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Before you listen to the following broadcast match the key words and expressions in the left column with their translation in the right one.

1. social responsible investing 2. professional management 3. mutual funds 4. securities 5. to meet the requirements 6. screening 7. social investments 8. social values 9. chairman of the company a) председатель правления акционерного общества b) социально ориентированные инвестиции c) общественные ценности d) команда менеджеров-профессионалов, занимающаяся распределением средств инвестиционного фонда e) взаимно предоставляемые фонды; фонды во взаимном пользовании f) инвестиции на социальные нужды g) ценные бумаги h) соответствовать требованиям (стандартам) i) (тщательная) проверка, рассмотрение, отбор

Listen to the text; answer the questions below using the abovementioned key words.

1. Define the word “investments”. What does it mean for business activities?

2. What does “socially responsible investing” mean? Why do people nowadays prefer to invest money in socially responsible companies?

3. What do you know about investment funds? What do mutual funds mean? Describe the mechanism of their activities. What main requirements must the fund supervisors meet in order to satisfy the needs set out by the funds?

4. What did Social Investment Forum say in its two thousand five report? Do you agree with such statements?

5. Today, about half of American families own stock in some form. Do they consider the effect their investments have? Why people named the software maker Microsoft as the best company?

6. What types of socially responsible investing do you know? Describe them briefly.

Listen to the text again; check your answers; name the main idea and retell the story.

II. Read and translate the following texts and be ready for their discussion on the basis of active vocabulary, key terms quiz, review and discussion questions.


“Credit is a system whereby a person who can’t pay gets another person who can’t pay to guarantee that he can pay”

Charles Dickens (1773-1833). English novelist



Organizations require funds for many reasons, including but not limited to, running day-to-day business operations, paying for inventory, making interest payments on loans, paying dividends to shareholders, and purchasing land, facilities, and equipment. The financial plan identifies the firm’s specific cash needs and when they will be needed.

Generating Funds from Excess Cash

Most financial managers will choose to invest the majority of firm’s excess cash in marketable securities. These often are considered near-money since they are, by definition, marketable and easy converted into cash. Three of the most common types are: treasure bills, commercial paper, and certificates of deposit. Treasure billsare one of the most popular marketable securities since, as issues of government, they are considered virtually risk-free and easy to resell. While commercial paper (a short-term note issued by a major corporation with a very high credit standing and backed solely by the reputation of that firm) is riskier than a treasure bill and does not have a well-developed secondary market for release prior to maturity, it pays the purchaser a higher rate of interest. A certificate of deposit (CD) is a short-term note issued by a financial institution, such as commercial bank, savings and loan, or credit union. The size and maturity date of a CD vary considerably and can be tailored to meet the needs of the purchaser.



The equal importance to the firm’s financial plan is the choice of the best sources of needed funds. Sources fall into two major categories: debt and equity. Debt capitalrepresents funds obtained through borrowings. Equity capitalconsists of funds provided by the firm’s owners by reinvesting earnings, making additional contributions, liquidating assets, issuing shares to the general public, or by soliciting contributions from venture capitalists. Equity capital also is obtained from revenues from day-to-day operations and from liquidating some firm’s assets.

Short-Term Sources of Funds

At numerous times throughout the year, an organization may discover that its cash requirements exceed available funds. In such cases the firm’s financial manager will evaluate short-term sources of needed funds. By definition, these sources must be repaid within one year. The major short-term source of funds is trade credit, or making open-account purchases from suppliers. A second source is unsecured bank loans, for which the business does not pledge any assets as collateral. Another opinion is secured short-term loans, for which the firm must pledge collateral such as inventory. Large firms with unquestioned financial stability can raise money from a fourth source by selling commercial paper. Issuing commercial paper to raise funds is usually is one or two percent cheaper than borrowing short-term funds from a bank.

Long-Term Sources of Funds

Short-term sources of cash can be used to meet current needs for cash or inventory; but acquiring another company or making major purchases, such as land, plant, and equipment, will require funds for a much longer period. Unlike short-term sources, long-term sources can be repaid over a period of one year or longer.

A business firm has three long-term financing sources available. One is long-terms loans issued by various financial institutions, such as banks, insurance companies, and pension funds. A second source is bonds:certificates of indebtedness sold to raise long-term funds for corporations or government agencies. A third source is not to borrow but to secure equity funds, ownership funds obtained from selling shares in the company, selling company’s assets, reinvesting company earnings, or from additional contributions by venture capitalists or the firms owners.

(Based on: Kurtz D., Boone L., Boone and Kurtz Business)


III. An idea for a business is not enough. Here is the VOA broadcast transcript which describes the necessity for additional funds. Translate this text and be ready for its discussion on the basis of active vocabulary, key terms quiz, review and discussion questions.


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