CIG Limba Engleza 2

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Preview Assessment: MFC_AN1_SEM2_BUSINESS ENGLISH_OK
Denumirea: MFC_AN1_SEM2_BUSINESS ENGLISH_OK
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In accounting a gradual loss in the value of something, such as a vehicle,
a machine or any ASSET that wears out with use and age is called
depreciation.
Adevărat
Fals

A high value of the local currency is good for exports
Adevărat
Fals

Stocks and bonds are traded on national / international exchanges where investors
can buy and sell them to other investors.
Adevărat
Fals

Financial accounting is less constrained than the management accounting.
Adevărat
Fals

Creditors are people who owe you money.
Adevărat
Fals
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A debt with a bank arising from drawing more from an account than the
account holds, is called overdraft
Adevărat
Fals

The opposite of a loss is a profit.
Adevărat
Fals

The distinguishing feature of full-block style of a business letter is that all
structural parts of the letter begin to flush with the left margin
Adevărat
Fals

Social security (welfare) transfers wealth to people that have suffered a
loss due to natural disaster.
Adevărat
Fals

In management accounting reports the information is generally
disseminated outside the company
Adevărat
Fals
The Board of Directors is appointed by the Managing Director (MD)
Adevărat
Fals
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A breakeven point analysis reveals whether it is profitable to produce a
certain item
Adevărat
Fals

There are no indentations in a full-block style business letter.
Adevărat
Fals

Which of the following statements are true and which are false?
Stretching accounts payable is a cost-free method of financing a

business.
Adevărat
Fals

A practical alternative in collecting past due receivables is to use the
services of a collection agency.
Adevărat
Fals

Gross national product (GNP) is a measure of the annual value of sales
of goods and services in a country, and it does not include sales for
companies abroad.
Adevărat
Fals

Managers are interested solely in information expressed in monetary
terms.
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Adevărat
Fals

Financial accounting reports may provide information concerning future
performance as well as past performance
Adevărat
Fals

The distinguishing feature of semiblock / modified block style of a
business letter is that all structural parts of the letter begin to flush with
the right margin
Adevărat
Fals

Accounting is the daily recording of financial information while
bookkeeping is the design and maintenance of the accounting system.
Adevărat
Fals

In a semiblock style (Modified block) business letter the complimentary
close begins slightly to the right of the center of the page. All lines of the
signature are aligned with the complimentary close.
Adevărat
Fals

In a semiblock style (Modified block) business letter the first line of
each paragraph is indented five to ten spaces.
Adevărat
Fals

Inventory is a synonym for stock
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Adevărat
Fals

A sole trader is a natural person
Adevărat
Fals
Raw materials are bought and sold on the stock exchange.
Adevărat
Fals

Because of the going-concern concept, accounting does not report what
the assets could be sold for if the entity ceases to exist.
Adevărat
Fals

Things that you own are called assets and things that you owe are
liabilities.
Adevărat
Fals

Pre-tax profits are the same as net profits.
Adevărat
Fals

An auditor is a person who keeps accounts.
Adevărat
Fals
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The average is the total amount of something.
Adevărat
Fals

Generally, high levels of supply and low levels of demand means
unemployment falls.
Adevărat
Fals

The most common type of spontaneous financing is a commercial bank
loan.
Adevărat
Fals

All the workers in our firm get a Christmas__________of $100
prize
tip
bonus
reward

Choose the right word to fill in the gaps:
Investors are influenced by the projected _________ on their capital.
expenses
rate
investment
market
return
Which of the following will appear as a current asset on a balance sheet:
Proposed dividend to shareholders
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Bank loans and overdrafts
Creditors
Trade debtors

Since import regulations have been relaxed it has become ____________to
work in the Egyptian market
Difficult
Easier
More easy
More difficult
More easier

A balance sheet reports the status of an entity… (Select one answer)
At a point in time
Over a period of time
All of the above
None of the above

People who are owed money are called_________
debtors
payers
landers
creditors

Grammar: In the following pair of sentences one of the tenses is wrong. Say
which one?
My first job was in a factory. I’ve done it for three months
My first job was in a factory. I did it for three months

_____________ pay is what an employee earns before deductions.
Gross
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Full
Net
Complete

For each of the verbs below, three of the four words or expressions
fit. In each case circle the one which DOES NOT.
MEET
A DEADLINE
AN APPOINTMENT
CUSTOMERS’EXPECTATION
A TARGET

A company buys 10 items at a price of £200 each, all on 14 days free credit. It
then sells on the next day 5 units for £350 each. One item was sold for cash, the
remainder on 21 days free credit. What effect do these transactions have on the
firm’s cash flow on the day of the sale?
(Select one answer)
Gains £1,750
Gains £750
Gains £350
Losses £2,000

The directors of the company approve the .______at the end of the _______
year.
accounts; accounts
accounting; accounting
accounts; accounting
accounting; accounts

Five washloads of clothes need to be laundered. If each load takes a
total of 15 minutes to be washed, and the laundry person begins
washing at 3:20PM and washes continually, at what time will all the
loads be finished?
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1:15PM
3:35PM
4:35PM
5:35PM
6:15PM

If you pay by credit card, you have to … the transaction by signing a
payslip.
apply
withraw
transfer
authorise

Which one of the following would be classed as a source of long-term funds
for a company?
Trade creditors
Bank overdraft
An issue of ordinary shares
Factoring

