What are the main problems in audit?

Тематика контрольных работ и практических заданий, а также методические рекомендации по их выполнению для обучающихся по заочной форме обучения.

Методические рекомендации по выполнению контрольных работ

Для студентов заочной формы обучения.

Основной целью учебной дисциплины «Иностранный язык делового общения (английский язык)»для слушателей заочной формы обучения является формирование языковой и коммуникативной компетенций у обучающихся и достижение уровня практического владения английским языком для его активного применения в повседневном и деловом устном общении, а также в деловой переписке. По окончании изучения дисциплины обучающийся должен уметь:

· вести беседу-диалог в рамках делового общения и актуальных бытовых тем;

· самостоятельно работать со специальной литературой на английском языке с целью получения и обмена профессиональной информацией.

Для успешного изучения иностранного языка обучающиеся на заочной форме обучения должны самостоятельно прорабатывать большую часть языкового материала в соответствии с учебно-тематическим планом рабочей программы по дисциплине «Иностранный язык делового общения (английский язык)», составленной с учетом требований Федерального государственного образовательного стандарта высшего профессионального образования Российской Федерации по направлению подготовки 080200 – Менеджмент (квалификация «бакалавр»).

Выполнение контрольных заданий

и оформление контрольных работ

1. Выполнять контрольные работы следует в отдельной тетради, которая должна быть подписана (фамилия и инициалы, шифр, номер группы и номер контрольной работы).

2. Слушатель выполняет один из вариантов в соответствии с указанием преподавателя. Слушателям, выполнившим не свой вариант контрольной работы, засчитывается неудовлетворительная оценка.

3. Контрольные работы должны выполняться черной или синей пастой, аккуратно, четким почерком, писать следует через строку. При выполнении контрольной работы следует оставлять широкие поля для замечаний, объяснений и методических указаний рецензента.

Материалы контрольной работы следует располагать в тетради по следующему образцу:

	Левая страница	Правая страница
Поля	Английский текст	Русский текст	Поля

3. Упражнения должны выполняться в той последовательности, которой они даны в контрольном задании.

4. При выполнении работы необходимо переписывать задания к упражнениям, текст упражнений на английском языке.

5. Выполненную контрольную работу направляйте для проверки и рецензирования в установленные сроки.

6. Если контрольная работа выполнена без соблюдения вышеуказанных требований или не полностью, она не проверяется.

7. Получив проверенную работу, студент должен внимательно ознакомиться со всеми замечаниями и исправлениями преподавателя, проанализировать и исправить допущенные ошибки. Все предложения, в которых были допущены ошибки, необходимо переписать в исправленном виде и подчеркнуть в них ту часть предложения или слова, в которой были допущены ошибки.

8. Отрецензированные и исправленные контрольные работы являются учебными документами, которые необходимо сохранять; помните о том, что во время зачета или экзамена проводится проверка усвоения материала, вошедшего в контрольные работы.

Контрольная работа № 1

1 вариант

I. Перепишите следующие предложения; переведите их на русский язык; определите по грамматическим признакам, какой частью речи являются слова, оформленные окончанием –s и какую функцию это окончание выполняет, т.е. служит ли оно:

· показателем 3-его лица единственного числа глагола в Present Indefinite;

· признаком множественного числа имени существительного;

· показателем притяжательного падежа имени существительного.

1. The company’s recent sales results were poor.

2. Fast –Track Inc., based in Boston, US, sells management training courses.

3. Fast-Track is looking for a new Sales Manager for its subsidiary in Warsaw, Poland.

II. Перепишите следующие предложения и переведите их, обращая внимание на особенности перевода на русский язык определений, выраженных именем существительным.

1. More than 1,400 readers of Cosmopolitan have applied to become a London Tube train driver.

2. Employees in large multinational companies have excellent career opportunities if they are willing to travel.

3. Direct Sun is a low-budget holiday website.

III. Перепишите следующие предложения, содержащие разные формы сравнения прилагательных, и переведите предложения на русский язык.

1. Direct Sun has a good customer base, but it wants a bigger catalogue of holidays to offer.

2. The best candidate should fill the vacant position.

3. The least successful candidates can be offered a part-time job during his/her probation.

IV. Перепишите и письменно переведите предложения, обращая внимание на перевод неопределенных и отрицательных местоимений.

