Professional Documents
Culture Documents
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BUSINESSINTRO
loyalty in business is backed by an almost religious fervor. Mac worshippers aggressively defend Apple and its new legion of fans, especially those now with iPads, are almost evangelistic in the way they talk about the device, show it off to their friends, and attempt to convert them.
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Company Organization
HOLLYWOODENGLISHBUSINESS2.0 February 6, 2012
Assets = Liabilities + Owners' Equity Assets, liabilities and owners' equity are the three components that make up a company's balance sheet. The balance sheet, which shows a business's nancial condition at any point, is based on the equation above.
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DEPARTMENT DIRECTOR --> FUNCTIONS / TASKS Look after Responsible for Deal With In Charge of Take care of
MANAGER--------> MANAGER
Work Closely with each other Be at the same level as
Fill in the gaps by using the words below shareholders, management, workforce, board of directors, CEO, managing director, middle managers.
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Levels
Name of Positions = THE the production manager Departments with or without THE Eg., Production reports to the Managing Director The Production Department reports to the Managing Director
Despite Americas individualist ethos, American managers appear to have an insatiable appetite for information about teams. Since the mid-1980s, there has been an exponential growth in the number of articles published on teams in the workplace. The internet reveals endless numbers of consultants offering techniques to create teams out of "ordinary" workers or enhance the productivity of existing teams. Many of these articles on teams only advocate the use of teams as a solution to the new challenges confronting organizational leaders, and most authors fail to explain how leaders can successfully create teams. Creating and managing teams in the workplace can lead to effective outcomes, but the success and longevity of teams in organizations will depend on how thoroughly organizational leaders understand how to extract the gains teams can provide. If leaders dont understand the skills they need to possess, as well as the group processes that are required to create and maintain teams, then teaming will be destined only to be the management fad of the 90s.
TEAMS ARE COMPLEX Most of us have been members of a group that weve labeled a team, whether it was a sports team, a committee, a task force at work, or an advocacy group in the community. Essentially the label of team is given to a group of people who interact well. Groups are "an expression of the needs and aspirations of the people who comprise them" (Walton and Hackman). Teams, on the other hand are a special kind of group, with three additional characteristics. First, teams are typically formed by management directive. Second, team members share
responsibility for the specic outcomes and operations. Third, teams typically exist in an empowering work context. That is, teams are found in organizations that "emphasize the mutuality of interests between employers and employees . . . [where] all members, not just managers, have means to inuence work related decisions . . . [where] there is open information and two way communication about organizational policies and practices; and hierarchical differences are minimized in ways that encourage all to feel that they are full members working together toward shared objectives"(Walton and Hackman). rewards leaders use to manage individual performance in the organization: (1) Visibly and verbally reward productivity and innovation (2) Downplay status differences between management and nonmanagement employees (3) Consistently demonstrate how organizational membership is instrumental to employees achieving their own goals. Effective teams do not exist because leaders hope they will exist. They exist because leaders possess the ability to analyze accurately when teams can be effective in the organization, and because leaders know how to manage team processes to produce high-quality results.
THE OTHER SIDE OF THE COIN: THE TEAMS LOYALTY TO THE ORGANIZATION AND ITS IDENTIFICATION WITH ORGANIZATIONAL OBJECTIVES.
By Colin Rivas
How do leaders encourage collective action? Leaders need to establish a set of fundamental standards: individual commitment, motivation, and self-esteem. Leaders must establish team norms that require team members to be accountable to the group for their performance. Leaders must require the team to exert pressure on itself to constantly monitor its performance against goal achievement and to adjust their team processes when warranted.
The teams loyalty to the organization and identication with organizational objectives are essential. Without loyalty to the organization, the team will fragment as team members pursue their individual interests. Also, teams that lack identication with their organizations objectives are not likely to produce outcomes of value. Team loyalty to the organization is a consequence of the
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Work in pairs and discuss the organizational Structure of a British and an American Company then Speak up about their differences!
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Correct the sentences. 1. Can you explain me this again, please? _______________________________________________________________ 2. Could you, please, suggest me a solution to this problem? _______________________________________________________________ 3. Would you mind me to call you back in a few minutes? _______________________________________________________________ 4. Ellen recommended me to call Tom to get an estimate for this job. _______________________________________________________________ 5. I dont hear from you for a while. How have you been? _______________________________________________________________ 6. Could you, please, send us some informations about this product? _______________________________________________________________ 7. I will like to begin the meeting at nine instead of ten. _______________________________________________________________ 8. I suggest us to leave earlier because there will be a lot of traffic. _______________________________________________________________ 9. Can you, please, sign in on the front desk? _______________________________________________________________ 10.He sent for us the schedule for the rst day of the trade show. _______________________________________________________________ 11. I have already appointment at three next Tuesday. Can we make it for 12:30? _______________________________________________________________
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1) I suggest ____________________ reserve a conference room one week in advance. A) for you to B) you to C) that you 2) Would you mind ____________________ this to me again? A) explaining B) to explain C) explain 3) Could you ________________________________________, please? A) explain me the new contract terms B) explain the new contract terms to me 4) ______________________________ with these companies now for six months. A) Ive been working B) Im working C) I work 5) Can you tell me when _________________________ meet with the project manager? A) are we going to B) we are going to C) we go to 6) I suggested ____________________ reschedule the meeting. A) them to B) that they C) they are to 7) I would like to ____________________ the details of the upcoming conference. A) discuss B) discuss about C) discuss for 8) I am going to speak ____________________ eighty people next week. A) for B) in front of C) to 9) We are ____________________a meeting on the new project Tuesday morning at 9:30. A) having B) making C) doing 10) Please, call ___________________________________ to schedule a pick-up. A) the freight company B) freight company C) to the freight company 11) I recommended ____________________ send the package overnight. A) him to B) that he C) for him to
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MANAGING CONFLICT
Listen to some people trying to resolve a dispute TRACK 9 QR CODE AND LISTEN PLEASE SCAN THE TO SOME PEOPLE TRYING TO RESOLVE A DISPUTE AT WORK WITH MIKES THE SPEAKERS at work the help of Mike, aTHE mediator. HELP, A MEDIATOR. IF THE CODE IS NOT ACTIVE THENwith READ THE SCRIPT BELOW AND DO ACTIVITIES B1/B2 INTERMEDIATE
1. Listen and decide whether these statements are true (T) or false (F). 1. Mike asks Gavin for his version of how the dispute started. 2. Gavin has been working on a special project for the past six months. 3. Gavin and Craig accuse each other of being unfriendly. 4. Gavin doesnt think his colleagues are dynamic enough. 5. Mike wants to hear Gavins and Craigs opinions of each other. 6. Craig wanted to make some changes, but Gavin was opposed to them. 7. Mike says its more a problem of job descriptions than of personalities. 8. He says they need to review everyones roles and responsibilities. 2. Complete the second sentence with 2 to 4 words so that it means the same as the first sentence. Example: I realise that you have had some problems recently. I realise that there have been some problems between you recently. 1. Id like to try and solve them right now. Id like to try and sort ____________________ right now. 2. Why has this problem arisen now? Can you tell me why ________________________________________ now? 3. I always feel as if Im unwelcome here. Ive ________________________________ as if Im welcome here. 4. All the other people here seem half asleep. ________________ ________________ seems half asleep. 5. I could see that we needed to make some changes here. I could see that ________________________________________________ making here. 6. Can we just avoid personal comments? Can we just keep ________________________________ personal comments? 3. Complete this summary of the conversation using the correct form of the following reporting verbs. (Sometimes there is more than one answer.) accuse agree ask claim complain deny explain suggest Mike wanted to try and sort out the problems between Gavin and Craig. He started by 1__________________ how the dispute had arisen. Gavin 2__________________ that Craig had tried to block his progress on the special project but Craig strongly 3__________________ it. Gavin went on to 4__________________ Craig and the others of being unfriendly and not wanting to make any changes. Craig, in turn, 5__________________ that Gavin didnt respect the limits of his job description and that he had tried to change the way everyone else worked. Gavin tried to 6__________________ that this was unavoidable as his project involved everyone else and the way they worked. At this point, Gavin and Craig both 7___________________________ with Mark that personality issues were crucial to the problem, so Mark 8___________________________ reviewing everyones roles and responsibilities and trying to come to some agreement.
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FOR CONFLICT MORE EXERCISES ONCODE THISTO PODCAST, PLEASE VISIT MANAGING : USE THE QR LISTEN TO THE CONVERSATION AND MORE AUDIOS
http://learnenglish.britishcouncil.org/en/professionals-podcasts
AUDIOSCRIPT Mike (Mild Northern English accent): OK, Craig and Gavin, I realise that there have been some problems between you recently, and Id like to try and sort them out right now. Gavin, can you tell me why you think this problem has arisen now? Gavin: Youre asking me!? I really have no idea. I mean I came into this job a year ago with a special project to do I had a very positive attitude, I was excited about it, and Craigs just blocked me all along Craig (Welsh accent): Well, thats not fair at all, thats just not true! Mike: OK, OK, one second. Can everyone speak one at a time, please! Gavin, go on Gavin: Well, thats about it, really. Ive never felt as if Ive been welcomed here. I mean, when I walk in to the ofce, the others dont even say hello to me Craig: Thats just not true!!! Its you who doesnt say hello!! Mike: Craig, please! Gavin, can you tell me why you think this situation may have arisen? Gavin: Well, as I said, Ive really no idea. Perhaps its just my style Im very positive, energetic and outgoing, while everyone else here seems to be half-asleep Mike: Erm, listen, I dont think that personal, judgmental comments like that help. Can we just stick to facts, rather than opinions? Gavin: Ok, well, I could see right away that some changes needed making here, so I set about making those changes Mike: And was that part of your job description? Gavin: Job description! Job description! Thats all I ever hear round here, thats the problem with this place, theres no initiative, no energy Mike: Hmm, OK, Craig, would you like to tell us what you feel the problem is? Craig: Well, I think its quite clear, isnt it? Him! Thats it! Mike: OK, as I said, can we keep away from personal comments here, and stick to talking about the workplace? Craig: Well, I am talking about the workplace! He doesnt respect the limits of what hes supposed to do.
He came in here for a one-year project, but has then tried to change the way everyone else works as well Mike: Gavin? Can you respond to that? Gavin: Well, my project involved everyone else! It was impossible to do what I had to do without getting other people to rethink the way they work. Mike: OK, I think that personality issues are crucial here. Gavin/Craig: Right! Absolutely! Mike: Personality issues are the most difcult things to change. Perhaps well never be able resolve them. You are different people with different personalities and different ways of working. Gavin: And so? Mike: Well, that doesnt mean the problem cant be solved. We have to be exible, accept change and be tolerant of difference. Craig: Easy to say!! Mike: Well, yes, it is easy to say but difcult to do! I dont deny that. However, what we need to do is review your project, and look at everyones roles and responsibilities in the project and in this organisation as a whole. If everyone sticks to and respects other peoples roles and responsibilities, then we can at least settle on a good, constructive working atmosphere.
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ANSWERS 1. T 2. F He has been working on it for a year. 3. T 4. T 5. F He wants them to stick to facts rather than opinions. 6. F Gavin wanted to make some changes. 7. F He says personality issues are more important. 8. T 2. 1. them out 2. this problem has arisen 3. never felt 4. Everyone/Everybody else here 5. some changes needed 6. away from 3. 1. asking 2. claimed/complained/explained 3. denied 4. accuse 5. complained/claimed 6. explain 7. agreed 8. suggested
SUPPLYDEMAND
The four basic laws of supply and demand are:[1] If demand increases and supply remains unchanged, then it leads to higher equilibrium price and quantity. If demand decreases and supply remains unchanged, then it leads to lower equilibrium price and quantity. If supply increases and demand remains unchanged, then it leads to lower equilibrium price and higher quantity. If supply decreases and demand remains unchanged, then it leads to higher price and lower quantity. The Apple ipad demand has remained unchanged and quality products made by Apple have granted the company with sky rocketing revenues and leading market share!
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Match the words you circled before with the definitions below
EXAMPLE Salary : Monthly payment in exchange for work _______ : an item that has been made or manufactured _______ : a plan of action _______ : a non-prot-making organization _______ : a person or business which has an agreement to sell goods of another rm _______ : putting parts together ............................................................................. VOCABULARY FACTURACION, FILIAL, PRODUCTOS, UBICADO, SUCURSALES, MARGEN DE MERCADO.....
Turnover In a human resources context, turnover or staff turnover or labour turnover is the rate at which an employer gains and loses employees.
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Part One: Stand up and walk around the room and introduce yourself to your classmates. After you nish talking to one classmate, choose another one to talk to. Use this dialog guide: o Introduce yourself. Whats your name? o Where are you from? o What company do you work for? o What do you do? Express interest in what the other person does so that he or she will continue talking. o Ask a couple specic questions about his or her job. o How long have you been in (this city)? o How long are you going to be here? o So what do you think of (this city)? o What have you done here? Where have you gone? What places have you seen? Express interest in something and develop the conversation. Part Two: Your introduction to the class 1. Greeting 2. Name 3. Country 4. Company 5. Jobtitle or position 6. jobdescription
Short Presentations for Business Presentation and Speaking Practice Speak one to two minutes for each presentation.
o Presentation 1 Talk about what your company does in general. o Presentation 2 - Talk about a specic product or a service your company provides. o Presentation 3 - Talk about why a product or service your company provides is a good. o Presentation 4 - Talk about why you like the business eld you are in, and talk about why you like your job. o Presentation 5 - Talk about what makes your job challenging. o Presentation 6 - Introduce a work colleague or a business colleague and talk about him or her.
Presentation a) Introduce yourself. b) Say what eld of business you are in and for how long. c) Say what company you work for. d) Say what your title or position is. e) Talk about what you do for your company.
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BUSINESS MESSAGES
_____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________ _____________________________________________________________________________________________________________
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BIC history has followed the footsteps of changing needs. Each time BIC identies a specic need, it responds with technical ingenuity to optimize performance, thanks to its ongoing research and development.
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KEEP A CONVERSATION WITH YOUR SESSION LEADER ACCORDING TO THE GIVE PARAMETERS IN SPANISH BELOW
USE WORDS LIKE I LL CALL YOU BACK CAN YOU SPELL IT? MAY I HELP YOU? HOW CAN I GET IN TOUCH WITH? SHOULD I CALL LATER? HELL BE BACK NEXT WEEK , IN A FEW DAYS, ETC...
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HOLLYWOOD ADMIN LINES Le ayudo a preparar los borradores I help him prepare rough drafts Me delega la elaboracin de ciertos informes He delegates the drawing up of certain reports to me Una vez le escribi un discurso Once I wrote a speech for him Tengo que manejar muchos datos cada da I have to handle a lot of data every day Mi jefe no sabe establecer prioridades My boss doesnt know how to establish priorities Nunca he tenido una jefa Ive never had a female boss Esa mujer posee un buen dominio administrativo That woman has a good command of ofce skills Realizo muchas tareas que consumen mucho tiempo I perform a lot of time consuming tasks Ayudo a mi jefa a realizar su declaracin de la renta I help my boss prepare her income tax return Tengo que tratar con muchos compaeros de trabajo I have to deal with a lot of co-workers Me puede corregir esto por favor? (un escrito) Can you proofread this for me please? Tengo dos secretarias ms a mi cargo I have two more secretaries under me Tengo que supervisar su trabajo I have to oversee (supervise) their work Tengo que ser corts con todo el mundo I have to be courteous to everybody Todo el mundo cree que soy sumamente educado Everyone thinks Im extremely polite No hay sucientes horas en el da There arent enough hours in the day Tengo dos secretarias ms a mi cargo I have two more P.A.S under me Tengo que supervisar su trabajo I have to oversee (supervise) their work Tengo que ser corts con todo el mundo I have to be courteous to everybody Todo el mundo cree que soy sumamente educado Everyone thinks Im extremely polite Planico y organizo las tareas I plan and organise work assignments Mi jefe recibe muchas visitas cada da My boss receives a lot of visitors every day S bastante de la contabilidad I know quite a lot (bit) about accounting Tenemos que jar una fecha para la reunion We need to schedule a meeting We need to set a date for the meeting
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Commenting on business cards Ah, so your office is in... ... department? Does that mean you work with...? Sorry, how do you say your family name/ middle name/ company name/ street name? Do you have an extension number?
Starting conversations
Ending conversations (Well, it was really) nice meeting you. There are one or two other people who I should introduce myself to, so... Id better get to the next workshop before it starts. Ill contact you next week. I hope we have the chance to meet again soon/ at the next meeting. Its been really interesting talking to you. Ill contact you for more details about...
I dont think weve met./ I dont think weve been introduced. Sorry to interrupt, but... suggested I should come over and introduce myself. Are you new?/ Is this your rst day?/ Have you just started (here)? Introducing new members of staff Ill take you round and introduce you to a few people I think you need to know. This is Steve Smith. He starts tomorrow./ He is the replacement for.../ Hell be taking...s position. You two both... Now Ill take you over to meet... Questions about the other person How about you?/ What about you? Thats interesting. So, do you...?
Talking about your job and company We mainly... I work for.../ I work in the ... branch/ ofce/ department of... Im (presently/ currently) working on... Phrases after giving your name Nice/ Good/ Pleased/ Delighted to meet you Hi/ Hello/ How are you?/ Hows it going? Exchanging business cards Heres my business card. Perhaps we should exchange business cards./ Do you have a business card (on you)? Its (all) written on my business card. I have a business card with me (somewhere). Let me just get my business cards./ Just a moment while I nd my business cards. My mobile number is written here.
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Which nationalities do you do business with? How are those things similar or different in their countries, What do you think?
_________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________ _________________________________________________________
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PROFESSIONAL ENGLISH
MANAGING DIVERSITY
PLEASE SCAN THE TRACK 13QR CODE AND LISTEN TO ALANS INTERVIEW IN WHICH HE TALKS ABOUT DIVERSITY-RELATED THE SPEAKERS management expert Alan Grif n talks about the RISKS SOME COMPANIES FACE. IF THE CODE IS NOT ACTIVE THEN READ THE SCRIPT BELOW AND DO THE ACTIVITIES B1/B2 INTERMEDIATE
Listen to part of an interview in which business diversity-related risks some companies face.
1. As you listen, number the topics in the order in which you hear them. a. Some less-known forms of discrimination. b. How companies can protect themselves against the risks of complaints. c. The widening concept of diversity and discrimination. d. The example of security firms. e. The cost of insurance. f. The number of complaints received by the Equal Opportunities Commission. g. The law regarding a job applicant with a criminal record. h. The increase in complaints of ageism. 2. Match a verb in column A with a word or phrase in column B to form some common collocations used in the recording.
A 1. to deal 2. to discriminate 3. to le 4. to take out 5. to turn away 6. to bear 7. to serve 8. to address 9. to build up 10. to invest B a. insurance b. a direct relation to something c. a complaint d. an applicant e. with a problem f. a sentence g. a reputation h. time and effort in doing something i. an issue j. against a person
3. Complete the second sentence with 2 to 4 words so that it means the same as the first sentence. Example: They are a matter of great importance. They are very much an issue. 1. Companies dont only have a persons skin colour or gender to consider. Companies have a lot more __________________________ a persons skin colour or gender 2. They should think carefully about how they recruit people. They should think carefully about their ____________________________________. 3. Insurance is cheaper than you might think. Insurance isnt _______________________________ you might think. 4. The cost of insurance is lower than it was some years ago. The cost of insurance ______________________________ over the years. 5. How many people actually carry out their threats to sue a company? How many people actually ________________________ with their threats to sue a company? 6. Theres a much higher probability that youll be sued by an employee. Youre much more _____________________________________ by an employee.
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FOR MORE EXERCISES THIS PODCAST, PLEASE MANAGING DIVERSITY : ON CULTURAL PROBLEMS ATVISIT WORK http://learnenglish.britishcouncil.org/en/professionals-podcasts
AUDIOSCRIPT Interviewer: Tell me, Mr. Grifn, are diversity risks really still an issue? Arent companies these days dealing with diversity? AG (Welsh accent): Oh yes, they are very much an issue. We have come a long way since those days when employers were allowed to discriminate against job candidates just because of their race or their sex. The trouble is, the boundaries of diversity and discrimination are widening. Companies have a lot more to consider than a persons skin colour or a persons gender. Interviewer: So can you give listeners an example of what kind of things you are referring to here? AG: OK, lets see. Well, one growing area of discrimination is ageism. In 1998, companies in the United States had to pay out more than 55 million dollars to employers who had led age-related discrimination complaints against their companies. Thats a lot of money. Interviewer: Phew! So how should companies protect themselves from this kind of thing? AG: Well, rst of all, they should think carefully about their recruitment policies and then they should take out insurance to cover themselves. Interviewer: Well, isnt that expensive? For the companies, I mean. AG: No, not as expensive as you might think. These days most small- and medium-sized organisations take out EPLI, thats Employment Practices Liability Insurance. The cost of the insurance has fallen over the years and, if a company isnt covered and loses a discrimination case, well, lets just say this is the cheaper option! Interviewer: Youve mentioned ageism as a growing concern, but what other kinds of diversity should managers be aware of? AG: Well, youd probably be surprised to hear about some: discrimination against single people, against married parents, against people who are too tall, too short, too heavy! Interviewer: Really? AG: Oh, yes! Security rms are a good example here. They typically state that their employees need to be over or under a certain height or weight. They claim its necessary for the job, but there have been cases where people have claimed discrimination.
Interviewer: And won? AG: Sometimes, yes. Then there are people with a criminal background. Employers used to feel justied in turning away job applicants just because theyd been in trouble with the law. Interviewer: Isnt that still the case? AG: No, not exactly. The law states that employers can only reject a job applicant with a criminal record if the crime bears a direct relation to the job in question. So somebody who has served a sentence for lets say stealing cars, would be all right in a job as a kitchen porter. Interviewer: And Mr. Grifn, tell me, how many people actually go through with their threats to sue a company for discrimination? AG: Well, I... havent got the latest gures for the UK but in the United States the Equal Opportunities Commission receive around 85,000 complaints every year and that gure is rising. Race and sex account for most of the complaints that are led, but age discrimination is on the increase, too. Interviewer: So, any words of advice for risk managers? AG: Well, rst of all, make sure that you have adequate insurance. Then address the issues of diversity from within the organisation. Get the employees involved. Celebrate the differences and try to build up a reputation as a fair employer. And remember, it is worth investing time and effort in addressing these issues because statistics have shown that youre much more likely to be sued by an employee than a third party.
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ANSWERS 1. 1. c 2. h 3. b 4. e 5. a 6. d 7. g 8. f 2. 1. e 2. j 3. c 4. a 5. d 6. b 7. f 8. i 9. g 10. h 3. 1. to consider than 2. recruitment policies 3. as expensive as 4. has fallen 5. go through/ahead 6. likely to be sued
XI
JOBSRESPONSABILITIES
Jobs & Responsabilities Unit 3
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A new study from the University of Maryland says that Facebooks app economy is responsible for some 182,000 US jobs and has put somewhere between $12.19 billion and $15.71 billion in wages and benets into our economy this past year.
Including a cover letter with your resume. A concise, wellwritten cover letter with the right information will make a good rst impression. The Basics: Learn about the company or organization you are applying to. If your cover letter is tailored to the company and job, you'll show the employer that you can be a good t. Refer to the job that you are interested in. If there is a competition/job number, include it in your cover letter. Address your letter to the appropriate contact.Use their name and title, and doublecheck the spelling. If the ad doesn't supply a contact, phone and get the right name. check out if a person is male or female. Refer to how you heard about the job. Refer to what the company does, and how your skills, abilities and experience can be a valuable addition to their team. Make sure the employer knows what action to take will you call the employer or should the employer call you, and when? Provide your name, number and address. Keep your letter to one page. Type or print it out on good quality, 8 1/2 x 11 inch paper. Proofread your letter, and ask someone else to read it as well. Correct the errors, and print a clean copy. E-mail, mail or hand-deliver your cover letter and resume.. Allow plenty of time for delivery. Don't wait until the last day before a deadline.
Writing a Resume What should you tell employers about yourself? A resume is a short, point-form document that you give to employers to tell them about your work experience, education and skills. Employers will expect you to have one. Don't worry! There are lots of experiences, skills and interest areas that you can put on your resume, even if you don't have a lot of work experience. Below are some tips to help you prepare your resume. The Basics: Before writing your resume, it is important to identify your interests and skills. Keep it short! One or two pages usually works well. Most resumes include information such as: Personal Information to Include Your name, written in full and typed in title case (skip the nickname). Your address, written out in full, without abbreviations. In fact, it's better to avoid abbreviations anywhere in your resume. Your home or cell phone number with area code and a contact number for messages if you don't have an answering service. Job Goals In one sentence, describe your job goals. This tells the employer exactly what type of work you're looking for. Try to link your job goals to the job you're applying for. Related Skills
List the special abilities and skills that relate to the job you're applying for. They can be from paid or unpaid work, volunteer experience and even hobbies. You likely have more skills than you think even if you've never worked at a job like the one you're applying for. Education List your education, starting with the most recent diploma or training course and working backwards. Include the name and city or town of each school you attended (secondary and beyond), the type of programs, your areas of interest and the years you have completed. Certicates or diplomas should also be listed, including those for mini courses like a computer or software course, rst-aid, small engine repair, or any other training that might be useful in the job you are applying for. Work Experience List the companies you have worked for, with the locations (city, province) and the dates (month, year) you worked for each job or volunteer position. Duties Outline the type of duties you carried out, starting from the one that took most of your time, or involved the most responsibility. Provide no more than 5 duties for each job. Additional Experience Use this section to include such things as the languages you speak, software programs...