Which of the following could be used as a short term means to improve
cash flow in a business?
A new issue of debentures
Debt factoring
A new issue of preference shares
Taking out a mortgage on firm’s depot

If the Romanian currency were to rise sharply against other world currencies, the
probable effect on the Romanian economy would be to:
make imports cheaper
make exports cheaper
encourage foreign tourism in Romania

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FINANCIAL ACCOUNTING is the area of accounting concerned with
reporting financial information to interested external parties.
money as a factor of production.
Preparing budgets and other financial reports for decision-makers
reporting financial information only to managers.
Orders are written down on an ______
authorized dealer
order form
assessment
application form

A … ..........company is one that is wholly owned by another company.
off shore
holding
parent
subsidiary

With internet banking, it is possible to transfer ….... on-line from one
account to another
accounts
interests
funds
cheques

Understanding news stories:
Below is a heading from newspaper reports on the business environment.
Choose the best explanation of the keywords from a ) b) c) or d)
BRD bank writes off Ron 2 million in bad debts:
To write off debts means:
demand the money back immediately
forget the money, since the loans are not going to be paid back
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get the money back from creditors
write a cheque covering debts

____________capital is risk capital.
venture
equity
authorized
operating
seed

At the end of the year, some of the profits may be shared out among the
shareholders who will receive a ….
fee
bonus
tip
commission
dividend

Andrea Biris withdraws $100 from ABC Company, of which she is the
sole owner. Andrea now has $100 more cash, but she has $100 less
equity in ABC Company. Andrea is ..............................than she was
before
better off
worse off
no better or worse off

What is the probability of tossing a penny twice so that both times it
lands heads up?
1/8
1/4
1/3
1/2
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2/3

What can you lay off:
a bad debt
machinery
workers
a contract

The … on an investment is the amount of money it earns for the
investor.
yield
stake
outlay
collateral

Reading comprehension
In modern society, those who are most adaptable to both an inflating economy
and the decreasing value of the individual will survive in comfort. It is these
survivors who will have the most value in the future.
The kind of value that the survivors possess is:
Inflating
Decreasing
Individual
Comfortable
Unstated

We have just received a ________ for a quotation
requirement
demand
supply
request

Grammar
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She insisted on _______________the judge
the seeing of
seeing it
see
seeing

ENGLISH WRITING
Select the answer that produces the most effective sentence, one that is clear
and exact, wihthout awkardness or ambiguity. In choosing answer, follow the
requirements of standard written English. Choose the answer that best expresses
the meaning of the original sentence.
One of the answers is always the same as the underlined part. Choose this
answer if you think the original sentence needs no revision.
Because George Washington knew how to submit an accurate expense

account was the only reason he had so little trouble collecting money due
him.
Because George Washington knew how to submit an accurate expense account

was the only reason he had so little trouble collecting money due him.
The reason that George Washington had so little trouble collecting money due him
was because he knew how to submit an acurate expense account.
George Washington knew how to submit an acurate expense account; therefore, he
had little trouble collecting money due him.
George Washington had little trouble collecting money due him, he knew how to
submit an accurate expense account
George Washington’s expense account , having been so carefully submitted that
the cost was paid almost immediately.

Most of the money ......... was donated to charity.
Gathered
Risen
Raised

Listed companies.................shares to raise capital
buy
issue
purchase
exchange

After an initial deposit , you pay_______
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shipments
installments
remittances
charges

Most banks … ...their customers for services, in order to cover their
costs.
pay
get
charge
give credit to

Grammar:
If you ..............sales by over 15% the company would pay you a performance
bonus.
increased
will increase
would have increased
will be increasing
What can you put off?
a computer
a phone
balance sheet
meeting

If you don’t have enough money in your account to pay your bills, you’ll
have to ask for a/ an _________
charge
estimate
overdraft
overhead
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interest

When public spending exceeds receipt from income taxes, VAT and so on,
the government issues:
Blue chips
Shares
Bonds
Vouchers

What can you write off?
a business plan
workers
a balance sheet
a bad debt

The debt should be paid______within thirty days of receiving this statement.
in fool
for full
in full
for fool
all over

If their business is doing well , shareholders receive __________
commission
salary
taxes
dividends
annual bonus

If you want to borrow money to buy a house, you should ask the bank for …
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a mortgage
an overdraft
an interest
an account

Choose the correct phrasal verb to complete the following sentence
The persons you sent for us weren’t at the airport to __________so we had to get
a taxi.
pick up us
pick us up
pick on us
pick us out
pick out us

A registered company whose shares can be bought and sold on the Stock
Exchange is called:
partnership
private limited company (Ltd.)
public limited company (PLC)
sole trader
Choose the most suitable accounting / banking idiom.

