Anul III Stit Business English Autumn Term 2016-2017

3RD YEAR TRANSLATION STUDIES
BUSINESS ENGLISH
Course coordinator: Roxana-Cristina Petcu, PhD
AUTUMN TERM 2016-2017
WORKSHEET 1
I.TRANSLATE INTO ROMANIAN:
Almost unnoticed, Japanese companies are starting to turn away from their obsessive pursuit of market share towards a
more western-style stress on profitability and return on equity. The change will have a profound effect on how corporate
Japan manages itself. The shift in strategy has been partly prompted by a worse-than-expected economic slowdown. But
Japanese companies have also begun to realise that there is a practical limit to the pursuit of market share. Quite apart
from the political constraints imposed by the threat of a protectionist backlash, there are also sound commercial reasons
for changing course. In the easy credit conditions of the late 1980s, the pursuit of market share almost regardless of cost
led to wasteful spending, diseconomies of scale and a proliferation of products that are now clogging Tokyo warehouses.
Corporate Japan faces the prospect of a third consecutive year of declining company profits in the fiscal year to March.
This will be the first time this has occurred since 1945, which is one good reason why the Tokyo stock market is
depressed. Other signs of corporate weakness abound. Inventories have soared. Industrial output will decline by 4% in
the first three months, the biggest drop since 1975.The most dramatic change to come, however, may be in capital
spending. Robust private-business investment has been at the core of Japanese economic strength. Japanese firms
indulged in investment overkill in the so-called Heisei boom which began in late 1986 and ended in 1991.Capital
spending accounted for two-thirds of the growth in real GNP during those five years. But business spending was even
greater than this figure suggests, since firms spent lavishly in the boom years buying land at crazy prices on which to
build unproductive assets like corporate dormitories. Yet, land is not included in official measures of capital spending.
II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE SAME
THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1.market share:a.the business of dealing in stocks and shares; b. an enclosed area in a market place; c.the proportion
of the total demand that is supplied by a particular manufacturer or brand.
2.equity: a.fairness; b.the part of a companys capital that belongs to the shareholders; c.a branch of law.
3.slowdown: a.reduction in activity;b.protest by workers in which they deliberately work slowly and cause problems;
c.collapse.
4.backlash:a.revolt; b.acceptance; c.strong reaction against
5.regardless of :a.taking something into account; b.in spite of; c.on condition
6.diseconomies of scale:a.decreases in costs; b.increases in efficiency; c.decreases in efficiency and rising costs
7.clog:a.free; b.jam; c.not to allow free movement
8.prospect:a.view; b.chance; c.expectation.
9.stockmarket:a.stock exchange; b.open-air market; c.the market in which goods are traded.
10.inventory :a.detailed list of things; b.raw materials and unsold stock held by a business; c.list of furniture provided
by the owner the tenant.
11.soar :a.tower; b.decrease;c.rocket.
12.overkill:a.lack; b.average; c.excess.
13.figure :a.form; b.person; c.digit
14.lavishly : a.generously; b.economically; c.sparsely.
15.assets : a.liabilities; b.debts; c.possessions.
III.TRANSLATE INTO ENGLISH:
PACIENII FMI SE VINDEC DIN CE N CE MAI GREU
Odinioar era confortabil s crezi c sistemul financiar internaional era un Dumnezeu bun i drept.rile care
nregistrau mari deficite bugetare i mprumutau din strintate pentru a finana consumul, mai degrab dect
investiiile, erau pedepsite prin fuga capitalurilor i deprecierea monedei naionale.rile care duceau o politic
prudent erau recompensate prin cretere sntoas i un flux stabil al veniturilor din investiii.La adunarea anual din
octaonbrie, de la Washington, reprezentanii FMI i ai Bncii Mondiale, mpreun cu minitrii de finane i
reprezentani ai marilor bnci, s-au confruntat cu o realitate complet diferit.ri cum sunt Coreea de Sud, Thailanda,
Malaezia i Indonezia care, timp de decenii, au fost considerate modele de dezvoltare pentru restul lumii, au fost rvite
de fuga capitalurilor.n acelai timp, planurile de salvare ale FMI pentru aceste ri nu par s funcioneze.omajul i
nivelul dobnzilor au rbufnit, monedele s-au prbuit i prosperitatea s-a transformat n pauperizare i revolte.Fluxul
fondurilor private ctre aceste ri s-a ngustat pn la stopare.Chair i Thailanda, care a fcut progrese nsemnate m
modernizarea sistemului su financiar i legislativ, nu se va putea redresa dect peste ani.Pe ansamblul rilor asiatice
lovite de criz se va nregistra n acest an o contracie de 5%, potrivit Ageniei Standard&Poors, fa de creterea medie
de 5% n anii 1996-1997.Cu att mai grav este faptul c ncercrile de asanare a crizei, care se rostogolete peste noi i noi
piee, nu au avut succes - vezi Rusia i America Latin.Ultima victim este Brazilia, unde piaa de capital s-a prbuit cu
40% n cteva luni.A aprut, ca urmare teama c o serie de deficiene vor genera o dezordine n sistemul financiar
global.Reverberaiile crizei au ajuns i n SUA, prin colapsul nregistrat de Fondul de investiii Long-Term Capital
Management.
IV. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE THESE TERMS
INTO ROMANIAN .
A. exchange rate ; interest; mortgage; an overdrawn account; savings account; current account; pension; disability
allowance; child benefit; grant
B.a bank account with minus money in it; money paid towards the cost of raising a family ; money given by the
government for education,welfare,etc.; an account that is used maninly for keeping money; money paid to people after a
certain age; money chargeable to a loan; an account that cheques are drawn for day-to-day use; a loan to purchase
property; the price at which one curreny can be exchanged for another currency; money paid to people with a handicap
V.MATCH THE TERMS IN LIST A WITH THEIR CORRECT DEFINITION IN LIST B, TRANSLATE THEM
INTO ROMANIAN AND USE THEM IN SENTENCES OF YOUR OWN:
A. MONETARY POLICY; COMMODITY PRICE; EXCHANGE RATE; EMPLOYMENT; GROSS DOMESTIC PRODUCT;
PUBLIC EXPENDITURE; BALANCE OF PAYMENTS; CAPITAL FLOW; FOREIGN RESERVES; STATE ASSETS
B. all property owed by the state; that part of the national product remaining after taking away the country`s net
income from abroad; movement of capital as if in a steam; money spent by the government on the needs of the country,
public services, etc; the control of a country`s currency and its system for lending and borrowing money, especially
through the supply of money; the difference between the amount of money a country pays for its imports and the
amount it receives for its exports; the amount of foreign currency that a country has; the state of having paid work to do;
amount of money to be paid for a useful article that needs a manufacturing process before it is ready for the consumer;
the price at which one currency can be exchange for another currency
VI. Fill in the blanks with the appropriate words in the list below:
DEBENTURES, SHARES, ISSUES, AUTHORISED CAPITAL, LODGE, SUBJECT, MANAGEMENT, FINANCIAL
RESOURCES, DEMAND, FREEDOM, BUSINESS, CAPITAL, LOSS, INCORPORATION.
Before any business starts, ......... must be raised and the amount of capital and the methods of raising it depend on the
type of .......... organisation.The sole trader has control of his capital with almost complete ....... from external
interference, but his business can succeed only when the commodities are in regular ....... and the expansion of his
business is limited to the ...... of the owner.The partners not only take an active part in the ...... of the business but they
share the resulting profit or ...... as well. The utility service companies are granted special privileges and rights but they
are .......... to restrictions for consumer protection.Before a public or private company begins business, it must ...... with
the Register of Business a number of documents.The amount of the ...... must be stated in the Charter of the
Company.The Registrar ........ the Certificate of ....... . The working capital is obtained by the issue of ....... . If a company
finds its capital fails to meet its requirements it can obtain additional funds by the issue of .......... .