References A reference is someone that an employer can contact to nd out more about you and your work ethic. References are not included in your resume, but you should have them ready. Think carefully about who can act as a reference, then get their permission to use them as a reference before you give their names. Type the names, addresses, and phone numbers of up to three references on a separate piece of paper. If you can, give your reference an idea of the type of job you are applying for, and whenever possible, let them know when you think an employer will be calling them, so that they can be available and will have some time to think about what to say. Who can you ask to be a reference? Someone from your school (teacher, guidance counsellor, coach); Someone you've worked for (summer, part-time or full-time employer); Employers don't like a resume that: Is messy; Has misspelled words; Is too long; Is on colored paper; Includes inappropriate information; Is accompanied by a photograph; Looks as if it's a copy instead of an original; Sounds as if it's been sent out to everyone; Says the applicant has skills but doesn't prove it; and Doesn't show any achievements.
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JobResponsabilities
COVERLETTER
Write out the addressee on the left top of the letter and always make your personal info well displayed and available.
Re: APPLICATION FOR SALESPERSON Dear Ms. Peters: I am interested in applying for the position of salesperson at the Cool Threads Store, which was advertised in the June 10 edition of the Cooksville News.
As a high school student, I have developed organizational and communication skills through my involvement in school sports and by coaching junior soccer. I also understand how business operates through my specialization in economics and accounting. I have enclosed my rsum with further details. I would enjoy being a part of your company and am available for an interview at your convenience. You can contact me at 555-1212 or leave a message at 555-1234.
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Back up your qualities and strengths Instead of creating a long (and boring) list with all your qualities (e.g., disciplined, creative, problem solver) try to connect them with real life and work experiences. In other words, you need to back COMOqualities USAR LOS these and CODIGOS up, else it will strengths Capta este appear that you are just cdigo trying to inate things
QR con tu telfono mvil para ver las webs, recursos de business, entrevistas y videos.
HOLLYWOODENGLISH
www.hollywoodenglish.es Venezuela 11 HEAD OF BUSINESS Vigo VENEZUELA STREET 11 Pontevedra, Spain VIGO 36306
SPAIN
HOLLYWOODENGLISH.ES
YOULL HAVE A 15% DISCOUNT ON MEMBERSHIP FEES AND MATERIALS IF YOU HAVE THIS VOUCHER OR SEND IT TO US. YOU CAN GIVE IT AWAY TO A FRIEND OR FAMILY MEMBER _____________________________________________________________ _____________________________________________________________
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Interview Tips
By Colin Rivas
Your questions Have a list of questions in mind to ask. You may feel that all your questions have been answered at some point during the interview but try to ask some, if only to show enthusiasm and interest. These might include questions concerning progression opportunities, support for further study or any plans that the company has to expand. Avoid asking questions for the sake of it or asking very basic questions that you should already know the answer to.
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ROLE PLAYS: JOB INTERVIEW 1
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JOB INTERVIEW II
PLEASE SCAN THE QR CODE AND LISTEN TO A REAL INTERVIEW, THEN PLAY IT OUT WITH A PEER.
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Phoning for a job interview Follow the role play and the QR code
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PROFESSIONAL ENGLISH
INTERVIEWING TECHNIQUES
to a journalist giving advice PEOPLE. on TRACK PLEASE SCAN THE12 QR CODE AND LISTEN Listen TO A JOURNALIST GIVING ADVICE ON INTERVIEWING IF THE CODE THE SPEAKER IS NOT ACTIVE THEN READ THE SCRIPT BELOW AND DO THE ACTIVITIES interviewing techniques. B1/B2 INTERMEDIATE
1. Listen and tick the topics the journalist talks about.
1. The importance of preparing for the interview. 2. How to dress for the interview. 3. The best time of day for conducting an interview. 4. The order of the questions. 5. Where to have the interview. 6. How to start the interview. 7. The interviewers manner. 8. How to interrupt an interviewee politely. 9. Summing up what has been said. 10. What to do after the interview.
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Hollywood Club is about just that! Real people having totally real and natural conversations. Hi! hollywoodclub was set up by American native speakers to help you FOR MORE EXERCISES ON THIS PODCAST, PLEASE VISIT speak to, and understand native speakers. http://learnenglish.britishcouncil.org/en/professionals-podcasts
AUDIOSCRIPT I know it sounds obvious, but you really must prepare before the interview. Find out as much as you can about the person youre going to interview, and the subject matter of the interview. Prepare your questions in advance. Think about the order you will ask them. A rule of thumb is to ask questions about facts rst, leaving opinion questions until later. Most people nd questions about facts much easier to answer, so they start to feel more at ease. Spend a little time imagining how you hope the interview will go. Visualise yourself in the situation, introducing yourself, asking the rst question. Think about where the interview will take place. Try to interview the person in a place which is appropriate to the interview their place of work, for example. Interviewing a person on their territory can put them at ease, and also provide you with colour for your story. How you start the interview can inuence how successful it will be. Be condent and courteous. Start by introducing yourself and stating the reason for the interview. Set your ground rules. For example, you may want to insist that the interviewee says in advance if they want what they say to be off the record.
During the interview, you should be polite but rm. Ask your questions in a condent manner, and listen carefully to the answers. Very often an inexperienced interviewer will simply go through their list of questions, not realising that some of them have already been answered. Use your list of questions as a base for the interview, not a rigid script. Ask follow-up questions. Ask for evidence to support any claims made by the interviewee. Dont be afraid to ask How do you know that? But never ask leading questions. Let the person say what they want to say, not what you want them to say. When ending the interview, you should go back over the main things that have been said. This gives you a chance to review your notes. You should then ask the interviewee if they want to add anything else. And nally, ask if you can contact them again, should you need to. OK, so the interview is over, but you have one last task. As soon as possible, sit down and look at your notes. Are they clear? Is there anything else you can add to them? Do this while you can still remember what was said. And write down all the colour you can remember about the person and the place.
ANSWERS 1. The topics mentioned by the journalist are: 1, 4, 5, 6, 7, 9, 10. 2. 1. Find out subject matter 2. facts at ease 3. condent introducing yourself 4. polite - rm 5. follow-up support 6. leading Let 7. go back over chance review 8. interviewee add contact 3. 1. ground 2. thumb 3. courteous 4. record 5. condent 6. leading question 7. claim 8. advance
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IX
LETTERWRITING
Always nish your email, with Kind Regards, Best Regards, Looking forward to meeting or seeing you soon!
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EMAILSECTION hollywoodenglish.es
Task Email Put the following lines into the right order
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Nevertheless, yourofferandwill keepit in our files we appreciate for futurereference. yours, Sincerely
Estimada Srta. Tres consejos de oro: Johnson. Enprimerlugaquieroexpresar mi agradecimiento por el excelente servicio quesuempresa nosprest durante lareciente campaa de ventas.TieneVd. un excelente y la informacin equipo de profesionales quenosproporcionaron fuemuyvaliosa. Comosabe,los preparativos paralacampaa de invierno comenzarn a mediados de septiembre y,por supuesto, queremos quesuequipo vuelva a ayudarnos conel f n de asegurar el mismo nlvel de xitode que hemos disfrutado esteverano. Atentamente,
DearMiss.Johnson, gaveus duringthe Firstof all,I want to expressmy gratitudefor the excellentserviceyour comPany us they provided information the professionals and team of havean excellent campaign.You recentsales was very valuable ith and,of will beginin the middleof September for the winter campaign As you know the preparatrons this enjoyed success we the samelevelof in order to ensure course, we want your teamto helpus again summen Verytruly yours,
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Latraduccn
DearJohn on the teacher confrm our attendance I hereby this morning, conversation lr lrnewith our telephone onlywherebyyou will needto make isto sendthe core-staff My idea, at the moment, course. training people. nine for hoteland coursereservations I lrkethe courseformat that you faxed me and I'm sure my teacherswill benefitfrom it. I pianto attend you again to confrm the details. but I will contact on the lastday, one of the sessions Bestregards,
LetterI
Estimado David: por quisiera aadir algoque por lo visto pasamos a nueslra conversacin telefnica, Como continuacin que que tenamos problemas precisamente la cantidad de energa recuerdas, de los era alto.Si uno podremosbajara la vez el Si bajamos la presin, producirparaelevar la sustancia al punto de ebullicin. y msrentable punto de ebullicin, el procesoen su totalidad. haciendo menoscaralaoperacin
Se para decir "por la presente'. "hereby'': que empleamos Eladverbio l, realizar que costar pero menosbalar la la modifcacin, estoyseguro de No soy muy experto en cmo y despus es no auxiliar el verbo y cuando verbo entre sujeto coloca presinque elevarla temperaturabajo condiciones atmosfricas normales. delverbocuando steesauxiliar:
no nos quedamucho y avsame cuandotengasalgo. Como bien sabes, Pontecon esto en seguida tiempo. Un saludo,
Latraduccin
2.
Dear Davrd,
'Attendance": pusiste "assistance", hascadoen la tpicatramPa Si "Assistance" "ayuda" significa que pillaa tantos de tus compatriotas.
+*?
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As a follow-up I would liketo add somethrng to ourtelephoneconversation, that we apparently lf you rememben one of the problems the amountof energy we hadto o'leriooked. was precisely produceto raise the substance point. lf we lowerthe pressure, we can in turn lowerthe to boilrng point and makethe operationless process more proftable. Dorlrng costlyandthe overall
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'faxed": que ocurrecon sus Pus s,"fai'tambin es un verbo,igual I am not very expert in how3. to performthis modification, but l'm sureit will cost less to lowerthe "Sent rne by *" suenaun poco torpe. "phone" y "e-mail". hermanas pressure thanto raise the temperature undernormalatmospheric conditions.
Get onto this right awayand let me know when you havesomething. As you well know,we don't have muchtime left Regards,
NOt?S:
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Nunc vel HOLLYWOOD purus rhoncus BUSINESS LINES magna laoreet vestibulum
By Trenz Pruca
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PROFESSIONAL ENGLISH
VIRAL MARKETING
to partPROGRAM of a radio programme in which TRACK 15QR CODE AND LISTEN Listen PLEASE SCAN THE TO PART OF A RADIO IN WHICH PEOPLE ARE TALKING ABOUT THE SPEAKERS VIRAL MARKETING. IF THE CODE IS NOT ACTIVE THEN READ THE SCRIPT BELOW AND DO THE ACTIVITIES people are talking about viral marketing. B1/B2 INTERMEDIATE
1. As you listen, number the topics in the order in which you hear them.
a. A definition of viral marketing b. The difference between viral marketing and spam c. A presentation of todays guest d. Examples of companies using viral marketing e. Some recent negative developments in viral marketing. f. The initial advantage of viral marketing for companies
2. Listen again and mark these statements true (T) or false (F).
1. The buzz.com website keeps an eye on whats happening on the internet. 2. Some internet email providers are well-known for their use of viral marketing. 3. Michael MacAulay thinks less money is being spent on this form of marketing nowadays. 4. This kind of marketing is called viral because the games and animations that are received often contain hidden viruses. 5. Tony says many of his listeners are worried about computer viruses. 6. He wonders whether there is much difference between viral marketing and spam. 7. Michael admits that in some cases the dividing line between the two is unclear. 8. He cites the case of a UK firm that effectively encouraged people to send unwanted emails.
3. Complete these definitions with words or phrases from the radio programme.
1. If something is worrying you, you are __________________ about it 2. A __________________ is a change or development in a situation or in peoples behaviour. 3. If something is very inexpensive, you can say it costs __________________________ to __________________. 4. A __________________ is a fashionable word or expression that is used a lot, especially by the media. 5. If an image is __________________, you cant see it clearly because its outline isnt distinct. 6. A __________________ is a new project or enterprise that involves an element of risk. 7. Your __________________ is the amount of money that you have available for a particular project or for your day-to-day expenses. 8. If something happens at __________________, it takes place without a definite plan or method and can happen to anybody.
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http://learnenglish.britishcouncil.org/en/professionals-podcasts
AUDIOSCRIPT Presenter: Now, one of the latest buzzwords in e-commerce is viral marketing using the power of the internet to advertise a product or service. Im joined in the studio today by Michael MacAulay of the buzz.com website, which monitors internet trends. Michael, what exactly is viral marketing? Michael (Northern English accent): Hi, Tony. The idea of viral marketing is basically that the internet does your advertising for you. A good example is internet email providers like Hotmail or Yahoo. Every time someone sends you an email using a Yahoo address you get that little Do you Yahoo? message at the end, basically advertising what Yahoo does, while still providing you with the service the message youve received. Presenter: But its not limited to internet email providers, is it? Michael: Not at all. Hotmail is perhaps the most famous example, but theres lots and lots of stuff on the web that can be seen as viral marketing. You might get sent, for example, a little game to play on your PC or a funny animation, something like that. More often than not, theyre advertising a product or an event. The initial idea of viral marketing was that it cost next to nothing great for ventures without a huge start-up budget but I suspect theres quite a
lot of money spent on this sort of thing now. Presenter: And presumably the idea is that people like the game, or animation, or whatever and send it on to their friends... Michael: Exactly. It spreads like a virus. Presenter: So far so good, but the word virus is quite a negative one. I know from the emails we receive on the programme that a lot of our listeners are very concerned about the amount of unwanted emails spam, as its known they already receive. Isnt viral marketing just another form of spam? Michael: Its a good point, Tony. The vital difference between viral marketing and spam is that one is providing a service and the other isnt. Viral marketing relies on people sending things on to their friends and family. Spam is sent to thousands of people at random. (Interviewer: Right) So theyre very different. Having said that, the line does begin to get a bit blurred in places. Theres the example of the company in the US that paid people (50 cents an hour, I think) to let the companys viewbar display advertisements on their screens. However, the company also paid people 10 cents an hour if they sent the viewbar to another person who allowed the ads onto their screen. Now that can be seen as encouraging people to send unwanted emails.
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ANSWERS 1. 1. c 2. a 3. d 4. f 5. b 6. e 2. 1. T 2. T 3. F It used to cost very little but now he suspects theres quite a lot of money spent on it. 4. F Its called viral because it spreads by passing from one person to another, like a virus. 5. F He says theyre worried about the amount of spam they get. 6. T 7. T 8. F He cites the case of a US company. 3. 1. concerned 2. trend 3. next to nothing 4. buzzword 5. blurred 6. venture 7. budget 8. ran-
CUTTING A DEAL
Business Deals & More Unit 5
4.Woodrows company keeps lists of potential employees on a computer. ____ /____ 5.Woodrow will ignore a CV which is
too long. ____ /____ 6.He thinks the rst CV he looks at is too short. ____ /____ 7.One problem with the rst CV is that it includes irrelevant information. ____ /____ 8.Woodrow suggests that placements are not important when describing your experience. ____ /____ 9.The second CV has too much space on it. ____ /____ 10. The second CV includes information about the languages the person can speak. ____ /____ 11. Woodrow is only interested in people who can speak Spanish. ____ /____
Language Task
Fill in the gaps
Pronunciation: weak forms in connected speech. Look again at the transcript and complete the text by writing the missing words into the gaps below.
1. 2.
John, ____________ about your Its good to know what ____________ people are out there.
4. Anything longer ____________ pages will automatically go into the bin. 5. it. 6. We dont need ____________ what people look like. Make sure its clearly written and ____________ no spelling mistakes in
work.
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INTRO TO BUSINESS
Why is a business plan so vital to the health of your business? A business plan is a written description of your business's future. That's all there is to it. They're used by investment-seeking entrepreneurs to convey their vision to potential investors.
SOCIAL NETWORK
Facebook is perfect example of a social networking service and website launched in February 2004, operated and privately owned by Facebook, Inc.[1] As of January 2012, Facebook has more than 800million active users.
WEBZINES
Online magazines that are part of the World Wide Web, that is, all or part of a website, are sometimes called webzines. An ezine is a more specialized term applied to small magazines and newsletters distributed by any electronic method. Some social groups may use the terms cyberzine.
B
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Sample Conversation:
Bank Transactions
A = Bank Teller B=Customer A: Good Afternoon. How may I help you today?
B: Hi. Id like to cash this check. deposit this money into my account withdraw $500.00 from my account. change this into American money. pay this bill. A: Can I have your bankcard please? B: Ok. Here you are. A: And, Ill need some picture ID as well. B: Is my drivers license OK? A: Thatll be ne. Thanks. Teller Counts money A: Here is your ID and here is your money and your receipt A: Will there be anything else for you today? B: No, thats all thank you. A: Have a nice day. B: You too.
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LOREM IPSUM
You are a teller in a bank. Bank clients are going to enter your bank and make transactions at your window. Write down their name, the transaction, the amount, and their ID in the table below.
NAME
Mike
TRANSACTION
Withdrawal
AMOUNT
$450.00
ID
passport
Borrow : Take and use (money) from a person or bank under an agreement to pay it back later: "I borrowed money".
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WALLSTREET
Business Speech (Presentation)
Did You Know? Tom Cruise wanted the part of Bud Fox, but Oliver Stone had already agreed to Charlie Sheen.
Wall Street
(Drama) ( 1987) 2000 Oliver Stone Writers: Stanley Weiser, Oliver Stone. Charlie Sheen, Michael Douglas, Tamara Tunie, Daryl Hannah
Charlie Sheen is Bud Fox, a young, smart and very motivated stock broker (seller) who dreams of making millions of dollars. Gordon Gekko played by, Michael Douglas, is a very rich, ruthless and immoral stock trader and corporate raider, which is a person who buys and sells companies, often with horrible results for company workers. Daryl Hannah is Darien, a young and beautiful interior decorator with very expensive taste, who is a friend of Gekkos, and who soon becomes Buds girlfriend.
This movie is the story of a young and ambitious Wall Street stock broker named Bud Fox, who is determined to become rich like his hero, a stock trader and corporate raider named Gordon Gekko. Gekko is one of the richest, 1most ruthless and immoral businessmen in the country, who routinely uses inside (secret) corporate information to make deals, even though this is completely illegal. He also buys companies cheap, only to destroy them and their workers jobs in order to sell off the companys assets (such as planes, land, ofce buildings, etc). For Gekko, greed is good. After trying for several weeks, Bud gets to meet Gekko, and with a little luck, he is soon working with him, making investments with an account Gekko has set up for him. Gekko promises Bud lots of perks (benets) if he does well with the money, and those benets soon arrive. He also meets Darien at a party that Gekko is throwing, and now that he is starting to make so much money, he can afford to go out with her, despite her very expensive taste. Unfortunately, though Bud soon learns the dark side of Gekkos trading world, including his willingness to break any law, or for that matter, destroy any company, to make more and more money. This includes even the company where Buds father is the leader of the labor union, and for Bud, that is a bad deal that is just too close to home.
Speech Activity
1. Watch and listen to the video (right below) at least 5 times (all the way through). 2.Then watch and listen another 5 times and write the speech (you can stop and start the video if you need to). 3.I then want you to dictate the speech and double-check it with your HC session leader
'Greed is good' ! http://youtu.be/0WjnbtNgYNg Please stream the link above and listen carefully to it. Start by writing down what Michael Douglas is saying.
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GEKKO SPEECH
The point is, ladies and gentleman, that greed, for lack of a better word, is good. Greed is right, greed works. Greed claries, cuts through, and captures the essence of the evolutionary spirit. Greed, in all of its forms; greed for life, for money, for love, knowledge has marked the upward surge of mankind. And greed, you mark my words, will not only save Teldar Paper, but that other malfunctioning corporation called the USA.
Answer the following questions 1. Whats wrong with money? 2. Is certainly money the root of all evil? 3. Who would disagree with greed when applied to knowledge? To life? To love? 4. Is marriage a greedy institution? 5. What do you think claries, cuts through, and captures the essence of the evolutionary spirit? Love? Money? Family? 6. What do you think greed means for Mr Gekko?
Greed is good. Where does that famous quote come from? ________________________
7. Would you say government making decisions for you with your money is a terrible or awesome idea?
SEND OR SHOW THIS CARD TO HOLLYWOODENGLISH IN VIGO AND GET 30% OFF LESSONS AND INTENSIVE COURSES
(a) Money. (b) Stays the same over time. (c) Guarantee a loan for somebody else. (d) Money that you borrow on a credit card. (e) A check to see how well you can pay back a loan. (f) The maximum you can borrow.
funds variable fixed co-sign cash advance credit rating credit evaluation credit limit annual savings checking afford interest net income gross income
Your Name Here address (g) A loan toStreet buy a house or property. Anytown, State ZIP (h) A bank account you use to save money. Country
(i) Be able to pay for goods or pay back a loan. (j) Changes over time. (k) Not pay back a loan.
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(m) An opinion on how well you can pay back a loan. (n) Your income after you pay income taxes and expenses. (o) The basic interest rate that banks use. (p) A bank account you use for day to day expenditures. (q) Yearly. (r) Your income before you pay taxes.
________
prime
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Finance Vocabulary
Match the words with their opposites:
________ ________ ________ ________ ________ ________
(a) deposit (b) lend (c) save (d) sell (e) fixed (f) pay back
(1) If you owe money, you are ___ debt. (2) If you have a savings account, you are keeping your money ___ the bank. (3) If you take money out of your bank account, you are withdrawing funds ____ your account. (4) If you move money from a savings account to a checking account, you are transferring funds ___ checking. (5) When you give back money that you borrowed you are paying ___ your debts or paying ____ your debts.
Explain the difference using whereas: (1) A savings account usually has a high interest rate, whereas a checking account has a low interest rate. (2) A fixed interest rate doesnt change with time,
(3) Your gross income is your income before you pay taxes,
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50K doesnt get you to rst base in the big apple. 50 K is $50,000. In this case, rst base is the most minimum amount of money needed to live decently in New York. The big apple is a common nickname for New York City. Thats Queens, dad. A 5% mortgage and you rent the top room. Queens is a borough (section) of New York City, not on the island of Manhattan, which is where Wall Street is located. A mortgage is the monthly amount that a home owner pays a bank on a home loan. Can you spare $300? A common verb meaning to lend or give away, most frequently heard on American streets in the question Can you spare a quarter? Preferred stock is a type of company stock, while livestock is another word for cows! They got a favorable ruling on a lawsuit. Even the plaintiffs dont know about it. A favorable ruling in a lawsuit means that a judge has agreed with your side. A plaintiff is a person who sues for damages in court. We got close to half a million shares in the bag. : A share is a unit of stock, and in this case, if they are in the bag,
BULL MARKET
I look at 100 deals a day. I close one. A deal is a business agreement, and to close a deal is to agree to it.