1. Some people take a career break to do something adventurous like sailing around the world.

2. The previous manager had no clear strategy for developing sales in the area.

3. The staff did not seem to have any ideas about the future of the company.

V. Перепишите следующие предложения, определите в них видо-временные формы глаголов и укажите их инфинитив; переведите предложения на русский язык. Запишите эти предложения в вопросительной и отрицательной формах.

1. It has always been a classic thing for boys to want to be train drivers.

2. London Underground described the response to its single advertisement as exceptional.

3. London Underground will hire more women next year.

VI. Перепишите и письменно переведите текст.

Origins of Money

There are numerous myths about the origins of money. The concept of money is often confused with coinage. Coins are a relatively modern form of money. Their first appearance was probably in Asia in the 7th century BC. And whether these coins were used as money in the modern sense has also been questioned.

To determine the earliest use of money, we need to define what we mean by money. We will return to this issue shortly. But with any reasonable definition the first use of money is as old as human civilization. The early Persians deposited their grain in state or church granaries. The receipts of deposit were then used as methods of payment in the economies. Thus, banks were invented before coins. Ancient Egypt had a similar system, but instead of receipts they used orders of withdrawal – thus making their system very close to that of modern checks. In fact, during Alexander the Great’s period, the granaries were linked together, making checks in the 3rd century BC more convenient than British checks in the 1980s.

However, money is older than written history. Recent anthropological and linguistic research indicates that not only is money very old, but it’s origin has little to do with trading, thus contradicting another common myth. Rather, money was first used in a social setting. Probably at first as a method of punishment.

Early Stone Age man began the use of precious metals as money. Until the invention of coins, metals were weighed to determine their value. Counting is of course more practical, the first standardized ingots appeared around 2200 BC. Other commonplace objects were subsequently used in the abstract sense, for example miniature axes, nails, swords, etc.

Full standardization arrived with coins, approximately 700 BC. The first printed money appeared in China, around 800 AD. The first severe inflation was in the 11th century AD. The Mongols adapted the bank note system in the 13th century, which Marco Polo wrote about. The Mongol bank notes were “legal tender”, i.e. it was a capital offense to refuse them as payment. By the late 1400s, centuries of inflation eliminated printed bank notes in China. They were reinvented in Europe in the 17th century.

VI. Ответьте на вопросы после текста.

1. Are the concepts of money and coinage the same?
How old is the first money?

2. What did early Stone Age men use as money?

3. Where and when did the first bank notes appear?

4. When and where was the printed money reinvented?

2 вариант

· показателем 3-его лица единственного числа глагола в Present Indefinite;

· признаком множественного числа имени существительного;

· показателем притяжательного падежа имени существительного.

1. Valentino’s owners want the company to become an international business.

2. They believe Valentino makes the finest chocolates in the world.

3. The company has almost 300 employees, 75 company-owned shops.

1. The company started by selling raw chocolate to other chocolate manufactures.

2. In the last two years sales growth has slowed down.

3. The company decided to develop a new product such as a low-fat chocolate drink.

1. Most of the best ideas are discovered by accident.

2. A new model of the car is safer than the old ones.

3. Some people will buy a new product as the product enhances their status – makes them feel more important

1. Other people will buy any “green” product which reduces waste.

2. There is nothing wrong with copying and improving the ideas of others.

3. There are no new ideas.

1. In the 1970s Herta Herzog was working for the advertising agency in New York.

2. We have recently started a new company.

3. We’ll talk about our marketing strategy.

VI. Перепишите и письменно переведите текст.

Tax

A tax is a compulsory charge or other levy imposed on an individual or a legal entity by a state or a functional equivalent of a state (e.g., tribes, secessionist movements or revolutionary movements). Taxes could also be imposed by a subnational entity.

Taxes may be paid in cash or in kind or as corvee labor. In modern capitalist taxation systems, taxes are designed to encourage the most efficient circulation of goods and services and are levied in cash. In kind and corvee taxation are characteristic of traditional or pre-capitalist states and their functional equivalents. The means of taxation, and the uses to which the funds raised through taxation should be put, are a matter of hot dispute in politics and economics, so discussions of taxation are frequently tendentious.