It was impossible for the bank to collect the money so they were forced
to ............... the loan.
write out
write up
write down
write off

Choose the best verb to complete each sentence
It may be easier to _____________ money from your account than to pay money
in.
remove
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refund
draw
taken
I am pleased to inform you that there was no delay and the goods arrived
______time.
in
about
on
by

A payment which is overdue is one which is......
not paid
on time
overpaid
early

The amount of money an employee receives, and the money generated from an
investment project are both known as ….
earnings
bonus
salary
dividends
wages

A .......… is a formal agreement between a shop or other business and a
customer, in which the customer can take goods and pay the shop or
business for them at a later time
credit account
deposit account
current account
sale and lease back agreement
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Whereas you … interest on a mortgage, you … interest on a savings account.
pay; pay
earn; earn
earn; pay
pay; earn

The new management team has succeeded ___________stricter cost
control.
For introducing
In introducing
To introduce
The introduction of

Money taken by the government on certain imports
Value Added Tax

Income tax
Customs duties
Inheritance tax
Tax liabilities

Grammar
The boss insisted that Mr.Petcu ___________at the meeting
be not
is not
not be
doesn’t be

Payment must be made ...........10 days
during
by
within
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at
A … is a period when prices cannot be increased.
price freeze
hold-up
price-fixing
price-cut

If 1 worker produces a total of 4 units of output, 2 workers produce a total of 10
units of output, 3 workers produce a total of 18 units of output, 4 workers produce
a total of 25 units of output, 5 workers produce a total of 30 units of output, and 6
workers produce a total of 28 units of output, with the addition of what worker do
diminishing returns first occur?
worker 6
worker 3
worker 4
worker 5

A …..... is a bank account in which you usually leave money for a long
time and which pays you interest
current account
credit account
account of liabilities
deposit account
joint account

If you need more money, I could_______you some tomorrow.
lend
withraw
borrow
lease
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A Bill of Lading is issued by a shipping line and is a receipt for the goods
shipped. Which of the following pieces of information is unlikely to be
ascertained from the Bill of Lading?
a description of the goods
the consignee’s address
the gross weight of the consignment
the value of the goods

How to say it: Dates
You write it like this: 5th August 1989. You say it like this:
fifth August ninety hundred eighty-nine
the fifth August nineteen eighty-nine
the fifth of August nineteen eighty-nine
fifth August ninety eighty-nine

Petty cash is
pocket money given to children
a tip
money held in a business to cover small expenses
small denomination coins

READING COMPREHENSION
Teacher salaries account for approximately seventy percent of a school
budget. Any major proposal designed to reduce educational expenditures
will ultimately necessitate a cut in teaching staff.
Neighbourhood High School is staffed by fifty teachers, and its administration has
just ordered a reduction in educational expenditures. According to the above
passage, which of the following will be one result of the reductions?
A teaching staff dependent on fewer educational materials
A teaching staff of fewer than fifty teachers
A reduction in both administrative and teaching salaries
A substantial change in the quality of education
A teaching staff of only fifteen teachers

In the sentence: ‘A shipment of urgent medical supplies is expected to
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arrive very soon.’ the term ‘shipment’ means:
a large boat for travelling on water

a quantity of goods to be sent together under the terms of a single
bill of lading
a ship used especially for taking military or medical supplies from
one place to another

Tom purchased 100 shares of Yummy Butter Company stock. When the
company had a jump in sales, he received …..........
interest
assets
collateral
instalments
dividends

Try to ensure that each employee’s _____________ is not too great.
Workload
Working place
Work-to-rule
Working part

Tom borrowed money from his bank. The bank gave him …
an asset
a loan
an interest
dividends

They didn’t know how________ to our warehouse so they stopped ______
the way
Got, asked
Getting, asking
To get, asking
To get, to ask
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The document which shows details of goods being transported and
which entitles the receiver to collect the goods is called a …..........
bill of exchange
bill of lading
bill of quantities
bill receivable

A_________is a reduction in price.
mark down
profit margin
mark-up

Financial statements about cash funds are usually known as …...........
statements.
cash outflow
cash loss
cash resource
cash flow

An amount of money which you lend to someone …
share
debt
loan
interest

Reminders must be sent out to all customers whose accounts are more
than a month ________
Indebted
Unpaid
Overdue
Unbalanced
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In order to buy new equipment, to expand the business, some companies make
use of internal sources of finance.Which one of the following sources of finance
is a good example.
hire purchase
retained profits
government stock
bank loans
overdrafts

A balance sheet, as the name implies, must balance. Sources of funds must
equal:
employment of funds
losses
profits
liabilities

An item can be reported as an asset only if it passes some or all of the
following tests.
1. item is valuable
2. item is located in a building owned by the entity
3. the entity has ordered the item
4. item was acquired at a measurable cost
5. item is owned by the entity
6. item is used by the entity
1 +2 + 3 + 4 + 5 + 6
1+2+5
1+3+5
1 +2 +4 + 5 + 6
1 +2 + 3 + 5 + 6
1+4+5

Evidently, an event can affect the owner in one way and the entity in
another way. Financial statements of Ionescu & sons Ltd. report the
effect that the event has:
only on the owner
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only on the entity

on both the owner and the entity

The … ...........account is used to compare actual results with projected
results, and for future planning
profit and lost

profits and losses
profit and loss

The letter of credit is valid_______ 30 days.
for
in
during
by

A person can purchase__________ of a stock sold on a stock exchange.
shares
dividends
interest
charges

A person who has lost his / her job is :
unemployable
unemployed
underemployed
overworked

Grammar:
If we..................the right figures, we could have avoided a costly error.
would had
have
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have had
had had

Accounts ___________show how much money your customers owe you.
Obtainable
Incoming
Receivable
Collectable

In national income accounting which of the following is not part of national
income but of personal income?
Transfer payments
Personal consumption expenditure
Corporate income taxes
Social security contributions
Undistributed corporate profits

Possesions acquired by a company for long term use ( e.g. buildings)
are called:
current assets
long term assets
circulating assets
fixed assets