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We are gonna bring out a new line of products at Hollywood English soon !! hehehehe! ( Vamos a estrenar una nueva gama de productos pronto !! jejejejeje! )
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EXTRA LINES
COMPANY INFO
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Test
7. adj. The clients plans were very easy to understand, as she gave very explanations. a. lucid b. uid c. accid d. loquacious 8. n. In broad terms, the agreement made sense. The devil, however was in the a. account b. detail c. subsidy d. document 9. n. The computer technicians colleagues blamed him unfairly for the spread of the email virus. The poor technician was very unhappy to have been made a . a. laughing stock b. scapegoat c. town crier d. beneciary 10. adj. The computer hacker paid his fellow worker money to not speak to anyone about his criminal activities. a. silence b. quiet c. hush d. calm 11. v. By day, the accountant went about his work in a professional manner. No-one suspected that at night, he was .. the books. a. drawing b. overturning c. logging d. cooking 12. v. The PR company hoped that by .. potential employees to personality proling tests, they would discover if any candidates were untrustworthy. a. introducing b. submitting c. demanding d. attending 13. adj. . wisdom holds that one should upload new les only if they have been checked with virus-detection software. a. concise b. convivial c. conventional d. correctional
several key employees go before they were asked to leave. He said their best option might be to consider taking a . redundancy package. a. compulsory b. nancial c. voluntary d. minimal 2. adj. Many workplaces now offer leave to mothers of new babies. a. maternity b. paternity c. mandatory d. perfunctory 3. n. Many women across several sectors are still paid less than their male co-workers. Thus the ght for pay . continues. a. partiality b. reinforcement c. parity d. victory 4. adj. Those workers ghting for more pay went on strike. Those who wanted no part in the strike crossed the union .. line and headed to their ofces as usual. a. painted b. ne c. picket d. border 5. adj. The line-graph depicting the companys prots over the last ten years resembled a roller-coaster highlighting the rms fortunes. a. advancing b. reticent c. protable d. uctuating 6. adj. The chairperson hired a well-known fashion designer to create new suits. Now she looks like a picture of perfection every day. a. satirical b. substantial c. subsequent d. sartorial
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PLEASE SCAN THE QR CODE AND LISTEN TO PART OF A RADIO PROGRAM IN WHICH PEOPLE ARE TALKING ABOUT INVESTOR RELATIONS. IF THE CODE IS NOT ACTIVE THEN READ THE SCRIPT BELOW AND DO THE ACTIVITIES
LearnEnglish Professionals
CONFERENCE CALLS AUDIOSCRIPT
LearnEnglish Professionals
Listen to this excerpt from a conference call organised byCONFERENCE Softcell Incorporated and led by their Senior CALLS AUDIOSCRIPT Director of Investor Relations, Marie Tascon. Optional activity: Listen to this excerpt from a conference call organised by Softcell Incorporated and led by their Senior While you try the following Director of listen, Investor Relations, Marie general Tascon. comprehension questions. The answers are below the script. 1) The main purpose of this conference call is: Optional activity: a) To discuss trends in the market While you listen, try the following generalabout comprehension questions. The answers are below the script. b) To inform market analysts a company 1) The main purpose of this conference call is: c) To market a companys products call?
a) To discuss trends in the market b) To inform market analysts about a company 2) c) How describe the representatives of Softcell as they respond to questions during the conference Towould marketyou a companys products 2) How would you describe the representatives of Softcell as they respond to questions during the conference a) Confident call? b) Nervous a) Confident c) Embarrassed b) Nervous c) Embarrassed 3) You hear five questions during the call. Circle the topic areas covered in the questions from the list below.
3) You hear five questions during the call. Circle the topic areas covered in the questions from the list below. economic recession losses economic recession losses comparison of sales in competitors comparison of sales in competitors Europe and the US Europe and the US
seasonal changes product sales outlets in Asiamargins product sales margins
seasonal changes
outlets in Asia
Operator: Good morning. Welcome to the to Softcell Incorporated first quarterfirst 2008 quarterly results conference Operator: Good morning. Welcome the Softcell Incorporated quarter 2008 quarterly results conference call. At this time, all participants are in listen-only mode, but the floor will be open for your questions following call. At this time, all participants are in listen-only mode, but the floor will be open for your questions following the introductory remarks. Id now like to turn the conference over to Ms. Marie Tascon, Senior Director of the introductory remarks. Id now like to turn the conference over to Ms. Marie Tascon, Senior Director of Investor Relations. Please go ahead, madam. Investor Relations. Please go ahead, madam. COO Jim W. BrookGood for themorning. Q&A session with analysts. Marie Tascon: Thanks for joining us. Speaking today is Softcells CFO Peter Goody, joined by Please note that the information youllsession hear during our discussion today may consist of forward-looking COO Jim W. Brook for the Q&A with analysts. statements regarding revenue and margins. Actual results differ materially from our forecast. Please note that the information youll hear during could our discussion today may consist of forward-looking To view the supporting slides while listening, log on to softcell.com/investor. statements regarding revenue and margins. Actual results could differ materially from our forecast. With that, Ill turn the call over to Peter Goody. To view the supporting slides while listening, log on to softcell.com/investor. With Ill turn the call overIts to good Peter Peterthat, Goody: Thank you, Marie. to Goody. be on this call to report our best quarter ever, with the highest revenue and earnings in Softcells history. Revenue grew 35% year over year to $9.6 of almost $2.5 billion over thequarter previousever, December Peter Goody: Thank you, Marie. Itsbillion, goodan to increase be on this call to report our best with the highest quarters record-breaking results. [Fade] Marie Tascon: Good morning. Thanks for joining us. Speaking today is Softcells CFO Peter Goody, joined by
revenue and earnings in Softcells history. Revenue grew year year to outstanding $9.6 billion, an increase almost $2.5 over the previous December Peter Goody: In 35% closing, we over believe these results reflect theof excellence of ourbillion innovative products. quarters record-breaking results. [Fade] We are very enthusiastic about our announcements for 2008, including new SoftTalk software and an updated
SoftPro.
Peter Goody: In closing, we believe these outstanding results reflect the excellence of our innovative products. Marie Tascon: With that, Id about like to open the call to questions. Please limit yourselves to one question only. and an updated We are very enthusiastic our announcements for 2008, including new SoftTalk software SoftPro.
[Question-and-Answer Session]
Marie Tascon: With that, Id like to open theof call to Bratworth questions. Please yourselves to one question only. Operator: Our first question will come from the line Jane with Morganlimit Stanley.
Jane Bratworth: On the SoftTalk expectations for 2008, are you guys providing any type of update today? [Question-and-Answer Session]
Operator: Our first question will come from the line of Jane Bratworth with Morgan Stanley. Jane Bratworth: On the SoftTalk expectations for 2008, are you guys providing any type of update today? Jim W. Brook: We remain very sure about hitting the 10 million goal for 2008. 66 hollywoodenglish.es www.britishcouncil.org/professionals.htm
Operator: The next question comes from Ahmed Jamal with Merrill Lynch.
Jim W. Brook: We remain very sure about hitting the 10 million goal for 2008.
Ahmed Jamal Merrill Lynch: Jim, in terms of the SoftTalk rollout internationally, theres been a lot of talk about China -- anything specific relative to the China market? Jim W. Brook: We open our first stores in China this year. Well also be rolling out additional European countries during 2008. Operator: Next question from Kurt Abramsky with Deutsche Bank. Kurt Abramsky Deutsche Bank: Could you give us any, either quantitative or qualitative, commentary on how European Softtalk uptake is faring versus your U.S. experience? Jim W. Brook: Kurt, you know, we just launched in France in November and in the U.K. and Germany a bit earlier so we have very limited experience but we are very happy with all the launches so far. Operator: The next question comes from Jeanne Beauvoir with Credit Suisse. Jeanne Beauvoir - Credit Suisse: Peter, is it too early to offer a little more colour on the SoftTalk seasonality question. Your guidance obviously implies seasonality for the whole company, Peter Goody: Weve not yet been through a March quarter with SoftTalk so we dont have any history to go by as we do with other products. We can report in April. Fade Marie Tascon: Time for just one final question. Operator: And that will come from Tim Lu with Goldman Sachs. Tim Lu - Goldman Sachs: Id like to ask you, Peter, about your overall market guidance. Its good to hear you are not seeing any weakness. I understand your products are unlikely to be in the most economically exposed segment, but is there likely to be some exposure if we see, for example, a recession in Europe as well as the U.S. In your 10% growth forecast have you assumed some kind of economic weakening within Europe specifically? Peter Goody: The 10% is based pretty much on a very concrete situation, how we see the trends. Its something that we feel is quite solid. Marie Tascon: Thanks very much, Tim and thanks to everyone. A replay of todays call will be available as a webcast on softcell.com/investor and via telephone. The number for the telephone replay is 989-313-2111 and the passcode is 5237883. Replays will be available at 5:00 p.m. Pacific Time today. Operator: Ladies and gentlemen, this concludes todays presentation. We thank everyone for your participation and have a wonderful day.
Answer key:
Answer1key: b ; 2 a; 3 product sales, outlets in sales, Asia, 1 b ; 2 a; 3 product outlets in Asia, comparison of sales in Europe and the US, seasonal changes, comparison of sales in economic recession Europe and the US,
seasonal changes, economic recession
www.britishcouncil.org/professionals.htm
The British Council, 2008 The United Kingdoms international organisation for educational opportunities and cultural relations. We are registered in England as a charity.
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Unit 6
EXPORTIMPORT
SCAN THE QR CODE ABOVE AND CHECK TEH VIDEO WITH YOUR HC SESSION LEADER...
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EMAILEXPORT
FAXES AND EMAILS SHOULD BE SHORT AND CONCISE, STRAIGHT TO THE POINT AND ALSO MUST CONTAINED A REFERENCE NUMBER AND DETAILS OF THE PERSON OR DEPARTMENT YOU ARE SEND THEM TO.
III. REPLY TO THE EMAIL THEY HAVE SENT YOU RECENTLY ABOUT THE INCREASE ON THE CAR LEASES FOR YOUR COMPANYS EMPLOYEES. NEGOTIATE A DISCOUNT AND COMPLAIN ABOUT THE SERVICE.
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Read the email below about importing a chair Reply the email in the next page
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__________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________ __________________________________________________________________________________________________
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Read the emails below and put them in the order they were sent
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Match the words below with their definitions (there are some extra words!!!!)
documentary credit statement of account current account protest due date remittance balance bank transfer sight draft debit note savings account
PRICE-RELATED-WO
RDS IN FOREIGN TR
ADE
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The Incoterms rules or International Commercial terms are a series of pre-dened commercial terms published by the International Chamber of Commerce (ICC) widely used in international commercial transactions. A series of three-letter trade terms related to common sales practices, the Incoterms rules are intended primarily to clearly communicate the tasks, costs and risks associated with the transportation and delivery of goods.
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TREND ANALYSIS
working.
a. The number of women in full-time work. b. The need to put some trends into perspective.
PLEASE SCAN THE QR TRACK 14 CODE AND LISTEN TO AN INTERVIEW WITH NICOLA BAILEY, A SOCIAL AFFAIRS COMMENTATOR, ON THE SPEAKERS commentator, in AND patterns of CHANGES IN PATTERNS OF WORKING. IF THE affairs CODE IS NOT ACTIVE THEN READon THEchanges SCRIPT BELOW DO THE ACTIVITIES B1/B2 INTERMEDIATE
1. As you listen, number the topics in the order in which Nicola Bailey talks about them.
c. The proportion of permanent job contracts today compared to the past. d. The number of people with flexible working hours. e. The percentage of temporary jobs. f. The working week in the UK compared to that in the rest of Europe.
2. Listen again and decide whether these statements are true (T) or false (F).
1. The interviewer thinks working patterns are considerably different from those of previous generations. 2. Nicola Bailey doesnt entirely agree with the interviewer. 3. Bailey says the media are creating an accurate picture of the present situation. 4. The number of British people with permanent jobs has fallen dramatically. 5. The number of working women with dependent children is the same as before. 6. In the rest of Europe there is less part-time work than in the UK. 7. Two thirds of British workers do over 46 hours a week. 8. Only one worker in five has a contract that foresees flexible working or job sharing.
3. Complete the sentences using some of the following words from the interview. account for patterns agreement permanent borne out perspective clerical compared employment work engaged job redundancy research
1. In order to find a solution to this problem, we need to look at it from a different ______________________. 2. The prime ministers claim that unemployment in this country is falling is not _________ _________ by the latest statistics. 3. At present, women ____________________________ 60 per cent of our companys workforce. 4. The changes in working _________ _________ arent as great as the media often make out. 5. Hundreds of employees will face __________________ if the merger of the two large banks goes ahead. 6. It was predicted that most of us would soon be __________________ in flexible working instead of 9 to 5 jobs. 7. When I was a student, I used to do a temporary __________________ during the summer. 8. The proportion of women in __________________, secretarial and sales jobs has changed little.
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FOR MORE EXERCISES ON THIS PODCAST, PLEASE VISIT HOLLYWOODENGLISH.ES BUSINESS 2.0
http://learnenglish.britishcouncil.org/en/professionals-podcasts
AUDIOSCRIPT Interviewer: We have with us in the studio Nicola Bailey, our social affairs commentator, to give us some perspective on the changes that have taken place in our working lives over the last 20 years or so. Good morning, Nicola. NB: Good morning. Interviewer: Now, we hear an awful lot these days about the end to a job for life, the rise of exible working, the numbers of women now engaged in employment and so on. Its very different from our parents day, isnt it? NB: Well, its true theres a lot more terminology around these days. Anyone would think from listening to the media that some kind of social revolution was going on. Interviewer: And are you saying that these are not real trends for the future? NB: Im not saying these phenomena are not present today, but I just think we need to put them into some kind of perspective. Traditional 9 to 5 working is not going to disappear quite as fast as some analysts would like to believe. Interviewer: I think you have some interesting gures from recent research on the subject. NB: Thats right, if you look at the proportion of working people in Britain today who have a permanent contract of employment, for example, youll nd its not very much different from 20 years ago. Its still around 80 per cent. And around 30 per cent of us have had the same job for more than 10 years, which is also little changed from the past. Interviewer: That doesnt mean that people necessarily feel more secure, though NB: Oh no, employers still retain the right to use redundancy as a way of reducing their labour force, for example, but the idea that most of us are moving from one temporary job to another is not borne out by the gures. Temporary employment only accounts for about 6 per cent of all jobs. Interviewer: Well, lets talk about womens employment. Isnt it true that there are far more women in the workplace today? NB: Oh yes, there are certainly more women with de-
pendent children in the workforce than before, but the overall proportion of women in full-time work hasnt really changed in 25 years, especially in the more traditional sectors: clerical, secretarial and sales jobs. Interviewer: And what about specic patterns of working? Is it true theres more part-time work in the UK, compared to the rest of Europe? And arent we working longer hours than before? NB: Well, yes, both of these are unfortunately true. A third of us work more than 46 hours a week, while for other European countries its not much more than 10 per cent. Interviewer: So much for new technology liberating us to do other things! And how about the golden future, where were all engaged in exible working? Is this a reality today? NB: Again, if you look at how many people have some formal agreement, for example, to annualise their hours or job share, its only about 20 per cent of us. The old working patterns persist
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ANSWERS 1. 1. b 2. c 3. e 4. a 5. f 6. d 2. 1. T 2. T 3. F She says they give the impression that a social revolution is taking place. 4. F Its not much different from 20 years ago. 5. F There are more today. 6. T 7. F A third work more than 46 hours. 8. T 3. 1. perspective 2. borne out 3. account for 4. patterns 5. redundancy 6. engaged 7. job 8. clerical
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'Bill Of Exchange'
A non-interest-bearing written order used primarily in international trade that binds one party to pay a xed sum of money to another party at a predetermined future date. Bills of exchange are similar to checks and promissory notes. They can be drawn by individuals or banks and are generally transferable by endorsements. The difference between a promissory note and a bill of exchange is that this product is transferable and can bind one party to pay a third party that was not involved in its creation. If these bills are issued by a bank, they can be referred to as bank drafts. If they are issued by individuals, they can be referred to as trade drafts. Leo Praesen
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the article;
Going Global
a comprehension task
Nicola Melizzano
Derek Chalmers
Heike Zweibel
Questions:
1. Going global changed the fortunes of which person? 2. Which person changed their FRPSDQ\VRULHQWDWLRQ" 3. Which person has a changing workforce? 4. Which person has changed their mind about going global? 5. Which person has made the greatest use of new technology to go global? 6. Which person is content not to change? 7. Which person thinks they make the right product for a global market?
PLEASE SCAN THE QR CODE AND LISTEN TO AN INTERVIEW ABOUT GOING GLOBAL. IF THE CODE IS NOT ACTIVE THEN READ THE SCRIPT BELOW AND DO THE ACTIVITIES
8. Which person works for a family company? Professional Podcast Going Global
http://learnenglish.britishcouncil.org/en/professionals-podcasts/going-global 9. :KLFKSHUVRQVH[SHULHQFHRIJRLQJJOREDOEHJDQXQH[SHFWHGO\"
Presenter: Nicola:
Presenter:
Presenter: Derek:
Presenter: Heike:
Presenter: Heike:
6R\RXGQHYHUJRJOREDl?
http://learnenglish.britishcouncil.org/en/professionals- podcasts/going-global
:HOOQR,ZRXOGQWVD\WKDWH[DFWO\,KDYHDJUHDWZHEVLWHDQGWKDWOHDGVWRRUGHUVIURPWKH United States, or more recently Russia, a lot. I design, perhaps, two or three systems every \HDUIRURYHUVHDVFOLHQWVVR,GRQWUHDOO\NQRZ if that counts as 'global' or not! The advice, then, is to find the market that suits your company ZKHWKHULWVRQ\RXUGRRUVWHSRU the other side of the planet!
Presenter:
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Page 2 of 3
Language task
Fill in the gaps
The following sentences are all taken from the podcast. Can you fill in the gaps with the words from the podcast? You may have to listen or read again.
1. We know that advances in technology mean you could be offering your _______ and services to people in Brighton, Beijing or Buenos Aires at the same time. 2. We're a small family company, _______ by my grandfather. 3. The local chamber of _______ had invited a group of Japanese investors to the area. 4. There's been a worldwide _______ in coffee sales over the last ten years. 5. The global _______ hit badly, many other firms round here were closing down or shipping out. 6. We were forced to downsize, but then saw the changing situation as an opportunity, rather than a _______. 7. Using web-technologies, we managed to expand our _______ by around 300%. 8. Each one is built to _______ depending on exactly what the client wants. 9. I could _______ but wouldn't want to compromise the quality of the work. 10. I design, perhaps, two or three systems every year for overseas _______. 11. The advice, then, is to find the market that _______ your company.
Answers
The British Council, 2011 The United .LQJGRPVLQWHUQDWLRQDORUJDQLVDWLRQIRUHGXFDWLRQDORSSRUWXQLWLHVDQGFXOWXUDOUHODWLRQV We are registered in England as a charity.
Page 3 of 3
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Unit 8
Look at the headline and guess whether these sentences are true or false:
Someone said in court that Eminem bullied him/her .! T / F Eminem wrote a song about someone that bullied him at school.! T / F Eminem was harassed by a kid named DeAngelo Bailey.! T / F Mr Bailey broke Eminems toes.! T / F Bailey said he never bullied Eminem.! T / F Judges decided the lyrics showed Mr Bailey in a false light.! T / F
PHRASE MATCH: Match the following phrases from the article (sometimes more than one combination is possible):
DISCUSSION ::
Did you like this article? How did you feel after reading this article? What are your feelings about bullies? What do you think of Eminem? Do you rap music? Whats your favorite kind of music? What do you think really happened between Eminem and DeAngelo Bailey?
Do you think Eminem is happy he can write a rap song about his old bully? Was it wrong of Eminem to name Mr Bailey in his song Brain Damage? Was the judges decision correct? Were you a bully / Were you bullied at school? What kind of bullying did you experience / see?
Who was the biggest bully at your school? Are boys bigger bullies than girls? Does bullying stop after you become an adult? Is bullying a crime?
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Unit 9 Unit 10
ESSAYWRITING
WRITING AN ESSAY
An essay can have many purposes, but the basic structure is the same no matter what. You may be writing an essay to argue for a particular point of view.
STEPS
Decide on your topic. Prepare an outline or diagram of your ideas. Write your thesis statement. Write the body. Write the main points. Elaborate points Write the introduction. Write the conclusion.
THESIS STATEMENT
The thesis statement tells the reader what the essay will be about, and what point you, the author, will be making.
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ESSAY-WRITING
THE ESSENTIAL GUIDE
HOW TO GET BETTER MARKS WITHOUT (NECESSARILY) DOING MORE WORK
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Six really awful ways to begin the essay Why have baked beans 3. evidence. of time, your point should be supported by some form of evidence from yourbecome reading, or popular by an in twentieth so example drawn from subject area. yo uve refe rred tMost o the in t hethe ess ay. I f t h e r e a r e t wo o r m o r e wo r k s by a n a u t h o r p u b l i s h e d i n t h e introduction at the start, a conclusion at the end, and century Britain?: example drawn from the subject area. same year, distinguish them as 2000a, 2000b, and so on. References are written in the 5($'WKHDVVLJQPHQWJXLGHOLQHVLQ\RXUFRXUVHRXWOLQHVDQGQGRXWKRZ\RXUOHFWXUHUWXWRUZRXOG 'RQWMXVWOHDYHWKHHYLGHQFHKDQJLQJWKHUHDQDO\VHLW&RPPHQWRQWKHLPSOLFDWLRQVLJQLFDQFHLPSDFWDQGQLVKRII
in 1959 of (Heinz, 2000: 34). 2.Tonight an explanation the point making; 2. an explanation ofyoure the point youre making;
punctuation and spelling. What is a Check good structure?
So now its time to write the essay. You sit down in front of the keyboard and start typing: you
the year of publication, and the page refereparagraph nce, in bracke ts. For example: to paragraph.
the end of t he ess ay your you in clud esupported aHanding R e cesm s ectio m st c lud eve ryan ita em 3.At evidence. Most of the time, should be some form ofn evidence your reading, or by Ipoint tthein s n t e n o u gefe h rby tn o ake sw uh ric e h from t hu a t in yo ue h ave n 7. Your Essay In
The question of why baked beans 'RQWMXVWOHDYHWKHHYLGHQFHKDQJLQJWKHUHDQDO\VHLW&RPPHQWRQWKHLPSOLFDWLRQVLJQLFDQFHLPSDFWDQGQLVKRII know when handed 1. You do nee d adrawn sand olidwhere intr oyour du ctessay ion. Ishould t will be probab ly in. have become so popular in twentieth theT paragraph with a critical conclusion you have from the evidence. ype of reference : ExEssay ample of reference: century Britain is an interesting 5. Referencing Your contain something about how you have interpreted the ,Q*HQHUDO Heinz, Edward ,d London: Beans Book qu estio(2000) n, anA dHistory it is of ofBaked ten a goo idea Arnold. to state a thesis The Oxford English Dictionary $OODFDGHPLFHVVD\V0867FRQWDLQUHIHUHQFHV5HIHUHQFLQJJXDUGVDJDLQVWSODJLDULVPDVHULRXV 5.AReferencing Your Essay Make sure you know when, where or to whom your assignment should be handed in. Most schools defines baked beans as have a box for academic offence. (a n a r g u m e n t ) w h ic h yo u a r e g oi n g to illust(ed.) rate or Johnson, Sarah (1998a) The Cornflake in History in Norman Jennings rticle in book
Plagiarism is copying someone elses words or ideas and presenting them as your own. Make sure you are familiar with In this essay I will explore the $OODFDGHPLFHVVD\V0867FRQWDLQUHIHUHQFHV5HIHUHQFLQJJXDUGVDJDLQVWSODJLDULVPDVHULRXV Dont hand in your the essay in a plastic folder or system sleeve (unless you are asked to do so). the referencing style your or school requires. Most Schools/Faculties have guides specifying the they Johnson, Sarah (1998b) Deconstructing pre-millennial diet: Special K and Article in jour nal faculty question of why baked beans have academic offence. postmodernism, 11, 1: 3244. Cultural Studies prefer. Often Schools/Faculties dont mind which system you use as long as it is consistent. If this is font the case, the Use double-line spacing and a readable (size use 12 at least) become so popular in twentieth system you are most comfortable with. Explanation: This means that an article by Sarah Johnson called Deconstructing the prevolume 11, umberevery 1, orequires. n pa ges 32 toline. 44. This issue of the journal was phave ublishedguides in 1998. specifying second the referencing style your faculty ornschool Most Schools/Faculties the system they defines popular as The piece is list ed the hereessay as (1998b) since its the secoThis nd of is two rtic lesall byworks Sarah Jo hnso n, Remember to list all the books and articles you use for in a Reference List. aa list of cited in prefer. Often Schools/Faculties dont you use as long as it is consistent. If this is the case, use the which we aremind refe rr8VHDFRYHUVKHHWDYDLODEOHIURP\RXUVFKRRORIFH inwhich g to, pubsystem lished in 1998. \RXUHVVD\DQGVKRXOGEHWKHQDOSDJH The twentieth century has
followin g st ycritical le: conclusion you have drawn OLNH DVVLJQPHQWV the paragraph with a from the evidence. SUHVHQWHG 0DNH VXUH \RX KDYH FRPSOLHG ZLWK WKHLU UHTXLUHPHQWV DQG WKDW \RX
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you may prefer to save the findings of your exploration to the end, in which case you have to introduce the question Plagiarism is copying someone elses words orst ideas presenting them as your own. Make sure you arePenguin familiar with ca reef ll tt h rst t.mand Essays should be your is type your essay. If not, write neatly on mill nnu ial dy iet:a Specia le Ka nda po od ernlegible ism was so pubmake lished isure n the jo urnaessay l Cultura l Seasy tudies, to read. If possible, The English Dictionary
students to submit University their essays. ,n Edinburgh: Food e for Thought xp lore i the boEdinburgh dy of the essayPress. although
2. And you need a tight, powerful conclusion which is been going the lowith. gical consequence of everything that has gone before. system you are most comfortable e Number pages andlove use feud, wide margins. for quite a while now and Ratner, Clifford (2000) Magazine sparks Article in The Independent, T h e g oo d ss ay h a s d eve l ope d a n u m be r of r e l a t e d 10 October 2000, Thursday Review section: 14. newspaper 5HIHUHQFH/LVWV Print on side of the strands w hic h th eone con clu sio npage tiesonly. together. It may also The Collins English Dictionary Wherever possible, identify the author, so you can have a reference like this: Article from the defines twentieth century as e Make sure you have an t extra copy. co n t ai n a n xt r a, s u r p r i s i n g h i n g w h ic h yo u s ave d t o Remember to list all the books and articles you use for the essay in a Reference List. This is a list of all works cited in internet Holmes, Amy (2000), Greenpeace wins media war, at http://www.independent. t h r ow i n a t t h e e n d wi t h a f l o u r i s h . \RXUHVVD\DQGVKRXOGEHWKHQDOSDJH ! Why are these awful? Because co.uk/international/green25.htm (accessed: 25 November 2000).