Public finance is the field of political science and economics that deals with taxation.

History of taxation

Political authority has been used to raise capital throughout history. In many pre-monetary societies, such as the Incan empire, taxes were owed in labor. Taxation in labor was the basis of the Feudal system in medieval Europe.

In more sophisticated economies such as the Roman Empire, tax farming developed, as the central powers could not practically enforce their tax policy across a wide realm. The tax farmers were obligated to raise large sums for the government, but were allowed to keep whatever else they raised.

Many Christians have understood the New Testament to support the payment of taxes, through Jesus's words "Render unto Caesar the things that are Caesar's".

There were certain times in the Middle Ages where the governments did not explicitly tax, since they were self-supporting, owning their own land and creating their own products. The appearance of doing without taxes was however illusory, since the government's (usually the Crown's) independent income sources depended on labor enforced under the feudal system, which is a tax exacted in kind.

Many taxes were originally introduced to fund wars and are still in place today, such as those raised by the American government during the American Civil War (1861-1865). Income tax was first introduced into Britain in 1798 to pay for weapons and equipment in preparation for the Napoleonic wars and into Canada in 1917 as a "temporary" tax under the Income War Tax Act to cover government expenses resulting from World War I.

The current income tax in America was set up by Theodore Roosevelt in 1913. It was called The Federal Income Tax and was deducted from incomes at rates varying from 1-7%. But, since then, the American Tax Code has been modified and new taxes have been added, especially over the World War I and II periods. Since World War II, the American Tax Code has increased in size four-fold.

VII. Ответьте на вопросы после текста.

1. What is the definition of a tax?

2. How can taxes be paid?

3. How were taxes paid in medieval Europe?

4. Why were many taxes originally introduced?

3 вариант

· показателем 3-его лица единственного числа глагола в Present Indefinite;

· признаком множественного числа имени существительного;

· показателем притяжательного падежа имени существительного.

1. The company’s products and services have improved over the last two years.

2. We listened to each other’s ideas carefully.

3. The conference takes place in July.

1. The Chief executive of the company invited the overseas sales managers to attend this year’s conference.

2. Why do companies spend money on corporate entertaining?

3. Entertainment has become a very important part of a Customer Relationship Management programme.

1. The customers are less cheerful and talk about restructuring all the time.

2. Companies are much stricter these days with what they will let their employees spend compared with their old days.

3. The latest figures show that spending on entertainment is at its lowest level.

1. Nobody knows about the sales of a new product.

2. When there are no highly paid jobs young people tend to study more.

3. Have you ever made any business plan?

1. A bank manager has given up his job to realize his childhood ambition of becoming a bus driver.

2. They made the presentation on Monday.

3. My colleague will travel abroad on business next month.

VI. Перепишите и письменно переведите текст.

Process of Audit

A financial audit is usually done annually through 3 main steps.

1. Interim review.

This is the first approach to the company. It usually covers the first half of the financial year. For instance, if a company closes its accounts yearly on December 31, the interim review will cover January to June.

The purpose is

· to understand the business of the company, the environment in which it operates (this includes aspects such as competition, legal requirements, economy, etc), what its main issues are to figure out what audit risks are from an audit point of view. This means, auditors will have

· to find what kind of mistake (on purpose or not) could be done in this company. For instance, if the income of sales representatives is directly linked to the sales they generate (it's of course never the case), they could try to overstate their figures, leading to an abnormally high income.

· to assess the internal control procedures (checks on the firms internal processes, such as inventory) actually in place. This is an important step as it will allow later to determine if one should carry out basic or advanced investigations. Indeed, if the internal control procedures seem to be reliable, this means there is no need to check accounts further.

2. Hard close.

This audit precedes the closing date. For a company closing on December 31, the Hard Close would typically occur using numbers as of November 30. Note: some hard closes are performed using the numbers as of the preceding quarter end (i.e. in the above example as of September 30). The purpose is to audit all movements year to date. This audit step is not on the audit during Final.

3. Final.

This is the latest step of the audit, usually some weeks after the closing. Thanks to the work already done during the Hard Close, only the remaining range between the date of the Hard Close and the closing has to be audited.