BUSINESS ENGLISH
WORKSHEET 2
If the ECB is squeamish about funding governments, it is quite content to provide banks with cheap, long-term cash
that might be used to buy sovereign bonds. Yet the ECBs offer of unlimited liquidity to banks is not a close
substitute for direct bond purchases. The ECBs qualms put the onus on governments to bolster the euro zones rescue
resources to stem a self-fulfilling run on the bond markets of Italy and Spain. But the EU summit fell short of what
was required, just as all previous such gatherings had. Much diplomatic effort was wasted on securing a new fiscal
compact, which tries to build upon the rubble of the failed stability and growth pact. The new pact commits euro-zone
members to a structural budget deficit (ie, allowing for the economic cycle) of no more than 0.5% of GDP a year. This
fiscal rule is to be hard-wired into each countrys constitution to make compliance likelier. Fines for breaching the old
pacts limits of a 3% of GDP budget deficit will be automatic, unless voted down by the bulk of the euro zone. The pacts
rigidity would make recessions worse, and the new fiscal rule would not have kept Ireland or Spain out of trouble. The
commitment to the compact might at least have eased bond-market tensions if it were presented as a staging post to a
fiscal union or to common bonds. Sadly, there was no mention of Eurobonds in the summits final communiqu. Nor
was there enough progress in increasing the rescue funds for troubled sovereigns. The summit pledged up to 200
billion of new money for the IMF to deal with the crisis in the hope that other contributions from outside Europe might
follow. The euro zones permanent rescue fund, the European Stability Mechanism (ESM), may come into
operation as soon as June, a year earlier than planned, and will be able to respond to a new emergency as soon as 85% of
the euro zone (by voting weights) gives it clearance. But any increase in its 500 billion kitty will not be considered
until March. Even if the summits pledge of 200 billion to the IMF is matched by others and then combined with the
250 billion or so that is left in the euro zones temporary rescue fund, the money available would be barely enough to
cover the borrowing needs of Spain and Italy over the next two years. It is well short of what was needed to persuade
skeptical investors that big euro-zone countries are safe from runs on their bond markets. And though the Brussels
summit ruled that private-sector involvement (ie, losses) would not be mandatory were a country forced to tap the
ESM, reliance on IMF funds to augment the euro zones own resources will make investors nervous. The IMF usually
gets its money back first, leaving private investors to take any losses. This package was supposed to save the euro but
is clearly inadequate. Unless a more impressive cure for the euros ills is agreed soon, it is hard to see it surviving the
next year intact.
II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE SAME
THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1. fund: a) finance or underwrite a business, program, or project; b) a collection of assets belonging to a trust, held by
the trustees for the beneficiaries; c) an investment vehicle that is made up of a pool of funds collected from many
investors
2. sovereign bonds: a) an instrument of indebtedness of the bond issuer to the holders; b) bonds issued by
governments. They can be either local-currency-denominated or denominated in a foreign currency; c) a bond that a
corporation issues to raise money effectively in order to expand its business.
3. liquidity: a) a high volume of activity in a market.; b)the state of being neither a gas nor a solid ; c) liquid assets
4. run on: a) a particular type; b) a long vertical hole; c) a situation that occurs when a large number of bank or other
financial institution's customers withdraw their deposits simultaneously due to concerns about the bank's solvency.
5. bond market: a) primarily includes government-issued securities and corporate debt securities, and facilitates the
transfer of capital from savers to the issuers or organizations requiring capital for government projects, business
expansions and ongoing operations.; b) a medium that allows buyers and sellers of a specific good or service to interact
in order to facilitate an exchange ; c) Network of banks, discount houses, institutional investors, and money dealers who
borrow and lend among themselves for the short-term (typically 90 days).
6. fiscal compact: a) reinforced surveillance and coordination of economic policies; b) financial sanctions for euroarea Member States are imposed in a gradual way; c) an intergovernmental treaty signed by 25 EU Member States
which establishes that national budgets must be in balance or in surplus under the balanced budget rule, a criterion that
is met if the annual structural government deficit does not exceed 0.5% of GDP at market prices.
7. budget deficit: a)the amount by which government expenditure exceeds income from taxation, customs duties, etc.,
in any one financial year; b) The amount by which a government's, company's, or individual's income exceeds its
spending over a particular period of time; c) an estimate of income and expenditure for a set period of time.;
8. Eurobonds: a) a stock or any other security representing an ownership interest ; b)national bonds denominated in
the national currency of the country where it is issued; c) an international bond issued in Europe or elsewhere outside
the country in whose currency its value is stated;
9. fiscal rule: a) a permanent constraint on fiscal policy through simple numerical limits on budgetary aggregates; b)
relating to government revenue, especially taxes.; c) a legal or treasury official in some countries;
10. fiscal union: a) an organized association of workers in a trade, group of trades, or profession, formed to protect
and further their rights and interests.; b) the action of joining together or the fact of being joined together, especially in
a political context; c) the integration of the fiscal policy of nations or states. Under fiscal union decisions about the
collection and expenditure of taxes are taken by common institutions, shared by the participating governments;
11. sovereign: a) a supreme ruler, especially a monarch; b) Self-governing; independent state ; c) possessing supreme
or ultimate power
12. European Stability Mechanism: a) international financial institution established to provide financial assistance
to non-euro area member states experiencing severe financial difficulties; b) a non-profit European Union institution
based in Luxembourg that makes loans, makes guarantees, provides technical assistance and provides venture capital for
business projects that are expected to further EU policy objectives; c) an international organisation located in
Luxembourg which was established on 27 September 2012 as a permanent firewall for the eurozone to safeguard and
provide instant access to financial assistance programs for member states of the eurozone in financial difficulty;
13. euro zone: a)the Member States of the EU ; b) the economic region formed by those member countries of the
European Union that have adopted the euro ; c) all the states in Europe;
14 borrowing. a) receiving something of value in exchange for an obligation to pay back something of usually greater
value at a particular time in the future; b) taking and using something that belong to someone else for a period of time
before returning it; c)receiving money from another party with the agreement that the money will be repaid
15. private investors: a) a person or a private company whose shares are privately held and not traded on a stock
market that makes investment; b) money that a government spends on public services, such as education and health; c)
a person who allocates capital with the expectation of a financial return;
III.Translate into English:Ungaria s-a numrat, mpreun cu Islanda, printre primele victime europene ale crizei financiare care
a debutat n toamna lui 2008, cnd s-a prbuit colosul bancar Lehman Brothers. A avut urgent nevoie de un ajutor financiar
internaional, pe care l-a primit de la troika finanatoare condus de FMI, coordonat de Comisia European i asistat de Banca
Mondial. Cderea economiei a fost acompaniat i amplificat de efectele perverse ale creditrii n monede exotice. Aproape toate
creditele ungurilor fuseser acordate n franci elveieni i o mic parte n yeni japonezi. Ungurii au preferat creditele exotice,
deoarece erau mai ieftine, forintul fiind, alturi de leu, una dintre cele mai scumpe monede europene. Ungaria i-a redresat, discret
i parial, economia cu susinerea troiki i a intrat ntr-un con de umbr, datorit provocrilor pe care Grecia le-a pus n faa pieei
financiare internaionale. ntre timp, guvernul care articulase un program de austeritate a fost alungat n alegeri i a aprut pe scena
politic de la Budapesta o alian care a alungat FMI-ul, ntrerupnd un acord incomod i a aplicat un set nesfrit de politici
neortodoxe. ntr-adevr, Ungaria prea s nu mai aib nevoie de banii pe care FMI & Co. i livra zgrcit i condiionat. Guvernul
pusese mna pe banii fondurilor de pensii private, vreo zece miliarde de euro. Apoi se atepta la ali bani frumoi, pe care ar fi urmat
s-i scoat taxarea suplimentar a bncilor. ntre timp, banii confiscai de la fondurile de pensii s-au terminat, iar bncile nu au avut
profiturile ateptate, aa c n-au putut livra sume consistente unui buget hmesit. Confiscarea fondurilor de pensii private a avut ca
efect retragerea multor investitori strini de portofoliu din piaa financiar ungar. Pe de alt parte, banii fondurilor de pensii erau
plasai n cea mai mare parte n titluri de stat, deci finanau deficitul bugetar. Acum, din piaa ungar lipsesc 10 miliarde de euro care
ar fi putut susine mprumuturile statului din piaa financiar intern. Cabinetul condus de Viktor Orbn i-a continuat ns
programul de politici neortodoxe i a atacat independena Bncii Centrale a Ungariei. Orbn a schimbat legea bancar, de aa
manier nct guvernul s poat controla, indirect, deciziile de politic monetar ale Bncii Centrale. Au aprut speculaii potrivit
crora guvernul ungar ar fi dorit s mite att valuta din vistieria Bncii Centrale pentru a plti datoriile statutului, ct i tiparnia de
bani. Ministrul Economiei a dezminit zvonul privitor la mnuirea valutei, nu i cel referitor la tiparni. Budapesta a lansat
operaiunile de schimbare a legislaiei privind Banca Central spre finalul anului, dorindu-i probabil s treac neobservat de o
pia financiar obsedat de zona euro.
IV. Provide synonyms for the words/phrases and use them in sentences of your own:
put the onus on ; substitute; purchases; fall short of; fine; bulk; rigidity; pledge, rescue fund; give clearance; kitty.
V.Match the words/phrases in List A with the words/phrases in List B below to form collocations,
define the terms thus obtained, translate them into Romanian and then use them in sentences of your
own:
A. 1. European Exchange, 2. sovereign, 3. European Financial, 4. cap, 5. foreign currency;
B. a. Stability Facility, b. budget-deficit, c. reserves, d. Rate Mechanism , e. debt;
VI. Translate the following terms into English and use them in your own sentences:
Fond de investitii; participatie la o proprietate; achizitii publice; teren; a detine o proprietate; cota de participare; obiect
de activitate; portofoloiu de produse; institutie de credit.
VII. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE THESE TERMS INTO
ROMANIAN .
A.1. Gold standard; 2. output; 3. corporation tax; 4. state-owned borrowers; 5. entrepreneurial companies; 6. domestic
market; 7. saver; 8. banking union; 9. hard currency; 10. deflation
B. a) a general decline in prices, often caused by a reduction in the supply of money or credit; b) the system, abandoned
in the Depression of the 1930s, by which the value of a currency was defined in terms of gold, for which the currency
could be exchanged; c) when state-owned enterprises acts as borrowers, they must fit within an annual limit for new
borrowing determined by debt sustainability; d) a political vision for more EU integration with the objective to
strengthen and extend the regulation of the banking sector; e) a quantity produced or manufactured during a certain
time; f) a company having to do a person who organizes and manages any enterprise, esp. a business, usually with
considerable initiative and risk; g) taxes against profits earned by businesses during a given taxable period; h) a person
who regularly saves money through a bank or recognized scheme; i) Stable, convertible currency (such as the Euro,
US dollar, or Yen) or that enjoys the confidence of investors and traders alike; j) the supply and demand of goods,
services, and securities within a single country.
VIII.PUT EACH OF THE FOLLOWING WORDS OR PHRASES INTO ITS CORRECT PLACE IN THE TEXT BELOW:
BANKS, CURRENCY,GOODS, SAVINGS, DEPOSITING,INVESTMNETS, SELL, BUY, EARN, MONEY, SHELLS, COINS,
EXCHANGE RATE, PAPER BILLS, VALUE, CHANGE.
Money is what people use to ...... things. People spend money on ....... and services. Many people save part of their money by ....... in a
bank. People ....... money by performing services. They also earn money from ........, including government bonds, and
from ........ . ......... can be anything that people agree to accept in exchange for the things they .or the work they do. Ancient
people used such varied things as ......., ........, and cattle as money. Today, most nations use metal coins and ......... . Different
countries ......... and bills look different and have different names. A person can ...... his money for the money of any country
according to the ........ . Usually, such rates are set by the central ...... of a country. The .......... of a countrys ........ may change,
depending on the economic and political conditions in that country.
IX.MATCH THE TERMS IN LIST A TO THEIR ANTONYMS IN LIST B; TRANSLATE BOTH TERMS INTO
ROMANIAN AND USE THEM IN SENTENCES OF YOUR OWN:
A. REVENUE, NET, PROFIT, SUPPLY, WHOLESALE, STOCKS, PRIVATE SECTOR, STATE-OWNED ENTERPRISE,
CREDIT, BLUE-COLLAR WORKERS, BOOM, SKILLED LABOUR, TAKE ON NEW STAFF, LENDING, SHOP FLOOR
B. BOARD ROOM; EXPENDITURE; COLLAPSE; DEBT; UNSKILLED LABOUR; GROSS; WHITE-COLLAR WORKERS;
PRIVATELY-OWNED ENTERPRISE; LOSS; BORROWING; DEMAND; LAY OFF; PUBLIC SECTOR; DEBIT; RETAIL

BUSINESS ENGLISH
WORKSHEET 3
With the Dow Jones Industrial Average back at 9,000 or thereabouts, you might be forgiven for thinking that the
financial traumas affecting much of the world economy this year had never happened.When the Federal Reserve cut
interest rates by another quarter of a point on November 17th, the third such change in seven weeks, its chairman,
Alan Greenspan, hinted that it might be the last cut for some time: the danger had indeed subsided, he explained,
though the economy was still feeling some strain.And for good measure the IMF has announced its new package of
assistance for Brazil; with this in place, you might argue, the chances are much better that the recent financial
contagion will stop.Things are looking up - arent they? We doubt it. Nobody knows what will happen in the world
economy over the coming months.It may be that a smooth adjustment to the shocks of the past year will happen after all
- meaning that growth merely slows in America and Europe, rather than coming to a halt or worse.But this pleasant
prospect has been advanced little, if at all, by the most recent changes in policy.The proper verdict on the latest cut in
American interest rates, as on the new financial package for Brazil, is that policymakers seem hardly any less confused
today than they were when the trouble started. Why another cut in American interest rates deemed wise ? Perhaps Alan
Greenspan knows something dreadful about financial fragility in America that the markets do not.Maybe another LongTerm Capital Management is about to cave in; possibly, regulators preliminary inquiries into the risks that banks and
securities houses have been taking in their dealings with hedge funds have turned up some horrors.None of this would
have come under the heading of good news: if this is why the Fed acted it would be wrong to regard cut as cause for
rejoicing.
II.Choose the explanation which best illustrates the meaning of the underlined words as they are used
in the text above:
1.Dow Jones Industrial Average: a.the name of a company; b.the New York Stock Exchange; c.the worlds best
known index of the movement of prices of common stock on the New York Stock Exchange
1.interest rate: a.the amount of your interest for something; b.the cost or price of borrowing money; c.a period of time
3.point: a.fullstop; b.an item on the agenda; c.one hundredth of a cent
4.cut :a.reduction; b.stop; c.commission
5.package of assistance :a.a relief delivery of goods; b.humanitarian aid; c.a set of financial arrangements destined
to help a specific recipient
6.contagion :a.catching disease; b.something which can spread very quickly and affect a lot of other areas;
c.encouraging phenomenon
7.policy :a.document stating that one is insured; b.general course of action, planned and determined in advance by the
top management; c.actions planned to hold down inflation
8.policymaker: a.economist; b.insurance agent; c.decision-making factors involed in the determination of a general
policy
9.regulator : a.devices used to make a machine operate; b.equipment; c.persons involved in establishing new
regulations
10.securities : a.freedom from danger; b.something valuable given to a lender by a borrower to support his intention to
repay a loan; c.stocks, shares and bonds which are bought as investments.
III.Translate into English: Bursa de Valori mizeaz pe artificii