Always state the date you visited the site. If you cant state the author, have a reference like this:
BBC Online (2000) Radical autumn shake-up, at http://www.bbc.co.uk/news/ 10276.htm (accessed: 8 December 2000).
they are so predictable, uninspiring and limp. What should you do instead? Something else.
Oshima, A & Hogue, A 1991, :ULWLQJ$FDGHPLF(QJOLVK, Addison-Wesley. [110] WWW.HOLLYWOODENGLISH.ES University of Toronto Writing Centre, 6RPH*HQHUDO$GYLFHRQ$FDGHPLF(VVD\:ULWLQJ, University of Toronto, accessed 1999, <http://utl1.library.utoronto.ca/www/writing/essay.html>.
101 hollywoodenglish.es purposes and adapted with proper acknowledgement. Email: learningcentre@unsw.edu.au
Prepared by The Learning Centre, The University of New South Wales 2009. This guide may be distributed for educational
Paragraph 4 - How to Fix Argument Transition Phrase: Moreover, How to Fix Argument Paragraph 5 - Conclusion Transition Phrase: In conclusion, Recap of Thesis Statement Summary of Outline
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Analysis of An Argument
"The recent surge in violence in the southern part of the city is a result of a shortage of police officers and an absence of leadership on the part of the city council. In order to rectify the burgeoning growth of crime that threatens the community, the city council must address this issue seriously. Instead of spending time on peripheral issues such as education quality, community vitality, and job opportunity, the city council must realize that the crime issue is serious and double the police force, even if this action requires budget cuts from other city programs." In the argument above, the author concludes that the city council is not doing its job well and needs to focus on expanding significantly the police force in order to combat recent growth in the level of crime. The premise of the argument is that crime is expanding while the city council focuses on ostensibly unrelated matters such as education reform. However, the argument is flawed because it falsely assumes that the city councils efforts to improve quality of life are entirely unrelated to levels of violence and it assumes that the crime problem can be solved by merely increasing the police force. First, the argument wrongly assumes that issues of educational opportunity, community vitality, and job availability have no bearing on crime. However, the author fails to support this assumption. It is entirely possible that the crime level spiked due to a recent and sizeable layoff at a major nearby factory that pushed countless citizens out of work and onto the streets. With individuals struggling to survive, it should come as no surprise that people are turning to crime. Second, the reasoning in the editorial is flawed because it erroneously assumes that increasing the police force will directly address the root of the crime problem and reduce the level of crime. Yet, a landmark study published in early 2008 showed that increasing the size of a police force beyond a certain point provides extremely small marginal returns in the reduction of crime. Given the fact that the local police force is already above this threshold, the editorials author wrongly assumed that a doubling of the police force will materially decrease the crime rate. Moreover, the argument could be improved by appealing to the citys history with fighting crime and managing the size of its police force. In particular, approximately 25 years ago, the city council faced a situation very similar to the one it faces today: a rising crime rate and growing spending on community development. The city council decided to increase the size of its after- school programs budget by about 75% and this reduced crime dramatically. Faced with the same situation today, the city council should follow the path it took 25 years ago. In conclusion, the argument in the newspaper editorial is flawed because it assumes that educational opportunity, job availability, and community vitality are not related to the level of crime a community experiences. Moreover, the argument wrongly concludes that an increase in the police force will address the root issue behind the crime, which the argument assumes is an inadequate number of police officers.
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Analysis of An Issue
ESSAYWRITING February 6, 2012
"What really matters in the leadership of business and organizations is getting results, reaching benchmarks, and achieving success." Although the issue of what constitutes success is not black and white and some experts object to the statement that what really matters in organizational leadership is getting results, I agree with the above statement because achieving results benefits stakeholders and failing hurts both stockholders and stakeholders. First, achieving results is the most important aspect of leadership because they benefit the owners and stakeholders. For example, stockholders in struggling companies are adamant that new management be found that can produce better financial returns and deliver gains in the stock price. Just as it is unfair to pay for a service that is being poorly rendered, so it is unfair for a business and its leaders to be compensated and viewed as achieving what really matters while they fail to meet the objectives of the owners. Second, when a business or organization adopts a mentality that what matters are not results, it often fails and hurts stakeholders. For example, in Hurricane Katrina, the American people saw a government that paid little attention to achieving results and succeeding in its job. As a result of a mindset that what mattered were not results, the government demonstrated considerable apathy and the victims of the hurricane suffered. As New Orleans Mayor Ray Nagin and Louisiana Governor Kathleen Blanco said, the Federal governments lack of focus on results mattered in a significantly negative way for the people of New Orleans and Louisiana. On the other hand, some may argue that a focus on results and success breeds corruption. These individuals may point to examples of corporate fraud such as Enron or WorldCom. However, a crucial benchmark of success that every business should meet is acting socially responsible and delivering long-term growth in its stock price. Consequently, the leaders at businesses such as Enron failed to deliver true success for the stockholders since the value of the company evaporated. If the leaders of the company had focused on results, they would have avoided making unethical decisions that led to the companys subsequent collapse. In conclusion, the aspect of business leadership that matters most is achieving results because stakeholders benefit and avoid painful consequences that arise from an organization or business that fails to deliver results. Although some may argue that this mindset leads to corruption, it is actually a lack of focus on reaching benchmarks and becoming successful that causes leaders to make decisions that produce painful consequences for both stakeholders and stockholder
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Questions that may appear in exams and interviews alike How to handle and prompt an essay
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Tips on letters, emails and writing Diction too! More tips about writing and diction
By Colin Rivas
Ans w e r th e q u e stio n. A cl e a r, lo gic a l str uctu r e is e s s e n t i a l. B ase your essa y o n e xt e nsiv e r ele v a nt r e a ding a n d r e s e a rch. We w ant to se e e vid e nc e of ind e p e nd e nt t h o u g h t. D o nt a llu d e t o a nythin g yo uv e r e a d w ith o ut givin g a r e f e r e n c e f o r it. Giv e yo u r o w n a n a lysis, n o t m e r e d e scriptio n. In d e cisiv e its a bit of b o th essa ys a r e dis a p p ointin g. Tr y t o a v o i d f o r m ul a s, clic h s, a n d th e o bvio us a p p r o a c h e s. Avoid a p u r e ly jo u r n a listic styl e, in a c a d e m ic e ss a ys. We w ant to se e a fr e sh, o rigin a l a p p r o a ch. Argu e your c a s e, w ith yo u r o w n point of vi e w . H a v e a cl e a r, r elevant intr o d uctio n a n d co nclusio n. Do nt w a ffl e. It s n o t c u n n i n g , it just su g g e sts y o uv e g o t lit tl e t o s a y.
Cl e a r, co nsist e nt r efer ences ar e e s s e n t i a l. Us e co m m a s p r o p e rly. Le a r n ho w to d e ploy s e m i - c olo n s. It s i m p o r t a n t t o kno w the diff e r e nc e b e t w e e n its a n d its a lt e r e g o, its . Il l u s t r a t e y o u r p oints w ith up -to - date e x a m pl e s. Us e e l e ctr o nic r esources to fin d m a t e ri a l (s e e lib r a r y w e bsit e ).
Us e th e int e rn e t b ut w ith care and discri m in a tio n. Ensur e your e ss a y is th e r e q uir e d l e n gth.
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Macmillan Publishers Limited 2004. This page may be photocopied for use in class.
Slang intermediate-advanced is anQuiz alternative alphabet for the English language that is used primarily on
7. Less than three a) !a small number b) !A popular band c) !Love d) !Bad Odds 8. PAW a) !A Dog or Cat's Foot b) !Parents Are Watching c) !Partnership For Animal Welfare d) !Father 9. BCNUL8R a) !Because You're Late b) !Be Seeing You later c) !Binocular d) !This Doesn't Mean Anything. 10. adiem a) !All Day I Eat Meat b) !And I Am c) !10 Cents d) !This Doesn't Mean Anything
LLO An abbreviation for laughing out loud,[1][2] or laugh out loud,[3] is a common element of Internet slang. It was used historically on Usenet but is now widespread in other forms of computermediated communication, and even face-to-face communication.
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We are gonna bring out a new line of products at Hollywood English soon !! hehehehe! ( Vamos a estrenar una nueva gama de productos pronto !! jejejejeje! )
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Dymon Publications 2201 South Maple Street Salt Lake City, UT 84797 U.S.A. April 21, 2001 Trent Chang 56 Somerset Lane Kai Tak, Kowloon Hong Kong
11 Complete the letter with a suitable word or words. Sometimes no word is required and sometimes more than one answer may be possible. Example Did you like the present I sent you?
Dear All,
Well, here I am in Spain in (1) ____ first week of my stay. Im very wel (2) ______ used to being away from home. Life is very different here bit strange to me, but all in all Im quite happy.
Thank you for your ________ of Touchy Situations: A Conversation Text for Elena is a brilliant cook and Im trying lots of different types of food. ESL St______. I S____ the books ____ RedFex ____ 20TH. ____ to yet is not (11) s_______ that ImThey (10) ____ the one April too. But taste them home we (13) ____ hours later than be arriv___ within a f____ days if they not there a_______y. Please l__atme two or three _ meal _____ (12) are g! starvin know if there ___ any problems withIm the sh_______. A_ req_________, I __ enclos____ a bro______, which prov_____ city much, but Im s to explore the information opportunity had (14) ____ I havent north c ____ on (17) _______ our other products. You may also c_____ck ____t web site __ ____ port is (16) our ____ . Santander to (15) hours http://www.dymonbooks.com. beautiful countryside around it. Juan and Elena take a trip to (18) ___ with them have said I can goto and was little when Id__ like we (19) ____ Sh______ you _______ fu_____r questions, please n_t he_______ contact me _ anytime. School is fine and Im learning a lot. Im getting more confident in Sp B___ R_______,
My host family are very nice. The parents, Juan and Elena, are so kind a always ____ if Im OK and offering advice and help. They have two sons Enrique. Felipe is very talkative, while his brother is quite (5) ____ , b fun. Fortunately, (7) ____ of the boys speak much English, so I have to (8) ____ .
(20) __________ in my stomach the first time I had to ask for someth the people in my class are more advanced than me, though, so I wish I Spanish before coming. (22) ____ I find most difficult is understandin quickly, but they are all very patient.
Ive got some homework to do now, so Ill have to go. Write to me soon (23) ____ phone because it makes me homesick! Lots of love Emily PS Please dont worry about me. Im fine and Im quite enjoying (24) real adventure!
1 point each
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Your . .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Your . . . . .First . . . . Name . . . . . .: .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Your e-mail Name :: .. .. . Your Name : . . . . . . . . . . . . . . . . . . . . . Your First Name Tel : . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ad : . . . . . . . . . . .: .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. .. Tel : . . . . . . . . . . . . . . . . . . . . . . . . . . . . Ad : . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . . .
Complete each sentence with the BEST answer. Only one answer is correct Complete each sentence with the BEST answer. Only one answer is correct Example: Anne isnt here today : shes . Description sommaire de votre projet : Example: Anne isnt here today : shes . Description sommaire de votre projet : London. Complete eachto sentence with the BEST answer. Only one answer is correct (date dbut, lieu, dure) to (date dbut, lieu, dure) A London. went B gone C been D go Objectifs B today gone : shes C been D go Objectifs Example: Anne isnt ............. to London. You choose :A went B here You choose : B A went B gone C been D go You choose : B [ ] 1 I plan to buy a few things. [ ] 1 I plan to buy a few things. A A B B C C D D Are you going to go buy milk ? Are to go Will you you going buy milk ? buy milk ? Will you buy milk ? You are buying milk ? You are buying milk Are you going to buy?milk ? Are you going to buy milk ?
[ ] 2 Jim lives in Spain, .. [ ] 2 Jim lives in Spain, .. A A C C doesnt he ? doesnt is he ? he ? is he ? B B D D isnt he ? isnt liveshe he?? lives he ?
[ ] 3 Every morning the baby cries for his breakfast [ ] 3 Every morning the baby cries .. he wakes up. for his breakfast .. he wakes up. A now that A now that B until B until C as soon as C as soon as D before D before
[ ] 4 I am very in the information you have given me. [ ] 4 I am very in the information you have given me. A interesting A interesting B interested B interested C concerned C concerned D concerning D concerning
[ ] 5 If you have a washing machine, you .. spend all day washing cloths. [ ] 5 If you have a washing machine, you .. spend all day washing cloths. A have to A have to B dont have to B dont have to C must C must D mustnt D mustnt
[ ] 6 The questions in this test are concerned with use of correct English. [ ] 6 The questions in this test are concerned with use of correct English. A A B a B a C the C the D an D an
[ ] 7 you pay the supplement they want, they wont give us the tickets. [ ] 7 you pay the supplement they want, they wont give us the tickets. A Unless A Unless B In case B In case C If C If D If not D If not
[ ] 8 I went to a party .. my friends house. [ ] 8 I went to a party .. my friends house. A inside A inside B by B by C at C at D to D to
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Unit 10
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The Author
Colin Rivas is a lecturer in English as a Foreign Language and he has considerable expertise in the eld of Overseas Trade, having designed and taught a number of classes at Citroen, JPMorgan, Acciona related to International Law and Overseas Trade.
Accounting liquidity:The ease and quickness with which assets can be converted to cash. Accounts payable:Money owed to suppliers. Accounts receivable:Money owed by customers. Accounts receivable turnover:The ratio of net credit sales to average accounts receivable, a measure of how quickly customers pay their bills. Accretion (of a discount) :In portfolio accounting, a straight-line accumulation of capital gains on discount bond in anticipation of receipt of par at maturity. Accrual bond :A bond on which interest accrues, but is not paid to the investor during the time of accrual. The amount of accrued interest is added to the remaining principal of the bond and is paid at maturity. Accrued interest :The accumulated coupon interest earned but not yet paid to the seller of a bond by the buyer (unless the bond is in default).
Act of state doctrine :This doctrine says that a nation is sovereign within its own borders and its domestic actions may not be questioned in the courts of another nation.
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Active portfolio strategy :A strategy that uses available information and forecasting techniques to seek a better performance than a portfolio that is simply diversied broadly. Related: passive portfolio strategy Actuals :The physical commodity underlying a futures contract. Cash commodity, physical. Additional hedge :A protection against borrower fallout risk in the mortgage pipeline. Adjustable rate preferred stock (ARPS) :Publicly traded issues that may be collateralized by mortgages and MBSs. Adjusted present value (APV) The net present value analysis of an asset if nanced solely by equity (present value of un-levered cash ows), plus the present value of any nancing decisions (levered cash ows). In other words, the various tax shields provided by the deductibility of interest and the benets of other investment tax credits are calculated separately. This analysis is often used for highly leveraged transactions such as a leverage buy-out. Administrative pricing rules IRS rules used to allocate income on export sales to a foreign sales corporation. Advance commitment A promise to sell an asset before the seller has lined up purchase of the asset. This
Alternative mortgage instruments Variations of mortgage instruments such as adjustable-rate and variable- rate mortgages, graduated-payment mortgages, reverse-annuity mortgages, and several seldom-used variations.
seller can offset risk by purchasing a futures contract to x the sales price. Adverse selection A situation in which market participation is a negative signal. Afrmative covenant A bond covenant that species certain actions the rm must take. After-tax prot margin The ratio of net income to net sales. After-tax real rate of return Money after-tax rate of return minus the ination rate. Agencies Federal agency securities. Agency bank A form of organization commonly used by foreign banks to enter the U.S. market. An agency bank
cannot accept deposits or extend loans in its own name; it acts as agent for the parent bank. Agency basis A means of compensating the broker of a program trade solely on the basis of commission established through bids submitted by various brokerage rms. agency incentive arrangement. A means of compensating the broker of a program trade using benchmark prices for issues to be traded in determining commissions or fees. Agency costs The incremental costs of having an agent make decisions for a principal. All or none Requirement that none of an order be executed unless all of it can be executed at the specied price. All-equity rateThe discount rate that reects only the business risks of a project and abstracts from the effects of nancing. All-in cost Total costs, explicit and implicit.
American Depositary Receipts (ADRs) Certicates issued by a U.S. depositary bank, representing foreign shares held by the bank, usually by a branch or correspondent in the country of issue. One ADR may represent a portion of a foreign share, one share or a bundle of shares of a foreign corporation. If the ADR's are "sponsored," the corporation provides nancial information and other assistance to the bank and may subsidize the administration of the ADRs. "Unsponsored" ADRs do not receive such assistance. ADRs carry the same currency,
Aggregation Process in corporate nancial planning whereby the smaller investment proposals of each of the rm's operational units are added up and in effect treated as a big picture. Aging schedule A table of accounts receivable broken down into age categories (such as 0-30 days, 30-60 days, and 60-90 days), which is used to see whether customer payments are keeping close to schedule. AIBD Association of International Bond Dealers. All equity rate The discount rate that reects only the business risks of a project and abstracts from the effects of nancing.
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Related: European option American shares Securities certicates issued in the U.S. by a transfer agent acting on behalf of the foreign issuer. The certicates represent claims to foreign equities. American Stock Exchange (AMEX) The second-largest stock exchange in the United States. It trades mostly in small-to medium-sized companies. American-style option An option contract that can be exercised at any time between the date of purchase and the expiration date. Most exchangetraded options are American style. Amortization The repayment of a loan by installments. Amortization factor The pool factor implied by the scheduled amortization assuming no prepayemts. Amortizing interest rate swap Swap in which the principal or national amount rises (falls) as interest rates rise (decline). Analyst Employee of a brokerage or fund management house who studies companies and makes buy-and-sell recommendations on their stocks. Most specialize in a specic industry. Angels Individuals providing venture capital. Announcement date Date on which particular news concerning a
given company is announced to the public. Used in event studies, which researchers use to evaluate the economic impact of events of interest. Annual fund operating expenses For investment companies, the management fee and "other expenses," including the expenses for maintaining shareholder records, providing shareholders with nancial statements, and providing custodial and accounting services. For 12b-1 funds, selling and marketing costs are included.
Annual percentage rate (APR) The periodic rate times the number of periods in a year. For example, a 5% quarterly return has an APR of 20%. Annual percentage yield (APY) The effective, or true, annual rate of return. The APY is the rate actually earned or paid in one year, taking into account the affect of compounding. The APY is calculated by taking one plus the periodic rate and raising it to the number of periods in a year. For example, a 1% per month rate has an APY of 12.68% (1.01^12).
Appraisal ratio The signal-to-noise ratio of an analyst's forecasts. The ratio of alpha to residual standard deviation.
Appraisal rights A right of shareholders in a merger to demand the payment of a fair price for their shares, as determined independently. Appropriation request Formal request for funds for capital investment project.
Arbitrage The simultaneous buying and selling of a security at two different prices in two different markets, resulting in prots without risk. Perfectly efcient markets present no arbitrage opportunities. Perfectly efcient markets seldom exist. Arbitrage Pricing Theory (APT) An alternative model to the capital asset pricing model developed by Stephen Ross and based purely on arbitrage arguments. Arbitrage-free option-pricing models Yield curve option-pricing models.
Arbitrageurs People who search for and exploit arbitrage opportunities. Arithmetic average (mean) rate of return Arithmetic mean return. Arithmetic mean return An average of the subperiod returns, calculated by summing the subperiod returns and dividing by he number of subperiods. Arms index Also known as a trading index (TRIN)= (number of advancing issues)/ (number of declining issues) (Total up volume )/ (total down volume). An advance/decline market indicator. Less than 1.0 indicates bullish demand, while above 1.0 is bearish. The index often is smoothed with a simple moving average. ARMs Adjustable rate mortgage. mortgage that features predetermined adjustments of the loan interest rate at
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Auditor's report A section of an annual report containing the auditor's opinion about the veracity of the financial statements.
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Bar Slang for one million dollars. also the lawyers exam
Bankruptcy view The argument that expected bankruptcy costs preclude rms from being nanced entirely with debt. Barbell strategy A strategy in which the maturities of the securities included in the portfolio are concentrated at two extremes. Bargain-purchase-price option Gives the lessee the option to purchase the asset at a price below fair market value when the lease expires. Barrier options Contracts with trigger points that, when crossed, automatically generate buying or selling of other options. These are very exotic options. Base interest rate Related: Benchmark interest rate. Base probability of loss The probability of not achieving a portfolio expected return. Basic balance In a balance of payments, the basic balance is the net balance of the combination of the current account and the capital account. Basic business strategies Key strategies a rm intends to pursue in carrying out its business plan. Basic IRR rule Accept the project if IRR is greater than the discount rate; reject the project is lower than the discount rate. Basis Regarding a futures contract, the difference between the cash price and
Benchmark = Sp. Baremo. The performance of a predetermined set of securities, for comparison purposes. Such sets may be based on published indexes or may be customized to suit an investment strategy.
the futures price observed in the market. Also, it is the price an investor pays for a security plus any out-of-pocket expenses. It is used to determine capital gains or losses for tax purposes when the stock is sold. Basis point In the bond market, the smallest measure used for quoting yields is a basis point. Each percentage point of yield in bonds equals 100 basis points. Basis points also are used for interest rates. An interest rate of 5% is 50 basis points greater than an interest rate of 4.5%. Basis price Price expressed in terms of yield to maturity or annual rate of return.
Basis risk The uncertainty about the basis at the time a hedge may be lifted. Hedging substitutes basis risk for price risk. Basket options Packages that involve the exchange of more than two currencies against a base currency at expiration. Basket trades Related: Program trades. Bear An investor who believes a stock or the overall market will decline. A bear market is a prolonged period of falling stock prices, usually by 20% or more. Related: bull.
Before-tax profit marginThe ratio of net income before taxes to net sales.
Bearer bond bonds that are not registered on the books of the issuer. Such bonds are held in physical form by the owner, who receives interest payments by physically detaching coupons from the bond certicate and delivering them to the paying agent. Bear market Any market in which prices are in a declining trend. Bear raid A situation in which large traders sell positions with the intention of driving prices down. Beggar-thy-neighbor An international trade policy of competitive devaluations
and increased protective barriers where one country seeks to gain at the expense of its trading partners. Beggar-thy-neighbor devaluation A devaluation that is designed to cheapen a nation's currency and thereby increase its exports at other countries' expense and reduce imports. Such devaluations often lead to trade wars.
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Big Bang The term applied to the liberalization in 1986 of the London Stock Exchange in which trading was automated with the use of computers.
down 70% of the market change; 1.3 means total return is likely to move up or down 30% more than the market. Beta is referred to as an index of the systematic risk due to general market conditions that cannot be diversied away. Beta equation (Mutual Funds) The beta of a fund is determined as follows: [(n) (sum of (xy)) ]-[ (sum of x) (sum of y)] [(n) (sum of (xx)) ]-[ (sum of x) (sum of x)] where: n = # of observations (36 months) x = rate of return for the S&P 500 Index y = rate of return for the fund Biased expectations theories Related: pure expectations theory. Bid price This is the quoted bid, or the highest price an investor is willing to pay to buy a security. Practically speaking, this is the available price at which an investor can sell shares of stock. Related: Ask , offer.
Bill of lading A contract between the exporter and a transportation company in which the latter agrees to transport the goods under specied conditions which limit its liability. It is the exporter's receipt for the goods as well as proof that goods have been or will be received.
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book-entry has developed, engraved securities do exist somewhere in quite a few cases. These securities do not move from holder to holder but are usually kept in a central clearinghouse or by another agent. Bootstrapping A process of creating a theoretical spot rate curve , using one yield projection as the basis for the yield of the next maturity. Borrow To obtain or receive money on loan with the promise or understanding that it will be repaid. Borrower fallout In the mortgage pipeline, the risk that prospective borrowers of loans committed to be
closed will elect to withdraw from the contract. Bought deal Security issue where one or two underwriters buy the entire issue. Bourse A term of French origin used to refer to stock markets. Bracket A term signifying the extent an underwriter's commitment in a new issue, e.g., major bracket or minor bracket. Brady bonds Bonds issued by emerging countries under a debt reduction plan. Branch An operation in a foreign country incorporated in the home country. Sp. Aliado o sucursal Breakout A rise in a security's price executes orders on the oor of the exchange, or an upstairs broker who handles retail customers and their orders. Broker loan rate Related: Call money rate. Brokered market A market where an intermediary offers search services to buyers and sellers. Bubble theory Security prices sometimes move wildly above their true values. Budget A detailed schedule of nancial activity, such as an advertising budget, a sales budget, or a capital budget. Budget decit The amount by which government spending exceeds government revenues. Bull An investor who thinks the market will rise. Related: bear.
