People need a … of belonging.
A sense B sign C feeling
5. He was … the issue time and again.
A rising B arising C raising
6. Groups can … control over their members’ behavior.
A exert B except C expert
7. Informal groups emerge through the initiative of ….
A individuals B employers C employees
8. Groups are trying to … their social needs.
A modify B satisfy C verify
9. There are … differences between the terms group and team.
A subtle B settle C strong
10. Formal groups are constantly required to report back to ….
A peers B management C members
11. Group roles can lead to role ….
A ambition B abandon C ambiguity
12. Teams are more ….
A self-monitored B self-managed C self-reliant
13. … the task is achieved, formal groups are often dispersed.
A Once B Ones C One time
14. … commitment and leadership are essential factors that determine the performance of the group.
A Loyalty B Liability C Liveliness
15. Groups usually have a … leader.
A single B self-reliant C sufficient
16. The more shared interests employees have, the … pleasant the working environment will be.
A more B most C less
17. Formal groups are established to carry … certain organizational tasks.
A on B out C away
18. Individuals … to have certain roles.
A expect B are expected C are expecting
19. They are given enough flexibility without constant need for ….
A surveillance B supervision C solution
20. Not all groups can be … as teams.
A regarded B retrained C reconsidered
Test 8
Choose the best answer.
1. The SWOT analysis is commonly used in … planning.
A operational B strategic C regional
2. Strengths and weaknesses are factors that exist … the organization.
A besides B outside C within
3. The … are those factors that are not good for the company.
A dangers B menaces C threats
4. … the SWOT is concluded, there are four strategies to choose from.
A One B Once C Once again
5. A … strategy means that the company is going to maintain the status quo.
A stability B growth C combination
6. They are going to continue what they … up till now.
A have done B have been done C have been doing
7. Nothing is … to change.
A coming B going C arriving
8. There is no increase in production, no … in the number of employees.
A growth B grow C growing
9. Retrenchment means that somehow the company will be cutting ….
A back B by C through
10. They are selling … some assets.
A of B off C out
11. The company is reducing the … of products.
A amount B quantity C number
12. A combination strategy is more common with … companies.
A multidivisional B multinational C multilateral
13. The company will … one strategy.
A purchase B pursue C pursuit
14. The strategies … directly out of the SWOT analysis.
A fly B flow C flee
15. … correctly, the strategies and the SWOT analysis form a great package.
A Done B Make C Performed
16. Retrenchment is the act of … expenditure.
A leveling B increasing C reducing
17. There are … main strategies in order to guide future directions of the company.
A three B four C five
18. The opposite of strength is ….
A weakness B threat C opportunity.
19. … factors outside the organization are favorable.
A Those B This C That
20. They have no wish for any... in the status quo.
A change B chance C choice
Test 9
Choose the best answer.
1. Businesses need to … exchanges.
A abduct B addict C conduct
2. Businesses should be able to cover costs and … expenses.
A take B make C meet
3. Equally important are the … that the firm charges.
A prices B batteries C goods
4. … goods and services meet basic human needs.
A Necessity B Necessary C Needed
5. Luxury goods and services go … basic needs.
A by B beyond C above
6. A higher price might bring … greater profits on items sold.
A in B to C into
7. The trick is to find a price that is … to generate demand.
A high enough B low enough C enough low
8. … is needed to create exchanges with consumers.
A Advertisement B Advertising C Advert
9. Incentives should be used to … consumers to trade with your firm.
A compete B compile C compel
10. Care should be taken when choosing … outlets.
A demand B supply C supply and demand
11. … to target markets should be considered when choosing a location.
A Proximity B Proxemics C Approximation
12. Locations with access … proper distribution systems should be selected.
A to B for C from
13. Prices are … attractive, yet profitable.
A deem B deemed C doomed
14. To … in your venture, you must offer a desirable product or service.
A success B succuss C succeed
15. Before setting … a business, evaluate all aspects of the marketing mix.
A up B out C in
16. The marketing strategy applies to … types of organizations.
A particular B some C all
17. They will have a hard time surviving over the long ….
A way B road C run
18. There is no magic formula used … prices.
A to define B to determine C determining.