Reading comprehension
The 55-mile-per-hour speed limit has not only lowered the number of accidents,
it has also saved many lives. Yet, auto insurance rates have not reflected this
decrease. Therefore, insurance companies are making profits rather than
lowering premiums.
This argument implies that:
the 55-mile-per-hour speed limit is unfair
saving lives is of more importance than lowering premiums
driving skills have improved greatly since the 55-mile-per-hour-speed limit has
been in effect.
auto manufacturers agree with insurance companies’ policies
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insurance companies are taking advantage of drivers
Of the following , all are consumer goods except:
Transport trucks
A painting by Rembrandt
Family automobiles
A performance by the Romanian Philharmonic Orchestra
Apples sold at the supermarket

The three business partners decided to end their partnership due to
a dispute
__________ them.
between
in the middle of
among
by

In the sentence : “We could take out a loan to start our own business”.
“to take out a loan” means:
to borrow an amount of money from a bank with a promise to pay

it back at a future date
to lend money
to give money to someone
to withdraw money

John and Ellen own the John and Ellen Laundry, a partnership. Each takes
$1000 cash from the partnership entity and deposits it into a personal bank
account. An accounting report of the financial position of the John and Ellen
Laundry would show that:
John and Ellen each have $1000 more cash
the change in the entity’s equity is zero.
the entity has $2000 less equity
the entity has $1000 less cash
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Grammar
I demand that she immediately ______________ for what she (has) just said
apologize
apologizes
apologizing

Alegeti traducerea corecta:
Ar fi putut afla cifra de afaceri daca ar fi cautat in foaia de calcul
He could find out the turnover if he looked at the spreadsheet
He could have found out the turnover if he has looked at the spreadsheet.
He could have found out the turnover looking at the spreadsheet
He could have found out the turnover if he had looked at the spreadsheet

We are looking for an economist experienced in teaching economic and
financial matters
Cãutãm un economist cu experientã în predarea problemelor economice si

financiare
Cãutãm un economist care sã predea probleme economice si financiare
Cãutãm un economist cu experientã în probleme economice si financiare
Cãutãm un economist pentru predarea problemelor economice si financiare.

What can you carry forward?
an appointment
a meeting
a profit

____________accounts are accounts for your sources of business-
generated income.
Drawing
Liability
Revenue
Balance
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Four construction workers build a house containing 16 rooms. If the house has 4
floors and they take exactly 4 months (without stopping) to build it, then which
of the following must be true?
I They build 4 rooms each month
II Each floor has 4 rooms
III They build an average of 1 floor per month
IV The house averages 4 rooms per floor
I , II and III
III and IV
I and II
I, II, III and IV
II and III

Understanding news stories:
Below are headings from newspaper reports on the business environment.
Choose the best explanation of the keywords from a ) b) c) or d)
The price of kitchen appliances has soared in recent years.
To soar means:
go up little
fall dramatically
go down little
increase quickly to a high level

Which of the following would be treated as a short-term fund by a
company?
Tax provisions
Debenture stock
Preference shares
Ordinary shares

Which of the following items of Homes Incorporated, a builder of houses, are its
assets?
1. Its rented office, said to be worth $400000

2. Telephones it rents from the telephone company, worth $8000
3. Lumber in good condition purchased for $90000
4. Scrap lumber purchased for $3500, but now worthless
5. Its reputation for building fine houses, said to be worth $150000
6. Its truck, in good condition, purchased for $35000 five years ago.
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1+3+4+6
5+6
1+3+4+5
1+3
1+6
3+6

A company sells goods on credit, but if customers never pay for these
goods the money owing is known as ….
loss accounts
bad debts
bad payment
overdraft

Choose the best verb to complete the sentence.
The bank is ____________ a minimum rate of 9% for the loan.
charging
providing
giving
requesting

You record how much each of your employees should be paid in the .........
account.
Standard deduction
Employee pay
Net pay
Payroll
Employer pay

All firms, whether competitive or not, will tend to produce to the point
where
Average revenue equals marginal revenue
Fixed costs equal marginal revenue
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Fixed costs equal variable costs
Variable costs equal price
Marginal costs equal marginal revenue

(Alphabetic filing rules)
Choose the right order of indexing units for the following business name
Burr & Brown Corporation
Unit 1=Burr; Unit 2=&; Unit 3=Brown; Unit 4=Corporation
Unit 1=Burr; Unit 2=And; Unit 3=Brown; Unit 4=Corporation
Unit 1=Burr; Unit 2=Brown; Unit 3= Corporation; Unit 4= And
Unit 1=Burr; Unit 2=Brown; Unit 3= Corporation

Choose the correct alternative for the following. In “I wouldn’t bank on it” the
verb means:
promise
receive money
lend money
borrow money
rely

The ____________department staff has been cut back
substantially.
Product
Production
Produce
Producing

For each of the verbs below, three of the four words or expressions fit. In
each case circle the one which DOES NOT.
MAKE
A LOSS
A DECISION
BUSINESS
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MONEY

One of the main purposes of CONSULAR INVOICES is to control:
payment of customs duties
the issue of haulage permits
foreign exchange
the issue of visas and passports

Petronela Bogard ___________the post of Managing Director since 1999.
has filled
has been filled
filled
fills

A ...........is when one company offers to buy another.
merger
leveraged buyout
management buyout
takeover bid

The correct matching between the words in set A (1-3) and their definitions in
set B (a-c) is:
1. account a. detailed listing of all accounts of an organization
2. b. a record of the money that a business receives or pays out
accounting
3. ledger c. recording the past growth or decline of the business, analyzing these
results
1c; 2a; 3b
1b; 2a; 3c
1a; 2b; 3c
1b; 2c; 3a

The basic accounting formula that must always be true, unless some kind of
fraud or serious errors have occured ( also called the Fundamental accounting
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equation):
Assets = liabilities multiplied by shareholder's equity.
Assets = liabilities minus shareholders' equity.
Assets = liabilities plus shareholders' equity.
Assets = liabilities divided by shareholders' equity.