Bull An investor who thinks the market will rise. Related: bear.
Bretton Woods Agreement An agreement signed by the original United Nations members in 1944 that established the International Monetary Fund (IMF) and the post-World War II international monetary system of xed exchange rates. Bridge nancing Interim nancing of one sort or another used to solidify a position until more permanent nancing is arranged. British clearers The large clearing banks that dominate deposit taking and short-term lending in the domestic sterling market. Broker An individual who is paid a commission for executing customer orders. Either a oor broker who
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Bullish, bearish Words used to describe investor attitudes. Bullish refers to an optimistic outlook while bearish means a pessimistic outlook.
Business risk The risk that the cash ow of an issuer will be impaired because of adverse economic conditions, making it difcult for the issuer to meet its operating expenses. Busted convertible Related: Fixed-income equivalent. Buttery shift A non-parallel shift in the yield curve involving the height of the curve. Buy To purchase an asset; taking a long position. Buy in To cover, offset or close out a short position. Related: evening up, liquidation. Buy limit order A conditional trading order that indicates a security may be purchased only at the designated price or lower. Related: Sell limit order. Buy on close To buy at the end of the trading session at a price within the closing range. Buy on margin A transaction in which an investor borrows to buy additional shares, using the shares themselves as collateral. a price within the opening range. Buy-and-hold strategy A passive investment strategy with no active buying and selling of stocks from the time the portfolio is created until the end
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Capital market The market for trading long-term debt instruments (those that mature in more than one year).
Call An option that gives the right to buy the underlying futures contract.
Calendar effect The tendency of stocks to perform differently at different times, including such anomalies as the January effect, month-of-the-year effect, day-of-the-week effect, and holiday effect. Call an option To exercise a call option. Call date A date before maturity, specied at issuance, when the issuer of a bond may retire part of the bond for a specied call price. Call money rate Also called the broker loan rate , the interest rate that banks charge brokers to nance margin loans to investors. The broker charges the investor the call money rate plus a service charge. Call option An option contract that gives its holder the right (but not the obligation) to purchase a specied number of shares of the underlying stock at the given strike price, on or before the expiration date of the contract. Call premium Premium in price above the par value of a bond or share of preferred stock that must be paid to holders to redeem the bond or share of preferred stock before its scheduled maturity date. Call price The price, specied at issuance, at which the issuer of a bond
may retire part of the bond at a specied call date. Call protection A feature of some callable bonds that establishes an initial period when the bonds may not be called. Call price The price for which a bond can be repaid before maturity under a call provision. Call provision An embedded option granting a bond issuer the right to buy back all or part of the issue prior to maturity. Call risk The combination of cash ow uncertainty and reinvestment risk introduced by a call provision.
Call swaption A swaption in which the buyer has the right to enter into a swap as a xed-rate payer. The writer therefore becomes the xed-rate receiver/oating rate payer. Callable A nancial security such as a bond with a call option attached to it, i.e., the issuer has the right to call the security. Canadian agencies Agency banks established by Canadian banks in the U.S. Cap An upper limit on the interest rate on a oating-rate note. Capital Money invested in a rm. Capital budget A rm's set of planned capital expenditures. Cash The value of assets that can be converted into cash immediately, as reported by a company. Usually includes bank accounts and marketable securities, such as government bonds and Banker's Acceptances. Cash equivalents on balance sheets include securities (e.g., notes) that mature within 90 days. Cash budget A forecasted summary of a rm's expected cash inows and cash outows as well as its expected cash and loan balances. Cash and equivalentsThe value of assets that can be converted into cash immediately, as reported by a company. Usually includes bank accounts and marketable securities, such as government bonds and Banker's Acceptances.
Cash and carry. Purchase of a security and simultaneous sale of a future, with the balance being financed with a loan or repo
Cash ow In investments, it represents earnings before depreciation , amortization and non-cash charges. Sometimes called cash earnings. Cash ow from operations (called funds from operations ) by real estate and other investment trusts is important because it indicates the ability to pay dividends.
Car A loose quantity term sometimes used to describe a the amount of a commodity underlying one commodity contract; e.g., "a car of bellies." Derived from the fact that quantities of the product specied in a contract used to correspond closely to the capacity of a railroad car. Carry Related:net nancing cost. Carring costs Costs that increase with increases in the level of investment in current assets. Carrying value Book value.
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Clear A trade is carried out by the seller delivering securities and the buyer delivering funds in proper form. A trade that does not clear is said to fail.
Churning Excessive trading of a client's \ account in order to increase the broker's commissions. Circle Underwriters, actual or potential, often seek out and "circle" investor interest in a new issue before nal pricing. The customer circled basically made a commitment to purchase the issue if it comes at an agreedupon price. In the latter case, if the price is other than that stipulated, the customer supposedly has rst offer at the actual price. Circus swap A xed rate currency swap against oating U.S. dollar LIBOR payments. Claim dilution A reduction in the likelihood one or more of the rm's claimants will be fully repaid, including time value of money considerations. Claimant A party to an explicit or implicit contract. Clean opinion An auditor's opinion reecting an unqualied acceptance of a company's nancial statements. Clean price Bond price excluding accrued interest. Clear A trade is carried out by the seller delivering securities and the buyer delivering funds in proper form. A trade that does not clear is said to fail. Clear a position To eliminate a long or short position, leaving no ownership or obligation. Clearing House Interbank Payments System (CHIPS) An international wire transfer system for high-value payments operated by a group of major banks.
Joint account An agreement between two or more firms to share risk and financing responsibility in purchasing or underwriting securities.
Clearing member A member rm of a clearing house. Each clearing member must also be a member of the exchange. Not all members of the exchange, however, are members of the clearing organization. All trades of a nonclearing member must be registered with, and eventually settled through, a clearing member. Clearinghouse An adjunct to a futures exchange through which transactions executed its oor are settled by a process of matching purchases and sales. A clearing organization is also charged with the proper conduct of delivery procedures and the adequate nancing of the entire operation. Clientele effect The grouping of investors who have a preference that the rm follow a particular nancing policy, such as the amount of leverage it uses. Close, the The period at the end of the trading session. Sometimes used to refer to closing price. Related: Opening, the. Closed-end fund An investment company that sells shares
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Commodity
A commodity is food, metal, or another physical substance that investors buy or sell, usually via futures contracts.
Collection oat The negative oat that is created between the time when you deposit a check in your account and the time when funds are made available. Collection fractions The percentage of a given month's sales collected during the month of sale and each month following the month of sale. Collection policy Procedures followed by a rm in attempting to collect accounts receivables. Collective wisdom The combination of all of the individual opinions about a stock's or security's value. Comanger A bank that ranks just below a lead manager in a syndicated Eurocredit or international bond issue. Comanagers may assist the lead manger bank in the pricing and issue of the instrument. Combination matching Also called horizon matching, a variation of multiperiod immunization and cash ow matching in which a portfolio is created that is always duration matched and also cash-matched in the rst few years. Combination strategy A strategy in which a put and with the same strike price and expiration are either both bought or both sold. Related: Straddle Commercial draft Demand for payment. Commercial paper Short-term unsecured promissory notes issued by a corporation. The maturity of commercial paper is typically less than 270 days; the most common maturity range is 30 to 50 days or less. Commercial risk The risk that a foreign debtor will be unable to pay its debts because of business events, such as bankruptcy. Commission The fee paid to a broker to execute a trade, based on number of shares, bonds, options, and/or their dollar value. In 1975, deregulation led to the creation of discount brokers, who charge lower commissions than full service brokers. Full service brokers offer advice and usually have a full staff of analysts who follow specic industries. Discount brokers simply execute a client's order -and usually do not offer an opinion on a stock. Also known as a round-turn. Commission broker A broker on the oor of an exchange acts as agent for a particular brokerage house and who buys and sells stocks for the brokerage house on a commission basis. Commission house A rm which buys and sells future contracts for customer accounts. Related: futures commission merchant, omnibus account. Commitment A trader is said to have a commitment when he assumes the obligation to accept or make delivery on a futures contract. Related: Open interest Commitment fee A fee paid to a commercial bank in return for its legal commitment to lend funds that have not yet been advanced. Commodities Exchange Center (CEC) The location of ve New York futures exchanges: Commodity Exchange, Inc. (COMEX), the New York Mercantile exchange (NYMEX), the New York Cotton Exchange.... Commodity A commodity is food, metal, or another physical substance that investors buy or sell, usually via futures contracts. Common market An agreement between two or more countries that permits the free movement of capital and labor as well as goods and services. Common stock These are securities that represent equity ownership in a company. Common shares let an investor vote on such matters as the election of directors. They also give the holder a share in a company's prots via dividend payments or the capital appreciation of the security. Common stock/other equity Value of outstanding common shares at par, plus accumulated retained earnings. Also called shareholders' equity. Common stock equivalent A convertible security that is traded like an equity issue because the optioned common stock is trading high. Common stock market The market for trading equities, not including preferred stock. Common stock ratios Ratios that are designed to measure the relative claims of stockholders to earnings (cash ow per share), and equity (book value per share) of a rm. Common-base-year analysis The representing of accounting information over multiple years as percentages of amounts in an initial year. Common-size analysis The representing of balance sheet items as percentages of assets and of income statement items as percentages of sales. Company-specic risk Related: Unsystematic risk Comparative credit analysis A method of analysis in which a rm is compared to others that have a desired target debt rating in order to infer an appropriate nancial ratio target. Comparison universe The collection of money managers of similar investment style used for assessing relative performance of a portfolio manager.
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will receive from exercising the call option of a convertible security. Conversion value Also called parity value, the value of a convertible security if it is converted immediately. Convertible bonds Bonds that can be converted into common stock at the option of the holder. Convertible eurobond A eurobond that can be converted into another asset, often through exercise of attached warrants. Convertible exchangeable preferred stock Convertible preferred stock that may be exchanged, at the issuer's option, into convertible bonds that have the same conversion features as the convertible preferred stock. Convertible preferred stock Preferred stock that can be converted into common stock at the option of the holder. Convertible security A security that can be converted into common stock at the option of the security holder, including convertible bonds and convertible preferred stock.
Counter trade The exchange of goods for other goods rather than for cash; barter.
Corporate nance One of the three areas of the discipline of nance. It deals with the operation of the rm (both the investment decision and the nancing decision) from that rm's point of view. Corporate nancial management The application of nancial principals within a corporation to create and maintain value through decision making and proper resource management. Corporate nancial planning Financial planning conducted by a rm that encompasses preparation of both longand short-term nancial plans. Corporate processing oat The time that elapses between receipt of payment from a customer and the depositing of the customer's check in the rm's bank account; the time required to process customer payments. Corporate tax view The argument that double (corporate and individual) taxation of equity returns makes debt a cheaper nancing method. Corporate taxable equivalent Rate of return required on a par bond to produce the same after-tax yield to maturity that
the premium or discount bond quoted would. Corporation A legal "person" that is separate and distinct from its owners. A corporation is allowed to own assets, incur liabilities, and sell securities, among other things. Correlation See: Correlation coefcient. Correlation coefcient A standardized statistical measure of the dependence of two random variables, dened as the covariance divided by the standard deviations of two variables. Cost company arrangement Arrangement whereby the shareholders of a project receive output free of charge but agree to pay all operating and nancing charges of the project. Cost of capital The required return for a capital budgeting project. Cost of carry Related: Net nancing cost Cost of funds Interest rate associated with borrowing money. Cost of lease nancing A lease's internal rate of return. Cost of limited partner capital The discount rate that equates the after-tax inows with outows for capital raised from limited partners.
Cramdown The ability of the bankruptcy court to confirm a plan of reorganization over the objections of some classes of creditors.
Cost-benet ratio The net present value of an investment divided by the investment's initial cost. Also called
the protability index. Counter trade The exchange of goods for other goods rather than for cash; barter. Counterpart items In the balance of payments, counterpart items are analogous to unrequited transfers in the current account. They arise because the double-entry system in balance of payments accounting and refer to adjustments in reserves owing to monetization or demonetization of gold, allocation or cancellation of SDRs, and revaluation of the various components of total reserves. Counterparties The parties to an interest rate swap. Counterparty Party on the other side of a trade or transaction.
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Currency arbitrage Taking advantage of divergences in exchange rates in different money markets by buying a currency in one market and selling it in another market. Currency basket The value of a portfolio of specic amounts of individual currencies, used as the basis for setting the market value of another currency. It is also referred to as a currency cocktail. Currency future A nancial future contract for the delivery of a specied foreign currency. Currency option An option to buy or sell a foreign currency. Currency risk Related: Exchange rate risk Currency risk sharing An agreement by the parties to a transaction to share the currency risk associated with the transaction. The arrangement involves a customized hedge contract embedded in the underlying transaction. Currency selection Asset allocation in which the investor chooses among investments denominated in different currencies.Current issue In Treasury securities, the most recently auctioned issue. Trading is more active in current issues than in off-the-run issues. Current maturity Current time to maturity on an outstanding debt instrument. Current / noncurrent method Under this currency translation method, all of a
Default Failure to make timely payment of interest or principal on a debt security or to otherwise comply with the provisions of a bond indenture.
Sp. Lo que le pasaria a Grecia o Espana sis e salieran del Euro zona.
foreign subsidiary's current assets and liabilities are translated into home currency at the current exchange rate while noncurrent assets and liabilities are translated at the historical exchange rate, that is, the rate in effect at the time the asset was acquired or the liability incurred. Current rate method Under this currency translation method, all foreign currency balance-sheet and income statement items are translated at the current exchange rate. Current ratio Indicator of short-term debt paying ability. Determined by dividing current assets by current
liabilities. The higher the ratio, the more liquid the company. Current yield For bonds or notes, the coupon rate divided by the market price of the bond. Current-coupon issues Related: Benchmark issues Cushion bonds High-coupon bonds that sell at only at a moderate premium because they are callable at a price below that at which a comparable noncallable bond would sell. Cushion bonds offer considerable downside protection in a falling market. Custodial fees Fees charged by an government and mortgage-backed securities dealers. Debenture bond An unsecured bond whose holder has the claim of a general creditor on all assets of the issuer not pledged specically to secure other debt. Compare subordinated debenture bond, and collateral trust bonds. Debt/equity ratio Indicator of nancial leverage. Compares assets provided by creditors to assets provided by shareholders. Determined by dividing long-term debt by common stockholder equity. Debt capacity Ability to borrow. The amount a rm can borrow up to the point where the rm value no longer increases. Debt displacement The amount of
Dealer An entity that stands ready and willing to buy a security for its own account (at its bid price) or sell from its own account (at its ask price).
Dealer loan Overnight, collateralized loan made to a dealer nancing his position by borrowing from a money market bank. Dealer market A market where traders specializing in particular commodities buy and sell assets for their own accounts. Dealer options Over-the-counter options, such as those offered by
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Dividend discount model (DDM) A model for valuing the common stock of a company, based on the present value of the expected cash ows. Dividend growth model A model wherein dividends are assumed to be at a constant rate in perpetuity. Dividend limitation A bond covenant that restricts in some way the rm's ability to pay cash dividends. Dividend payout ratio Percentage of earnings paid out as dividends. Dividends per share Amount of cash paid to shareholders expressed as dollars per share. Dividend policy An established guide for the rm to determine the amount of money it will pay as dividends. Dividend rate The xed or oating rate paid on preferred stock based on par value. Dividend reinvestment plan (DRP) Automatic reinvestment of shareholder dividends in more shares of a company's stock, often without commissions. Some plans provide for the purchase of additional shares at a discount to market price. Dividend reinvestment plans allow shareholders to accumulate stock over the Long term using dollar cost averaging. The DRP is usually administered by the company without charges to the holder. Dividend rights A shareholders' rights to receive per-share dividends identical to those other shareholders receive. Dividend yield (Funds) Indicated yield represents return on a share of a mutual fund held over the past 12 months. Assumes fund was purchased 1 year ago. Reects effect of sales charges (at current rates), but not redemption charges. Dividend yield (Stocks) Indicated yield represents annual dividends divided by current stock price. Dividends per share Dividends paid for the past 12 months divided by the number of common shares outstanding, as reported by a company. The number of shares often is determined by a weighted average of shares outstanding over the reporting term. DM Deutsche (German) marks. Doctrine of sovereign immunity Doctrine that says a nation may not be tried in the courts of another country without its consent. Documented discount notes Commercial paper backed by normal bank lines plus a letter of credit from a bank stating that it will pay off the paper at maturity if the borrower does not. Such paper is also referred to as LOC (letter of credit) paper.
Dollar bonds Municipal revenue bonds for which quotes are given in dollar prices. Not to be confused with "U.S. Dollar" bonds, a common term of reference in the Eurobond market. Dollar duration The product of modied duration and the initial price. Dollar price of a bond Percentage of face value at which a bond is quoted. Dollar return The return realized on a portfolio for any evaluation period, including (1) the change in market value of the portfolio and (2) any distributions made from the portfolio during that period. Dollar roll Similar to the reverse repurchase agreement - a simultaneous agreement to sell a security held in a portfolio with purchase of a similar security at a future date at an agreed-upon price. Earning power Earnings before interest and taxes (EBIT) divided by total assets. Earnings Net income for the company during the period. Earnings before interest and taxes (EBIT) A nancial measure dened as revenues less cost of goods sold and selling, general, and administrative expenses. In other words, operating and nonoperating prot before the deduction of interest and income taxes. Earnings per share (EPS) EPS, as it is called, is a company's prot divided by its number of outstanding shares. If a company earned $2 million in one year had 2 million shares of stock outstanding, its EPS would be $1 per share. The company often uses a weighted average of shares outstanding over the reporting term. Earnings retention ratio Plowback rate. Earnings surprises Positive or negative differences from the consensus forecast of earnings by institutions such as First Call or IBES. Negative earnings surprises generally have a greater adverse affect on stock prices than the reciprocal positive earnings surprise on stock prices. Earnings yield The ratio of earnings per share after allowing for tax and interest payments on xed interest debt, to the current share price. The inverse of the price/earnings ratio. It's the Total Twelve Months earnings divided by number of outstanding shares, divided by the recent price, multiplied by 100. The end result is shown in percentage. Economic assumptions Economic environment in which the rm expects to reside over the life of the
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Embedded option An option that is part of the structure of a bond that provides either the bondholder or issuer the right to take some action against the other party, as opposed to a bare option, which trades separately from any underlying security. Emerging markets The nancial markets of developing economies. Employee stock fund A rm-sponsored program that enables employees to purchase shares of the rm's common stock on a preferential basis. Employee stock ownership plan (ESOP) A company contributes to a trust fund that buys stock on behalf of employees. Endogenous variable A value determined within the context of a model. Endowment funds Investment funds established for the support of institutions such as colleges, private schools, museums, hospitals, and foundations. The investment income may be used for the operation of the institution and for capital expenditures.
of countries, and (3) issued outside the jurisdiction of any single country. Eurocredits Intermediate-term loans of Eurocurrencies made by banking syndicates to corporate and government borrowers. Eurocurrency deposit A short-term xed rate time deposit denominated in a currency other than the local currency (i.e. US$ deposited in a London bank). Eurocurrency market The money market for borrowing and lending currencies that are held in the form of deposits in banks located outside the countries of the currencies issued as legal tender. Eurodollar This is an American dollar that has been deposited in a European bank or an U.S. bank branch located in Europe. It got there as a result of payments made to overseas companies for merchandise. Eurodollar bonds Eurobonds denominated in U.S.dollars.
Equity Represents ownership interest in a firm. Also the residual dollar value of a futures trading account, assuming its liquidation at the going market price.
Erosion An innovation that has a negative impact on one or more of a rm's existing assets. Ethics Standards of conduct or moral judgement. Euro CDs CDs issued by a U.S. bank branch or foreign bank located outside the U.S. Almost all Euro CDs are issued in London. Euro lines Lines of credit granted by banks (foreign or foreign branches of U.S. banks) for Eurocurrencies. Euro straight A xed-rate coupon Eurobond. Eurobank A bank that regularly accepts foreign currency denominated deposits and makes foreign currency loans. Eurobond A bond that is (1) underwritten by an international syndicate, (2) offered at issuance simultaneously to investors in a number
Equilibrium rate of interest The interest rate that clears the market. Also called the market-clearing interest rate. Equipment trust certicates Certicates issued by a trust that was formed to purchase an asset and lease it to a lessee. When the last of the certicates has been repaid, title of ownership of the asset reverts to the lessee. Equity cap An agreement in which one party, for an upfront premium, agrees to compensate the other at specic time periods if a designated stock market benchmark is greater than a predetermined level. Equity claim Also called a residual claim, a claim to a share of earnings after debt obligation have been satised. Equity collar The simultaneous purchase of an equity oor and sale of an equity cap. Equity contribution agreement An agreement to contribute equity to a project under certain specied conditions. Euroclear One of two Equity oor An agreement in which one principal clearing systems in the Eurobond party agrees to pay the other at specic time periods if a specic stock market market. It began benchmark is less than a predetermined operations in 1968, is located in Brussels, and level. Equity kicker Used to refer to warrants is managed by Morgan because they are usually issued attached Guaranty Bank. to privately placed bonds. Equity market Related:Stock market End-of-year convention Treating cash ows as if they occur at the end of a year Equity multiplier Total assets divided as opposed to the date convention. Under by total common stockholders' equity; the amount of total assets per dollar of the end-of-year convention, the present stockholders' equity. is time 0, the end of year 1 occurs one Equity options Securities that give the year hence, holder the right to buy or sell a specied etc. number of shares of stock, at a specied Enhanced indexing Also called price for a certain (limited) time period. indexing plus, an indexing strategy whose objective is to exceed or replicate Typically one option equals 100 shares of stock. the total return performance of some Equity swap A swap in which the cash predetermined index. Enhancement An innovation that has a ows that are exchanged are based on the total return on some stock market positive impact on one or more of a index and an interest rate (either a xed rm's existing products. Equilibrium market price of risk The rate or a oating rate). Related: interest rate swap. Equityholders Those holding slope of the capital market line (CML). shares of the rm's equity. Event risk Since the CML represents the return The risk that the ability of an issuer to offered to compensate for a perceived make interest and principal payments level of risk, each point on the line is a will change because of rare, balanced market condition, or discontinuous, and very large, equilibrium. The slope of the line determines the additional return needed unanticipated changes in the market environment to compensate for a unit change in risk.
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Fiat
Feasible portfolio A portfolio that an investor can construct given the assets available. Feasible set of portfolios The collection of all feasible portfolios. Feasible target payout ratios Payout ratios that are consistent with the availability of excess funds to make cash dividend payments. Federal agency securities Securities issued by corporations and agencies created by the U.S. government, such as the Federal Home Loan Bank Board and Ginnie Mae. Federal credit agencies Agencies of the federal government set up to supply credit to various classes of institutions and individuals, e.g. S&Ls, small business rms, students, farmers, and exporters. Federal Deposit Insurance Corporation (FDIC) A federal institution that insures bank deposits. Federal Financing Bank A federal institution that lends to a wide array of federal credit agencies funds it obtains by borrowing from the U.S. Treasury. Federal funds Non-interest bearing deposits held in reserve for depository institutions at their district Federal Reserve Bank. Also, excess reserves lent by banks to each other. Federal funds market The market where banks can borrow or lend reserves, allowing banks temporarily short of their required reserves to borrow reserves from banks that have excess reserves. Federal funds rate This is the interest rate that banks with excess reserves at a Federal Reserve district bank charge other banks that need overnight loans. The Fed Funds rate, as it is called, often points to the direction of U.S. interest rates. Federal Home Loan Banks The institutions that regulate and lend to savings and loan associations.
Figuring the tail Calculating the yield at which a future money market (one available some period hence) is purchased when that future security is created by buying an existing instrument and nancing the initial portion of its life with a term repo.
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Forward delivery
A transaction in which the settlement will occur on a specified date in the future at a price agreed upon on the trade date.