Rationale for auditing

Audit has some specific features throughout the world but has some main components. One of the main problems in audit is the conflict between the need to control a company and the business relationship. On the one hand, the audit company has to thoroughly check the books, but on the other hand, it has to keep its customer that is its source of revenue. In practical terms, this means that the audit company will try to protect itself by carrying out the minimum checks, but if it has a slight doubt, it won't go further if the client is a bit reluctant to give out information.

VII. Ответьте на вопросы после текста.

1. What are the three main steps of financial audit?

2. What is the purpose of the interim review?

3. Describe the audit step called “hard close”.

4. What is the latest step of the audit?

4 вариант

· показателем 3-его лица единственного числа глагола в Present Indefinite;

· признаком множественного числа имени существительного;

· показателем притяжательного падежа имени существительного.

1. Ferrari is Italy’s maker of sports and racing cars.

2. A company produces goods of very high quality.

3. Why do people buy Ferraris?

1. Did they meet their sales targets?

2. How has their market share changed?

3. The company spent $ 1,000 000 on shampoo advertising.

1. Customers are now spending more money on products they desire rather than on products tat they simply need.

2. Ferrari is among the three most recognizable brands in the world.

3. Switzerland is the largest market per capita for the car maker’s products.

1. Some economists can forecast sales of a new product.

2. No changes need to be made to relaunch the product..

3. Every employee should have commitment.

1. The Marketing Department interviewed members of the public to find out what was going wrong.

2. With its 18- hole golf course and designer shops Sauipe is hoping to attract rich foreign visitors.

3. The developers have planned the new resort properly.

VI. Перепишите и письменно переведите текст.

What are the main problems in audit?

Although the audit process of obtaining and evaluating evidence and communicating the results to interested users applies to all audit applications, the objectives of auditing vary depending on the needs of users of the audit report. Internal auditing, governmental auditing, and external auditing all serve different objectives.

Internal auditing is defined as an independent appraisal function established within an organization to examine and evaluate its activities as a service to the organization. The objective of internal auditing is to assist members of the organization in the effective discharge of their responsibilities. To this end, internal auditing furnishes them with analyses, appraisals, recommendations, counsel, and information concerning the activities reviewed.

Internal auditors require a broader definition of auditing because they are employed by the company that they audit. Consequently, internal auditors must define their function in such a way that the function will include any activity that is helpful to their employer.

Governmental auditing covers a wide range of activities on the federal, state, and local levels and numerous regulatory agencies. Governmental auditors not only examine financial statements but also determine whether government program objectives are met and whether certain government agencies and private enterprises comply with applicable laws and regulations.

External auditing involves reporting on financial statements prepared by management for external users of third parties. Third parties include stockholders, creditors, bankers, potential investors, and federal, state, and local regulatory agencies. External audits are performed by independent CPA firms.

VII. Ответьте на вопросы после текста.

1. What do you know about the governmental auditing?

2. What types of auditing do you know?

3. What is the essence of external auditing?

Контрольная работа №2

1 вариант

I. Перепишите следующие предложения, определите в каждом из них видо-временную форму и залог глагола-сказуемого. Переведите предложения на русский язык.

1. During the working hours people are not allowed off the premises.

2. Two typical failures of managers have been described in the journal.

3. The company was led by the Sales Manager.

II. Перепишите следующие предложения, подчеркните в каждом из них модальный глагол или его эквивалент. Переведите предложения.

1. Personal crises can affect the way we cope with things.

2. An employer told an employee that he must not come to work in a collar and tie to drive his 17 –tonne lorry.

III. Перепишите предложения. Переведите предложения, обращая внимание наформы причастий.

1. Being kept waiting, being connected to voice mail or being passed on to someone else are all common flashpoints.

2. Calvin Klein has, for a long time, had problems with counterfeiters selling poor quality merchandise bearing his brand name.