1. Cu un puternic iz de tranziie, Bursa ncearc acum s se descotoroseasc de ntreprinderile slabe, care i-au fcut loc
pe piaa de capital.Artificiile de pn acum n-au avut efectul scontat. Un investitor strin este, n primul nd, interesat de
performanele firmei la care cumpr aciuni.Dac realizeaz c lucrurile nu sunt aa cum par, devine nencreztor i
suspicios.Este cazul ntreprinderilor ale cror performane sunt umflate de manageri, dar care, de fapt, au lichiditi
reduse i, de cele mai multe ori, nu sunt tranzacionate de o lung perioad de timp.Directorul general al Bursei de
Valori Bucureti, tefan Farmache, sper c la nceputul anului viitor imaginea Bursei va fi alta.O soluie ar fi scoaterea
de pe listing a ntreprinderilor ai cror mamageri nu respect criteriul transparenei i nu ne dau toate datele obligatorii
cotrii la burs spune el.Este o schimbare de faad, totui.Pe pieele dezvoltate, o ntreprindere care nu respect
regulamentul bursei este scoas de la tranzacionare i nu este cotat pe ascuns.Bursa din Romnia nu are ns acest
interes, deoarece ncaseaz 0,6% din volumul oricrei tranzacii, fie ea ct de mic.Preedintele Comisiei Naionale de
Valori Mobiliare, tefan Boboc, d o alt variant: transferul societilor cu probleme de lichiditi de pe Burs la
Rasdaq.Soluia ar putea fi pus n practic din 99.Dar, oricum, nu rezolv dect parial problemele Bursei. Volumul
tranzaciilor va fi la fel de sczut, deoarece urmeaz o perioad neagr pentru piaa de capital din Romnia.Iarna,
activitatea economic scade, de asemenea i nivelul tranzaciilor.Anul viitor va fi unul electoral, de aceea economia va
trece pe locul doi.Va urma o jumtate de an post-electoral, cnd aleii vor stabili noua politic a pieei de capital.Cnd s
mai relansm Bursa? se ntreab tefan Boboc.
2. n zilele noastre, crile de credit reprezint o modalitate de plat fr numerar, utilizat n ntreaga lume.Au fost
introduse datorit avantajelor pe care le prezint.Comoditatea i sigurana pe care le ofer utilizarea crilor de credit
sunt principalele motive pentru care oamenii s-au obinuit s le plteasc.Cnd cumperi ceva, prezini pur i simplu
cartea de credit vnztorului, iar plata se face automat din contul bancar.Dei n Romnia crile de credit reprezint
nc o modalitate de plat foarte puin folosit, utilizarea lor va deveni o necesitate din ce n ce mai acut n viitor.Prima
banc care a emis o carte de plat n lei este Banca Romn pentru Dezvoltare.Ea se adreseaz n principal oamenilor de
afaceri i poate fi utilizat pe tot teritoriul Romniei.
IV.Define the following terms in English; provide their Romanian translation and use each of them in
sentences of your own:
LEVERAGED BUY-OUT, JUNK BONDS, EQUITY, MAJORITY STAKE, TO DIVEST, UTILITY, GREENMAIL,BID,
CORE BUSINESS, MERGER, BUSINESS COMMUNITY, CORPORATE LADDER, HOLDING COMPANY, SUBSIDIARY,
PREDATOR, VENTURE CAPITAL,FREE-LANCE, TO GO PUBLIC.
V.Translate the following terms into Romanian:
cash dispenser, standing order, overdraft, mortgage, retail bank, flotation, face value, blue chip, insider share-dealing,
maturity, buy-and-hold investor, capital gains, stockbroker, internal auditor, par, bearer certificate, assets, commodities,
foodstuffs, hedge fund.
VI. Give the English term which best captures the meaning of the following definitions:
1.to place money in a bank; 2.the money used in countries other than ones own; 3.available cash and how easily other
assets can be turned into cash; 4.the date when a loan becomes repayable; 5.when a company buys or acquires another
one; 6.when a company combines with another one; 7.taking care of all a clients investments; 8.a company considered
to be without a risk; 9.ability to pay liabilities when they become due; 10.anything that acts as a security or guarantee for
a loan.
VII.Match up the terms in list A with the corresponding definition in list B; provide their Romanian
equivalents and use them in sentences of your own:
A. 1.issuing bonds; 2. pension funds; 3. default; 4. price appreciation; 5. deregulation; 6.capital gains; 7.equity
financing; 8.liquid; 9.yield; 10.coupon
B. a. profits that an investor realizes when he or she sells the capital asset for a price that is higher than the purchase
price.; b.the ending or relaxing of legal regulations; c.retirement money; d. increase in the value of an asset which is in
excess of the asset's depreciable cost, and is due to economic and other factors ; e. interest rate stated on a bond when
it's issued; f.easily sold (turned into cash); g. raising capital by selling company stock to investors. In return for the
investment, the shareholders receive ownership interests in the company ; h. the amount of interest paid by a fixed
interest security; i. the process of offering securities as an attempt to raise funds; j. non-payment
VIII. Match the terms below to their correct definitions; provide the Romanian translations of these
terms and use them to fill in the sentences below:
A. 1. limited liability company(LLC) ; 2. private limited company; 3. public limited company(PLC); 4. futures; 5.
derivatives.
B. a. a security whose price is dependent upon or derived from one or more underlying assets; b. a
company whose securities are traded on a stock exchange and can be bought and sold by anyone; c. a form of
incorporation that limits the amount of liability undertaken by the company's shareholders; d. a financial contract
obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial
instrument, at a predetermined future date and price; e. a type of company that offers limited liability,
or legal protection for its shareholders but that places certain restrictions on its ownership
C. 1. A ______ contract specifies a transaction that will take place in the future. 2 . A _____ is a company that does not
have share capital, but is guaranteed by its members, who agree to pay a fixed amount in the event of the company's
liquidation.3. In a ______, the debts of the company are separate from those of the shareholders.4. _____ are
generally used as an instrument to hedge risk, but can also be used for speculative purposes. 5. A _____'s stock can be
acquired by anyone and holders are only limited to potentially lose the amount paid for the shares.

BUSINESS ENGLISH
WORKSHEETS 4-5
PART I
A. One major macro-economic objective is to ensure price stability with free markets. Price stability means that
prices neither rise nor fall too rapidly; that the rate of inflation (measured as the rate of change of prices from one period
to the next) is close to zero. The desire to maintain free markets is based on the political judgment in the U.S. that
prices and wages should be set in decentralized private markets or bargaining rather than by government decision. The
desire for this form of organization is based on the economic judgment that free-market determined prices are an
efficient way of organizing output and keeping markets responsive to peoples tastes. The most common way to measure
the overall price level is the consumer price index, popularly knows as CPI. The CPI measures the cost of a fixed
basket of goods (items like food, shelter, clothing, and medical care) bought by the typical urban consumer. The
overall price left is often denoted by the letter P. Following this line or argument, the rate of inflation is the rate of
growth or decline of the price level, say, from one year to another. The figure below illustrates the rate of inflation for the
CPI from 1929 to 1984. Over this entire period, inflation averaged 3.2 percent. Note, however, that there was enormous
variation of inflation in different years, varying from minus 10 percent in 1932 to a high of plus 14 percent in 1947. This
figure shows the year-over-year increase in consumer prices as measured by the CPI. During the Depression, prices
actually fell. Since World War II, however, deflation (or falling prices) has been rare. Note the upward trend of inflation
from 1960 to 1980, followed by the steep decline, or deflation, after 1980 that resulted from recession, high
unemployment and falling oil prices. The objective of price stability with free markets is more subtle than those
concerning output and employment. It is clearly undesirable to impose an absolutely rigid set of prices, such as has
sometimes been the case in communist countries, or during times of wartime price controls in market economies. A
frozen price structure would prevent the invisible hand of markets from allocating goods and inputs there would be no
efficient way to induce energy conservation or to discourage the production of horse-drawn buggies, for instance.
B. Unlike the clearing banks, merchant banks do not normally provide services to the general public. They are
specialized wholesale banks with a small staff and no branch network, which raise loans for large companies and
governments, and provide financial and investment advice. They are involved in the financing of international trade, and
will accept, or guarantee, Bills of Exchange, which is why they are sometimes referred to as accepting houses. The
rapid advances in technology make a branch network less important than it used to be as a basis for offering services to
the public. The present trend is for all banks to offer a wide range of financial services to all types of customers.
II. Choose the explanation which best illustrates the meaning of the underlined words as they are used
in the text above:
1. price stability: a) a situation in which prices in an economy change much over time; b) a situation in which an
economy would not experience inflation or deflation; c) the situation whereby the prices of goods and services offered in
the marketplace either change very slowly or do not change at all.
2. free market: a) an economic system in which prices are determined by unrestricted competition between privately
owned businesses; b) system in which the prices for goods and services are set by a government; c) an economic system
in which there is no competition and there is government control;
3. consumer price index: a) measures that there is no change changes in the price level of a market
basket of consumer goods and services purchased by households ; b) a measure that examines the weighted average of
prices of a basket of consumer goods and services, such as transportation, food and medical care; c) an index of the lack
of variation in prices for retail goods and other items;
4. basket of goods: a) a relatively fixed set of consumer products and services valued and used on an annual basis to
track inflation in a specific market or country ; b) the goods that you put in your basket when you go shopping; c) a set of
consumer products used to assess the consumers buying behaviour
5. urban consumer: a) consumers living is suburban areas; b) consumers living in sparsely populated areas; c) the
all-urban consumer population consists of all urban households;
6. rate of inflation: a) the rate at which the general level of prices for goods and services is rising, and, subsequently,
purchasing power is falling; b) a measure of how slow a currency loses its value.; c) a measure of changing prices
calculated on a daily basis.
7. unemployment: a) the state of being idle; b)money paid by the government to someone who has a job; c)the total
number of people who do not have jobs in a particular place or area;
8. market economy: a) an economy in which decisions regarding investment, production and distribution are based
on supply and demand, and prices of goods and services are determined in a free price system; b) an economic system in
which there is government intervention or central planning; c) a capitalistic economic system in which there is no
free competition;
9. energy conservation: a) the total energy of an isolated system cannot changeit is said to be conserved over time;
b) reduction in the amount of energy consumed in a process or system, or by an organization or society,
through economy, elimination of waste, and rational use; c) a law governing the relations between the state and energy;
10. clearing bank: a) a commercial bank that is part of a network of banks that can clear checks for
its clients regardless of whether or not the check originates from the same commercial bank; b) a bank that settles a
transaction between a payer and a payee; c) a system established to settle between individuals;
11. merchant bank: a) a financial institution that provides capital to companies in the form of short-term loans; b) a
bank that provides regular banking services to the general public.; c) a bank that deals mostly in (but is not limited to)
international finance, long-term loans for companies and underwriting;
12.
wholesale
bank:
a)a
bank
which
offers
services
to government agencies, pension
funds,
other institutional customers and to large corporations ; b) a bank that offers retail services; c) a bank that manages
small scale loans;
13. raise loans: a) the act of a business raising operating capital or other capital by borrowing; b) increase the amount
of money borrowed; c) collect money for working capital or capital expenditures by selling bonds, bills, or notes to
individual and/or institutional investors. ;
14. Bill of Exchange: a) a written order by one party (the drawer) to another (the drawee) to pay a certain sum
for payment of goods and/or services received; b) an open latter asking for money; c) a non-binding payment
instrument;
15. financial services: a) services provided by an individual to another individual; b) services and products provided
to consumers and businesses by financial institutions such as banks, insurance companies, brokerage firms, consumer
finance companies, and investment companies all of which comprise the financial services industry; c) guidance services
offered to individuals
III. TRANSLATE INTO ENGLISH:
Rusia, MMM-2011. Este ca i cum fosta conducere a FNI ar nfiina acum FNI-2011, o nou piramid financiar, nimic altceva
dect o schem Ponzi i, mai mult dect att, ar vorbi deschis despre acest lucru. Asta se ntmpl acum n Rusia i Ucraina.
Peste 2 milioane de persoane nu au rezistat tentaiei i i-au investit deja banii.Reeaua MMM-2011 a fost construit de
Serghei Mavrodi, aceeai persoan care a organizat i MMM Invest n Rusia, n anul 1994. Atunci, Mavrodi a lansat o schem
Ponzi bazat pe investiii n aciuni ale companiei MMM Invest, valoarea crora cretea ncontinuu, aducnd randamente de
cteva zeci de procente lunar.Proiectul financiar s-a dezvoltat fulminant, ajungnd, n doar ase luni, la aproximativ 30 de
milioane de deponeni, creterea preului de 127 de ori i adunnd o sum echivalent cu o treime din bugetul Federaiei
Ruse.Atunci, autoritile ruse au demarat o serie de controale care s-au finalizat cu acuzaia de evaziune fiscal i neplata
impozitelor, motive pentru care Mavrodi a fost condamnat la nchisoare, unde, ns, nu a stat mult timp.Ulterior, acesta a
candidat pentru un loc n Parlamentul Rusiei, pentru a-i asigura imunitatea parlamentar. Cu toate acestea, imunitatea
parlamentar i-a fost ridicat, iar brbatul a disprut, fiind cutat de servicii timp de peste cinci ani. Pn la urm, a fost gsit
i a executat o pedeaps cu nchisoarea de 4 ani i jumtate.ns datoriile ctre fotii deponeni nu mai are cum s i le achite.
Din informaiile autoritilor ruse, Mavrodi a rmas, de pe vremea vechiului MMM, cu datorii ctre deponeni n valoare de
aproximativ 4 miliarde de ruble. n luna ianuarie 2011, Serghei Mavrodi a anunat pe blogul su nceputul unei noi piramide
financiare. Dei n prezentarea pe care o face noii scheme el spune ct se poate de clar c reeaua nu produce niciun alt venit n
afar de sumele pe care le investesc persoanele nou intrate n sistem, peste dou milioane de persoane, majoritatea din Rusia
i Ucraina, i-au investit deja banii, iar contribuia medie este de circa 1.000 de euro, dup cum spun unii participani. n mod
paradoxal, muli dintre fotii deponeni ai MMM ngroa rndurile noului MMM-2011. Brbatul nu ascunde ctui de puin
c este vorba de o schem Ponzi: "Este o piramid financiar. Participnd n ea, riscai mult i putei pierde n orice moment
toi banii. Nu uitai acest lucru!", spune el pe blogul su. "Nu exist nicio operaiune cu hrtii de valoare, nicio relaie cu
participanii profesioniti ai pieei hrtiilor de valoare, nu cumprai nicio hrtie de valoare! (...) Cei care au intrat primesc
bani doar pe seama celor care intr dup ei", explic Mavrodi.n prezent, autoritile ruse i ucrainene fac eforturi disperate
pentru a opri dezvoltarea noii scheme Ponzi, avnd n spate deja experiena anului 1994, cnd MMM Invest ajunsese s fie
considerat drept o ameninare la adresa siguranei naionale.n mai multe regiuni ale Rusiei, procurorii au interzis accesul
populaiei la blogul lui Serghei Mavrodi. Acesta ns i-a fcut un alt blog i continu s gestioneze reeaua financiar.n
acelai timp, autoritile din Ucraina ncearc s interzic i ele accesul la site-ul efului reelei, ns deocamdat legislaia nu
le permite acest lucru, din cauza domeniului ".com" unde i-a nregistrat site-ul. Oricum, chiar dac site-ul su ar fi interzis,
Mavrodi spune c exist site-uri proxi prin intermediul crora utilizatorii vor putea accesa n continuare informaiile despre
MMM-2011.Aproximativ 500.000 de ucraineni au devenit investitori la noua schem Ponzi, potrivit portalului ucrainean
Economiceskie novosti.Statul are ajutorul bncilor n lupta mpotriva schemei financiare. Banca ucrainean Privatbank a
anunat, la finele lunii septembrie, c va bloca plile online pe care le fac participanii la reeaua social-financiar MMM-2011.
Astfel, banca a anunat c va considera suspecte tranzaciile care se fac n sistemul MMM-2011.MMM-2011 este prezentat n
primul rnd ca o reea social i abia apoi financiar, iar Mavrodi d asigurri c nu ctig nimic din aceast piramid,
deoarece nu este implicat.Practic, n momentul n care se nscrie, participantul la sistem primete un bonus de 20 de dolari cu
care poate cumpra aa-numiii dolari MMM.Cursul acestei valute fictive este stabilit de Serghei Mavrodi de dou ori pe
sptmn i are un trend cresctor, astfel nct persoanele care au cumprat astzi dolari MMM s-i poat revinde cu un
oarecare ctig, de exemplu, peste o lun.Profiturile pe care le promite MMM-2011 sunt de 20%-30% ajungnd pn la 60%
pe lun. Altfel spus, nmulii suma depus cu 9 i vei obine ctigul realizat timp de un an la un randament de 20% pe lun
i nmulii-o cu 23,5 pentru a afla ctigul promis la un randament de 30% pe lun, acesta din urm fiind accesibil
pensionarilor.Exist i un sistem de bonificaii: pentru fiecare juctor nou adus n sistem, o persoan primete 20% din suma
pe care o investete nceptorul n prima tran, urmnd s primeasc cte 10% din fiecare tran ulterioar.Reeaua este
organizat n echipe de cte zece persoane, care au cte un coordonator i care sunt organizate n grupuri de cte 100 de
persoane, conduse i acestea de cineva, i apoi n grupuri de cte 1.000 de oameni cu un lider, urmate de cea mai mare grupare
de cte 10.000 de persoane.
IV.FILL IN THE BLANKS WITH THE APPROPRIATE WORDS IN THE LIST BELOW:
A. ASSIGN; INDIVIDUALS; CHANGE; MANNER; SINGLE; DIRECTED; ACCOMPLISH; GROUPS; BEYOND;JOB.
Organisations or ....... of people are necessary because many objectives are ...... the capabilities of one or two individuals.
Even broad objectives, however, are ...... by the cumulative behaviours of ....... individuals within the organization.
The ....... of the manager is to see that the behaviour of individuals is ........ toward the organisations objectives in the
most efficient and effective ........ . Therefore, the manager is expected to recruit .......... with the same objectives as the
organisation, to ......... individuals to the right place and to also ......... the individuals behaviour to accomplish the
organisations objectives.
B. ACCOUNT; CASH; DUE; INWARD; KIND; TO MAKE; ORDER; OUTWARD; OVERDUE; PART; RESULTS; TO
STOP; TO SUSPEND; SYSTEM; TERMS.
Interest is charged on .. payments. A payment .. has been issued. We have asked the bank to payment of the
cheque, as it was lost. The bank has been faced with a liquidity crisis, so payments have been .. . The payee has
accepted the draft, and consequently has promised to . payment at maturity. The amount will be .. for payment in
two weeks. Our of payment are cash with order. A(n) payment means money received by the organization,
whereas a(n) . payment means payment made to others. Payment on means payment of a debt. Payment by
.. is a payment in which an employee`s pay is directly linked to his performance. Fringe benefits are a form of
payment in . . A cash discount is allowed for prompt payment in . .
V.FILL IN THE BLANKS WITH THE APPROPRIATE WORDS BELOW; TRANSLATE THE TEXT INTO
ROMANIAN:
Metallic; banks; minting; receipts; profit; safe-deposit vaults; transactions; weighted; recalled; withdrawls; costs; central
bank; counterfeit; bankers; shipping; payments; deposited; credit system; exchange; finance; counting; accounts;
money-changing; coins
The first ______ were operated in ancient Egypt by royal palaces and temples. _____ were issues to those who
_____ their goods in these vaults and written orders were required for ____ from them. The common form of money
at that time was precious metals in _____ quantity. In Alexandria, in the Ptolemaic period (305-30 BC), granaries were
organized into a ____ of state grain _____. Their main _____ were recorded in a _____. This bank system
operated as a giro system. ______ were transferred from one account to another without the physical ____ of money.
The ancient Greeks developed money in the form of silver and bronze ____ around 600 BC. _____ coins was much
quicker and more convenient that weighing them, so the use of coins for every day _____ spread rapidly. Greek
_____ developed other services, including ____ services, because of the variety of coins used. They developed a
_____ which provided merchants with _____ to pay for _____ their goods. During the Middle Ages, European
monarchs controlled the production, or_____ of coins. The value of the royal coins often exceeded their _____ value
and minting ____. The English monarchs _____ all the coins and issued new ones every few years. This enabled
them to reduce the circulation of_____ coins and make a _____ from the metals used.
(NOTE giro system = a method of transferring money by instructing a bank to directly transfer funds from one bank
account to another without the use of checks.)
VI.MATCH EACH TERM WITH THE APPROPRIATE DEFINITION:

A. 1.accelerated depreciation; 2.balance sheet; 3.breakeven point; 4.cash flow; 5.to consolidate; 6.earnings per share;
7.goodwill; 8.fixed assets; 9.straight-line depreciation ;10.price-earnings ration; 11.profit and loss account
B. a) document that shows how much a company makes or loses over a given period. It does not include such features
such as land, goodwill, etc; b)the amount of money a company has available to reinvest in its business; c) an intangible
asset which includes the value of a firms clientele, trademark, patents and the experience of its staff; d)the profits of a
company divided by the number of shares issued; e)a system of calculating depreciation that attributes higher amounts
to the wear and tear of an item in the years immediately following its purchase than it does in subsequent years; f) the
value of a share on the Stock Exchange divided by net profit per share; g) a document showing the value of a company at
a set date expressed in terms of assets and liabilities; h)a system of calculating depreciation whereby the price of an item
is divided by the number of years it is expected to last; i) the point at which the firm covers all its expenses and begins to
make a profit; j)items that figure on a balance sheet such as land, machinery, lorries, etc.; k)to present the financial
documents of several separate legal entities together
VII. The verbs/ verb phrases below may be used to describe various movements on the money market;
match the English terms to their definitions.. Provide their Romanian equivalents.
List A: 1.to reach an all time high; 2.to hold steady (about prices); 3.to top; 4.to pick up (about prices); 5.to rise steadily;
6.to plummet/nosedive; 7.to level off; 8.to see a slight/substantial rise; 9.to witness a dramatic fall; 10.to rocket/to soar
List B: a. stop rising or falling and stay at the same level:; b. take note / observe a sudden, very great and often
surprising upward change ; c. fall or drop suddenly in amount, value, etc ; d. to come to a level
unsurpassed in some respect up to the present; e.to increase quickly and suddenly ; f. increase at a steady rate or pace; g.
remain fixed and not moving or changing suddenly:; h. exceed (an amount, level, or number); be more than .; i. gain in
value; j. to detect feeble, small increase / fairly large/significant increase.
VIII. Use the English terms above to fill the blanks in the sentences below
1. House prices now seem _____ after the steep rises of the last few years. 2. If inflation continues to rise, prices will
_____ . 3. August has_____ in the number of unemployed. 4. Canadas share of US demand is projected ____ at 16%,
as US demand increases alongside its exports. 5. The 1980s _____ in unemployment. 6. Donations are expected ____
$1,000,000 by the end of the month. 7. The divorce rate has _____ since the 1950s. 8. Stock prices _____ 40 percent
during the scandal. 9. Sales _____ from 1,000 units last week to 5,000 units this week. 10. Prices seem ____ again.
IX. Use the VPs above to translate the sentences below into English:
1. Preturile obiectelor/articolelor de imbracaminte pentru femei s-au redresat spre sfarsitul anului. 2. Preturile
legumelor au atins un nivel constant la sfarsitul lunii august. 3. In 2000 s-a inregistrat o usoara crestere a vanzarilor de
aparate de uz casnic. 4. Preturile apartamentelor au crescut vertiginos spre sfarsitul anilor 90. 5. Vanzarile de telefoane
inteligente s-au prabusit spre sfarsitul perioadei. 6. In 2012 am asistat la o cadere spectaculoasa a vanzarilor de case noi.
7. In 2007 valoare ratei dobanzii a atins un record absolut. 8. Preturile au ramas neschimbate intre 1988 si 1990. 9.
Preturile bunurilor de larg consum au inregistrat o crestere continua intre 1989 si 2014. 10. Vanzarile de discuri ale
acestui cantaret au depasit doua milioane la sfarsitul anului.
X. Choose the correct alternative to complete the sentences below; translate these sentences into
Romanian.
1. The cost of living _______ as high as 3.1% on a year-to-year basis in June.
a. slipped; b. climbed ; c. plummeted
2. British operating profits _____ from 51 million to 19.2 million last year
a. edged down ; b. skyrocketed; c. tumbled
3. Industrial output grew by 25.6% over the previous tear, a Chinas total economy _____ by more than 12%.
a. shot ahead; b. slid; c. edged up
4. Lodzs rapid growth in the 19 th century between 1877 and 1914 the population _____ from 50,000 to almost
500,000 meant there was little town planning.
a. slumped; b. nosedived ; c. leapt
5. Farm prices ____ 0.7% from September as raw milk prices continued their rise.
a. edged up; b. rocketed; c. surged
6. Total car production _______ 5% because of lower sales in the US, where all European car makers are struggling
with weak demand.
a. shot ahead ; b. increased; c. slid
7. A year ago, people selling their homes routinely received as many as six offers, with the winning bid often higher than
the asking price. Prices _____ as much as 35% in a single month last year.
a. edged up; b. skyrocketed ; c. firmed
8. Japanese production has _______, falling by 9% fromits peak in 1991.
a. risen ; b. edged down; c. plummeted
9. The dollar _______ to its lowest level against the Euro for 18 months.
a. slumped ; b. rose; c. advanced
10. Sales held steady, but margins more than halved from 5.6 to 2.4%, and profits _____ from 29.7 million to 12.1
million
a. drifted lower; b. leapt; c. crumbled
XI. The nouns underlined in the sentences below are use to talk about rising and falling prices.
Translate these sentences into Romanian.
1.Nicoli insists that last weeks good results and accompanying hike in the share price should prove to the skeptics that
the company is already on track. 2. A further rally in Euro Disney saw the shares touch 1575p, an advance of 20p. 3.
Adobe plummeted $ 4.125 a share to close at $ 15.625, a drop of 40% from levels at the beginning of the month. 4. The
shares stayed at 250p despite the decline in the wider stock market. 5. A 22% profit rise took packaging group Boxmore
to 187p, a jump of 10p. 6. The FT-SE 100 index of leading shares jumped 105.6 to close at 2,843.9. The surge, which
added 21.7 billion to share values, was the biggest one-day rise since April 10, the day after the general election.7. A
slip of 16 sent shares in Thorn EMI down to 972 p. 8. The banks share prices promptly took a 50p nose-dive as
astonished investors digested the results, which exceeded even the most pessimistic forecasts. 9. Despite the crash in
Japanese share prices last year, the Nikkei 225 has risen by 600% in dollar terms since the beginning of this year. 10.
The regional aircraft business was met with a slump in the share prices from 199p to 113p.
XII. Choose the correct alternative to complete the sentences below. Translate the sentences into
Romanian:
1. More people were pessimistic about the coming 12 months. The ____ in confidence was more severe in Scotland.
a. advance; b. jump; c. decline
2. The company lifted its annual profits to June by 105% to 7.5 million, with a 66% ____ in turnover.
a. hike; b. drift ; c. collapse