19. The marketing mix includes ….
A Product, Price, and Place
B Product, Promotion, and Place
C Product, Price, Promotion, and Place
20. Complete the English saying: Business before ….
A fun B pleasure C leasure
Test 10
Choose the best answer.
1. Quality is defined by the ….
A producer B customer C supplier
2. Quality is associated with customer ….
A money B reliability C value
3. There are … of principles central to quality management.
A numbers B a number C the number
4. Assessment of outcome performance is replaced by the control of ….
A processes B actions C requirements
5. An excellent process can be let … by a demotivated member of staff.
A off B out C down
6. Seeing the organization in a holistic way means dealing with it ….
A whole B as a whole C on the whole
7. Quality management is based on the scientific method: ….
A Plan, Do, Study, Act
B Plan, Make, Learn, Act
C Plan, Do, Improve, Act
8. Dissatisfaction with the status quo is … of quality management.
A in the heart B at the heart C to the heart
9. Quality management is a … area.
A contested B contained C contorted
10. Companies must create a strategic ….
A view B vision C visibility
11. A whole which is … greater than the sum of the parts.
. A much B more C less
12. The ISO 9000 is the international standard for quality ….
A management B measurement C development
13. Companies are certified by ….
A ISO B accreditation bodies C certification bodies
14. Let every man praise the bridge he goes ….
A along B on C over
15. Higher degrees in English are a … for foreign students.
A goal B target C objective
16. … guidance helps the majority of organizations to manage quality.
A Impertinent B Impartial C Impartible
17. Qualityshould be associated with achieving customer ….
A exceptions B expectations C exaggerations
18. If ‘quality’ is the end …, ‘quality management’ is the process for getting there.
A pack B part C point
19. … and financial marketers had been awarded massive bonuses.
A Trade B Trading C Traders
20. We need to become obsessive … our customers’ requirements.
A about B of C with
Test 11
Choose the best answer.
1. The Federal Customs Service is a federal … authority.
A execution B executive C executary
2. The FCS functions with regard … the customs issues.
A of B to C from
3. The Federal Customs Service … by the Russian Government.
A manages B has been managed C is being managed
4. In … its activity, the FCS shall be guided by the Constitution.
A conducting B confining C confirming
5. The Federal Customs Service … be headed by the Head.
A will B shall C can
6. What powers are assigned … the Head of the FCS?
A to B for C by
7. The Head is … from the post by the Government.
A discharged B disclosed C disturbed
8. Bring your proposals as regards … financing of FCS activities.
A the B a C –
9. The officials have gathered for setting a … federal budget.
A draft B drift C drawn
10. Who approves the … table of the FCS Central Office?
A main B man’s C manning
11. The Head determines competences of customs authorities … to resolve organizational and other issues.
A herewith B thereof C therefore
12. Who has the right to set … and liquidate customs departments?
A off B in C up
13. Deputy Heads shall be authorized to take independent decisions in... operations issues.
A economic B field C finance
14. There are … regional departments (directorates).
A seven B eight C ten
15. The Federal Customs Service is an ….
A entry B entity C envoy
16. The Customs has its … approved heraldic symbols.
A duly B daily C dearly
17. Does the Customs abide by any international …?
A treaties B treatise C treatment
18. The heraldic symbols of the FCS are an emblem, a seal, a flag and a ….
A pennon B penny C pentacle
19. The customs shall be guided by … documents of the Central Bank.
A regulatory B regulated C regulating
20. What powers does Deputy Heads of the Federal Customs Service …?
A exercise B exert C exhibit
Test 12
Choose the best answer.