3. The new logo was pat of a campaign to promote Ireland as a modern country offering good food and company.

IV. Перепишите предложения. Переведите предложения, обращая внимание насослагательное наклонение.

1. If you present yourself properly, you look good and get respect.

2. If he did so, he faced the sack.

V. Перепишите и письменно переведите текст.

Employment

Since individuals typically earn their incomes from working for companies whose requirements are constantly changing, it is quite possible that at any given time not all members of a country's potential work force will be able to find an employer that needs their labor. This would be less problematic in an economy in which such individuals had unlimited access to resources such as land in order to provide for themselves, but when the ownership of the bulk of its productive capacity resides in relatively few hands, most individuals will be dependent on employment for their economic well-being. It is typical for true capitalist economies to have rates of unemployment that fluctuate between 3% and 15%. Some economists have used the term "natural rate of unemployment" to describe this phenomenon.

Depressed or stagnant economies have been known to reach unemployment rates as high as 30%, while events such as military mobilization (a good example is that of World War II) have resulted in just 1-2% unemployment, a level that is often termed "full employment". Typical unemployment rates in Western economies range between 5% and 10%. Some economists consider that a certain level of unemployment is necessary for the proper functioning of capitalist economies. Equally, some politicians have claimed that the "natural rate of unemployment" highlights the inefficiency of a capitalist economy, since not all its resources – in this case human labor – are being allocated efficiently.

Some libertarian economists argue that higher unemployment rates are in part the result of minimum wage laws, as well as in part the result of misguided monetary policy, and are not inevitable in a capitalist economy. They also claim that if the value of the productive capacity of a given employee is worth less to the employer than the minimum wage, that person will become unemployed, and therefore unemployment will exist whenever the legal minimum wage exceeds the true economic value of the least productive members of the labor pool. Likewise, if the amount of money a person can obtain on welfare approaches or equals what they could make by working, that person's incentive to work will be reduced.

Some unemployment is voluntary, such as when a potential job is turned down because the unemployed person is seeking a better job, is voluntarily living on savings, or has a non-wage-earning role, such as in the case of a traditional homemaker. Some measures of employment disregard these categories of unemployment, counting only people who are actively seeking work and have been unable to find any.

VI. Ответьте на вопросы после текста

1. What is the natural rate of unemployment?
What sort of events can lead to full employment?

2. How can minimum wage laws affect unemployment rates?

3. When will person's incentive to work be reduced?

2 вариант

1. The company’s new sales team was made up of representatives of both companies.

2. Negotiations are designed to make it difficult for you to concentrate.

3. The results of business have exceeded all expectations.

1. Should sales staff met informally after work once a month to consider how to improve customer service?

2. What can be done to keep staff longer?

III. Перепишите предложения. Переведите предложения, обращая внимание наформы причастий.

1. Already frustrated by a delayed flight a passenger stormed onto the runway, took out a pistol and shot out the aircraft’s front tyre.

2. In one recent case, a septuagenarian hit a steward after being told there was no more steak.

3. More carriers nowadays are banning on-board smoking, leading the nicotine dependent into conflict as they try to have a secret cigarette.

IV. Перепишите предложения. Переведите предложения, обращая внимание насослагательное наклонение.

1. They even threatened to dismiss him if he did not accept their new dress code.

2. Even if you know how a market will develop, timing is a matter of luck or

of quite exceptional skill.

V. Перепишите и письменно переведите текст.

Private Enterprise

In capitalist economies, a predominant proportion of productive capacity has belonged to companies, in the sense of for-profit organizations. This include many forms of organizations that existed in earlier economic systems, such as sole proprietorships and partnerships. Non-profit organizations existing in capitalism include cooperatives, credit unions and communes.

More unique to capitalism is the form of organization called corporation, which can be both for-profit and non-profit. This entity can act as a virtual person in many matters before the law. This gives some unique advantages to the owners, such as limited liability of the owners and perpetual lifetime beyond that of current owners.

A special form of corporation is a corporation owned by shareholders who can sell their shares in a market. One can view shares as converting company ownership into a commodity - the ownership rights are divided into units (the shares) for ease of trading in them. Such share trading first took place widely in Europe during the 17th century and continued to develop and spread thereafter. When company ownership is spread among many shareholders, the shareholders generally have votes in the exercise of authority over the company in proportion to the size of their share of ownership.

To a large degree, authority over productive capacity in capitalism has resided with the owners of companies. Within legal limits and the financial means available to them, the owners of each company can decide how it will operate. In larger companies, authority is usually delegated in a hierarchical or bureaucratic system of management.