Everyone was impressed with the sales_______for the new product:
money
shapes
digits
figures

Choose the most suitable accounting idiom.
After only three months the company was able to ...... ............ and started to
make a profit.
BREAK UP
BREAK EVEN
BREAK DOWN
BREAK OUT
BREAK OFF

The following are all examples of possible causes of cash flow problems, except
(Select one answer)
over-investment
selling on credit
overtrading
buying on credit

Our …………………. include a $12,000 tax bill and the $8,000 we owe our
suppliers.
Debtors
Assets
Liabilities
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Overheads

Domestic sales have _______by 6% over the last year.
Raised
Rose
Risen
Arisen

Suntem deosebit de interesati sã vindem cu amânuntul produsele dvs. si
abia asteptãm sã primim esantioanele
We are highly interested of retailing your products and look forward to receive your
samples.
We are highly interested to retail your products and look forward to receive your
samples.
We are especially interested to retail your goods and are looking forward to
receive your samples.
We are highly interested in retailing your products and we look forward to receiving
your samples.

Before starting a business, you have to raise the necessary________
market
currency
capital
investment

Products -such as coffee, sugar, oil, cereals, rubber -that are exchanged
on special markets in international trade are usually called
Raw materials
Consumer goods
Commodities
Merchandise

Match the first part of the sentence with the right ending
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- If the government lowers

interest rates A. people tend not to save
B. governments expect something in
return
C. you don’t pay income tax
D. people are more productive
E. it makes borrowing easier

Categorize the following cost items according to the headings given
below.
- employee costs
A. accountancy fees
- property B. books, newspapers
C. car hire purchase agreements
- equipment
D. mortgage payments
- vehicles E. leasing of computers
F. salaries
- professional fees
G. employer’s liability insurance
- miscellaneous costs
- insurance

Complete the gap in the following sentence with a suitable / matching verb.
- I still .......the bank $3800.

A. keep up
I don’t know when I’ll be B. making
able to pay it back. C. losing
- Scotbank decided to close D. owe
its Tokyo operation E. save
because it was .......

money

Match the verb with one of the nouns to form common banking
collocations.
- transfer
A. interest
B. an account
C. funds
D. a deposit

4/23/2008..
Page 35 of 54
collocations.
- earn
A. interest
B. funds
C. an account
D. a deposit
E. goods

Match the English words to their Romanian equivalents:
- lucrari in curs de executie

A. balance sheet
- cheltuieli regie B. liabilities
C. operating costs
- bilant
D. capital goods
- mijloace de productie E. work-in-progress
F. overheads
- pasive
G. cash flow
- cheltuieli de exploatare
- conturi de trezorerie / flux de

numerar

collocations.
- purchase
A. interest
B. funds
C. an account
D. a deposit
E. goods
F. cash

Match the following statement of a potential customer to the appropriate
financial service needed. The first one has been done for you:
I want to send $1500 to my son in Tokyo as quickly as

possible”……………………… Swift transfer
- “I’m going to buy equipment for

the new premises”………. A. Foreign currency
B. deposit accounts
C. personal loan
4/23/2008
Page 36 of 54
D. treasury bonds
E. insurance policy
F. overdraft facilities
G. SWIFT transfer
H. business loan
I. mortgage
J. cash/credit card
K. standing order

Match the following basic accounting concept with its definition:
- The conservatism concept

A. Recognize increases in equity
only when they are reasonably
certain but recognise decreases
as soon as they are reasonably
possible.
B. Disregard trivial matters but
disclose all important matters.

C. Revenue is realized at the
moment when goods are sold

or when services are rendered.
D. The revenues generated in an
accounting period are identified

with related costs whenever
they were incurred.
E. The same methods of
(depreciation, inventory
valuation etc.) must be used
from one period to the next.

“I want to send $1500 to my son in Timisoara as quickly as

- “I’d like to buy a new

house”………………………………. A. Foreign currency
B. high-interest deposit accounts
C. personal loan
D. treasury bonds
E. insurance policy
G. SWIFT transfer
H. business loan
I. mortgage
J. cash/credit card
4/23/2008...
Page 37 of 54
K. standing order

- The consistency principle

possible.


or when services are
rendered.

they were incurred.