Fixed-dates In the Euromarket the standard periods for which Euros are traded (1 month out to a year out) are referred to as the xed dates. Fixed-dollar obligations Conventional bonds for which the coupon rate is set as a xed percentage of the par value. Fixed-dollar security A nonnegotiable debt security that can be redeemed at some xed price or according to some schedule of xed values, e.g., bank deposits and government savings bonds. Fixed-exchange rate A country's decision to tie the value of its currency to another country's currency, gold (or another commodity), or a basket of currencies. Fixed-income equivalent Also called a busted convertible, a convertible security that is trading like a straight security because the optioned common stock is trading low. Fixed-income instruments Assets that pay a xed-dollar amount, such as bonds and preferred stock. Fixed-income market The market for trading bonds and preferred stock. Fixed price basis An offering of securities at a xed price. Fixed-price tender offer A one-time offer to purchase a stated number of shares at a stated xed price, usually a premium to the current market price. Fixed-rate loan A loan on which the rate paid by the borrower is xed for the life of the loan. Fixed-rate payer In an interest rate swap the counterparty who pays a xed rate, usually in exchange for a oating-rate payment. Flat benet formula Method used to determine a participant's benets in a dened benet plan by multiplying months of service by a at monthly benet. Flat price risk Taking a position either long or short that does not involve spreading. Flat trades (1) A bond in default trades at; that is, the price quoted covers both principal and unpaid, accrued interest. (2) Any security that trades without accrued interest or at a price that includes accrued interest is said to trade at. Flattening of the yield curve A change in the yield curve where the spread between the yield on a long-term and shortterm Treasury has decreased. Compare steepening of the yield curve and buttery shift. Flat price (also clean price) The quoted newspaper price of a bond that does not include accrued interest. The price paid by purchaser is the full price. Flight to quality The tendency of investors to move towards safer, government bonds during periods of high economic uncertainty. Flip-op note Note that allows investors to switch between two different types of debt. Forward interest rate Interest rate xed today on a loan to be made at some future date. Forward market A market in which participants agree to trade some commodity, security, or foreign exchange at a xed price for future delivery. Forward premium A currency trades at a forward premium when its forward price is higher than its spot price. Forward rate A projection of future interest rates calculated from either the spot rates or the yield curve. Forward rate agreement (FRA) Agreement to borrow or lend at a specied future date at an interest rate that is xed today. Forward sale A method for hedging price risk which involves an agreement between a lender and an investor to sell particular kinds of loans at a specied price and future time. Forward trade A transaction in which the settlement will occur on a specied date in the future at a price agreed upon the trade date. Fourth market Direct trading in exchange-listed securities between investors without the use of a broker. Freddie Mac (Federal Home Loan Mortgage Corporation) A Congressionally chartered corporation that purchases residential mortgages in the secondary market from S&Ls, banks, and mortgage bankers and securitizes these mortgages for sale into the capital markets. Free cash ows Cash not required for operations or for reinvestment. Often dened as earnings before interest (often obtained from operating income line on the income statement) less capital expenditures less the change in working capital. Free oat An exchange rate system characterized by the absence of government intervention. Also known as clean oat. Free on board Implies that distributive services like transport and handling performed on goods up to the customs frontier of the economy from which the goods are classed as merchandise. Free reserves Excess reserves minus member bank borrowings at the Fed. Free rider A follower who avoids the cost and expense of nding the best course of action and by simply mimicking the behavior of a leader who made these investments. Future A term used to designate all contracts covering the sale of nancial instruments or physical commodities for future delivery on a commodity exchange. Future investment opportunities The options to identify additional, more valuable investment opportunities in the future that result from a current opportunity or operation. Future value The amount of cash at a specied date in the future that is equivalent in value to a specied sum today. Futures A term used to designate all contracts covering the sale of nancial instruments or physical commodities for future delivery on a commodity exchange. Futures contract multiple A constant, set by an exchange, which when multiplied by the futures price gives the dollar value of a stock index futures contract. Futures market A market in which contracts for future delivery of a commodity or a security are bought or sold. Futures option An option on a futures contract. Related: options on physicals. Futures price The price at which the parties to a futures contract agree to transact on the settlement date.Gamma The ratio of a change in the option delta to a small change in the price of the asset on which the option is written.
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Globalization Tendency toward a worldwide investment environment, and the integration of national capital
Generic Refers to the characteristics and/or experience of the total universe of a coupon of MBS sector type; that is, in contrast to a specic pool or collateral group, as in a specic CMO issue. Geographic risk Risk that arises when an issuer has policies concentrated within certain geographic areas, such as the risk of damage from a hurricane or an earthquake. Geometric mean return Also called the time weighted rate of return, a measure of the compounded rate of growth of the initial portfolio market value during the evaluation period, assuming that all cash distributions are reinvested in the portfolio. It is computed by taking the geometric average of the portfolio subperiod returns. Gestation repo A reverse repurchase agreement between mortgage rms and securities dealers. Under the agreement, the rm sells federal agency-guaranteed MBS and simultaneously agrees to repurchase them at a future date at a xed price. Gilts British and Irish government securities. Ginnie Mae See:Government National Mortgage Association. Give up The loss in yield that occurs when a block of bonds is swapped for another block of lower-coupon bonds. Can also be referred to as "after-tax give up" when the implications of the prot or loss on taxes are considered. Glass-Steagall Act A 1933 act in which Congress forbade commercial banks to own, underwrite, or deal in corporate stock and corporate bonds. Global bonds Bonds that are designed so as to qualify for immediate trading in any domestic capital market and in the Euromarket. Global fund A mutual fund that can invest anywhere in the world, including the U.S. Globalization Tendency toward a worldwide investment environment, and the integration of national capital markets. Go-around When the Fed offers to buy securities, to sell securities, to do repo, or to do reverses, it solicits competitive bids or offers from all primary dealers. Going-private transactions Publicly owned stock in a rm is replaced with complete equity ownership by a private group. The shares are delisted from stock exchanges and can no longer be purchased in the open markets. Gold exchange standard A system of xing exchange rates adopted in the Bretton Woods agreement. It involved the U.S. pegging the dollar to gold and other countries pegging their currencies to the dollar. Gold standard An international monetary system in which currencies are dened in terms of their gold content and payment imbalances between countries are settled in gold. It was in effect from about 1870-1914. Golden parachute Compensation paid to top-level management by a target rm if a takeover occurs. Good delivery A delivery in which everything - endorsement, any necessary attached legal papers, etc. - is in order. Good delivery and settlement procedures Refers to PSA Uniform Practices such as cutoff times on delivery of securities and notication, allocation, and proper endorsement. Good 'til canceled Sometimes simply called "GTC", it means an order to buy or sell stock that is good until you cancel it. Brokerages usually set a limit of 30-60 days, at which the GTC expires if not restated. Goodwill Excess of the purchase price over the fair market value of the net assets acquired under purchase accounting. Government bond See: Government securities. Government National Mortgage Association (Ginnie Mae) A wholly owned U.S. government corporation within the Department of Housing & Urban Development. Ginnie Mae guarantees the timely payment of principal and interest on securities issued by approved servicers that are collateralized by FHA-issued, VA- guaranteed, or Farmers Home Administration (FmHA)-guaranteed mortgages. Government sponsored enterprises Privately owned, publicly chartered entities, such as the Student Loan Marketing Association, created by Congress to reduce the cost of capital for certain borrowing sectors of the economy including farmers, homeowners, and students. Government securities Negotiable U.S. Treasury securities. Grantor trust A mechanism of issuing MBS wherein the mortgages' collateral is deposited with a trustee under a custodial or trust agreement. Gray market Purchases and sales of eurobonds that occur before the issue price is nally set. Greenmail Situation in which a large block of stock is held by an unfriendly company, forcing the target company to repurchase the stock at a substantial premium to prevent a takeover. Gross domestic product (GDP) The market value of goods and services produced over time including the income of foreign corporations and foreign residents working in the U.S., but excluding the income of U.S. residents and corporations overseas. Gross interest Interest earned before taxes Growth rates Compound annual growth rate for the number of full scal years shown. Haircut The margin or difference between the actual market value of a security and the value assessed by the lending side of a transaction (ie. a repo). Handle The whole-dollar price of a bid or offer is referred to as the handle (ie. if a security is quoted at 101.10 bid and 101.11 offered, 101 is the handle). Traders are assumed to know the handle. Hard capital rationing Capital rationing that under no circumstances can be violated. Hard currency A freely convertible currency that is not expected to depreciate in value in the foreseeable future. Harmless warrant Warrant that allows the user to purchase a bond only by surrendering an existing bond with similar terms. Head & shoulders In technical analysis, a chart formation in which a stock price reaches a peak and declines, rises above its former peak and again declines and rises again but not to the second peak and then again declines. The rst and third peaks are shoulders, while the second peak is the formation's head. Hedge A transaction that reduces the risk of an investment. Hedge fund A fund that may employ a variety of techniques to enhance returns, such as both buying and shorting stocks based on a valuation model.
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streamlining Design or provide with a form that presents very little resistance to a flow of air or water, increasing speed and ease of movement. Make (an organization or system) more efficient and effective by employing faster or simpler working methods.
Hit A dealer who agrees to sell at the bid price quoted by another dealer is said to "hit" that bid. Holder-of-record date The date on which holders of record in a rm's stock ledger are designated as the recipients of either dividends or stock rights. Also called date of record. Holding company A corporation that owns enough voting stock in another rm to control management and operations by inuencing or electing its board of directors. Holding period Length of time that an individual holds a security. Holding period return The rate of return over a given period. Homemade dividend Sale of some shares of stock to get cash that would be similar to receiving a cash dividend. Homemade leverage Idea that as long as individuals borrow (or lend) on the same terms as the rm, they can duplicate the affects of corporate leverage on their own. Thus, if levered rms are priced too high, rational investors will simply borrow on personal accounts to buy shares in unlevered rms. Homogeneity The degree to which items are similar. Homogeneous Exhibiting a high degree of homogeneity. Homogenous expectations assumption An assumption of Markowitz portfolio construction that investors have the same expectations with respect to the inputs that are used to derive efcient portfolios: asset returns, variances, and covariances. Horizon analysis An analysis of returns using total return to assess performance over some investment horizon. Horizon return Total return over a given horizon. Horizontal acquisition Merger between two companies producing similar goods or services. Horizontal analysis The process of dividing each expense item of a given year by the same expense item in the base year. This allows for the exploration of changes in the relative importance of expense items over time and the behavior of expense items as sales change. Horizontal merger A merger involving two or more rms in the same industry that are both at the same stage in the production cycle; that is two or more competitors. Horizontal spread The simultaneous purchase and sale of two options that differ only in their exercise date. Host security The security to which a warrant is attached. Hot money Money that moves across country borders in response to interest rate differences and that moves away when the interest rate differential disappears. Hubris An arrogance due to excessive pride and an insolence toward others. Human capital The unique capabilities and expertise of individuals. Hurdle rate The required return in capital budgeting. Hybrid A package containing two or more different kinds of risk management instruments that are usually interactive. Hybrid security A convertible security whose optioned common stock is trading in a middle range, causing the convertible security to trade with the characteristics of both a xed-income security and a common stock instrument. Idiosyncratic Risk Unsystematic risk or risk that is uncorrelated to the overall market risk. In other words, the risk that is rm specic and can be diversied through holding a portfolio of stocks. Immediate settlement Delivery and settlement of securities within ve business days. Immunization The construction of an asset and a liability that are subject to offsetting changes in value. Immunization strategy A bond portfolio strategy whose goal is to eliminate the portfolio's risk against a general change in the rate of interest through the use of duration. Implied call The right of the homeowner to prepay, or call, the mortgage at any time. Implied repo rate The rate that a seller of a futures contract can earn by buying an issue and then delivering it at the settlement date. Related: cheapest to deliver issue Implied volatility The expected volatility in a stock's return derived from its option price, maturity date, exercise price, and riskless rate of return, using an optionpricing model such as Black/Scholes. Import-substitution development strategy A development strategy followed by many Latin American countries and other LDCs that emphasized import substitution - accomplished through protectionism - as the route to economic growth. Imputation tax system Arrangement by which investors who receive a dividend also receive a tax credit for corporate taxes that the rm has paid. Income beneciary One who receives income from a trust. Income bond A bond on which the payment of interest is contingent on sufcient earnings. These bonds are commonly used during the reorganization of a failed or failing business. Income fund A mutual fund providing for liberal current income from investments. Income statement (statement of operations) A statement showing the revenues, expenses, and income (the difference between revenues and expenses) of a corporation over some period of time. Income stock Common stock with a high dividend yield and few protable investment opportunities. Incremental cash ows Difference between the rm's cash ows with and without a project. Incremental costs and benets Costs and benets that would occur if a particular course of action were taken compared to those that would occur if that course of action were not taken. Incremental internal rate of return IRR on the incremental investment from choosing a large project instead of a smaller project. Indenture Agreement between lender and borrower which details specic terms of the bond issuance. Species legal obligations of bond issuer and rights of bondholders.
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Inflation the result of the rising value of money and available goods which raises the rate of general level of prices for goods and services. This is caused by printing too much money...
Index fund Investment fund designed to match the returns on a stockmarket index. Index model A model of stock returns using a market index such as the S&P 500 to represent common or systematic risk factors. Index option A call or put option based on a stock market index. Index warrant A stock index option issued by either a corporate or sovereign entity as part of a security offering, and guaranteed by an option clearing corporation. Indexed bond Bond whose payments are linked to an index, e.g. the consumer price index. Indexing A passive instrument strategy consisting of the construction of a portfolio of stocks designed to track the total return performance of an index of stocks. Indicated dividend Total amount of dividends that would be paid on a share of stock over the next 12 months if each dividend were the same amount as the most recent dividend. Usually represent by the letter "e" in stock tables. Indicated yield The yield, based on the most recent quarterly rate times four. To determine the yield, divide the annual dividend by the price of the stock. The resulting number is represented as a percentage. See: dividend yield. Indifference curve The graphical expression of a utility function, where the horizontal axis measures risk and the vertical axis measures expected return. The curve connects all portfolios with the same utilities according to and . Indirect quote For foreign exchange, the number of units of a foreign currency needed to buy one U.S.$. Inductive reasoning The attempt to use information about a specic situation to draw a conclusion. Industry The category describing a company's primary business activity. This category is usually determined by the largest portion of revenue. Industrial revenue bond (IRB) Bond issued by local government agencies on behalf of corporations. Ination The rate at which the general level of prices for goods and services is rising. Ination risk Also called purchasing-power risk, the risk that changes in the real return the investor will realize after adjusting for ination will be negative. Ination uncertainty The fact that future ination rates are not known. It is a possible contributing factor to the makeup of the term structure of interest rates. Ination-escalator clause A clause in a contract providing for increases or decreases in ination based on uctuations in the cost of living, production costs, and so forth. Institutionalization The gradual domination of nancial markets by institutional investors, as opposed to individual investors. This process has occurred throughout the industrialized world. Instruments Financial securities, such as money market instruments or capital market insturments. Insurance principle The law of averages. The average outcome for many independent trials of an experiment will approach the expected value of the experiment. Insured bond A municipal bond backed both by the credit of the municipal issuer and by commercial insurance policies. Insured plans Dened benet pension plans that are guaranteed by life insurance products. Related: non- insured plans Intangible asset A legal claim to some future benet, typically a claim to future cash. Goodwill, intellectual property, patents, copyrights, and trademarks are examples of intangible assets. Integer programming Variant of linear programming whereby the solution values must be integers. Intercompany loan Loan made by one unit of a corporation to another unit of the same corporation. Intercompany transaction Transaction carried out between two units of the same corporation. Interest The price paid for borrowing money. It is expressed as a percentage rate over a period of time and reects the rate of exchange of present consumption for future consumption. Also, a share or title in property. Interest coverage ratio The ratio of the earnings before interest and taxes to the annual interest expense. This ratio measures a rm's ability to pay interest. Interest coverage test A debt limitation that prohibits the issuance of additional long-term debt if the issuer's interest coverage would, as a result of the issue, fall below some specied minimum. Interest equalization tax Tax on foreign investment by residents of the U.S. which was abolished in 1974. Interest payments Contractual debt payments based on the coupon rate of interest and the principal amount. Interest on interest Interest earned on reinvestment of each interest payment on money invested. See: compound interest. Interest-only strip (IO) A security based solely on the interest payments form a pool of mortgages, Treasury bonds, or other bonds. Once the principal on the mortgages or bonds has been repaid, interest payments stop and the value of the IO falls to zero. Interest rate agreement An agreement whereby one party, for an upfront premium, agrees to compensate the other at specic time periods if a designated interest rate (the reference rate) is different from a predetermined level (the strike rate). Interest rate cap Also called an interest rate ceiling, an interest rate agreement in which payments are made when the reference rate exceeds the strike rate. Interest rate ceiling Related: interest rate cap. Interest rate oor An interest rate agreement in which payments are made when the reference rate falls below the strike rate. Interest rate on debt The rm's cost of debt capital. Interest subsidy A rm's deduction of the interest payments on its debt from its earnings before it calculates its tax bill under current tax law. Interest tax shield The reduction in income taxes that results from the tax-deductibility of interest payments. Intermarket sector spread The spread between the interest rate offered in two sectors of the bond market for issues of the same maturity. Intermarket spread swaps An exchange of one bond for another based on the manager's projection of a realignment of spreads between sectors of the bond market.
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Letter of credit (L/C) A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues.
Ledger cash A rm's cash balance as reported in its nancial statements. Also called book cash. Legal capital Value at which a company's shares are recorded in its books. Legal bankruptcy A legal proceeding for liquidating or reorganizing a business. Legal defeasance The deposit of cash and permitted securities, as specied in the bond indenture, into an irrevocable trust sufcient to enable the issuer to discharge fully its obligations under the bond indenture. Legal investments Investments that a regulated entity is permitted to make under the rules and regulations that govern its investing. Lend To provide money temporarily on the condition that it or its equivalent will be returned, often with an interest fee. Lessee An entity that leases an asset from another entity. Lessor An entity that leases an asset to another entity. Letter of comment A communication to the rm from the SEC that suggests changes to its registration statement. Letter of credit (L/C) A form of guarantee of payment issued by a bank used to guarantee the payment of interest and repayment of principal on bond issues. Letter stock Privately placed common stock, so-called because the SEC requires a letter from the purchaser stating that the stock is not intended for resale. Level pay The characteristic of the scheduled principal and interest payments due under a mortgage such that total monthly payment of P&I is the same while characteristically the principal payment component of the monthly payment becomes gradually greater while the monthly interest payment becomes less. Level-coupon bond Bond with a stream of coupon payments that are the same throughout the life of the bond. Leverage The use of debt nancing. Leverage clientele A group of shareholders who, because of their personal leverage, seek to invest in corporations that maintain a compatible degree of corporate leverage. Leverage ratios Measures of the relative contribution of stockholders and creditors, and of the rm's ability to pay nancing charges. Value of rm's debt to the total value of the rm. Leverage rebalancing Making transactions to adjust (rebalance) a rm's leverage ratio back to its target. Leveraged beta The beta of a leveraged required return; that is, the beta as adjusted for the degree of leverage in the rm's capital structure. Liability A nancial obligation, or the cash outlay that must be made at a specic time to satisfy the contractual terms of such an obligation. Liability funding strategies Investment strategies that select assets so that cash ows will equal or exceed the client's obligations. Liability swap An interest rate swap used to alter the cash ow characteristics of an institution's liabilities so as to provide a better match with its assets. LIBOR The London Interbank Offered Rate; the rate of interest that major international banks in London charge each other for borrowings. Many variable interest rates in the U.S. are based on spreads off of LIBOR. There are many different LIBOR tenors. Lien A security interest in one or more assets that is granted to lenders in connection with secured debt nancing. LIFO (Last-in-rst-out) The last-in-rst-out inventory valuation methodology. A method of valuing inventory that uses the cost of the most recent item in inventory rst. Lifting a leg Closing out one side of a long-short arbitrage before the other is closed. Limit order An order to buy a stock at or below a specied price or to sell a stock at or above a specied price. For instance, you could tell a broker "Buy me 100 shares of XYZ Corp at $8 or less" or to "sell 100 shares of XYZ at $10 or better." The customer species a price and the order can be executed only if the market reaches or betters that price. A conditional trading order designed to avoid the danger of adverse unexpected price changes. Limit order book A record of unexecuted limit orders that is maintained by the specialist. These orders are treated equally with other orders in terms of priority of execution. Limit price Maximum price uctuation. Limitation on liens A bond covenant that restricts in some way a rm's ability to grant liens on its assets.Load-to-load Arrangement whereby the customer pays for the last delivery when the next one is received.Loan amortization schedule The schedule for repaying the interest and principal on a loan. Loan syndication Group of banks sharing a loan. See: syndicate. Loan value The amount a policyholder may borrow against a whole life insurance policy at the interest rate specied in the policy. Local expectations theory A form of the pure expectations theory which suggests that the returns on bonds of different maturities will be the same over a short-term investment horizon. Lockbox A collection and processing service provided to rms by banks, which collect payments from a dedicated postal box that the rm directs its customers to send payment to. The banks make several collections per day, process the payments immediately, and deposit the funds into the rm's bank account. Locked market A market is locked if the bid = ask price. This can occur, for example, if the market is brokered and brokerage is paid by one side only, the initiator of the transaction. Lock-out With PAC bond CMO classes, the period before the PAC sinking fund becomes effective. With multifamily loans, the period of time during which prepayment is prohibited. London International Financial Futures Exchange (LIFFE) A London exchange where Eurodollar futures as well as futures-style options are traded. Long One who has bought a contract(s) to establish a market position and who has not yet closed out this position through an offsetting sale; the opposite of short. Long bonds Bonds with a long current maturity. The "long bond" is the 30-year U.S. government bond.
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Merger (1) Acquisition in which all assets and liabilities are absorbed by the buyer. (2) More generally, any combination of two companies.
Merchandise All movable goods such as cars, textiles, appliances, etc. and 'f.o.b.' means free on board. Merchant bank A British term for a bank that specializes not in lending out its own funds, but in providing various nancial services such as accepting bills arising out of trade, underwriting new issues, and providing advice on acquisitions, mergers, foreign exchange, portfolio management, etc. Mimic An imitation that sends a false signal. Minimum price uctuation Smallest increment of price movement possible in trading a given contract. Also called point or tick. The zero-beta portfolio with the least risk. Minimum purchases For mutual funds, the amount required to open a new account (Minimum Initial Purchase) or to deposit into an existing account (Minimum Additional Purchase). These minimums may be lowered for buyers participating in an automatic purchase plan Minimum-variance frontier Graph of the lowest possible portfolio variance that is attainable for a given portfolio expected return. Minimum-variance portfolio The portfolio of risky assets with lowest variance. Minority interest An outside ownership interest in a subsidiary that is consolidated with the parent for nancial reporting purposes. Mismatch bond Floating rate note whose interest rate is reset at more frequent intervals than the rollover period (e.g. a note whose payments are set quarterly on the basis of the one-year interest rate). Modeling The process of creating a depiction of reality, such as a graph, picture, or mathematical representation. Modern portfolio theory Principles underlying the analysis and evaluation of rational portfolio choices based on riskreturn trade-offs and efcient diversication. Modied pass-throughs Agency pass-throughs that guarantee (1) timely interest payments and (2) principal payments as collected, but no later than a specied time after they are due. Related: fully modied pass- throughs Modigliani and Miller Proposition I A proposition by Modigliani and Miller which states that a rm cannot change the total value of its outstanding securities by changing its capital structure proportions. Also called the irrelevance proposition. Monetary gold Gold held by governmental authorities as a nancial asset. Money base Composed of currency and coins outside the banking system plus liabilities to the deposit money banks. Money center banks Banks that raise most of their funds from the domestic and international money markets , relying less on depositors for funds. Money management Related: Investment management. Money manager Related: Investment manager. Money market Money markets are for borrowing and lending money for three years or less. The securities in a money market can be U.S.government bonds, treasury bills and commercial paper from banks and companies. Money market demand account An account that pays interest based on short-term interest rates. Money market fund A mutual fund that invests only in short term securities, such as bankers' acceptances, commercial paper, repurchase agreements and government bills. The net asset value per share is maintained at $1. 00. Such funds are not federally insured, although the portfolio may consist of guaranteed securities and/or the fund may have private insurance protection. Money market hedge The use of borrowing and lending transactions in foreign currencies to lock in the home currency value of a foreign currency transaction. Money market notes Publicly traded issues that may be collateralized by mortgages and MBSs. Money purchase plan A dened benet contribution plan in which the participant contributes some part and the rm contributes at the same or a different rate. Also called and individual account plan. Money rate of return Annual money return as a percentage of asset value. Money supply M1-A: Currency plus demand deposits. Monitor To seek information about an agent's behavior; a device that provides such information. Mortality tables Tables of probability that individuals of various ages will die within one year. Mortgage A loan secured by the collateral of some specied real estate property which obliges the borrower to make a predetermined series of payments. Mortgage bond A bond in which the issuer has granted the bondholders a lien against the pledged assets. Collateral trust bonds Mortgage pass-through security Also called a passthrough, a security created when one or more mortgage holders form a collection (pool) of mortgages sells shares or participation certicates in the pool. The cash ow from the collateral pool is "passed through" to the security holder as monthly payments of principal, interest, and prepayments. This is the predominant type of MBS traded in the secondary market. Mortgage pipeline The period from the taking of applications from prospective mortgage borrowers to the marketing of the loans. Mortgage rate The interest rate on a mortgage loan. Mortgage-Backed Securities Clearing Corporation A wholly owned subsidiary of the Midwest Stock Exchange that operates a clearing service for the comparison, netting, and margining of agency-guaranteed MBSs transacted for forward delivery. Mortgagee The lender of a loan secured by property. Mortgager The borrower of a loan secured by property. Most distant futures contract When several futures contracts are considered, the contract settling last. Related: nearby futures contract Multicurrency clause Such a clause on a Euro loan permits the borrower to switch from one currency to another currency on a rollover date.