3. The dollars _____ to a fresh low of EUR 1,3860 failed to upset the market.
a. rise ; b. dip; c. surge
4. Germanys industrial strength took a _____ from second position in 1992 to 11 th place now.
a. retreat ; b. nose-dive; c. crash
5. Though the drop isnt enough to be called a slump, analysts said the hideen danger is that a small ____ in steel
consumption could trigger a nasty price war.
a. collapse; b. crash ; c. retreat
6. Japans production of cars, trucks and buses in September fell 4.1% from a year ago to 1,120,317 units because of a
____ in exports.
a. plummet ; b. slip ; c. nose-dive
7. Its money mountain has mushroomed from 217 million to 503 million, a massive ___ of 132%.
a. leap ; b. drop; c. drift
8. A dramatic 40% _____ in steel prices has sent British Steel spiraling into the red.
a. rise ; b. drift ; c. slump
9. A _______ in cold-drink sales during hot and sunny May and June helped Cadbury Schweppes push pre-taxes
profits ahead 13% to 126 million.
a. fall ; b. surge ; c. collapse
10. Industrial output has stabilized, after falling 60% in 1991-1992, the most precipitous economic _____ in Eastern
Europe.
a. drift ; b. dip ; c. collapse
XIII. Translate the sentences below into English; pay attention to the nouns indicating rising and falling
prices:
1. Pretul unei actiuni are o asemenea valoare incat ar mai bine sa determine o crestere a pretului inainte de a trece la o
noua emisiune de actiuni. 2. Directorul general a decalarat ca scaderea pretului actiunilor firmei spreste ingrijorarea
privind valoarea de baza a actiunilor. 3. Domnul Smith are posibilitatea de a achizitiona pana la 10% din actiunile firmei
la valoarea de piata, ceea ce probabil va face dupa scaderea/alunecarea pretului actiunilor firmei. 4. Pretul acestei masini
a inregistrat o crestere extraordinara de 75% in ultimii doi ani. 5. Unii analisti atrubuie tendinda de scadere a preturilor
obligatiunilor greutatilor pernamente cu care se confrunta acum piata de capital. 6. Analistii pietii prevad o scadere
drastica a preturilor electrocasnicelor. 7. Actiunile catorva firme producatoare de confectii au inregistrat scaderi
semnificative dupa ce s-au facut publice perspectivele unor castiguri scazute in anul urmator. 8. Din 2008 economia
lumii se afla intr-o criza accentuata.
XIV. Use the terms listed below to fill the gaps in the text below; provide a translation of the text into
Romanian:
meltdown; collapse; crash; free fall; record high; low; wipe off;; all-time high
Better economic news helped wall Street gain 2.3%, hitting an _____. European stock exchanges did well too.
Frankfurt, Milan, Zurich and Stockholm all reached new highs for the year. Tokyo share prices advanced broadly under
the lead of Sony and other electrical issues, pushing the Nikkei to a ______ in relatively active trading. But eupohoria
easily gives way to pessimism. When share prices fall a long way, commentators talk about billions of dollars, yen or
whatever being ____ share values. With prices falling to new _____, people may talk about a market _____ or ____ .
If prices fall a very long way and there seems to be no limit to the amount they may drop, people use the parachuting
image of _____. Commentators may even compare events to a nuclear accident like Chernobyl and talk about a market
______.
PART II
I.TRANSLATE INTO ROMANIAN: The role of the central banks

A central bank (reserve bank or monetary authority) is created by government legislation. It normally has the legal
right to create money. It can print money to increase the supply, or exchange money for securities. It can sell securities
to decrease the money supply. It is responsible for maintaining stability in the banking system of its country, or a
group of member states. In times of financial crisis, the central bank acts as lender of last resort (i.e., extending
credit when no one else will) to the banking sector. Some central banks, such as the Bank of England, are involved in
coordinating, with solvent banks, lifeboat rescues of banks in crisis. The mandate of most central banks is to carry out
their governments fiscal and monetary policy to ensure a stable economy and currency. Some central banks set their
countrys official interest rate. They do this to manage inflation (a rise in the price of a basket of goods), as well as
deflation. Central banks can influence money supply, interest rates, and foreign exchange rates. They also manage the
countrys foreign exchange, gold reserves, plus the governments stock register. Central banks structures and
conditions vary significantly within and across nations. The European Central Bank (ECB) operates across several
countries. The Federal Reserve Bank (Fed) operates across all states in the USA. Central banks are managed by a
board of directors, The head of the central bank is usually a governor or president. All governments have some influence
over their central bank. In the USA, the chairman of the Federal Reserve Bank is appointed by the president. However,
his or her appointment must be confirmed by Congress. In some countries, the key monetary policy decisions are made
by committees or individuals, independent of the political appointee. The Monetary Policy Committee of the Bank of
England, for example, is dominated by representatives of private corporations. In most countries, a central bank carries
out supervision and regulation of the banking industry. Some central banks still require trading banks to
maintain a certain amount of their deposits as reserves. However, most central banks address credit risk by requiring
trading banks to meet certain capital requirements. These requirements (called capital requirements) require banks
to hold a percentage of their assets as capital. The Basel Capital Accords current guideline is 8% for international
banks. This means that when a bank reaches its lending limit, 92% of assets, it must raise additional capital if it
wishes to continue to increase its lending. Central banks may also provide financial services such as transfer of funds,
banknotes and coins or foreign currency. The Bank of Japan, for example, is a central bank that is actively engaged in
financial transactions with other financial institutions. In this role, the central bank is known as the bank of banks. In
some countries, this may be the responsibility of a government department such as the ministry of finance. Most central
banks are state-owned. However, many economists view government intervention in the monetary policy of a country as
undesirable. Advocates of an independent central bank argue that the power to create money, and the power to spend it
(e.g. funding government budgets), should be separate. Independence, it is argued, creates a more credible monetary
policy. Consequently, the financial market reacts more in line with the direction indicated by the central bank. It is also
argued that political interference or pressure may lead to boom and bust economic cycles as governments attempt to
manipulate the economy before an election for short-term political gain. This may result in higher employment and
consumer spending, but lead to higher inflation in the long term. During the 1990s, many countries, influenced by
research correlating central bank independence with low and stable inflation, increased central bank independence.
Critics of this trend say independence can weaken the central banks public accountability. They argue that central
bank independence needs to be balanced with accountability to the public and their elected representatives.
in the text above:
1. print money1: a) to produce physical money to replace old currency which is removed from circulation; b) to write
banknotes; c) to copy banknotes and coins
2. print money2: a) to print money electronically; b) to inject more money into the economy, virtually out of thin air;
c) to credit money to private banks
3. money supply: a) cash and checking deposits ; b) a group of safe assets that households and businesses have; c) the
total amount of money in circulation or in existence in a country.
4. lender of last resort: a) any of the banks in the country that offers loans to other insitutions ; b) an institution
that offers loans to banks or other eligible institutions that are experiencing financial difficulty or are considered highly
risky or near collapse.; c) the last source of credit
5. interest rate: a) a rate paid to use money ; b) a rate paid by the creditor; c) the proportion of a loan that is charged
as interest to the borrower, typically expressed as an annual percentage of the loan outstanding
6.governments stock register: a) a record of government transactions covering state-owned companies; b) a
record of transactions of a publicly-traded company for transfers, issues of stock, buybacks and other actions related to
the company's stock; c) a paper ledger;
7. Federal Reserve Bank: a) one of the banks in the USA; b) a bank located in one of the states in the USA ; c); The
central bank of the United States and the most powerful financial institution in the world.
8. chairman: a) the holder of the chair; b) the director of the bank ;c) the president of the governing body of the
Federal Reserve System;
9. political appointee: a) (US) any employee who is appointed by the President, the Vice President, or agency head; b)
one who is appointed to a position or office ; c) a beneficiary under legal appointment
10. supervision of the banking industry: a) checking the effectiveness of banking ; b) monitoring and examining
the condition of banks and their compliance with laws and regulations; c) providing safe storage for money
11. regulation of the banking industry : a) issuing specific regulations and guidelines to govern the operations,
activities and acquisitions of banking organizations; b) gathering information on trends in the financial industry; c)
landing money to qualified borrowers
12. credit risk: a) when the borrowers defaults on payments; b) when the borrowers pays back; c) the likelihood that a
borrower will default on any type of debt by failing to make required payments
13. capital requirements: a) the amount of capital a bank or other financial institution has to hold as required by its
financial regulator; b) a percentage of the assets that must be held by the bank; c) non-liquid assets to be held by the
bank
14. Basel Capital Accord: a) a bank asset classification system ; b) international banking regulations put forth by the
Basel Committee on Bank Supervision, which set out the minimum capital requirements of financial institutions with the
goal of minimizing credit risk; c) an agreement dealing with risk management
15. lending limit: a) the minimum amount a bank can lend to a single borrower; b) any amount a bank can lend to a
borrower ; c) the maximum amount a bank can lend to a single borrower ;
16. monetary policy: a) the process by which the monetary authority of a country controls the supply of money; b)
targeting a rate of interest for the purpose of promoting economic growth and stability; c) a way to control the economy
17.consumer spending: a) spending covering durable goods; b) spending covering nondurable goods ; c)the amount
of money spent by households in an economy
18. public accountability: a) to be accountable to a private entity
; b) obligations of public
enterprises and agencies to
be
answerable
for fiscal and social
responsibilities,
to
those
who
have assigned such responsibilities to them; c) liability in court
IV. Provide synonyms for the words/phrases and use them in sentences of your own:
extend credit; mandate; governor; guideline; raise capital; government department ; advocate; in line with:
accountability.
V. The terms in list A designate various types of banks. Match these terms with the corresponding
definition in list B; provide their Romanian equivalents and use them in sentences of your own:
A: central bank; trading bank; international bank; commercial bank (retail bank); savings bank; savings and loan
association; credit union; financial service company; hybrid financial institution; correspondent bank
B. 1. a financial institution that provides services on behalf of another, equal or unequal, financial institution; 2. a nonprofit-making financial institution receiving small deposits at interest; 3. a national bank that provides financial and
banking services for its country's government and commercial banking system; 4. a non-profit-making money
cooperative whose members can borrow from pooled deposits at low interest rates; 5. a facility that allows depository
institutions in the United States to offer deposit and loan services to foreign residents and institutions; 6. s ervices and
products provided to consumers and businesses by financial institutions such as banks, insurance companies, brokerage
firms, consumer finance ; 7. an institution which accepts savings at interest and lends money to savers for house or other
purchases; 8. commercial bank; 9. banks concerned with sophisticated, often innovative transactions that most often
involve corporate customers ; 10. typical mass-market banking in which individual customers use local branches of
larger commercial banks. Services offered include savings and checking accounts, mortgages, personal loans,
debit/credit cards and certificates of deposit
VI. Provide the Romanian equivalents of the following English terms; use the English terms in
ATM; collateral; credit line; current account; electronic banking; debt collection; installment; loan-sharking; mortgage;
overdraft; pawn shop; savings account; to service a debt; syndicated loan; (un)secured loan; statement of account / bank
statement;
VII. Provide the English equivalents of the following Romanian terms; use the English terms in
a subscrie titluri de valoare; a scoate bani din cont; tras/tragator; deposit la vedere; deposit la termen; seiful bancii;
titular de cont; a andosa un cec; platitor / beneficiarul platii; functionar /casier bancar
VIII. Fill in the blanks with the appropriate terms below:

non-deposit taking; fee; company; funds; borrowers; intermediation;
The inflow and outflow of ______ provide the financial institutions with the main source of profit and the process of
directing the savings to borrowers is of great benefit to both savers and _____ as well as to the national economy. The
process of matching against a ______ the needs of lenders with those of the borrowers is known as financial ______ .
A financial intermediary may be a deposit-taking organization such as a bank or a building society or a _____
institution, namely an insurance _______ or a pension fund.
IX. The following terms designate various means of payment. Match the terms with the correct
definition; provide their Romanian equivalents; use the English terms to fill the blanks in the sentences
below; translate these sentences into Romanian:
Bill of exchange; promissory note; I.O.U.; bankers draft/bank draft; letter of credit; standing order;
documentary letter of credit (L/C); cash with order (CWO); bearer check; bank transfer
1. a type of check where the payment is guaranteed to be available by issuing bank; 2. an act of moving money from
a bank account to another account; 3.a written order to a person requiring them to make a specified payment to the
signatory or to a named payee; 4. an instruction to a bank by an account holder to make regular fixed payments to a
particular person or organization; 5. payment for goods in which the buyer pays when ordering and in which the
transaction is binding on both parties. 6. a signed document acknowledging a debt; 7. a signed document containing a
written promise to pay a stated sum to a specified person or the bearer at a specified date or on demand; 8.
A cheque where the money can be paid to any person who presents it to the bank, not just to a person named on
thecheque; 9. letter issued by a bank to another bank (especially one in a different country) to serve as a guarantee for
payments made to a specified person under specified conditions . 10. a written promise of payment provided by a buyer
to a seller that is guaranteed to clear by a particular bank
1. In foreign trade, you must use the services of a bank to make payments. Payments can be done by, for istance,
______. 2. There are three parties to a ______: the creditor, who draws the bill, the debtor upon whom the bill is
drawn; and the person to whom the money is to be paid. 3. To ensure prompt shipment, we enclose a _____ for $ 5,000
on the Jones&Smith Bank made out to your order. 4. Payment will be made via ______. 5. We accept ioredrs from
abroad only if payment is made by ______ . 6. A _______ is payable to anyone who presents it, usually over the
counter of the paying bank. 7. The term ____ is an abbreviation, in phonetic terms, of "I owe you."
8. I use a ______ to have my bills paid every month. 9. People write a ______ when they make an
signed, unconditional promise to pay a certain amount of money on demand at a specified time. 10. The bank issued a a
_______ on behalf of the Importer to pay the Exporter a given sum of money within a specified time, providing that the
Exporter presents documents which comply with the terms laid down in the document.
X. Translate into English:

A.1.Cambia trebuie andosata. 2.Suntem nevoiti sa cerem rambursarea banilor.3.Nu se va plati nici un comision.4.In mod
normal ar trebui sa vi se faca plata in termen de 30 de zile.5.Documentele trebuie eliberate contra sumei de 20
000$.6.Aceasta marfa n-ar trebui transportata cu trenul.7. Banca Martin`s nu poate fi in nici un caz trasa la
raspundere.8.Va trebui sa acceptati acest amendament ca facind parte din acreditiv.9.Va trebui sa prezentati
documentele pentru acest credit.10. Viramentul ar fi trebui sa se efectueze pana la sfarsitul lunii, dar inca nu am primit
avizul de credit.11.Conform uzantelor noastre, va trebui sa analizati acest cont current inainte de a debloca conturile. 12.
Trasul nu si-a putut onora cambia la data scadentei. Va trebui sa luam legatura cu un avocat.13. Cresterea pretului la
principala nostra materie prima va duce la o crestere cu 4% a pretului cu ridicata.14.Exercitiul financiar pe anul trecut sa incheiat de curand cu un venit brut de aproximativ doua milioane de franci.15.Devizul pentru reparatii se ridica la
suma de doua milioane de dolari si prevad ca vom avea probleme cu agentul nostru de asigurari.
B. 1.Am verificat bilanul i contul de rezultate fr s gsesc nici cea mai mic eroare.Totui a dori s verific iar cifrele
activului imobilizat.2.Ultimele rezultate naintea impozitrii evideniaz o cretere de 46% fa de primul trimestru al
anului.3.Previziunile pentru consumul de alimente congelate sunt de aa natur nct mai multe grupuri intenioneaz
s aplice o nou strategie de marketing.4.Programul de lucru al ageniilor de publicitate este foarte flexibil doarece mai
mult de 30% din peronal lucreaz cu norm redus.5.Att controlul calitii ct i comenzile pentru piese de schimb sunt
urmrite prin intermediul calculatorului.6.De ct timp este descoperit contul dvs. ? 7.Fluxul de numerar cuprinde i
transferurile de numerar, nu doar transferurile care influeneaz fondul de rulment.8.n Anglia conturile curente
purttoare de dobnd exist doar din 1990.9.Banca v va acorda un mprumut doar dac avei un loc de munc
stabil.10.Asamblarea mainilor noastre pe banda de montare este eficient datorit aplicrii unui sistem care evit
stocarea inutil a pieselor de schimb.
C. n zilele noastre, crile de credit reprezint o modalitate de plat fr numerar, utilizat n ntreaga lume.Au fost
introduse datorit avantajelor pe care le prezint.Comoditatea i sigurana pe care le ofer utilizarea crilor de credit
sunt principalele motive pentru care oamenii s-au obinuit s le plteasc.Cnd cumperi ceva, prezini pur i simplu
cartea de credit vnztorului, iar plata se face automat din contul bancar.Dei n Romnia crile de credit reprezint
nc o modalitate de plat foarte puin folosit, utilizarea lor va deveni o necesitate din ce n ce mai acut n viitor.Prima
banc care a emis o carte de plat n lei este Banca Romn pentru Dezvoltare.Ea se adreseaz n principal oamenilor de
afaceri i poate fi utilizat pe tot teritoriul Romniei.

