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Complete the following sentences.
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1. When a proprietor wants to expand a business, one way to do it is ….
2. The rights and duties of a partnership are regulated by laws of the state where …
3. A partnership agreement also may provide for a ….
4. The partnership has the advantage of ….
5. The partnership is exempt from ….
6. If one partner takes a large amount of money from the business and squanders it, ….
7. If partners have serious and constant disagreements, ….
8. The partnership remains ….
Answer the following questions.
1. What are advantages and disadvantages of a business partnership?
2. Compare a partnership with a sole proprietorship. What are principal similarities and differences?
3. Which form of business organization would you choose? Why?
Fill in the blanks using the vocabulary words.
A _____ implies that you will have a _____. You will share _____ and _____ with him. Usually an _____ specifies the _____ of money each is _____ and the duties each partner _____. Your _____ may not _____ in the _____ of the partnership, but can only invest his money in the business. One of the advantages of this form of business organization is that the partnership is _____ from reporting to the government. Federal taxes are paid by individual partners on their _____ _____ that the business is not taxed.
This test will help you to estimate your target orientations of earning a capital.
Test
A POTENTIAL MILLIONAIRE
One of the wealthiest people of the world is the sultan of Brunei. He is the owner of almost 14 billion dollars. The richest Australian is publisher Carl Cahage. He owns almost 2 billion dollars. Of course, the sultan did not earn this money himself. The main part of it was inherited by him and earned by his subjects. Just the other way round, Cahage made his fortune himself. Probably you will be one of the next generation of wealth-holders and millionaires in the future.
Choose one of the suggested options.
1. Which is the easiest way to make money?
a) to work hard, be well-informed, risk and, of course, invest money in business
b) to hope to get your uncle’s inheritance
c) to make a career going step by step to a managing post or to try your hands at politics
2. Which character of Walt Disney makes you smile?
a) Donald Duck
b) Gusto Hans
c) Dogbert Duck
3. In your opinion which income can make the richest people of the world close a bargain?
a) from half a million to a million
b) up to 10 million
c) dozens of million and higher
4. Which of the statements do you agree to?
a) The more money you have the more pleasure you get
b) Money means power
c) Money causes much envy
5. Have you ever heard of the game called “A Fortunate letter”? You put a small sum into an envelope, look for a victim, who also pays and, at last, your investment comes back to you multiplied many times. Which part are you ready to play in it?
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a) not to take part in it
b) to take part and also earn
c) to be the initiator of the game
6. Is it important for you to be mentioned in different newspapers and magazines?
a) I would be very glad
b) No
c) I am often mentioned in them anyway
7. How can you win in races?
a) gamble with high stakes
b) save money and just be present at the races
c) buy a horse-winner
8. In your opinion, who has the highest chance to become a rich man quickly and reliably?
a) a director, an actor, a writer, an artist, a sportsman-record holder
b) a lawyer, a doctor, a politician
c) a head of a company, a publisher
9. What is your attitude to the business between friends?
a) I am ready to loan money to my friends. Some time they will also lend me
b) Money and friendship are incompatible
c) I am ready to borrow money from my friends but not to lend it
10. Be frank. If you managed to become a millionaire, would you enjoy this feeling?
a) Of course, I would enjoy it
b) I would demonstrate my enjoyment to everybody who did not trust me or looked at me haughtily
c) No
11. Where would you invest your millions?
a) in real estate, in an art collection
b) in shares or other securities
c) I would do as my wife/husband would say
12. If you already have a couple of million, are you going to try to earn more?
a) No, if we are speaking about a small sum. But I will never refuse to earn a big one
b) Of course
c) No, it is enough for me
1. a) – 6; b) – 0; c) – 3;
2. a) – 3; b) – 0; c) – 6;
3. a) – 0; b) – 3; c) – 6;
4. a) – 6; b) – 3; c) – 0;
5. a) – 3; b) – 0; c) – 6;
6. a) – 0; b) – 6; c) – 3;
7. a) – 0; b) – 3; c) – 6;
8. a) – 0; b) – 3; c) – 6;
9. a) – 3; b) – 6; c) – 0;
10. a) – 0; b) – 3; c) – 6;
11. a) – 3; b) – 6; c) – 0;
12. a) – 3; b) – 6; c) – 0.