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Partnership Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability.
Overshooting The tendency of a pool of MBSs to reect an especially high rate or prepayments the rst time it crosses the threshold for renancing, especially if two or more years have passed since the date of issue without the WAC of the pool having crossed the renancing threshold. Oversubscribed issue Investors are not able to buy all of the shares or bonds they want, so underwriters must allocate the shares or bonds among investors. This occurs when a new issue is underpriced or in great demand because of growth prospects. Oversubscription privilege In a rights issue, arrangement by which shareholders are given the right to apply for any shares that are not taken up. Pairoff A buy-back to offset and effectively liquidate a prior sale of securities. Paper Money market instruments, commercial paper and other.Partnership Shared ownership among two or more individuals, some of whom may, but do not necessarily, have limited liability. Passive portfolio strategy A strategy that involves minimal expectational input, and instead relies on diversication to match the performance of some market index. A passive strategy assumes that the marketplace will reect all available information in the price paid for securities, and therefore, does not attempt to nd mispriced securities. Related: active portfolio strategy Pass-through rate The net interest rate passed through to investors after deducting servicing, management, and guarantee fees from the gross mortgage coupon. Pass-through securities A pool of xed-income securities backed by a package of assets (i.e. mortgages) where the holder receives the principal and interest payments. Related: mortgage pass-through security Pass-through coupon rate The interest rate paid on a securitized pool of assets, which is less than the rate paid on the underlying loans by an amount equal to the servicing and guaranteeing fees. Passive investment strategy See: passive management. Passive investment management Buying a well-diversied portfolio to represent a broad-based market index without attempting to search out mispriced securities. Paydown In a Treasury refunding, the amount by which the par value of the securities maturing exceeds that of those sold. Payment date The date on which each shareholder of record will be sent a check for the declared dividend. Payment oat Company-written checks that have not yet cleared.
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Payback The length of time it takes to recover the initial cost of a project, without regard to the time value of money.
Performance evaluation The evaluation of a manager's performance which involves, rst, determining whether the money manager added value by outperforming the established benchmark (performance measurement) and, second, determining how the money manager achieved the calculated return (performance attribution analysis). Performance shares Shares of stock given to managers on the basis of performance as measured by earnings per share and similar criteria. A control device used by shareholders to tie management to the self-interest of shareholders. Perpetual warrants Warrants that have no expiration date. Perpetuity A constant stream of identical cash ows without end, such as a British consol. Perquisites Personal benets, including direct benets, such as the use of a rm car or expense account for personal business, and indirect benets, such as up-to-date ofce dcor. Personal tax view (of capital structure) The argument that the difference in personal tax rates between income from debt and income from equity eliminates the disadvantage from the double taxation (corporate and personal) of income from equity. Personal trust An interest in an asset
Peak The transition from the end of an economic expansion to the start of a contraction. Poison pill Anit-takeover device that gives a prospective acquiree's shareholders the right to buy shares of the firm who acquires the firm. at a deep discount to their fair market value. Named after the cyanide pill that secret agents are instructed to swallow if capture is imminent. Samurai market The foreign market in Japan.
held by a trustee for the benet of another person.Pickup The gain in yield that occurs when a block of bonds is swapped for another block of higher-coupon bonds. Picture The bid and asked prices quoted by a broker for a given security. Pit A specic area of the trading oor that is designed for the trading of commodities, individual futures, or option contracts. Pit committee A committee of the exchange that determines the daily settlement price of futures contracts. Pivot Price level established as being signicant by market's failure to penetrate or as being signicant when
a sudden increase in volume accompanies the move through the price level. Plug A variable that handles nancial slack in the nancial plan. Point The smallest unit of price change quoted or, one one-hundredth of a percent. Related: minimum price uctuation and tick. Premium (1) Amount paid for a bond above the par value. (2) The price of an option contract; also, in futures trading, the amount the futures price exceeds the price of the spot commodity.
Proxy Document intended to provide shareholders with information necessary to vote in an informed manner on matters to be brought up at a stockholders' meeting. Includes information on closely held shares. Shareholders can and often do give management their proxy, representing the right and responsibility to vote their shares as specied in the proxy statement.
Purchase accounting Method of accounting for a merger in which the acquirer is treated as having purchased the assets and assumed liabilities of the acquiree, which are all written up or down to their respective fair market values, the difference between the purchase price and the net assets acquired being attributed to goodwill. Purchase agreement As used in connection with project nancing, an agreement to purchase a specic amount of project output per period. Purchase and sale A method of securities distribution in which the securities rm purchases the securities from the issuer for its own account at a
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stated price and then resells them, as contrasted with a best-efforts sale. Purchase fund Resembles a sinking fund except that money is used only to purchase bonds if they are selling below their par value. Pyramid scheme An illegal, fraudulent scheme in which a con artist contrives victims to invest by promising an extraordinary return but simply uses newly invested funds to pay off any investors who insist on terminating their investment.Range The high and low prices, or high and low bids and offers recorded during a specied time. Red herring A preliminary prospectus containing information required by the SEC. It excludes the offering price and the coupon of the new issue. Redeemable Eligible for redemption under the terms of the indenture.
Bonos del Estado Treasury bonds debt obligations of the U.S. Treasury that have maturities of 10 years or more. Underwriter A party that guarantees the proceeds to the rm from a security sale, thereby in effect taking ownership of the securities. Or, stated differently, a rm, usually an investment bank, that buys an issue of securities from a company and resells it to investors.
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it Un 11
HUMAN RESOURCES
AND PERSONNEL MANAGEMENT
Introduction
Who is this book for?
This book has been written for anyone working, or planning to work, in human resources and personnel management, and who wants to develop their vocabulary for this line of work. The various exercises throughout the book focus on the key vocabulary that you would expect to understand and use on a day-to-day basis.
by
The book is also useful for anyone working in other business-related areas (secretarial, administrative, accountancy, sales, business law, business management, etc) who wants to broaden their knowledge of business vocabulary.
Rawdon Wyatt
answer key
Answers
Nouns 1 (page 1)
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1. peak 2. session 3. facilities 4. retirement 5. assessment 6. mismanagement 7. experience 8. objective 9. mediation 10. potential 11. predecessor 12. supervision 13. ceiling 14. stipulation 15. interview 16. budget 17. forecast 18. motivation peak, experience, interview, budget and forecast can also be verbs
Nouns 2 (page 2)
The words in the box are: course dissatisfaction escalation expertise feedback ratification retainer technique temp weighting friction misconduct performance placement quality range
The answers are: 1. quality 2. ratification (from the verb to ratify ) 3. temp (this can also be a verb: to temp) 4. performance 5. range (this can also be a verb: to range) 6. expertise 7. dissatisfaction 8. misconduct 9. friction 10. course 11. placement 12. retainer 13. weighting 14. feedback 15. escalation (from the verb to escalate)
Verbs 1 (page 3)
1. recruit 2. empower 10. review 3. consult 4. object 5. negotiate 6. supervise 7. institute / instigate 8. delegate 9. evaluate
delegate and review can also be nouns The word in the shaded vertical strip is reconsider.
Verbs 2 (page 4)
1. process 2. sponsor 3. research 4. headhunt 5. transfer 6. recommend 11. reward 12. disregard 13. direct 14. terminate 15. encourage 7. discipline 8. exploit 9. target 10. tender
process, sponsor, research, transfer, discipline, target, tender and reward are also nouns.
Verbs 3 (pages 5 + 6)
1. violated (we can also say broken or abused) 2. minimise 3. appointed (we can also say employed, hired or taken on) 4. validate 5. accusing 6. justifying 7. collaborating 8. claimed 9. fund (this can also be a noun) 10. assume 11. questioning 12. observe 13. erode 14. qualified 15. invited
Adjectives 1 (page 7)
1. formal 2. unfilled 3. self confident 4. professional 5. disciplinary 6. stressful 10. constructive 11. autonomous 12. unanimous 13. successful 14. enterprising 17. consultative 18. staggered 7. groundless 8. optional 9. slack 15. salaried 16. continuous
Adjectives 2 (page 8)
1. impartial 2. capable 3. steady 4. irregular 5. discriminatory 6. eligible 7. casual 10. punctual 11. minimal 12. affiliated 13. voluntary 14. generous 15. acting 8. aggrieved 9. able-bodied
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answer key
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1. Indirect 2. unfair / unjustified 3. Inefficient 4. incompatible 5. inadequate 6. irregular 7. unconditional 8. incapable 9. unofficial / illegal 10. indecisive 11. irrecoverable 12. ineligible 13. dissatisfied 14. inexperienced 15. Ineffective 16. unacceptable 17. incompetent 18. insolvent 19. intangible 20. unauthorised 21. impossible 22. unreasonable
curriculum vitae should appear in the shaded vertical strip (usually abbreviated to CV. A CV is known as a rsum in the USA). For more information on CVs, see the note under the answers for Job advertising.
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Part 1: The words in the box are: computer, staff, tax, management, business, self-, labour, pay, career, company, sales, job, industrial Part 2: 1. pay 2. tax 3. management 4. job 5. labour 6. industrial 7. company 8. sales 9. staff 10. computer 11. career business 13. self-
12.
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answer key
2. voluntary redundancy 3. milk round 4. needs assessment 8. know-how 9. wrongful dismissal 10. replacement rate
5. occupational mobility
6. accession rate
7. carried
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1. held back 2. gearing up for 3. build into 4. standing in for 5. brought up 6. fill in 7. held down 8. burn out 9. gave way to (we can also say gave in to) 10. break off 11. get across 12. stand off (compare this with lay off, which is used in a different way) The phrasal verb in the shaded vertical strip is bring forward.
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6. (d) 7. (d) 8. (b) 9. (d)
1. (d) 2. (c) 3. (b) 4. (a) 5. (a) (this is a rather sexist expression, which you should avoid using) 10. (a) (in the USA, it is known as a gravy job) 11. (c) 12. (d)
5. D
6. A
7. C
8. E
9. F
10. A
11. D
12. E
13. G
14. B
15. A
16. D
17. D
18. E
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answer key
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Recruitment advertising (page 43)
1. leading 2. vacancy 3. post 4. applicant 5. qualified 6. experience 7. team 8. drive 9. motivate 10. colleagues 11. attractive 12. rewards 13. package 14. basic 15. salary 16. annum (per annum = in a year) 17. commission 18. increment 19. benefits (also called perks) 20. CV* (= curriculum vitae. Plural = curriculums vitae. A CV is known as a rsum in American English) 21. covering (a covering letter is a letter sent with other documents to say why you are sending them. It should be brief and to the point. For example, when applying for a job, you should explain that you are interested in the job and that you are attaching or enclosing your CV.) *A CV is a summary of your work experience (current and previous places of work, job title, duties, dates) and qualifications (school, university, college; academic, professional and vocational). It should also include your contact details (address, telephone number, email, etc). You could also include your date of birth, your hobbies and interests (if you think these might be relevant or useful) and current salary. Some people also include their references on their CV. A CV should be updated on a regular basis.
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Part 3: 1. seven-point plan 2. potential 3. appearance 4. intelligence 5. skills 6. interests 7. disposition 8. circumstances 9. references 10. offered 11. induction programme 12. temporary 13. probationary 14. open-ended / fixed-term 15. fixedterm / open-ended 16. follow-up
In Britain, the Working Time Directive of 1998 (based on guidelines set by the European Union) sets out the following regulations: Employees should work no more than 48 hours a week, and should receive a minimum of 4 weeks' paid leave a year. They should have a weekly rest period of at least 24 consecutive hours, a daily break of at least 20 minutes for every six hours worked, and a daily rest period of 11 consecutive hours. There are different directives for some groups (e.g., pilots, bus drivers, doctors, etc) whose jobs are more stressful, demand greater concentration, or whose performance might affect other people.
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answer key
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Exercise 1 1. danger 2. dock 3. overtime 4. double 5. deduction 6. gross / net (net pay is often called take-home pay ) 7. increment 8. minimum 9. salary 10. index 11. raise (we can also say increase or hike) 12. pension (also called a superannuation scheme or plan) 13. sub (also called an advance - employees can ask for an advance on their wages / salary ) 14. bonus 15. payslip 16. payroll 17. deposit 18. package (also called a rewards package. This is not the same as a pay packet, which is an envelope containing an employee's wages) 19. arrears 20. weighting 21. income (the opposite of income is expenditure. Compare this with expenses, which is the money paid to someone to cover the costs of doing something in particular, e.g., paying for a hotel on a business trip). Exercise 2 1. dock 2. gross / deductions 10. arrears / sub
3. package
4. bonus
5. double
6. payslip
7. deposit
8. payroll
9. increment / index
Here are some other words and expressions that you might find useful: salaried (the adjective of salary) earnings real earnings take-home pay well-paid low-paid pay packet pension contributions occupational / company pension (scheme) portable pension (scheme) accrual rate remuneration hourly / daily rate per day / per diem a year / per annum wage / salary review increments on-target earnings parity to erode wage differentials incentive basic / flat rate broadbanding compensation package benefit in kind reward management reward review exploding bonus holiday pay sick pay health insurance life assurance perks
Usage notes: Letters that begin with a name (e.g., Dear Mr Brown, Dear Ms Smith) end with Yours sincerely. Letters that begin with Dear Sir / Madam end with Yours faithfully. Ordinal numbers (for dates, e.g., the first of November, the seventh of April) are sometimes followed by letters (e.g., 1st November, 7th April ), but this is less common now than it used to be. 1 November, 7 April, etc, is more common. You should avoid using abbreviated dates (e.g., 12/11/05) in formal and semi-formal letters. Note that modern formal /semi-formal letters should be as brief as possible. (KISS: Keep it short and simple) Management. 159 You will find complete sample letters in the supplement of the Bloomsbury Dictionary of Human Resources and Personnel
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answer key
B. emergency exit emergency access (on a door which must be kept clear in case somebody needs to get into the building in an emergency) fire alarm fire blanket fire bucket fire door (on a door which must be kept closed at all times to stop a fire spreading through a building) fire escape fire extinguisher fire hose first aid kit fire officer first aid officer first aid post assembly point (an area outside a building where people must go when there is a fire or other emergency in a building) smoke detector C. 1. d (stress management is a way of coping with stress-related problems at work) 10. c
2. c
3. a
4. b
5. b
6. d
7. b
8. a
9. b
Other words and expressions that you might find useful include: accident book accident frequency rate accident prevention accident report criminal liability employer's liability hazard hazardous substances health and safety policy hygiene occupational disease industrial accident positive health programmes protective clothing protective equipment public health inspector / environmental health officer Health and Safety at Work Act 1974 (HASAWA)
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Nouns 1
There are 18 words connected with human resources in the box below. Use them to complete the sentences. The first one has been done for you as an example. assessment budget ceiling experience facilities forecast interview mediation mismanagement motivation objective peak potential predecessor retirement session stipulation supervision
1. 2. 3. 4. 5. 6. 7.
peak
of his career.
This morning's staff development ____________________ will be held in the conference room. There are very good sports ___________________ on the company premises. Older staff are planning what they will do in ____________________. They made a complete ____________________ of each employee's contribution to the organisation. The company failed because of the chairman's ____________________ of capital assets. The applicant was pleasant and had the right qualifications, but unfortunately he did not have any relevant ____________________. Our main recruitment ____________________ is to have well-qualified staff. The dispute was ended through the ___________________ of union officials. Employees showing leadership ____________________ will be chosen for management training. He took over the job from his ____________________ last May. She is very experienced and can be left to work without any ____________________ What ___________________ has the government put on wage increases this year? The contract has a ____________________ that the new manager has to serve a three-month probationary period. I am going for an ____________________ for a new job next week. We need to draw up a ____________________ for salaries for the coming year. We believe that the sales manager's ____________________ of higher turnover next year is a bit optimistic. I think our sales staff lack ____________________. They don't seem very keen and haven't been working well recently. Nouns 2 on page 2 Wordbuilding 2 + 3 on pages 10, 11 and 12
18.
Also see:
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general vocabulary
e a e
m i
m r
m e
m p
g End
1. 2. 3. 4.
The poor
quality
The agreement has to go to the board for ______________. We have had a ______________ working in the office this week to clear the backlog of letters. His overall _______________ has improved considerably since he went on a management training course. The salary _______________ for this sort of job is between 17,000 and 19,000. We hired Mr Smith because of his financial _______________. Although the work itself was interesting, there was a lot of _______________ with the organisation and its rules. When he disobeyed the orders he was given, he was dismissed for gross _______________ . There is a lot of _______________ between the sales and accounts staff which we need to resolve as soon as possible. The company sent her on a management _______________ to help her develop her managerial skills. She has finished university and is now looking for a _______________ with a design agency. Although he is a freelance worker, we don't want him to work for anyone else, so we pay him a __________ of 2,000. London is an expensive city, so people working for our company there receive a 2,000 London _______________ in addition to their salary. The management received a lot of _______________ on how popular the new pay scheme was proving. The union has threatened an ______________ in strike action.
5. 6. 7.
8. 9.
10.
15.
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Verbs 1
Look at these dictionary definitions and the sample sentences which follow them, decide what words are being described and use them to complete the grid at the bottom of the page. To help you, some of the letters are already in the grid. If you do this correctly, you will reveal a word in the shaded vertical strip which means to think again about a decision which has already been made. 1. 2. To search for and appoint new staff to join a company (We need to _____ staff for our new store.) To give someone the power to do something (Her new position will _____ her to hire and fire at will.) To ask an expert for advice (Why dont you _____ your accountant about your tax?) To refuse to do something or to say that you do not accept something (A lot of staff _____ to working on Saturdays.) To discuss a problem or issue formally with someone, so as to reach an agreement (Before I accept the job, Id like to _____ my contract.) To monitor work carefully to see that it is being done well (I _____ six people in the accounts department.) To start a new custom or procedure (We plan to _____ a new staff payment scheme.) To pass authority or responsibility to someone else (He thinks he can do everything himself, and refuses to _____.) To calculate a value (We need to _____ the experience and qualifications of all the candidates.) To examine something generally, usually before making changes (We will _____ your salary after you have been with us for six months.)
3. 4.
5.
6.
7. 8.
9. 10.
1. 2. 3. 4. 5. 6. 7. 8. 9. 10. O
E P S J E P T E V V G A W T V W L
163 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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general vocabulary
Verbs 2
Rearrange the letters in bold in these sentences to make verbs (the dictionary definitions after each sentence will help you to decide what the verb is), and write the answers in the grid on the right. The last letter of one verb is the first letter of the next verb. The first one has been done for you as an example.
1.
It usually takes about two weeks to sorpsce an insurance claim (to deal with something in the usual routine way) The company has offered to osonrsp three employees for a management training course (to pay for someone to go on a training course) She has been asked by her company to hereracs the effectiveness of bargaining structures (to study a subject in detail) If our advertisement for a manager is unsuccessful, I suggest we aedunhht elsewhere (to look for managers and offer them jobs in other companies) We would like to ratsenrf you to our Scottish branch (to move someone or something to a new place) I would certainly emredconm Ms Smith for the job (to say that someone or something is good) The manager had to cenpisilid three members of staff for their bad attitude at work (to punish an employee for misconduct) The directors peltoxi their employees, who have to work hard for very little pay (to use something to make a profit, usually used in a negative way) This company sells products that gttrea the teenage market (to aim to sell to somebody) When his mistake was discovered, he offered to nerted his resignation (to give / hand in: a formal word) If you accept the job, we can wrerda you with a generous remuneration package (to give a person something in return for effort or achievement) Problems began when the workers decided to gaisdrder the instructions of the shop stewards (to take no notice of, or not to obey) Mr Lee has been asked to tirdce our South-East Asian operations (to manage or organise) I'm afraid we have no option but to rmetintea your contract with immediate effect (to end something, or bring something to an end) The company is trying to renugecoa sales by giving large discounts (to make it easier for something to happen)
process
2.
3. 4.
5.
6.
7. 8.
9. 10.
11.
12.
13.
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15.
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Verbs 3
Look at these mini-dialogues. For each one, decide what has happened, is happening or will happen. Use the verbs from the box. In most cases, you will need to change the form of the verb. appoint accuse assume claim collaborate erode fund invite justify minimise observe qualify question validate violate 1. Ms Jameson: Michael: Did you know that this company has a no smoking policy? Put that cigarette out, please. Sorry, Ms Jameson. I won't do it again.
Michael has just _______________ one of the company rules. 2. Rick: Jan: We need to keep our labour costs as small as possible. In that case, we should only hire workers when we need them.
The company wants to _______________ its labour costs. 3. Mr Harrison: Ms Withers: How's business with you at the moment? It's very good. In fact, we're so busy, we've had to increase our sales staff.
Ms Withers' company has recently _______________ some new staff. 4. Ms Jones: Mr Allen: Could you check these sales figures to make sure they're correct? Of course. I'll get back to you later with the results.
Ms Jones wants Mr Allen to _______________ the sales figures. 5. Richard: Mark, we have reason to believe that you've been selling confidential company information to another company. Mark: That's ridiculous. I would never do such a thing. Richard is _______________ one of his colleagues of doing something illegal. 6. Mr Hendrik: Ms Newman: I don't think the sales department should have got such a large bonus this year. I disagree. They're worked extremely hard and achieved excellent results.
Ms Newman is _______________ the sales department's bonus. 7. Eric: Mary: I think it's great that our two companies are working together on this project. Me too. Between us, we've got some real expertise.
Eric and Mary's companies are _______________ with each other on a project. 8. Lisa: Laurence: Did you break your arm at work? Yes, and because it was the company's fault, I've asked for some money for compensation.
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Adjectives 1
In each of these sentences, you are given the first two letters of an adjective. Complete each adjective by using the other letters in the box. The first one has been done for you as an example.
-nstructive -tonomous
-ccessful -animous -aggered -laried -oundless -tional -ntinuous -nsultative -ressful -terprising -lf confident -ofessional -filled -rmal -sciplinary -ack rmal job offer?
Is this a fo
There are still four un__________ places on the training course. The trainee was se__________ to the point of arrogance. We had to ask our lawyer for pr__________ advice on the contract. The union complained that the di__________ action was too harsh. Psychologists claim that repetitive work can be just as st__________ as more demanding but varied work. The complaint was proved to be gr__________. Attendance at staff meetings is op__________, although the management encourages employees to attend. The foreman decided to tighten up on sl__________ workers who were costing the company money. She made some co__________ suggestions for improving management-worker relations. The workforce in the factory is made up of several au__________ work groups. There was a un__________ vote against the proposal. The su__________ candidates for the job will be advised by letter. An en__________ sales representative can always find new sales outlets. There are 12 sa__________ members of staff here, and the rest work on a commission-only basis. She was in co__________ employment for the period 1998 - 2002. The co__________ committee was able to keep senior management in touch with feelings in the organisation. We have a st__________ lunch hour so that there is always someone on the switchboard.
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Complete each of these sentences with an adjective from the box. There is a dictionary definition of the word you will need after each sentence. able-bodied discriminatory acting affiliated eligible generous punctual steady aggrieved impartial voluntary capable casual irregular minimal
impartial
She is a very _____________ departmental manager. (efficient) There is a _____________ demand for experienced computer programmers. (continuing in a regular way) This procedure is highly _____________. (not correct, or not done in the correct way) The appointment of only males to the six posts was clearly _____________. (referring to the treatment of people in a different way because of race, age, sex, etc) Staff are only _____________ for paid leave when they have been here for more than three months. (allowed, or can be chosen) During our busy summer period, we employ _____________ workers to deal with our extra orders. (not permanent or regular) _____________ workers should initially take any complaints to the Human Resources manager. (upset and annoyed) The work is strenuous and only suitable for the young and __________. (with no physical handicap) He's a very _____________ employee who works extremely hard. (tending to arrive at a place at the right time) The head office exercises _____________ control over the branch offices. (the smallest possible) Smiths Ltd is one of our ____________ companies. (connected with or owned by another company) We can use _____________ workers to help in fund raising for charity. (without being paid) If you leave now, we can offer you a _____________ redundancy payment. (referring to an amount that is larger than usual or expected) While Ms Henderson is on maternity leave, Mr Mullet will be _____________ manager. (working in place of someone for a short time)
Also see:
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general vocabulary
Wordbuilding 1: Adjectives
Complete these sentences with an adjective formed from the verb in bold. Do this by adding a suffix (e.g. -able, -ous, -ful, etc) to the verb. In some cases, you will also need to remove letters, or add other letters. The first one has been done for you. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. Production has been slow because of continual machine breakdowns on the shop floor. continue To qualify for paid leave, you need to have been in __________ employment for at least three months without a break. continue During my appraisal, my manager made some very __________ comments. construct To do well in this line of work, you need to be __________ and __________. create / compete The effect of the change in our discount structure is not __________. quantify If you look at the company's poor performance last year, this year has been a __________ success. compare His main complaint is that he finds the work __________ and __________. bore / repeat It's very important to be __________ in a job like this. decide I wouldn't like to offer them a contract because I don't think they're very __________. I'm afraid your work hasn't been very __________ this year. satisfy He gets __________ treatment because he's the MD's son. prefer The work she does is extremely __________. admire The agency was __________, but refused to refund our fee. apologise Because of excessive down time, it's __________ whether we'll achieve our production targets this month. doubt We are __________ that the company will accept our offer. hope Work-related injuries often occur because workers aren't __________ enough. care There are a lot of __________ mistakes in this report. care He's a very __________ person to work with. agree Although she retired last year, she still plays an __________ role in the company. act Each member of staff has to pass an __________ medical test. oblige Heart attacks are one of the __________ hazards of directors. occupy She doesn't work here full-time, but plays a __________ role in the running of the company. consult This post offers an __________ salary and a large benefits package. attract We had to readvertise the job because there were no __________ candidates. suit The sales manager is completely __________. rely depend
168 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
general vocabulary
Wordbuilding 2: Nouns 1
Look at the verbs in bold in the first sentence of each pair, and change them to nouns in the second sentence by changing the end of the word. There is an example at the beginning.