Importantly, the owners receive some of the profits or proceeds generated by the company, sometimes in the form of dividends, sometimes from selling their ownership at higher price than their initial cost. They may also re-invest the profit in the company which may increase future profits and value of the company. They may also liquidate the company, selling all of the equipment, land, and other assets, and split the proceeds between them.

The price at which ownership of productive capacity sells is generally the maximum of either the net present value of the expected future stream of profits or the value of the assets, net of any obligations. There is therefore a financial incentive for owners to exercise their authority in ways that increase the productive capacity of what they own. Various owners are motivated to various degrees by this incentive – some give away a proportion of what they own, others seem very driven to increase their holdings. Nevertheless the incentive is always there, and it is credited by many as being a key aspect behind the remarkably consistent growth exhibited by capitalist economies. Meanwhile, some critics of capitalism claim that the incentive for the owners is exaggerated and that it results in the owners receiving money that rightfully belongs to the workers, while others point to the fact that the incentive only motivates owners to make a profit - something which may not necessarily result in a positive impact on society. Others note that in order to get a profit in a non-violent way, one must satisfy some need among other persons that they are willing to pay for. Also, most people in practice prefer to work for and buy products from for-profit organizations rather than to buy from or work for non-profit and communal production organizations which are legal in capitalist economies and which anyone can start or join.

VI. Ответьте на вопросы после текста.

1.What is the predominant type of organizations in capitalist economies?

2.What advantages does corporation have?

3.How can shareholders exercise their authority over a company?

3 вариант

1. Denin, the raw material which is used to make the jeans, will be imported from several countries.

2. The first free elections for a democratic government have been held this year.

3. The contracts with the four largest kiwifruit cooperatives have already been signed and planting has begun.

1. Everyone in your audience should be at the same language level?

2. Could you please tell us what your job involves?

III. Перепишите предложения. Переведите предложения, обращая внимание наформы причастий.

1. Outdoor advertising is one of the fastest growing segments, having doubled its market share in recent years.

2. This is a high-priced, hand-finished model with a classic design.

3. When working, Mr. Humphries, an ex-ROYAL Airforce man, wore dark blue trouser, a light blue short, and a red and grey striped tie.

IV. Перепишите предложения. Переведите предложения, обращая внимание насослагательное наклонение.

1. If you memorise the introduction, you will be more confident when making a presentation.

2. If you use an overhead projector, you should remember to turn it off when you don’t need it.

V. Перепишите и письменно переведите текст.

Types of taxes

Taxes are sometimes referred to as direct or indirect. The meaning of these terms can vary in different contexts, which can sometimes lead to confusion. In economics, direct taxes refer to those taxes that are collected from the people or organizations on whom they are imposed. For example, income taxes are collected from the person who earns the income. By contrast, indirect taxes are collected from someone other than the person responsible for paying the taxes.

From whom a tax is collected is a matter of law. However, who pays the tax is determined by the market place and is found by comparing the price of the good (including tax) after the tax is imposed to the price of the good before the tax was imposed. For example, suppose the price of gas in the U.S., without taxes, were $2.00 per gallon. Suppose the U.S. government imposes a tax of $0.50 per gallon on the gas. Forces of demand and supply will determine how that $0.50 tax burden is distributed among the buyers and sellers. For example, it is possible that the price of gas, after the tax, might be $2.40. In such a case, buyers would be paying $0.40 of the tax while the sellers would be paying $0.10 of the tax.

Income tax

Income tax is commonly a progressive tax because the tax rate increases with increasing income. For this reason, it is generally advocated by those who think that taxation should be borne more by the rich than by the poor, even to the point of serving as a form of social redistribution. Some critics characterize this tax as a form of punishment for economic productivity. Other critics charge that income taxation is inherently socially intrusive because enforcement requires the government to collect large amounts of information about business and personal affairs, much of which is considered proprietary and confidential.