Complete the gap in the following sentence with a suitable / matching verb.
- If you take out a loan, make sure

you can..............the repayments. A. keep up
- I’m going to ...............that loan so I B. take out
can buy a brand new Toyota C. save
D. losing
E. earn
F. owe
G. lend

Match the form of revenue with the right recipient
- commission
A. retired employee
- salary B. shareholders
fees C. sales representative

- D. government
- redundancy pay E. financial adviser
F. laid off employee
tax
4/23/2008.
Page 38 of 54
- G. white-collar worker
- dividend
- pension

“I want to send $1500 to my son in Tokyo as quickly as

- “I want to guard my house against

damage”…………… A. Foreign currency
B. deposit accounts
C. personal loan
D. treasury bonds
E. health insurance
G. business loan
H. business loan
I. business loan
J. cash/credit card
K. standing order
L. insurance policy

Here are a number of essential business entries used on a balance
sheet. Use the words listed below to decide which type of entry fits
the definition.
- a gradual loss in value

A. intangible assets
over time
B. dividends
C. liabilities
D. depreciation
E. fixed assets
F. distribution costs
G. overhead
H. variable costs
I. operating costs
J. advertising costs

collocations.
4/23/2008...
Page 39 of 54
- make
A. interest
B. funds
C. an account
D. cash
E. a deposit

Match the English words to their opposites:
- loss
A. fall
- weaken B. profit
- rise C. halve
- double D. strengthen

Complete the gap in the following sentence with a suitable / matching verb
- We’ve decided to move to

A. take out
a new office B. borrow
to................money. The C. save
place we rent at the D. owe
moment is too expensive E. earn
- F. losing
The easiest way
to .........money is to invest
wisely in the Stock Market

financial service needed. An example has been done for you:
I want to send $1500 to my son in Timisoara as quickly as possible”........

Swift transfer
- “I want my regular bills such as

rent or mortgage payments or A. foreign currency
other fixed amounts of money to B. deposit accounts
be paid
monthly”……………………… C. personal loan
D. treasury bonds
E. insurance policy
G. money order
H. SWIFT transfer
I. business loan
J. mortgage
K. standing order
4/23/2008...
Page 40 of 54

Match the following statement of a potential customer to the most
appropriate financial service needed. The first one has been done for you:
I want to send $1500 to my son in Tokyo as quickly as

- “I want to save and get a very

good return on my money”……… A. foreign currency
B. mortgage
C. savings account
D. debit/credit card
E. treasury bonds
F. insurance policy
G. current account
H. high interest deposit account
I. personal loan
J. overdraft facilities
K. business loan
L. standing order

Match the opening and closing greetings.
- Dear Sirs / Dear Sir or

A. Yours sincerely / Kind
Madam /Ladies and
Gentlemen Regards
B. Take care / Best wishes / All
- Hi Susan / Dear Robert
and Mary the best
C. Yours faithfully
- Dear Mrs. Jones / Dear
Mr. Smith

Match the following adjectives with the nous that they would usually go with:
- retirement
A. calculated
- risk B. deliberate
judgement C. premeditated
- D. voluntary
- mistake E. considered
- murder

Match the verb with one of the nouns to form common
banking collocations.
- withdraw
A. interest
4/23/2008
Page 41 of 54
B. an account
C. goods
D. cash
E. balance

Match the English words to their Romanian equivalents
- amortizarea (mijloacelor fixe)

A. social security contribution
B. retained earnings
stat de plată C. depreciation
-
D. payroll
E. liabilities
regie F. overhead(s)
-
- CAS
- profit reinvestit
- pasive

appropriate financial service needed. The first one has been done for you:
I want to send $1500 to my son in Timisoara as quickly as

- “I may be in debt
sometimes”……………….. A. foreign currency
B. savings account
C. deposit account
D. treasury bonds
E. insurance policy
G. SWIFT transfer
H. business loan
I. mortgage
J. debit card
K. standing order

collocations.
- open
A. interest
B. funds
C. an account
4/23/2008..
Page 42 of 54
D. a deposit
E. goods
F. cash

appropriate financial service needed. The first one has been done for you
(select one):

- “I want to invest in safe

securities”……………………. A. foreign currency
B. savings account
C. deposit accounts
D. personal loan
E. treasury bonds
F. money order
G. insurance policy
H. overdraft facilities
I. business loan
J. mortgage
K. cash/credit card
L. standing order

Match the English words to their Romanian equivalents:
- usor
A. growth
- a se ameliora B. figure
C. assess
- crestere
D. raise
- a spori, a majora E. improve
F. slightly
- cifra
- a evalua

Match the first part of the sentences with the right endings.
- If they work in pleasant surroundings

A. people tend not to save
- If they give aid B. it looses market share
C. governments expect something in return
- If you have an offshore bank account
D. you don’t pay income tax
If inflation is high E. people are more productive
-
- If a company doesn’t advertise
4/23/2008
Page 43 of 54

- The realization concept

possible.
disclose all important

matters.

rendered.

they were incurred.

- The matching principle

possible.


rendered.

they were incurred.
4/23/2008...
Page 44 of 54



- “I would like to authorize

Romtelecom and Electrica A. Foreign currency
Muntenia S.A. to draw the money B. deposit accounts
from my current account”
C. personal loan
D. treasury bonds
E. insurance policy
G. money order
H. SWIFT transfer
I. business loan
J. mortgage
K. direct debits
L. standing order

- The materiality concept

possible.
B. The revenues generated in an

they were incurred.
C. Disregard trivial matters but

D. The same methods of
E. Revenue is realized at the

rendered.
4/23/2008
Page 45 of 54

Match the Business English terms to their Romanian equivalents:
- equity
A. randament
- earnings B. titlu de creanta / obligatiune cu dobinda fixa
straight line depreciation C. amortizare in cote egale

- D. venituri
- yield E. pontaj
F. capital propriu
- debenture
- time sheet

Nine hundred head of cattle must be transported from Constanta to
Bucharest. If each cattle car can hold a maximum of 80 head, what is
the least number of cattle cars required to transport all the cattle?
(Scrieti numai cifra !)

How many paintings were displayed at the County Museum of Art if
30% of them were by Monet and Monet was represented by 24
paintings?
Scrieti numai CIFRA !!