1. Customs is the nation’s … against external threats.
A guide B guard C goal
2. Customs is … on the international borders.
A posing B poised C posed
3. Customs must be knowledgeable … transport treaties and conventions.
A about B of C with
4. Customs administrations cooperate … the neighboring countries to improve their enforcement and exchange information.
A to B on C with
5. Historically, customs work consisted … the manual labor.
A of B from C in
6. It … professionalism and integrity in customs.
A undermined B undermanned C undermentioned
7. Customs use a professional workforce to … its mission.
A accomplish B accomplice C accompany
8. Traditionally, customs organizations are structured as departments of the Ministry of ….
A Trade B Justice C Finance
9. Customs environment is … changing.
A usually B traditionally C constantly
10. An ideal organization is … static.
A no B not C nor
11. It is … challenge for us.
A no B not C nor
12. A decision could be reached … the economic circumstances of the country.
A give B giving C given
13. … the task, they performed it easily.
A Given B Being given C Having given
14. A half is … than a quarter.
A more B less C longer
15. It seems ….
A tradition B traditional C traditionally
16. If the job is fully done, it is … done.
A 25% B 50% C 100%
17. Customs often deals with … traders and smugglers.
A noncompliance B noncompliant C uncompliant
18. The opposite of manual is ….
A hand-made B mechanized C mechanical.
19. They decide on the level of verification ….
A requiring B required C requirement
20. This organizational … is best suited for the circumstances.
A formula B formulae C formulas
Test 13
Choose the best answer.
1. Customs formalities … border crossings are important for international trade.
A on B in C at
2. Many international organizations promote trade ….
A facilities B facilitation C facilitating
3. … a result, developed countries have created their own e-control systems.
A for B as C such
4. Automation is an important … of promoting trade.
A mean B means C meaning
5. They use automated systems … cargo processing.
A in relation to B in relation with C in relation for
6. Not all customs administrations have automated at the same ….
A pace B space C part
7. There are many … reasons for automating customs processes.
A sound B sounding C sounded
8. It is time to … a balance between revenue collection and trade development.
A struck B strike C stroke
9. They … an old manual system with modern computer equipment yet.
A don’t upgrade B didn’t upgrade C haven’t upgraded
10. Customs administrations use similar … programs.
A software B hardware C shareware
11. She drew up a plan of what her organization should set … to achieve.
A off B out C forth
12. The system was designed to … developing countries.
A assist B insist C persist
13. Their actions are aligned … the best practices of the World Customs Organization.
A for B in C with
14. We are going to upgrade … existing computer system with modern, high-tech equipment.
A a B an C the
15. Among the most important reasons for automating customs processes is … cargo clearance.
A expediting B experimenting C experiencing
16. Authorizations can be … electronically.
A issued B assured C insured
17. Trade facilitation is one of the key … of many international bodies.
A activity B activities C actions
18. The expression “accurate statistics” means “….”
A тщательная статистика B точные данные C аккуратные данные
19. It is important to link … departments and government agencies.
A other B another C any other
20. You should … all unnecessary elements and duplications.
A eliminate B illuminate C imitate
Test 14
Choose the best answer.
1. The principles of risk management are applied with … degrees of success.
A varied B varying C various
2. Organizational risk may … an organization from achieving its objectives.
A prevent B prevail C pretend
3. Customs needs … its risks.
A to manage B managing C management
4. The state should interfere as little as possible … the flow of trade.
A with B in C within
5. There is a … between control and trade facilitation.
A trade-on B trade-off C trade-in
6. Too much of one makes it difficult to achieve ….
A another B other C the other
7. Top management should … this into account.
A make B take C put
8. Mitigation of the risks may … the achievement of these objectives.
A affect B afflict C effect
9. Basic risk management … the formulation of anti-smuggling policies.
A has guided B have guided C has guarded
10. The speed and volume of international trade … fueled by technological advances.
A is B are C was
11. Customs authorities … risk management.
A imply B implement C implore
12. In …words, Customs needs to provide a risk map.
A other B the other C another
13. Basic risk management has always been … to customs operations.
A fundamental B functional C flexible
14. Customs administrations need to adopt a more disciplined and structured approach … managing risk.
A to B in C for
15. The … of customs theory must be observed.
A basic B basics C base
16. Compliance … the customs regulations is fundamental.
A to B with C for
17. The countries have increased their trade contacts … recent times.
A during B in C at
18. Customs evaluates the risks presented by the nature of its ….
A action B operation C operations
19. It can … their chances of success.
A jeopardize B jeopardy C jeopard
20. Customs applies … set of management procedures.
A the B a C –
Test 15
Choose the best answer.