Income tax fraud is a problem in most, if not all, countries implementing an income tax. Either one fails to declare income, or declares nonexistent expenses. Failure to declare income is especially easy for non-salaried work, especially those paid in cash. Tax enforcement authorities fight tax fraud using various methods, nowadays with the help of computer databases. They may, for instance, look for discrepancies between declared revenue and expenses along time. Tax enforcement authorities then target individuals for a tax audit – a more or less detailed review of the income and tax-deductible expenses of the individual.

Income tax may be collected from legal entities (e.g., companies) as well as natural persons (individuals), although, in some cases, the income tax on legal entities is levied on a slightly different basis than the income tax on individuals and may be called, in the case of income tax on companies, a corporation tax or a corporate income tax.

Poll tax

A poll tax, also called a per capita tax, or capitation tax, is a tax that levies a set amount per individual. The earliest tax mentioned in the Bible of a half-shekel per annum from each adult Jew was a form of poll tax. Poll taxes are regressive, since they take the same amount of money (and hence, a higher proportion of income) for poorer individuals as for richer individuals. Poll taxes are difficult to cheat.

VI. Ответьте на вопросы после текста.

1. What are the two main kinds of taxes? 2. What determines who pays the tax? 3. What is the income tax? 4. What is the poll tax?

4 вариант

1. Several foreign firms have been invited to present their new products to the board of the store.

2. Orders have also been cancelled as company’s subsidiaries are not responding quickly to customers’ needs.

3. Its latest collection was described by a famous fashion expert as boring, behind the times and with no appeal to a fashion-conscious buyer.

1. All travelers to the US have to be in possession of a visa.

2. You can’t visit the museum on Mondays as it is closed.

III. Перепишите предложения. Переведите предложения, обращая внимание наформы причастий.

1. Following complaints from customers, we need to discuss a dress code for all employees, and guidelines on personal appearance.

2. When preparing a presentation, try to find out what your audience already knows.

IV. Перепишите предложения. Переведите предложения, обращая внимание насослагательное наклонение.

1. If you have any questions, don’t hesitate to ask.

2. If you look at the graph, you’ll see the bar’s actual sales compared with forecast sales.

V. Перепишите и письменно переведите текст.

Market Economy

The notion of a "free market" where all economic decisions regarding transfers of money, goods, and services take place on a voluntary basis, free of coercive influence, is commonly considered to be an essential characteristic of capitalism. Some individuals contend, that in systems where individuals are prevented from owning the means of production (including the profits), or coerced to share them, not all economic decisions are free of coercive influence, and, hence, are not free markets. In an ideal free market system none of these economic decisions involve coercion. Instead, they are determined in a decentralized manner by individuals trading, bargaining, cooperating, and competing with each other. In a free market, government may act in a defensive mode to forbid coercion among market participants but does not engage in proactive interventionist coercion. Nevertheless, some authorities claim that capitalism is perfectly compatible with interventionist authoritarian governments, and/or that a free market can exist without capitalism.

A legal system that grants and protects property rights provides property owners the entitlement to sell their property in accordance with their own valuation of that property; if there are no willing buyers at their offered price they have the freedom to retain it. According to standard capitalist theory, as explained by Adam Smith, when individuals make a trade they value what they are purchasing more than they value what they are giving in exchange for a commodity. If this were not the case, then they would not make the trade but retain ownership of the more valuable commodity. This notion underlies the concept of mutually-beneficial trade where it is held that both sides tend to benefit by an exchange.

In regard to pricing of goods and services in a free market, rather than this being ordained by government it is determined by trades that occur as a result of price agreement between buyers and sellers. The prices buyers are willing to pay for a commodity and the prices at which sellers are willing to part with that commodity are directly influenced by supply and demand (as well as the quantity to be traded). In abstract terms, the price is thus defined as the equilibrium point of the demand and the supply curves, which represent the prices at which buyers would buy (and sellers sell) certain quantities of the good in question. A price above the equilibrium point will lead to oversupply (the buyers will buy less goods at that price than the sellers are willing to produce), while a price below the equilibrium will lead to the opposite situation. When the price a buyer is willing to pay coincides with the price a seller is willing to offer, a trade occurs and price is determined.

VI. Ответьте на вопросы после текста.

1. How should government act in an ideal free market?

2. How do you understand the concept of mutually-beneficial trade?

3. How is the price determined?

What are the main problems in audit?

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