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Match the following terms (A) and their definitions (B); translate into Russian/ Belarusian.
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A. а) a board of directors; b) the president of the corporation; c) stock options; d) takeover” bids; e) life span of the business; f)a capital gain; g) double taxation; h) a personal income; i) a progressive personal income tax rate structure; j) an average income tax rate; k) a marginal income tax rate; l) partnership articles of agreement; m) raising money by public companies; n) a corporation; o) a partnership; p) a proprietorship; q. “perks”
B.
1. a business firm that is chartered by a state, has existence as a legal entity independent of the owners of the corporation, and has the characteristic that only the assets of the firm itself are subject to claim by anyone to whom the firm owes money;
2. the average personal income tax rate rises with income and the marginal rate rises with income as well;
3. a document referring to partnership duties, responsibilities, and sharing of profits;
4. income is first taxed at the corporate level of the individual owner at the time that the corporation pays out such income to the owners;
5. an overall governing body of the corporation;
6. the profit that one makes by selling an asset at a price higher than the price at which the asset was bought;
7. a rate that is equal to total income taxes due divided by income;
8. issuing shares and bonds to be offered for sale on the Stock Exchange;
9. the right to buy company stock at guaranteed prices;
10.a firm owned jointly by two or more persons, with the assets of each and every partner subject to claim by anyone to whom the firm owes money;
11. company-financed vacations, limousines, apartments;
12. a one-owner firm, with all of the owner’s wealth subject to claim by anyone to whom the firm owes money;
13. offering the stockholders more for their shares than they can get on the market;
14. a rate equal to the change in income taxes due divided by the corresponding change in income;
15. a lifetime that ends when the owner decides to disband the firm or dies;
16. an income earned by a partnership and split among the partners according to the income sharing rules of the partnership;
17. the managing director, sometimes called the chief executive officer or CEO.
8. Fill in the blanks by inserting the following; translate into Russian/ Belarusian:
a) partnership; b) limited liability; c) low tax brackets; d) high tax brackets; e) proprietorships; f) corporations; g) to finance; h) legal status; i) assets; j) limited liability; k) the Stock Exchange; l) articles of agreement; m) articles of incorporation; n) equity capital; o) average income tax rate; p)income sharing rules; q) dividends; r) corporate taxes;s) capital gains tax; t) shares; u) proprietorship; v) stockholders; w)annual meeting; x)voting procedure; y) president; z)insiders; z’)bonuses.
1. The board of directors is elected each year at the … … of the stockholders.
2. Large businesses are overwhelmingly …, which dominate mining manufacturing and wholesale trade.
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3. In the first place, if it is blatant enough, it can produce a stockholder revolt and a proxy battle to wrest control of the company from the ….
4. Corporations have the advantages of ease of raising equity capital, tax advantages for individuals in … … …, and a life time for the business that is independent of the lives of individual owners.
5. In practice, however, the real difference between the two arises from the fact that limited ownership companies cannot raise money by selling shares, in contrast to public companies which can do so by issuing shares and bonds to be offered for sale on … ….
6. With a partnership,… … as to partnership duties, responsibilities, and sharing of profits are usually signed in order to avoid future disagreements and lawsuits, but this is not legally required.
7. But the day-to-day operations of the company are in the hands of the … and the individuals appointed by him to supervise operations.
8. The owner sells his ownership interest after six months and pays … …on the increase in the value of his ownership interest.
9. Proprietorships have the advantages of ease of formation, ease of raising debt capital, and tax advantages for individuals in … … ….
10. The owners of a corporation are its ….
11. Income earned by a partnership is split among the partners according to the … … … of the partnership and is then treated as personal income for each of the individual owners by the Internal Revenue Service.
12. Owners of partnerships and owners of proprietorships have unlimited liability for the debts of the business, but owners of corporations can lose only what they invested in the corporation; that is, the owners have …..
13. Most top executives of: large corporations have compensation contracts that are designed to synchronize the interests of the executives and the stockholders –… based on profits, stock purchase agreements, bargain prices and so forth.
14. Ease of raising … is the major advantage of a corporation.
15. Lenders should be less willing to lend to a firm with limited liability for its owners (a corporation) than to one where the personal assets of the owners are subject to claim
16. The … … … tells us what fraction of income is paid out in income taxes while the marginal income tax rate tells us how much additional income tax must be paid if income goes up by $1.
17… tend to be small businesses and are most important in agriculture, retail trade and services, partnerships also are small and are important in finance, insurance, real estate, and in retail trade and services.
18. Corporations have… … for their owners; as owner can lose only what he has invested in the firm, and no more.
19. There are three types of business firms from the point of view of their…: proprietorships, partnerships and corporations.
20. When the corporation pays out income to its owners (to shareholders) in the form of …, income received by any owner is then subject to the personal income tax (federal and state) the corporation pays out all of its income after … … to the owner in dividends.
21. For the small single-owner firm that relies on bank financing, and where the owner is in a low tax bracket, the … is probably the best choice.
22. Stockholders may sell their … or may die while holding shares, but this has no effect on the life of the corporation.
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23. Any creditor of the partnership can sue any owner for full payment of the debt, leaving it to that owner to collect from his or her co-owners, if they have any… themselves.
24. Although rules differ from state to state and from company to company a typical … … is to allow one vote per share for each shareholder, to be cast for each member of the board.
25. … their operations, firms deal with banks, insurance companies, investment companies, and with security exchanges.
26. The small one-owner retail or wholesale store is almost always operated as …, and often the inventory and fixtures of the store represent essentially all of the owner’s assets or wealth
27. In order to incorporate, … … must be filed with a state government and applications made to states in which the corporation will do business.
9. Find the following information in texts 1 -- 3; translate it into Russian/ Belarusian paying attention to the terms and their contextual usage:
-legal types of companies;
-advantages and disadvantages of the types of companies;
-peculiarities of taxation of the types of companies;
-peculiarities of fund raising of the types of companies;
-peculiarities of ownership of the types of companies;
-peculiarities of management of the types of companies;
-peculiarities of activities of the types of companies.
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