Spifmobile Ltd. is selling at a 30% discount off its sticker price. Its
sticker price is $8000. What is its new selling price? ( Scrieti numai
cifra !!)

A person 2 m tall casts a shadow 1 m long when a tree has an 8 m
shadow. How high is the tree? (scrieti numai cifra ! )

Last year Hank’s income was $12,000. This year it rose to $15,000.
What was the percent increase in Hank’s salary? ( Scrieti numai cifra
FARA %)
4/23/2008
Page 46 of 54

Together , a hat and coat cost $125 . The coat costs $25 more
than the hat. What is the cost of the coat? (nu folositi semnul $-scrieti
numai cifra)

Assume that one pig eats 4 pounds of food each week. There are 52
weeks in a year. How much food do 10 pigs eat in a week? (Scrieti
numai cifra !)

60 is 20% of what number? (Scrieti NUMARUL IN CIFRE )

A car travels a scenic route of 15 miles in 30 minutes and the 60-
mile balance of a trip in one hour. Its average speed for the trip is:
____mph. (Scrieti numai cifra)
George scored an average of 80% on three tests. What score must he get on
the fourth test to bring his average to 85%. Scrieti NUMAI CIFRA FARA
% !!!

What is the simple interest on a $40,000 savings account over 3
years if the interest rate is 2% quarterly. Scrieti NUMAI CIFRA FARA $
SI FARA PUNCTUATIE !!

Complete the sentence below by inserting the right derivate of the verb
in brackets. An example has been done for you:
4/23/2008
Page 47 of 54
The contract is not negotiable (to negotiate)
He needs a _________________accountant for the new subsidiary in

Bucharest (to certify)

Fill in the blanks with one of the words from the list below. Change
the grammatical form of the words where necessary.
overhead, supply , shareholders, payroll,

authority, to hire , promotion
Our company has over 1000 employees on its .............

Traduceti in limba engleza urmãtoarele documente bancare / financiar contabile.
INSERATI UN SINGUR CUVINT care este valabil pentru fiecare dintre cele 3
variante !!!
· extras de cont
"bank ___________" or "bank ____________of account" or "__________of
account".

Title used for a married or unmarried woman in business letter writing.

Identify the error in the following sentence, then correct the mistake. It is
possible that there is no error (in this case write "No error")
(Daca nu este nici o gresealã scrieti "no error". Daca exista vreo gresealã
atunci scrieti numai cuvintul ce trebuie sa inlocuiascã unul din cuvintele
evidentiate)
Although I cannot see you, I can hear you good. No error

Business writing- Apology for billing error -
Complete the following business letter choosing the appropriate word from
the list. MODIFY its grammatical form where necessary. Use standard
English spelling ( to allow, to pay, to make, to want, to do, to sell, to buy, to
be, )
( UN SINGUR CUVINT)
4/23/2008
Page 48 of 54
Dear Mr. Howard
I would like to apologize for the error we made on our invoice DCI-987 dated
June 15. I’m cancelling that invoice and re-invoicing you as follows:
12 tables @ $11,48 each $137.76
48 chairs @ $2.05 each $ 98.40
12 tablecloths @ $1.88 $ 22.56
24 5-piece place settings @ $3.24 each $ 77.76
Subtotal $336.48
Tax (4.5%) $ 15.14
______
Total $351.62
I hope this resolves the issue to your satisfaction. I look forward to ___________
business with you in the future.
Yours sincerely,

A favourable name or reputation purchased by an entity is usually
referred to as _________

As compared with straight-line depreciation, accelerated depreciation
writes off more depreciation in the early years of an asset’s life and
less in the later years. Over the whole life of the asset, accelerated
depreciation writes off the ____ total cost as straight-line depreciation.

Enter the correct word to build an expression related to economics and
finance. (Scrieti numai cuvintul care lipseste)
A _______________order is an instruction to a bank to pay a fixed

amount of money at regular times to another bank account.

Common abbreviatons and acronyms.
Spell out the following abbreviation:
CPA ( ________ public accountant) -INSERATI CUVINTUL CARE
LIPSESTE

Write the missing word in the gap
People who buy shares in a company are called ________
4/23/2008
Page 49 of 54

Give the accounting name for the following term: Claims of
creditors

Grammar
The board of directors recommended that she ____________(to join)
the company.

Insert the correct word to finish the phrase or question
a. I haven't got enough money for lunch. Could you ________(a

împrumuta) me some?

Spell out the following abbreviation: ( UN SINGUR CUVINT FARA SEMNE DE
PUNCTUATIE)
Wkds:

The terms profit, earnings and income all have the same meaning.
They are the difference between the __________ of an accounting
period and the expenses of that period. (use plural form)

Business writing - Collection letter-
Complete the following business letter choosing the appropriate word from the
list. ( unul singur !!!!) MODIFY its form where necessary. Use standard English
spelling
( purchase, bank statement, to tell, invoice, contract, salary, charge, to
make, to serve, to receive, balance, to settle, )
Dear Mr. Boyanov
Unfortunately, we still have not received your $2,375.60 payment for

merchandise you purchased January 15 (invoice #4454, dated January 17).
Because your account is three months past due, we are now forced to add a late
charge of $23.75 in accordance with our credit policy. The new ___________is
$2.399.35
Please be sure to settle your account with us today. If you have difficulty paying
the full amount now, please call me today to discuss arranging a payment
schedule.
4/23/2008_...
Page 50 of 54
Sincerely,
Bob Chamberlain
Manager

In accounting the idea of income is the difference between _________ and
expenses. (Scrieti cuvintul la plural)

Traduceti in limba englezã: Pretul cu ridicata este:
The ________price is

Complete the sentences below by inserting the right derivate of the
verbs in brackets. An example has been done for you:
The contract is not negotiable (to negotiate)
There is a ________________between product mix and product depth..