BUSINESS ENGLISH
WORKSHEETS 6-7
I.TRANSLATE INTO ROMANIAN: The origins of the financial crisis. THE collapse of Lehman Brothers, a
sprawling global bank, in September 2008 almost brought down the worlds financial system. It took huge taxpayerfinanced bail-outs to shore up the industry. Even so, the ensuing credit crunch turned what was already a nasty
downturn into the worst recession in 80 years. Massive monetary and fiscal stimulus prevented a buddy-can-you-sparea-dime depression, but the recovery remains feeble compared with previous post-war upturns. GDP is still below its precrisis peak in many rich countries, especially in Europe, where the financial crisis has evolved into the euro crisis. The
effects of the crash are still rippling through the world economy: witness the wobbles in financial markets as Americas
Federal Reserve prepares to scale back its effort to pep up growth by buying bonds. With half a decades hindsight, it is
clear the crisis had multiple causes. The most obvious is the financiers themselvesespecially the irrationally
exuberant Anglo-Saxon sort, who claimed to have found a way to banish risk when in fact they had simply lost track of it.
Central bankers and other regulators also bear blame, for it was they who tolerated this folly. The macroeconomic
backdrop was important, too. The Great Moderationyears of low inflation and stable growthfostered complacency
and risk-taking. A savings glut in Asia pushed down global interest rates. Some research also implicates European
banks, which borrowed greedily in American money markets before the crisis and used the funds to buy dodgy securities.
All these factors came together to foster a surge of debt in what seemed to have become a less risky world. Start with the
folly of the financiers. The years before the crisis saw a flood of irresponsible mortgage lending in America. Loans were
doled out to subprime borrowers with poor credit histories who struggled to repay them. These risky mortgages were
passed on to financial engineers at the big banks, who turned them into supposedly low-risk securities by putting
large numbers of them together in pools. Pooling works when the risks of each loan are uncorrelated. The big banks
argued that the property markets in different American cities would rise and fall independently of one another. But
this proved wrong. Starting in 2006, America suffered a nationwide house-price slump. The pooled mortgages were used
to back securities known as collateralised debt obligations (CDOs), which were sliced into tranches by degree of
exposure to default. Investors bought the safer tranches because they trusted the triple-A credit ratings assigned by
agencies such as Moodys and Standard & Poors. This was another mistake. The agencies were paid by, and so beholden
to, the banks that created the CDOs. They were far too generous in their assessments of them. Investors sought out these
securitised products because they appeared to be relatively safe while providing higher returns in a world of low
interest rates. Economists still disagree over whether these low rates were the result of central bankers mistakes or
broader shifts in the world economy. Some accuse the Fed of keeping short-term rates too low, pulling longer-term
mortgage rates down with them. The Feds defenders shift the blame to the savings glutthe surfeit of saving over
investment in emerging economies, especially China. That capital flooded into safe American-government bonds, driving
down interest rates. Low interest rates created an incentive for banks, hedge funds and other investors to hunt for
riskier assets that offered higher returns. They also made it profitable for such outfits to borrow and use the extra cash
to amplify their investments, on the assumption that the returns would exceed the cost of borrowing. The low volatility
of the Great Moderation increased the temptation to leverage in this way. If short-term interest rates are low but
unstable, investors will hesitate before leveraging their bets. But if rates appear stable, investors will take the risk of
borrowing in the money markets to buy longer-dated, higher-yielding securities. That is indeed what happened. When
Americas housing market turned, a chain reaction exposed fragilities in the financial system. Pooling and other clever
financial engineering did not provide investors with the promised protection. Mortgage-backed securities slumped
in value, if they could be valued at all. Supposedly safe CDOs turned out to be worthless, despite the ratings agencies
seal of approval. It became difficult to sell suspect assets at almost any price, or to use them as collateral for the shortterm funding that so many banks relied on. Fire-sale prices, in turn, instantly dented banks capital thanks to mark-tomarket accounting rules, which required them to revalue their assets at current prices and thus acknowledge losses
on paper that might never actually be incurred. Trust, the ultimate glue of all financial systems, began to dissolve in
2007a year before Lehmans bankruptcyas banks started questioning the viability of their counterparties. They and
other sources of wholesale funding began to withhold short-term credit, causing those most reliant on it to founder.
Northern Rock, a British mortgage lender, was an early casualty in the autumn of 2007.Complex chains of debt between
counterparties were vulnerable to just one link breaking. Financial instruments such as credit-default swaps (in
which the seller agrees to compensate the buyer if a third party defaults on a loan) that were meant to spread risk turned
out to concentrate it. AIG, an American insurance giant buckled within days of the Lehman bankruptcy under the
weight of the expansive credit-risk protection it had sold. The whole system was revealed to have been built on flimsy
foundations: banks had allowed their balance-sheets to bloat, but set aside too little capital to absorb losses. In effect
they had bet on themselves with borrowed money, a gamble that had paid off in good times but proved catastrophic in
bad.Failures in finance were at the heart of the crash. But bankers were not the only people to blame. Central bankers
and other regulators bear responsibility too, for mishandling the crisis, for failing to keep economic imbalances in check
and for failing to exercise proper oversight of financial institutions. In other words, although Europeans claimed to be
innocent victims of Anglo-Saxon excess, their banks were actually in the thick of things. The creation of the euro
prompted an extraordinary expansion of the financial sector both within the euro area and in nearby banking hubs such
as London and Switzerland. Moreover, Europe had its own internal imbalances that proved just as significant as those
between America and China. Southern European economies racked up huge current-account deficits in the first
decade of the euro while countries in northern Europe ran offsetting surpluses. The imbalances were financed by credit
flows from the euro-zone core to the overheated housing markets of countries like Spain and Ireland. The euro
crisis has in this respect been a continuation of the financial crisis by other means, as markets have agonised over the
weaknesses of European banks loaded with bad debts following property busts. Central banks could have done more to
address all this. The Fed made no attempt to stem the housing bubble. The European Central Bank did nothing to
restrain the credit surge on the periphery, believing (wrongly) that current-account imbalances did not matter in a
monetary union. The Bank of England, having lost control over banking supervision when it was made independent in
1997, took a mistakenly narrow view of its responsibility to maintain financial stability. Central bankers insist that it
would have been difficult to temper the housing and credit boom through higher interest rates. Perhaps so, but they had
other regulatory tools at their disposal, such as demanding that banks should set aside more capital. Lax capital ratios
proved the biggest shortcoming. Since 1988 a committee of central bankers and supervisors meeting in Basel has
negotiated international rules for the minimum amount of capital banks must hold relative to their assets. But these
rules did not define capital strictly enough, which let banks smuggle in forms of debt that did not have the same lossabsorbing capacity as equity. Under pressure from shareholders to increase returns, banks operated with minimal
equity, leaving them vulnerable if things went wrong. And from the mid-1990s they were allowed more and more to use
their own internal models to assess riskin effect setting their own capital requirements. Predictably, they judged their
assets to be ever safer, allowing balance-sheets to balloon without a commensurate rise in capital. The Basel committee
also did not make any rules regarding the share of a banks assets that should be liquid. And it failed to set up a
mechanism to allow a big international bank to go bust without causing the rest of the system to seize up. The regulatory
reforms that have since been pushed through at Basel read as an extended mea culpa by central bankers for getting
things so grievously wrong before the financial crisis. But regulators and bankers were not alone in making
misjudgments. When economies are doing well there are powerful political pressures not to rock the boat. With inflation
at bay central bankers could not appeal to their usual rationale for spoiling the party. The long period of economic and
price stability over which they presided encouraged risk-taking. And as so often in the history of financial crashes,
humble consumers also joined in the collective delusion that lasting prosperity could be built on ever-bigger piles of
debt.
in the text above:
1. taxpayer: a) a person who pays a tax or is subject to taxation; b) a person to whom taxes are paid; c) an institution to
which taxes are paid
2. credit crunch: a) An economic condition in which investment capital is easy to obtain ; b) Money market situation
which occurs usually when a government tries to let inflation rise; c) a sudden sharp reduction in the availability of
money or credit from banks and other lenders.
3.scale
back:
a)make
an
increase
in
the
size
or
level
of
activity;
b)
a reduction in size, quantity, or activity according to a fixed scale or proportion: ; c) to make something larger than it
was or than it was planned to be;
4. financier: a) a person who pays money ; b) a person skilled or engaged in managing large financial operations,
whether public or corporate.
; c) is a person who makes their living from investing small sums of money
5. regulator: a) a device for adjusting the balance of a clock ; b) a mechanism for maintaining a temperature, a level of
liquid in a tank; c) a person or body that supervises a particular industry or business activity.
6. subprime: a) credit or loan arrangements for borrowers with a poor credit history ; b) a type of loan that is offered
to individuals who qualify for prime rate loans ; c) having or being an interest rate that is higher than a prime rate
7. financial engineer: a) creative accounting; b) person who designs, creates and implements new financial
instruments, models and processes to solve problems in finance and take advantage of new financial opportunities; c)
combining or carving up existing instruments to create new financial products.
8. property market: a) business or trade in land and houses; b) any property that is attached directly to land; c) land
plus anything permanently fixed to it
9. collateralised debt obligation (CDO): a) debt obligations that serve as collateral for the CDO ; b)
a debt security collateralized by bonds and loans of different maturities and credit quality; c) sophisticated financial
tools that banks use to repackage individual loans into a product that can be sold to investors on the secondary market
10. triple-A credit rating: a) a rating perceived to have a high risk of default ; b) the highest possible rating assigned
to the bonds of an issuer by credit rating agencies ; c) a rating indicating that a loan can be secured at a high interest
rates,
11. securitised products: a) products which are pools of financial assets, brought together to make a new security,
which is then divided and sold to investors; b) a financial instrument based on combining a single fixed asset; c)
financial products which block liquidity on the market
12. hedge fund: a) a portfolio of investments managed very traditionally; b) public investment partnerships that are
open to a large number of investors and require a minimum initial investment.; c) an offshore investment fund, typically
formed as a private limited partnership, that engages in speculation using credit or borrowed capital.
13. leveraging: a) use (something) to maximum advantage; b) use borrowed capital for (an investment), expecting the
profits made to be greater than the interest payable.; c) the amount of debt used to finance a firm's assets.
14. mortgage-backed securities: a) debt obligations that represent claims to the cash flows from pools of mortgage
loans, most commonly on residential property; b) a type of asset-backed security that is secured by a loan ;
c)investments, somewhat similar to stocks, bonds or mutual funds.
15. mark-to-market accounting rules: a) a loss generated through an accounting entry rather than the actual sale
of a security. ; b) accounting for the value of an asset or liabiliy based on the book value ;c) the accounting act of
recording the price or value of a security, portfolio or account to reflect its current market value rather than its book
value.
16. wholesale funding: a) borrowings in the public debt market; b) funds borrowed by corporations, in high
amounts, through financial institutions.; c) long-term funding
17. credit-default swap(CDS): a) as a credit contract, where the purchaser makes payments up until the maturity
date of a contract; b) both parties accept the risk of default associated with a loan ; c) financial swap agreement that the
seller of the CDS will compensate the buyer (the creditor of the reference loan) in the event of a loan default (by the
debtor) or other credit event.
18. bankruptcy: a) a legal proceeding involving a person or business that is unable to repay outstanding debts. ;b)the
condition of completely lacking any good or desired quality; c) utter failure or impoverishment
19. oversight: a) an unintentional failure to notice or do something; b) regulatory supervision ; c) care
20. current-account deficit: a) a positive net sales abroad; b) the difference between a nations expense and its
investment.; c) a measurement of a countrys trade in which the value of goods and services it imports exceeds the value
of goods and services it exports.
21. overheated (housing) market: a) prolonged period of low economic growth; b) economic situation in
which growth is occurring so quickly that economists fear a rise in inflation; c) economy that is declining rapidly
22.bad debt: a) a debt that is not collectible and therefore worthless to the creditor.; b) an amount owed by
a debtor that is likely to be paid due; c) money that will be written off
III. Provide synonyms for the words/phrases and use them in sentences of your own:
Collapse; ripple; lose track of; pooling; tranche; in the thick of things; housing bubble; credit surge; equity; returns; at
bay; credit crunch.
IV. Match the terms below with the correct definition; provide their Romanian equivalents; use these
terms to fill the blanks in the sentences below and translate these sentences into Romanian:
A. Broker; dealer; trader; investor; speculator; market maker; securitization; market player; securities house;
financial center
1. a city where a lot of financial activities happen, and there are many banks and financial organizations, and often
a stock exchange; 2. a person who allocates capital with the expectation of a financial return; 3. the financial practice of
pooling various types of contractual debt such as residential mortgages, commercial mortgages and selling said
consolidated debt as bonds or collateralized mortgage obligation (CMOs), to various investors; 4. an individual or firm
that charges a fee or commission for executing buy and sell orders submitted by an investor; 5.
a person who makes risky investments, anticipating a major change in the future price of the asset; 6. a company or
financial institution involved in a particular market; 7. a person or firm in the business of buying and selling securities
for their own account, whether through a broker or otherwise; 8. an organization that issues (makes available and sells)
companies' shares, bonds etc, trades in shares, bonds etc for itself and for its clients, and provides other financial
services to companies; 9. a broker-dealer firm that accepts the risk of holding a certain number of shares of a particular
security in order to facilitate trading in that security; 10. an individual who engages in the transfer of financial assets in
any financial market, either for themselves, or on behalf of a someone else.
B. 1. ______ are wholesalers of shares who keep supplies of shares in which they deal, making a continuous market for
buyers and sellers. 2. The City of London is one of the most important ______ in the world. 3. ____, _____ and ___
buy and sell on their own behalf or on behalf of other people and are traditionally seen as looking for long-term gains.4.
The decline was slowed by the absence of many _____ because of the summer vacations. 5. Several American _____
have been buying shares this week, including Salmon Brothers. 6. ______ are traditionally seen as looking for shortterm gains. 7. Some traders say the bond market was carried up by foreign ______, especially in Japan. 8. ______ is
the process of taking an illiquid asset, or group of assets, and through financial engineering, transforming them into
a security.
V. Define the terms below; provide their Romanian equivalents; use them to fill the gaps in the text
below; translate the text into Romanian:
Share issue; share flotation; share offering; initial public offering (IPO); rights issue; warrant; cash call; stock market;
shareholders; trading; derivatives; options; futures, swaps; over-the-counter market
1. Yesterday, the construction group announced a 104 million _____, its first _____ since the company was floated
on the stock market in 1963. 2.True, increased financial ____ might make prices more volatile, though the evidence is
weak. 3. In New York on Friday, the group disclosed plans to issue $690 million through a global _____. 4. As Britain
recovers from recession, companies will seek to raise finance through _____. 5. ______ companies have recommended
is traders avoid Bluetooth handsets because of the potential attack. 6. Buying _______ gives the right to buy a certain
number of companys shares for a given price at a later date. 7. _______ are typically an opportunity for the founders and
other early investors to make high profits by cashing their stockholdings. 8. Capitalism has been totally corrupted by the
economists
slogan
that
companies
are
run
only
for
______.9.
The
company staff and its
private investors stand to make a small fortune from the _______. 10. There are many _____ on the pattern of the US
where unlisted securities are traded.11. Many exotic financial poducts include______. 12. A ______ means that a
borrower agrees to exchange fixed interest payments on a loan on another borrowers variable interest payments. 13. A
______ contract is an order that you place to buy or sell an asset or commodity. 14. An ____ contract is the right, but
not the obligation, to buy (call option) or to sell (put option) a given number of shares of an underlying security at a
predetermined price before a deadline.
VI. Use the terms below to fill the blanks in the sentences below; translate these sentences into
Romanian:
bear market; rally; recovery; bull market; rebound; regain lost ground; gains; bullish; recover; bearish; regain ground;
wipe out gains;
On a clear day in a _____, some investors can see stock prices rising forever. Mr. Smith says the current extreme
_____ view of bond investors is likely to be as incorrect as the pessimism earlier this year. In a _____ , investment
managers tend to put a larger proportion of their money into FT-SE stocks because of their perceived defensive qualities.
There is very little investor demand for gold bullion. Prices tend to rise only a little on bullish developments, and they fall
more on _____ one. Then Wall Street suddenly _____ to a _____ on the day. _____, rally, rally, shouted
somebody. This is panic buying. The FT-SE Index, which has lost nearly 150 points since it peaked last month,
______ some of its ______ and sprang back through the crucial 2,600 level close at 2,616.3 up 22.7 points. Many
building and construction stocks _____, _____ some losses. Shares staged a spectacular _____ yesterday and
regained a lot of ground lost in Thursdays bloodbath. Deutsche Bank jumped 28.5 euro early in the session, pulling the
broader market along. But profit-making soon _____ these ____.
VII. Match these types of wrongdoing to their definitions; translate them into Romanian and use them
in sentences of your own:
bribery; embezzlement; fake; forgery; fraud; market rigging; money laundering; racket; scam; active
bribe; passive bribe; counterfeit money;
1. a thing that is not genuine; 2. the offence committed by the official receiving illegal money .3. the action of forging a
copy or imitation of a document, signature, banknote, or work of art; 4. illegally giving someone money so that they act
in your favour; 5. make an imitation of what is genuine with the intent to defraud; 6. disguising the criminal origin of
money such as drug money; 7. theft or misappropriation of funds placed in one's trust or belonging to one's employer; 8.
a service that is fraudulently offered to solve a problem, such as for a problem that does not actually exist, that will not be
put into effect, or that would not otherwise exist ; 9. wrongful or criminal deception intended to result in financial or
personal gain; 10. the offence committed by the person who promises or gives illegal money to someone in order to act
in your favour; 11. fixing the price of something illegally; 12. a fraudulent, dishonest scheme, especially for making a
quick profit.
VIII. The following terms designate various types of shares. Match them with the correct definition;
provide their Romanian equivalents; use the English terms to translate the sentences below from
Romanian into English:
ordinary shares; preferred shares; deferred shares; founders share; bonus share; participating share;
issued share; outstanding share; registered share; bearer share; transferable share; called-up share;
paid-up share; share index; share price
A. 1. the price of an individual share in a company; 2. a share entitling its holder to dividends which vary in amount and
may even be missed, depending on the fortunes of the company ; 3. a stock that is registered on the name of the exact
owner; 4. stock issued to the originators of a firm; 5. a term of law and finance for the quantity of shares of a corporation,
which have been allocated (allotted) and are subsequently held by shareholders; 6. the total amount of issued capital for
which the shareholders are required to pay; 7. a share which entitles the holder to a fixed dividend, whose payment takes
priority over that of ordinary share dividends; 8. an equity security that is wholly owned by whoever holds the physical
stock certificate; 9. a free share of stock given to current shareholders in a company, based upon the number
of shares that the shareholder already owns; 10. a measurement of the value of a section of the stock market; 11.
a share that does not have any rights to the assets of a company undergoing bankruptcy until all common and preferred
shareholders are paid; 12. a share that can be offered for sale to the general public; a share that can be sold without any
restrictions; 13. shares issued in which no more money is required to be paid to the company by shareholders on the value of
the shares; 14. preferred stock that besides being entitled to dividends at a fixed rate is further entitled to share in
additional distributions on a specified basis with the common stock of the issuing company; 15. a company's stock
currently held by all its shareholders,
B. 1. In caz de lichidare, detinatorii de actiuni preferentiale au prioritate fata de cei care detin actiuni ordinare . 2.
Actiunile pot fi nominative sau la purator. 3. Indicele de bursa al actiunilor a batut un nou record. 4. Actiunile cu
privilegii de participare nu pot fi negociate la bursa de valori fara acordul directorilor. 5. Agentul de bursa are procura
pentru a tranzactiona actiunile foondatorilor. 6. Actiunile oferite spre rascumparare reprezinta acea suma din capitalul
companiei care a fost platit de cei care au achizitionat actiuni sau pentru care firma solicita plata. 7.Actiunile
transferabile sunt actiuni care pot fi tranzactionate de cumparatori si vanzatori la un pret convenit de comun acord si
care nu pot fi retrase din firma. 8. Actionarii firmei primesc actiuni gratuite fara nici un cost aditional, pe baza
numarului de actiuni detinute de un actionar si pe baza castigurilor acumulate care nu sunt distribuite sub forma de
dividende, dar sunt transformate in actiuni gratuite. 10. Pretul actiunilor variaza in functie de cotatia la bursa, care
variaza in functie de legea cererii si ofertei. 11. Actiunile emise si dobandite se refera la numarul de actiuni pe care firma
le-a emis si care pot fi cumparate si vandute, ca si actiunile restrictive care necesita o autorizatie speciala inainte de a fi
negociate. 12. Actiunile amanate cuprind o clasa de actiuni la care dividendele se platesc numai dupa ce s-au platit
dividendele la celelalte clase de actiuni. 13. In cazul actiunilor platite integral, toata valoarea nominala a fost primita de
companie. 14. Firma vinde public actiuni emise pentru a atrage capital.
IX. The following terms designate various types of markets. Use them to fill the blanks in the sentences
below; translate the sentences into Romanian. Use the English terms to translate the sentences below
from Romanian into English:
Black market; commodity market; retail market; bond market, investment market; labour market; real
estate/property market; foreign exchange market; free market; capital market; spot market; forward
market; gold market; bear market; bull market
A. 1.Despite warnings, the bank falsely believed that its financial products in relation to the US ______ were valuable
and sufficiently hedged against losses. 2. Through deliberate acts or neglect or both, Imperial Tobacco is facilitating
tobacco smuggling and managing the ______ in its products. 3. The unique business practices which grew out of the
_____ successfully operated within a social economy for several decades. 4. One common measure says that a _____
exists when at least 80% of all stock prices rise over an extended period. 5.The traditional _______ has provided
traders with the opportunity to exchange raw products on a large scale basis. 6. For decades, options and futures have
been the two main derivatives in the _______. 7. The sale of goods to the public in relatively small quantities
for use or consumption takes place on the _______.8. _______ tend to develop when the economy enters a
recession, unemployment is high, and inflation is rising. 9. If they underestimate demand, they will need to purchase
additional electricity on the ______ at high prices. 10. Foreign banks are pouring resources into London in anticipation
of a huge new Euro corporate _____ here in the next few years .11. There was no immediate reaction on the ______,
with the yen trading at 109.35 per dollar, hardly changed from Friday . 12. A ______ is a market in which contracts are
made to buy or sell currencies, commodities, etc at some futures date at a price fixed at the date of the contact. 13. The
_____
includes
the
channels
or
outlets
for
distributing
bonds
and
other
investments.
14. In the capitalist and developing countries, there are special centers where gold is bought and sold on a regular basis,
namely the _______. 15. These regional disparities are not the only sign that all is far from well in the UK ______.
B. 1. Piata imobiliara se refera la tranzactiile prin care se acorda drepturi de proprietate sau de folosinta asupra
locuintelor si terenurilor, pretul de tranzactie depinzand de interactiunea dintre cerere si oferta. 2. Pe piata cu
amanuntul isi desfasoara activitatea comerciantii care, de regula, vand produse direct consumatorilor pentru uzul lor
personal. 3. Pana nu demult tranzactiile cu valute era prioritatea bancilor mari, astazi, gratie sistemelor de
tranzactionare electronice, piata valutara a devenit accesibila tuturor.4. Preurile mrfurilor agricole au sczut
semnificativ sptmna trecut, pe piaa american de marfuri, dup ce Departamentul Agriculturii din SUA (USDA) a
lansat previziuni optimiste pentru recolta, respectiv stocurile locale i mondiale de cereale. 5. Piea libera este o institutie
care se concretizeaz ca bun practic i este bazata pe principiul fundamental al securitii dreptului de proprietate, pe
pricipiile democratice i ale statului de drept, iar mecanismul liberei concurene face posibil tranzacionarea ntre
agenii economici.6. Piata aurului a scazut anul trecut cu 15%, la 3.756 tone, pe fondul retragerilor masive efectuate de
investitori, insa cererea din partea consumatorilor de retail, pentru produse precum bijuterii, lingouri sau monede, a
crescut puternic si a atins un nivel record,potrivit datelor World Gold Council. 7. Aciunile Electrica au atins un nou
record, ntr-o pia n urcare.8. In contextul in care spitalele din Africa de Vest se chinuie sa faca fata numarului tot mai
mare de persoane infectate cu virusul Ebola, pacientii disperati se indreapta spre piata neagra, dorind sa cumpere sange
de la cei care au supravietuit virusului, potrivit Organizatiei Mondiale de Sanatate.9. Piata obligatiunilor in
Romania este formata in prezent din obligatiunile listate la cota Bursei de Valori Bucuresti.10. Piaa muncii este spaiul
economic n care se ntlnesc, se confrunt i negociaz n mod liber cererea de fora de munc, reprezentat de
angajatori i oferta, reprezentat de posesorii de for de munc. 11. Firma Gealan Romnia, productorul de profile
termoizolante, se ateapt la o cifr de afaceri de aproximativ 23,5 milioane de euro pentru acest an, pastrandu-si astfel
stabilitatea pe o piata in scadere. 12. Piata la termen este cea mai necunoscuta agentilor economici din Romania
deoarece nu exista un precedent in tara noastra. 13. Asociatia Adminstratorilor de Fonduri din Europa a publicat un
raport statistic privind evolutia pietii investitiilor in anul 2013 pe teritoriul european. 14. Piata de capital reprezinta o
piata specializata unde se intalnesc si se regleaza in mod liber cererea si oferta de active financiare pe termen mediu si
lung. Este vorba despre o piata pe care se tranzactioneaza in mod liber valori mobiliare, o piata care are ca rol principal
mobilizarea capitalurilor si care urmareste plasarea profitabila a acestor capitaluri. 15. Piata la vedere se refera la piata in
care marfurile si valorile mobiliare sunt vandute cu plata in numerar si cu livrare fizica imediata.
X. Choose the correct alternative to complete the sentences below. Translate the sentences into
Romanian:
1. _______ is a general term used for all types of shares.
a) investments; b) securities; c) derivatives
2. The section in the Stock Exchange where the stocks and shares are bought and sold is known as _______ .
a) the market place ; b) the commodity exchange; c) the floor
3. His investments have been successful, so he decided to ________
a) plough back; b) buy; c) change money
4. The prices which are given for shares purchase or sale on the Stock Exchange are known as _______ .
a) stocks ; b) quotes; c) charges

