REVISION - FINAL TEST.

1. Types of businesses:

In the United Kingdom, there are essentially five types of businesses. They are:

1. Sole Trader - ST;

2. Partnerships - PS;

3. Limited Liability Partnerships - LLP;

4. Limited Companies - LC;

5. Public Limited Companies - PLC.

Read these definitions and match them to each of the above:

A. _____________ is organised in such a way as to give its owners limited liability so that they will not be required to pay more than the value of their shares.

B. _____________ by which owners conducting a business jointly have unlimited liability and the actions of one of the owners are binding on each of the other.

C. _____________ is formed under applicable state statute in which the partnership is liable as an entity for debts and obligations and the owners are not liable personally.

D. _____________ has issued securities through an offering which are traded on the open market.

E. _____________ has unlimited liability for all the money the business owes.

According to the definitions, which business have:

Limited liability	Unlimited liability

2. Choose the right answer:

1. When you retire, you receive a(n) ……………… from the government.

a. allowance b. fine c. grant d. pension

2. Income tax is ……………. to one's annual income.

a. associated b. based c. dependent d. related

3. If the production in that factory exceeds the target, the workers get a ……………. .

a. bonus b. expenditure c. gratuity d. premium

4. A salesman is paid a ……………. on the goods he sells.

a. commission b. percentage c. provision d. supplement

5. The President admitted taking ………….. and had to resign.

a. bribes b. fees c. fines d. premiums

6. Mr Mean cannot bear to ………… even the smallest sum of money for a charity appeal.

a. give in b. let out c. part with d. pay off

7. If they are not more careful with their accounts, they will go ………….. .

a. bankrupt b. broken c. penniless d. poor

8. If I had another GBP 25,000 a year, I would consider myself …………….. .

a. well deserved b. well done c. well-made d. well off

9. Before starting a business, you have to raise the necessary ……………….. .

a. capital b. currency c. investment d. savings

10. The usual reason for exemption from tax does not ……………. in this case.

a. apply b. concern c. impose d. regard

11. Mrs Unemployed is finding it difficult to pay the …………….. on her insurance policy.

a. bonuses b. fees c. fines d. premiums

12. Our company made a record …………….. last year.

a. benefit b. earn c. profit d. winning

13. While you are away from the office on business trips, you will be given a daily ………….. of GBP 50 towards meals and accommodation.

a. allowance b. fine c. permit d. reward

14. I hate the beginning of each year when all the ……………… start coming in and I have to find the money to pay them all.

a. accounts b. bills c. estimates d. receipts

15. Inflation is the first problem that the new government will have to ………….. .

a. clasp b. grasp c. seize d. tackle

3. Choose the right word from the list to complete each sentence:

overdraft facility loans bonds standing order pension

1. We offer ________________ for buying cars and homes.

2. To help a customer cover expenses without any worries, we recommend a/an __________ .

3. We can manage investments such as shares, real estate and _____________ .

4. For retirement planning, we have got excellent _____________ accounts available.

5. A customer can arrange a/an _____________ to have transfers made on a set timetable.

4. Put each of the following words or phrases into its correct place in the text below.

banks beads buy coins change

currency depositing earn exchange rate goods

investments money paper bills savings accounts sell

shells value

MONEY

Money is what people use to (1) ……………… things. People spend money on (2) …………… and services. Many people save part of their money by (3) …………… it in a bank. People (4) …………. money by performing services. They also earn money from (5) …………….., including government bonds, and from (6) …….……… .

(7) ……………… can be anything that people agree to accept in exchange for the things they (8) ……………. or the work they do. Ancient peoples used such varied things as (9) …………….., (10) ……………, and cattle as money. Today, most nations use metal coins and (11) ……………. . Different countries' (12) ………………. and bills look different and have different names.

A person can (13) ……………. his money for the money of any country according to the (14) ……………. . Usually, such rates are set by the central (15) ……………. of a country. The (16) …………… of a country's (17) …………… may change, depending on the economic and political conditions in that country.

5. Complete the text given below using one word only.

BANKS

People (1) ………… money in banks for future use. A man may be (2) …………… each week for his work. He probably will not want to (3) ………… all his pay the day he receives it. It may be risky for him to carry all his unspent money in his (4) …………….., or to (5) ………………. it at home. So he may decide to put some of his money in a bank for (6) ……………… . The money he puts in the bank is called a (7) …………….. . This money is (8) …..…………., or added, to his (9) …………….. . An account is a (10) ……………. of the money a depositor has in the bank. When the depositor wants to (11) ……………, or take out, part of his deposit, the (12) …………… must be ready to pay him.

Banks use the money of (13) ………………. for loans to those who need (14) ………….. . The bank that makes the loan is called a lender, or (15) …………….. . The bank charges the borrower, or (16) ………………., interest for the use of the (17) ………….. . Charging (18) ………………. for the use of money is the chief source of (19) ………………. .

6. Match the definitions with the correct money word.

1. an allowance	a) money paid to authors or inventors according to the sales of their work
2. a bonus	b) a sum of money used to make more money from something that will increase in value
3. a commission	c) the money which a building society or bank lends to someone to buy a house
4. a deposit	d) the money that a person pays to an insurance company to protect against loss or damage
5. a dividend	e) money, usually from a relative, to live on
6. an investment	f) an additional payment which is a reward to those who work for a company for their extra work
7. a legacy	g) the amount of money borrowed from a bank, greater than that which is in your account
8. maintenance	h) money received from someone in his or her will
9. an overdraft	i) the amount of money that goes to a shareholder
10. a premium	j) money paid by divorced or separated people to support the former husband or wife
11. royalties	k) part of the value of a company that you may buy
12. a share	l) part-payment of money which you make to stop the seller from selling his goods to others
13. a mortgage	m) an amount of money, related to the value of goods sold, which is paid to a salesman for his services

7. Word families.

	Verb	Personal noun	General noun	Adjective
1	to analyze
2		competitor
3			advice	-
4	to merge
5	to industrialise
6		trader
7				exporting/exported
8		producer
9		supplier
10		consumer
11	to guarantee
12	to credit
13			debit
14		earner
15		investor

4

---