(to distinguish)

Enter the correct word to build expressions related to accounting.
The most popular way of calculating the depreciation each year is the
_______ line method.

Complete the sentence below by inserting the right derivate of the verb
in brackets. An example has been done for you:
a. The contract is not negotiable (to negotiate)
I didn’t agree to the ___________of the meeting from the beginning

(to cancel)

Money paid to people with a handicap is known as (use singular form): disability
_______
4/23/2008
Page 51 of 54

Supply the appropriate tense of the verb in brackets:
They asked me where the railway station (to be) (Scrieti numai verbul)

Insert the correct word to finish the phrase or question
How much does she __________(a câstiga) in her position?

ATM ( Automatic _________ Machine )

Enter the correct word to build an expression related to economics and
finance. (Scrieti numai cuvintul care lipseste )
• A _____ debt is a loan that is not likely to be paid back.

Money taken on legacy is known as _______ tax.

Fill in the correct preposition in the following sentence. All are expressions which
occur frequently in business letters:
Duty has been paid on the goods and they are not liable
____VAT
Spell out the following abbreviation. ( Un singur cuvint )

VAT
“Value _____ tax”
4/23/2008_...
Page 52 of 54
Turn the statements, questions and orders below into reported speech.
A sentence has been done for you;
“I have just opened a savings account. I want to go to Bahamas next
summer” my uncle said.
My uncle said he had just opened a savings account, as he wanted to
go to Bahamas the following summer.
“You must take out a mortgage.” my parents- in-law said.

My parents-in-law said that we____to take out a mortgage.

Grammar
Suppose she ________(to be) here. What would you say?
(scrieti verbul la forma gramaticala corecta)

Fill in the correct preposition in the following sentence
He deals______many enquiries of this sort.

Grammar
Complete the sentences with the correct preposition
The increase in salaries is around 4%. Inflation now stands______6%.

The process of using unusual but not illegal ways to change business accounts
to make them look better than they really are, is usually called _______
accounting

Grammar
Put the following sentences into the passive voice making all necessary
changes.
He has just written a special edition for the bank employees.
A special edition has just_____written by him for the bank employees.
(Completati spatiu liber)

(Grammar)
Put the verbs in brackets into the appropriate conditional form
using the information given.
4/23/2008_...
Page 53 of 54
You are talking to a customer who has asked you to replace a lost
credit card for the fifth time.
If you ______( to lose ) your card again in the future, I’m afraid
that the bank will refuse to issue a replacement.

NYSE ( New York ______ Exchange) ( INSERATI SINGURUL CUVINT CARE
LIPSESTE)

Money taken by the government on certain imports and exports is known
as :________ duties ( INSERATI UN SINGUR CUVINT)

One of the most important shipping documents which is also a
document of title is "the bill of ________"

Business writing - Apology for damaged shipment -
Complete the following business letter choosing the appropriate word
from the list. MODIFY its grammatical form where necessary. Use
standard English spelling.
(to order, to arrive, to contact, to be able to, to be, to make, to serve, )
Dear Mr. Boyanov
I’m sorry to learn about the damage to the sofa that you purchased from
us last month. Our driver has determined that the damage occurred in
shipment (most likely from the manufacturer’s warehouse to our store).
I’ve ordered an exact replacement from the factory, and I’ve been told
that it will take four to six weeks to get here. I’ll call you as soon as
it_____________, and we will arrange a convenient time for delivery.
I am sorry for the inconvenience this has caused you. I’ll be in touch
very soon.
Sincerely,
Bob Chamberlain
Manager
4/23/2008.
Page 54 of 54
Grammar
The manager demands that the main entrance __________(to be) locked at
night.
(INSERATI VERBUL LA FORMA GRAMATICALA CORESPUNZATOARE)

Transform the following active construction into a passive
construction. Insert one word.
They have opened the new conference hall (just)
The new conference hall has just ______opened

State the COMMONEST METHOD OF PAYMENT for trade between
countries. It is operated by the banks and money is transferred from the
buyer to the seller through the banking system.
"letter of _______"

Money taken from the profits made by companies is known
as :__________ tax

Money paid to people that are made redundant is known as ________
benefit
Fill in the correct preposition in the following sentence. All are

expressions which occur frequently in business letters:
a)We are sending samples_________separate cover
4/23/2008

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Page 1 of 54

Preview Assessment: MFC_AN1_SEM2_BUSINESS ENGLISH_OK

Denumirea: MFC_AN1_SEM2_BUSINESS ENGLISH_OK

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The Board of Directors is appointed by the Managing Director (MD)

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Stretching accounts payable is a cost-free method of financing a

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Raw materials are bought and sold on the stock exchange.

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Which of the following will appear as a current asset on a balance sheet:

Proposed dividend to shareholders

Bank loans and overdrafts

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Over a period of time

All of the above

None of the above

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My first job was in a factory. I’ve done it for three months

My first job was in a factory. I did it for three months

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An issue of ordinary shares

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A new issue of debentures