1. Financial management is sometimes called … finance.
A corporal B corporate C cooperative
2. Finance is concerned with financial decision-making within a business ….
A entirely B entirety C entity
3. Financial management decisions include … stocks and bonds.
A ensuring B insuring C issuing
4. Financing decisions involve the … of the firm’s funds.
A acquisition B acquaintance C acquittal
5. Many business decisions simultaneously involve both … and financing.
A investing B lending C borrowing
6. The success of the acquisition may depend on selling additional shares of … A stock B stuck C stick
7. The borrowed funds must be repaid within a … period of time.
A special B specified C specific
8. Creditors are those … the money.
A borrowing B lending C investing
9. Funds can be … by selling ownership interests.
A raised B rose C risen
10. Expected return is the difference between potential benefits and potential …
A costs B interests C profits
11. Risk is a degree of uncertainty associated … expected returns.
A with B by C from
12. Financial … is a tool of financial management.
A analyzing B analysis C analyses
13. It is necessary to evaluate the financial … of a firm.
A condition B precondition C condiment
14. Financial managers are primarily concerned … investment and financing decisions.
A about B by with
15. What goals do managers have in …?
A brain B head C mind
16. The company wants to protect their products … all costs.
A at B by C with
17. The financial objective is to maximize the economic … of the owners.
A well-being B will-being C wealth-being
18. If managers … to borrow money, it must be repaid.
A decide B will decide C would decide
19. It cost him a pretty ….
A penny B pence C pound
20. ‘… on the nail!’ cried the gangster.
A Cash B Money C Quid
Test 16
Choose the best answer.
1. Taxes are levied... the goods conveyed across the customs border.
A at B for C on
2. Customs payments include … duties and taxes.
A excise B exercise C excision
3. Special... and compensational duties are stipulated by the Federal Law and the Customs Code of the Russian Federation.
A anti-dumping B anti-smoking C anti-fraud
4. Subject to customs duties and taxes … be the goods conveyed across the customs border.
A shall B will C should
5. The taxable basis of customs duties and taxes comprises the goods customs … and their quantity.
A volume B value C valuta
6. Appraising the goods customs value... to be based on authentic certified information.
A shall B should C ought
7. The goods customs value is determined by the....
A customs officer B declarant C declaration
8. Customs duties shall be calculated using the legal... of the RF.
A contract B tender C entity
9. Conversion of foreign currency shall be based on the … rate established by the Central Bank of the RF.
A average B annual C exchange
10. The Customs Code... the terms of payment of customs duties and taxes.
A stipulates B simulates C stimulates
11. Goods can be conveyed across the customs border by natural....
A persons B people C men
12. Some goods are imported with partial conditional... from customs duties and taxes.
A extension B exemption C expansion
13. The penalty fee shall be... for non-payment (delay of payment) of customs duties and taxes.
A changed B chased C charged
14. Calculation of penalty fees is based on the... rate.
A finance B refinance C refinement
15. Penalty fees shall be disbursed... with the due customs duties and taxes.
A currently B concurrently C correctly
16. Dutiable payments are made pursuant... the Law of the Russian Federation.
A with B to C by
17. … tax shall we pay? – An excise tax.
A who’s B whose C which
18. … idea was it to convey the goods across the border?
A who’s B whose C which
19. These are imported goods... partial conditional exemption from customs duties and taxes is stipulated by law.
A who’s B whose C which
20. What customs territory are the goods imported...?
A in B to C on
SUPPLEMENTARY READING
(Texts for self-study)
Text 1