5. Jobbers sell shares to or buy shares from ________ .
a) companies ; d) individuals; c) brokers
6. The Clearing House is an ________ which pays or receives payment for the contracts traded on the Stock Exchange.
a) insurance ; b) exchange ; c) intermediary
7. Trading of futures and options on LIFFE (London International Financial Futures And Options Exchange) is
performed ________
a) by outcry and hand signals; b) on the telephone; c) through fax machines
8. Footsie is largely available as it refers to _________ .
a) bonds; b) FTSE 100 Index; c) Dow Jones Index
XI. Fill in the blanks with the appropriate term from the list below; translate the text into Romanian;
use the English terms in sentences of your own:
Market; prices; shares; gild-edged; life; data; brokers; securities; compete; charges; dealing;
premiums; screens; information; trading
The Stock Exchange is a ______ place where securities are traded. Premiums, i.e. the ______ per share are expressed
in pence. The securities which are bought and sold include both company _______ and the U.K. government stocks
known as ______ securities. The investments may be direct, i.e. the purchase of shares in a company which has recently
come into the market, and indirect, i.e. investments made by people who pay into a pension scheme, have _____
assurance or subscribe to a trade union. After the Big Bang changes in the history of the Stock Exchange, instead of
_____ and jobbers, all member firms operate as both brokers and dealers which enables them to freely buy and sell
______ without dealing through a jobber. Nowadays, the Stock Exchange is open not only to individuals but to
corporate members as well. As a result, the members including banks, financial institutions, insurance companies and
foreign securities firms can _______ internationally due to their size and capital. The stockbrokers are now able to set
their own ______ in accordance with the service they provide. As the Stock Exchange business is increasing a new
electronic ______ system called the Stock Exchange Automated Quotations (SEAQ) was introduced. SEAQ
simultaneously shows data regarding the ________ on television ______ in brokers offices all over the world and the
_______ are permanently updated as the market makers let the SEAQ central system of _____ know about any new
________. At present, trading is performed over a screen rather than on the market floor.
XII. TRANSLATE INTO ENGLISH: Zona euro incepe sa isi revina timid, insa diferentele N-S se
adancesc
Analistii EY au remarcat o revenire timida a zonei euro, desi pentru acest an se estimeaza o contractie economica de
0,5% din PIB. Din 2014 totusi, economia zonei euro ar putea avansa cu 0,9%, iar in perioada 2015-2017 ritmul va
accelera la 1,5% pe an."O revenire economica generala incepe sa se faca simtita in zona euro insa, in ciuda semnalelor
pozitive, cresterea economica se asteapta sa fie lenta. Relaxarea masurilor de austeritate si accelerarea activitatii
comerciale la nivel global vor contribui la redresarea estimata pentru sfarsitul anului, insa vor fi resimtite efectele
somajului in crestere si ale adancirii diferentelor de la nivelul continentului", se arata in raportul de toamna al EY Eurozone Forecast (EEF).Astfel, exporturile vor sustine cresterea de 0,9% din 2014, an in care se asteapta ca somajul sa
atinga un varf, de 12,6%.EY Eurozone Forcast estimeaza pentru Romania o crestere de 1,9% a PIB-ului si o accelerare a
cresterii pana la 2,2% in 2014, pe masura ce conditiile externe, in mod special starea economiilor din zona euro, vor
incepe sa se imbunatateasca.Cresterea va fi sustinuta in acest an, pe langa exporturi, si de productia agricola buna.
Economia va beneficia, de asemenea, de relaxarea politicii monetare, dupa ce banca centrala a redus dobanda de politica
monetara atat in iulie, cat si in august.Analistii EY au remarcat ca, in ciuda revenirii timide, continua sa se inregistreze
diferente tot mai mari intre tarile din centrul si cele de la periferia zonei euro. Germania ramane centrul de putere al
zonei euro, cu o crestere de 0,6% in acest an, insa tot mai multe dintre economiile marginale cu probleme continua sa se
contracte in 2013, chiar daca vorbim de un ritm mai lent de scadere.Conform previziunilor, este de asteptat o stabilizare
a economiilor Italiei si Portugaliei, in 2014, si a Greciei in 2015.Somajul din Zona Euro va continua sa creasca atingand
un varf de 12,6% la mijlocul anului 2014. Diferentele semnificative ale ratei somajului la nivelul intregului continent vor
persista, in Spania si Grecia atingandu-se 27,6% si, respectiv, 29%, in 2014, in timp ce in Germania se estimeaza o rata a
somajului de doar 5,4%.Se estimeaza, de asemenea, ca redresarea economica va continua sa fie incetinita de procesul de
reducere a gradului de indatorare atat in sectorul public cat si in cel privat, precum si de lipsa unor surse avantajoase de
finantare. Ambele aspecte vor avea un impact mai mare asupra economiilor marginale, conducand la diferentieri si mai
accentuate fata de tarile nucleu din zona euro.Pentru prima data in ultimele opt prognoze realizate de EY, estimam o
crestere modesta pentru urmatorul trimestru si pentru anul viitor in zona euro. Cu toate acestea, factorii de decizie
politica nu trebuie sa se multumeasca doar cu atat. Diferentele intre conditiile de finantare si evolutiile pietei fortei de
munca de pe intreg continentul raman semnificative. Calmul relativ de pe pietele financiare trebuie sa fie, de asemenea,
folosit pentru a accelera procesul de restructurare, in special in sectorul bancar", a spus Marie Diron, Senior Economic
Adviser EY.

Anul III Stit Business English Autumn Term 2016-2017

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3RD YEAR TRANSLATION STUDIES

AUTUMN TERM 2016-2017

3RD YEAR TRANSLATION STUDIES

AUTUMN TERM 2016-2017

3RD YEAR TRANSLATION STUDIES

AUTUMN TERM 2016-2017

III.Translate into English: Bursa de Valori mizeaz pe artificii

3RD YEAR TRANSLATION STUDIES

AUTUMN TERM 2016-2017

VI.MATCH EACH TERM WITH THE APPROPRIATE DEFINITION:

a. hike; b. drift ; c. collapse

I.TRANSLATE INTO ROMANIAN: The role of the central banks

VIII. Fill in the blanks with the appropriate terms below:

X. Translate into English:

3RD YEAR TRANSLATION STUDIES

AUTUMN TERM 2016-2017

a) stocks ; b) quotes; c) charges

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