If you have:
From 0 to 23 points
It means, that the best way to become rich personally for you is either to get married luckily, or to become an heir, or, at last, to win a lottery.
From 24 to 48 points
Wealth is connected with work for you. Avoid financial speculations. The best way for you is make a career and take a place of your boss. Even if it does not bring you desired millions, your life will be financially secured.
From 49 to 72 points
You have the best chances to become a millionaire some day (if you are not now). You have a commercial mind, you separate money from friendship. You are not going to boast of your luxurious way of life and are inclined to multiply your fortune patiently.
UNIT 8
WHAT YOU WILL GET: COMPENSATION FOR YOUR WORK
Compensation for your work means two things: the salary (money) and the employee benefits that you receive from an employer. Sometimes the value of employee benefits is so great that a job with a smaller salary but very good employee benefits is a better choice than a job with a higher salary and fewer benefits. Therefore, it is important for you to learn about both the salary and the employee benefits when you are considering a job.
SALARY
Salary is the amount of money you get for your work or your services. Salary is also called wages, pay, or what you make. The salary that employees receive varies greatly for different jobs. Even employees performing the very same job may receive much different payment from different employers. There are also differences in the rate of pay for the same job in different geographic areas of the United States.
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So, it is not possible to tell you in this book the amount that you will be paid. But we can tell you how to learn the amount that is fair for the job you are seeking. Then we will explain how you will be paid by your employer.
Learning About Fair Pay
One way to learn about the fair rate of pay for a job is to talk with people who work at that job. If you do not have friends who work at the job you are seeking, we will tell you in Chapter V how to build a "network" of people who will help give you the information you need about jobs, including the fair rate of pay.
In addition to your network, there are government agencies that will help you at no cost. One of the most useful government agencies is called Job Service. Job Service counselors will help you learn everything you need to know about jobs. The counseling and information that this agency provides is free. The locations of Job Service offices are given in the "State Government" section (under the name of your state) of the telephone book (White Pages).
Your Actual Salary
The salary that your employer pays you may be based on an hourly rate, a weekly rate, or a monthly rate. Your salary will include regular pay and perhaps some overtime pay. You may also receive a regular or occasional bonus.
Regular Pay. Most employees are required to work a specific amount of time each day. This amount of time is the regular workday for these employees. For example, many employees are required to work eight hours each day. For these employees, each regular workday is eight hours long. The employee receives regular pay for working these regular work hours.
Overtime Pay. When employees are required to work more than a regular workday, they usually receive extra pay. This extra pay is called "overtime" pay. Overtime pay is often at the rate of one and a half times the regular rate of pay. For example, if an employee is paid $8.00 an hour for regular work, he or she would be paid $12.00 an hour for overtime work.
Not all employees receive overtime pay. Some employers give their employees compensatory time. Compensatory time is the time that an employee takes off from regular working hours instead of payment for working overtime hours. In addition, some employees who receive a weekly or monthly salary (instead of hourly) are expected to work as long as necessary to complete their duties. These employees do not normally receive overtime pay or compensatory time.
Bonuses. A bonus is like a special gift from your employer. An employee may receive a bonus at Christmas or for doing exceptionally good work.
Payday
You will receive the payment of your salary once a week, every two weeks, or once a month. This payment may be in cash (currency), but most workers are paid by bank check. However, the actual amount of payment that you receive will always be less than the amount the employer has agreed to pay you. Your employer is required to subtract some money from your salary. These subtractions are called deductions (Federal Income Tax, State taxes and local taxes, Social Security and other deductions). You may also wish to have your employer make other deductions for you. The amount of salary your employer has agreed to pay you is called your gross salary. The amount of money you receive after deductions have been made is called net salary.
UNIT 9.
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