1.
The company will compensate the worker for the burns he suffered in the accident. The worker will receive compensation for the burns he suffered in the accident. The company tried to motivate its employees by promising bonus payments. The company tried to increase its employees __________ by promising bonus payments. How are the jobs in this organization classified? What are the job __________ in this organization? They argued about the price. They had an __________ about the price. My secretary leaves us next week, so we will need someone to replace her. My secretary leaves us next week, so will need to find a __________ for her. The personnel director has to sign the contract of employment. The personnel director's __________ has to go on the contract of employment. We have agreed the terms of the contract. We have come to an __________ on the terms of the contract. He told us that he had been promoted from salesman to sales manager. He told us about his __________ from salesman to sales manager. You should apply for the post as soon as possible. You should get your __________ for the job in as soon as possible. No one has authorised him to act on our behalf. No one has given him __________ to act on our behalf. Everyone congratulated him when he was appointed to the post of manager. Everyone congratulated him on his __________ to the post of manager. Mr Smith was succeeded as chairman by Mrs Jones. Mr Smith's __________ as chairman was Mrs Jones. Last year she qualified as an accountant. Last year she received her accountancy __________.
2.
3.
4.
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8.
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11.
12.
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1.
I am responsible for the welfare of the workers in my department. I have overall responsibleness for the welfare of the workers in my department. Wrong. The correct word is responsibility
2.
The managing director is totally confident that the turnover will increase rapidly. The managing director has total confidentiality in the turnover increasing rapidly. The chairman questioned whether she was eligible to stand for re-election. The chairman questioned her eligibility to stand for re-election. They remarked that the sales director was incompetent. They remarked on the incompetential of the sales director. The company's pricing policy is not flexible. There is no flexibleness in the company's pricing policy. As a non-profit making organisation, we are exempt from paying taxes. As a non-profit making organisation, we can claim tax exemptiality. Being physically disabled is not considered a disadvantage in this company. Physical disablence is not considered a disadvantage in this company. The report criticized the sales staff as being inefficient. The report criticized the inefficiency of the sales staff. In what way is a junior manager different from a managerial assistant? What's the differention between a junior manager and a managerial assistant? Could you call us as soon as it is convenient for you? Could you call us at your earliest convenientity. The manager wasn't sympathetic to her staff who complained of being overworked. The manager had no sympatheticness for her staff who complained of being overworked. Everybody said how accurate the plans were. Everyone commented on the accuration of the plans. She's a very capable manager. She has very good managerial capablence. This test will help us to assess how intelligent the candidates are. This test will help us to assess the candidates' intelligentness. The aim of the advertising campaign is to keep customers loyal. The aim of the advertising campaign is to keep customer loyalty.
3.
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ocabulary
general vocabulary
Wordbuilding 4: Opposites
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dis-
il-
im-
in-
ir-
un-.
1.
Change the adjectives in bold to their opposite form using a prefix. The first one has been done as an example. 2. The manager's treatment of the clerk was fair and completely justified.
Efficient waste disraw materials and fail tasks on schedule. The3. prefixes you willworkers need are: il- imin-to complete ir- un. 4. Her views and those of the department manager were compatible.
Direct taxes are taxes that are not paid direct to the government. = Indirect
1. 5. 2. 3.
6. 7. 8.
Direct taxes arewas taxes that are paid direct to the government. The company criticized fornot operating with adequate cover. = Indirect The manager's treatment of the clerk was fair and completely justified.
The job offer was conditional, and he accepted it immediately. This procedure is highly regular, and you mustn't do it again.
Efficient workers waste raw materials and fail to complete tasks on schedule.
She seems to be capable of arriving on time.
4. 9.
Her views and those of , the department manager were . . The strike was official and according to management itcompatible was also legal
5. 10. The company was criticized for operating He is too decisive to be a good manager. with adequate cover.
The debt is recoverable , so we,have to write 6. 11. This procedure is highly regular and decided you mustn't do it itoff. again. You eligible for paid sick leave you have it worked here for three months. 7. 12. The jobare offer was conditional , and until he accepted immediately.
8. 9.
13. 14.
I'm afraid we're rather satisfied with your work. The negotiating team was quite experienced in dealing with management negotiators. production.
The strike was official, and according to management it was also legal.
10. 15. He is too decisive to betime a good manager. Effective time is the spent by a worker which does not contribute to 11. 12. 13. 14. 15. 16. 17. 18. 19. 20.
18. 16. 17.
You are eligible for paid sick leave until you have worked here for three months.
The sales manager is competent and we should consider looking for someone The company was declared solvent when it could no longer pay its debts.
I'mnew. afraid we're rather satisfied with your work. The negotiating team was quite experienced in dealing with management 19. negotiators. The company has several tangible fixed assets, including copyrights and Effective time is the time spent by a worker which does not contribute to 20. production. You are authorised to make major decisions without first consulting the directors.
21. 22. trademarks.
The sales manager is competent and we should consider looking for someone Under the terms of your contract, you can be dismissed for reasonable behaviour. new. The company was declared solvent when it could no longer pay its debts. The company has several tangible fixed assets, including copyrights and trademarks. You are authorised to make major decisions without first consulting the directors.
21. Bloomsbury Getting skilled staff is becoming . Publishing Plc. For reference see Dictionarypossible of Human Resources and Personnel Management (ISBN 0 7475 6623 2) 22. Under the terms of your contract, you can be dismissed for reasonable behaviour.
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Prepositions
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The sentences in this exercise contain mistakes. The mistakes are all in the prepositions and there are three types: 1. A missing preposition Example: I spoke him about this last week = I spoke to him about this last week. 2. A wrong preposition Example: Were meeting again in Tuesday = Were meeting again on Tuesday. 3. An unnecessary preposition Example: Ill telephone to you tomorrow = Ill telephone to you tomorrow. Find the mistakes and correct them. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. Six of the management trainees have been sponsored their companies. The chairman is abroad in business. Several members of staff were made redundant under the recession. His background is the electronics industry. The company will meet to your expenses. She wrote a letter of complaint the manager. The company enticed staff from other companies through offering them higher salaries. Although they threatened dismiss him, his performance at work didn't improve. Membership is by the discretion of the committee. I have been granted with compassionate leave to visit a sick relative. The new assistant manager has a degree on Business Studies. Some of our staff work up to ten hours for every day. She is away with maternity leave. We still have to overcome on several obstacles in our negotiations with the union. My salary is equivalent that of far less experienced employees in other organisations. Employees have noticed on an improvement in the working environment. He is under full-time employment. There are no grounds of dismissal. Insider trading is not only immoral, but it is also the law. We're meeting the sales reps in London the day before tomorrow. On the terms of your contract, you can't work for another company. We rely our suppliers to make sure deliveries are made on time. I would like to know who is responsible about causing all these problems. If you can't work pressure, you will probably find the work very difficult. After three years at university, she took out a job in a small printing firm. I look forward hearing from you soon.
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general vocabulary
Working words
This exercise lets you review some of the more common uses of grammar-type words (prepositions, conjunctions, pronouns, prepositions, etc) in context. Use one word to complete each gap in the sentences. In some cases, more than one answer may be possible. There is an example at the beginning. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. I enjoy working with people who come ________ a wide range of backgrounds. ________ is the reason why I'm so keen ________ working in Human Resources. Hands On, ________ is in the city centre, is ________ of the biggest employment agencies in ________ country. A few years ________, people ________ to have the same career for life. ________ days, they can reasonably expect ________ change careers two ________ three times. In spite ________ being rather lazy, he always ________ to get good results. He spent ________ second year of his contract working in the Melbourne office, ________ he helped to double the sales figures. ________ 2001 and 2005, the accession rate in this company increased ________ about 20% each year. One ________ two of our employees commute from London, but ________ of them live ________ the office. I'm afraid ________ say he has absolutely ________ chance ________ getting the job. Staff are ________ allowed to leave early, ________ if they promise to work overtime ________ the weekend. Please come ________ time to the meeting, and ________ prepared to stay late. ________ you do really well in your attainment test, you ________ be asked to attend ________ retraining course. We discussed holding the interviews ________ our Bristol branch, but ________ how many people ________ apply for the position, we decided to use our bigger offices ________ Birmingham. In most respects he was a typical employee, but ________ made him different ________ everybody else in the company ________ his enthusiasm for working at weekends. ________ least 60 people turned up for the presentation, which was far ________ than the organisers expected, and ________ there were only 20 chairs, most of us ________ to stand. Managers are ________ capable of making mistakes as ________ else. Pauline Halmsworth, a production manager ________ works in our Chicago department, has _______ received an Employee of the Year award. He approached the training course ________ enthusiasm, and ________ excellent progress as a result. She worked for the company ________ the age of 26 ________ she retired, and during ________ time she only took one or two days ________ sick. Her sudden change of heart took everyone ________ surprise, since previously she ________ been very interested in the project. Reduction ________ demand has led ________ the cancellation ________ several new projects ________ we had hoped to implement.
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Formal words 1
In a business / office environment, we often use formal words, especially in our written English (letters, reports, etc). For example, instead of asked for advice, we might use consulted. We asked our accountant for advice about our tax. becomes: We consulted our accountant about our tax. These formal words are often verbs. Change the neutral verbs and expressions in bold in these sentences to more formal words using the verbs / expressions in the box. Each sentence requires only one word or expression. In most cases, you will need to change the form of the verb. address adjourn adjust administer admonish advise amalgamate analyse annul appeal to appoint apportion assess at assign assist assure attend audit avert await award 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. We need to examine in detail the market potential of these new products. The value of the business was calculated to be 5 million. The management increased their offer in the hope of stopping the strike happening. It will be the HR manager's job to organise the induction programme. He was given the job of checking the sales figures. The contract was cancelled by the court. Our accountants have been asked to examine the accounts for the last quarter. When he was dismissed, he asked his union for support. The chairman spoke to the sales team. At the meeting it was decided to give middle management a salary increase. The workers were given a warning by the manager for careless work. We are waiting for the decision of the planning department. Prices will be changed according to the current rate of inflation. The chairman stopped the meeting until 3 o'clock. We have chosen a new distribution manager. Production costs are shared according to projected revenue. The chairman has asked all managers to come to the meeting. We have been told that the shipment will arrive next week. Can you help me with these income tax returns? The different unions have joined together to make one main union.
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Formal words 2
The words and expressions in bold in the first of each pair of sentences can be replaced by a more formal verb in the second sentence. These verbs can be found in the box below, but in most cases you will need to change their form. Write your answers in the crossword grid on the next page. brief consent consult dismiss elect engage enter index inquire license notify outline present redeploy reinstate retain sequester settle specify tender undertake upgrade waive
Across ()
2. 6. 7. 8. 12. 15. 17. The management agreed to measures to keep experienced staff in the company. The management agreed to measures to _____ experienced staff. The sales people were told about the new product in detail. The sales people were _____ about the new product. The management agreed to the union's proposals. The management _____ to the union's proposals. The union has had its funds taken away by order of the courts. The union has had its funds _____. The insurance company refused to pay his claim for storm damage. The insurance company refused to _____ his claim for storm damage. The chairman gave a general description of the company's plans for the coming year. The chairman _____ the company's plans for the coming year. The union demanded that the sacked workers should be allowed to return to the jobs from which they were dismissed. The union demanded that the sacked workers should be _____. After a lot of thought, he decided to hand in his resignation. After a lot of thought, he decided to _____ his resignation. The court refused to accept his claim for compensation. The court _____ his claim for compensation. If we increase production, we will need to take on more staff. If we increase production, we will need to _____ more staff. Her job has been increased in importance to senior manager level. Her job has been _____ to senior manager level.
Down ()
1. 3. 4. 5. He has given up his right to early retirement. He has _____ his right to early retirement. The management were formally told of the union's decision. The management were _____ of the union's decision. The HR director will talk about the new staff structure to the Board. The HR director will _____ the new staff structure to the Board. The union has agreed not to call a strike without further negotiation. The union has _____ not to call a strike without further negotiation.
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Word association 1
The four words in italics in each of these sentences can be linked by one other word. All these words have human resources connections. What are they? Write your answers in the grid at the bottom of the page (the first and last letters of each word have been done for you). If you do this correctly, you will reveal something in the shaded vertical strip that all candidates should have or prepare when they apply for a job.
This word can come before accounting, analysis and factor, and after marginal. This word can come before age, pay, wage and salary. This word can come before review and structure, and after annual and basic. This word can come before call and notice, and after unofficial and wildcat. This word can come before transfer and work, and after evening and day. This word can come before cover, examination, insurance and report. This word can come before force and dispute, and after skilled and manual. This word can come before agency and law, and after full-time and temporary. This word can come before policy and cover, and after national and medical. This word can come before tax and support, and after earned and net. This word can come before enterprise, ownership, secretary and sector. This word can come before scheme and contributions, and after occupational and portable. This word can come before agency and appointment, and after senior and skeleton. This word can come before work and law, and after fixed-term and under. This word can come before allowance, assistant, contract and development.
1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 C P P S I P M L E I M S S S
C M Y
E T L R T E E E N F T L
176 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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general vocabulary
Word association 2
Link the verbs in sentences 1 - 15 with a noun from the box to make word partnerships. The first one has been done as an example.
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accounts an appointment a complaint a contract instructions a job a pension a post qualifications redundancy resignation rules a salary a tax work 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. You can start, be in or out of, look for, offer or return to work .
You can follow, carry out, give, issue or receive __________. You can acquire, gain, hold, lack or need __________. You can announce, avoid, face, receive or take __________. You can draw, earn, offer, pay, raise, review or reduce __________. You can offer, negotiate, sign, break, terminate or renew __________. You can apply for, offer, create, accept, leave or turn down __________. You can make, arrange, schedule, confirm, keep or cancel __________. You can levy, impose, lift, deduct, raise or introduce __________. You can pay, settle, keep or falsify __________. You can announce, tender, demand, hand in, offer or accept __________. You can collect, pay into, draw, take out, qualify for or invest in __________. You can make, resolve, respond to, uphold, deal with, investigate or be cause for __________. You can break, enforce, obey, disobey, violate, bend, relax or comply with __________. You can apply for, offer, take up, hold, fill, be appointed to or accept __________.
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2.
Complete this paragraph with verbs from the box. command fall offer cut pay dock raise draw earn rise reduce
An employee can (a) ________ or (b) ________ a wage or salary. An employer can (c)________, (d)________, (e)________, (f)________ or (g)________ salaries or wages. If an employee is persistently late or does something wrong, the employer can (h)________ his wages. Wages and salaries can (i)________ or (j)________. An experienced worker who is in great demand can (k)________ a high wage or salary from a new employer. 3. Decide whether these statements are true or false:
(a) Changes made to wages are called wage adjustments. (b) The basis on which an employee is paid is called a wage formation. (c) A wage-price spiral occurs when prices fall, and so wages fall as well. (d) The act of keeping increases in wages under control is called a wage restraint. (e) A wage freeze is a period during which a company doesn't pay any wages. (f) The differences in wages between employees in similar types of jobs are called wage differences. (g) A wages floor is the department in a company which is responsible for paying the employees (h) A financial benefit offered as a reward to employees who perform very well is called a wage incentive.
4.
Complete these dictionary definitions with words from the box. bands ceiling cut expectations review deductions structure drift
(a) Salary ________ refers to money which a company removes from salaries to pay to the government as tax, National Insurance, etc. (b) A salary ________ is the organisation of salaries in a company with different rates of pay for different jobs. (c) Salary ________ is a situation where an increase in pay is greater than that of officially negotiated rates. (d) Salary ________ are the hopes of an employee that their salary will increase. (e) A salary ________ is a re-examination by an employer of an employee's pay. (f) A salary ________ is the highest level on a pay scale that an employee can achieve under his or her contract. g) Salary ________ are all the salaries at different levels in a company. (h) A salary ________ is a sudden reduction in salary.
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_ccession _ccupational _eam _eeds _eplacement _es _hift _hildcare _ilk _ine _isciplinary _mployer's _ncentive _now _ob _oluntary _onus _pward _reelance _rievance _romotion _rongful _uality _uman
Exercise 2
Complete these sentences with a two-word expression from above. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. _____ _____ had to be taken to prevent further disputes between workers and managers. In return for a large payment, several of our employees have offered to accept _____ _____. We will begin the recruitment drive with our annual _____ _____, beginning at North London University. We have to carry out a _____ _____ so that we can decide which of our employees should go for further training, and which should be transferred. These days, it is not enough to be able to do one job well. You need to have _____ _____ so that you can more from job to job effectively. Our _____ _____ is 7.50 an hour, but this rises to 10.50 an hour after the employee has been with us for six months. By being appointed sales manager, she moved several steps up the _____ _____. If you want to be successful in this company, it's important to acquire a bit of computer _____ _____ and other IT skills. When she was sacked for sending personal emails when she should have been working, she complained of _____ _____ to her union. This company has a very high _____ _____, which many of our employees are blaming on poor management.
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Complete the sentences with a verb so that each sentence contains a phrasal verb. Use these verbs to complete the crossword grid on the next page. The sentences in italics explain what each phrasal verb means. The verbs you need are in the box, but in many cases you will need to change their form (past simple, past participle or present participle). All of the phrasal verbs can be found in the Bloomsbury Dictionary of Human Resources and Personnel Management. back cancel carry follow get go run set close drag fall fight fill hand hold make opt phase sort turn weed work
Across ( )
3. The company is _____ down its London office. (to shut a shop, factory or service for a long period or for ever) We'll pay you half now, and _____ up the difference next month. (to pay extra so that a loss or difference is covered) She doesn't _____ on with her new boss. (to be friendly or work well with someone) Negotiations _____ on into the night. (to continue slowly without ending) The unions are _____ against the proposed redundancies. (to struggle to try to overcome something) I'll _____ up your idea of targeting our address list with a special mailing. (to examine something further) Two months later, they _____ back on their agreement. (not to do what has been promised) The company was _____ up in 1994. (to begin something or to organise something new) He _____ down the job he was offered. (to refuse) Discussion of item 4 was _____ over until the next meeting. (to postpone or put back to a later date) In the last six months we have _____ behind our rivals. (to have fewer sales or make less profit)
5.
6. 8. 12.
14.
22.
Down ( )
1. 2. He decided to resign, so _____ in his notice. (to deliver a letter by hand) He resigned last week, and is now _____ out his notice. (to work during the time between resigning and actually leaving the company)
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Match the questions on the left with the most appropriate answers on the right. The answers contain a definition or an explanation of the phrasal verbs in bold on the left. The first one has been done for you. 1. Would you advise against moving the head office to Edinburgh? Did you manage to turn the company round? Do you think the staff will walk out when they hear the news? Did you manage to get through to the complaints department? Shall we put back the meeting until everyone can come? Were the management willing to improve on their previous offer? Would you be prepared to hold out for a 10% pay rise? Will we be able to hold him to the contract? H. 9. 10. 11. 12. Can we clock off yet? Have you taken over the company? Are they hoping to build up a profitable business? Do you think you'll have to let Mr Walton go? Have our reps called in to give us their sales figures? Have the managers agreed to take on more staff for the Witney office? Can we get along all right with only half the staff we had before? I. C. A. Yes, they thought they might be able to do a bit better as long as we were prepared to work harder. Well, we haven't actually bought it yet, but we've made an offer to buy most of the shares. No, I don't think we're going to employ anyone else for the time being. Yes, I don't think we should do that. Possibly, but we're not sure we'd want to wait too long before asking. Yes, I've had three phone calls already this afternoon. Well, there has already been some gradual expansion, but it's going to take time. Well, I certainly think it's a good idea to move it to a later date. Yes, it was making a loss, but now it's a very profitable organisation. I hope so. I don't want to allow any changes to be made at this stage. We should manage, although everyone will have to work a bit harder. Yes, it's time to leave. Let's go home. Probably, and we really don't want everyone to stop working and leave in protest. We don't like making people redundant, but it looks like it's our only option. No, they weren't answering the phone.
2. 3. 4. 5.
B.
D. E. F. G.
6.
7. 8.
J. K.
13. 14.
L. M.
15.
N.
O.
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The following sentences each contain a phrasal verb in bold. However, half of them use the wrong phrasal verb. Decide which ones are wrong and replace them with the correct phrasal verb, which you will find in the other sentences. The phrasal verb you need for each sentence is explained in italics at the end of each sentence. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. If you complain, you might get your money back. (to receive something which you had before) The company was broken up and separate divisions sold off. (to split something large into small sections) If you want to put out in your job, you'll need to show more commitment. (to advance in your career) Payment will be held up until the contract has been signed. (to delay) We have installed networked computers to cut down on paperwork. (to reduce the amount of something used) Negotiations between management and the unions backed out after six hours. (to stop a negotiation, usually because no agreement has been made) We plan to bring out a new model of the car for the motor show. (to produce something new) She decided to take early retirement, so took up her responsibilities to her deputy. (to pass your work responsibilities to someone else) The accounts department got out the draft accounts in time for the meeting. (to produce something) After an agreement was reached, the union phased in the strike. (to ask for something to stop) The management have refused to give up pressure from the unions. (to yield or to surrender) The new system of pension contributions will be called off over the next two months. (to introduce or bring something in gradually) We may decide to bring down the price of some of our brands to help increase demand. (to reduce) After several years with the company, she handed over a new post with one of our competitors. (to start a new job) We had to cancel the project when our German partners broke down. (to stop being a part of a deal or arrangement) Workers refused to give in to any of their rights. (to hand something to someone, or to lose something, often as the result of pressure from someone) The meeting has been put off for two weeks. (to arrange for something to take place later than planned) We are planning to get ahead most of our work to freelancers. (to send or give a job to someone else, usually not in your company) He got on well in his new job, and was soon promoted. (to succeed) It's very important to carry out your duties to the best of your ability. (to do what is necessary for your job)
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general vocabulary
a boomerang worker a digithead an empty suit a free worker a goldbricker a happy camper a heavy hitter a hip shooter an idea hamster a Man Friday a moonlighter a mover and shaker a nethead a pilot fish a plug-and-play employee a seagull manager a self-made man a spear carrier a toxic employee a whizz-kid a workaholic a yes-man All of the words and expressions in this box can be found in the Bloomsbury Dictionary of Human Resources and Personnel Management.
183 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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Choose the correct idiomatic word or expression in (a), (b), (c) or (d), for each of these sentences. You will find all the correct expressions in the Bloomsbury Dictionary of Human Resources and Personnel Management. 1. Boring and detailed work, such as examining documents for mistakes, could be described as: (a) hammer and chisel work (b) nut and bolt work (c) bucket and spade work (d) pick and shovel work 2. We sometimes say that people who compete for success in business or in a career are working for the: (a) horse race (b) dog race (c) rat race (d) camel race
3. The practice of transferring a difficult, incompetent or non-essential employee from one department to another is known informally as a: (a) weasel waltz (b) turkey trot (c) cat calypso (d) rabbit rumba
4. We might refer to a bad employer with a reputation for losing talented staff as a: (a) people churner (b) people mixer (c) people stirrer (d) people beater 5. A job that is normally done by a woman, especially a young one, is sometimes referred to as: (a) a pink-collar job (b) a woolly-jumper job (c) a fluffy-slipper job (d) a furry-mule job 6. If you do a lot of different types of work in an office for very low pay, you could be referred to as a: (a) catsbody (b) pigsbody (c) ratsbody (d) dogsbody 7. When an employee telephones to say that s/he is not coming to work because s/he is ill, but in fact is only pretending to be ill, we say that s/he is taking or throwing a/an: (a) unwellie (b) illie (c) horriblie (d) sickie
8. If an employee gets very angry at work because of something bad or unpleasant that happens, we can say that they are experiencing: (a) office anger (b) work rage (c) shopfloor strops (d) workplace wobblies 9. If an employee is deliberately or accidentally excluded from decision-making processes, they might complain that they are being left: (a) out of their mind (b) out of the blue (c) out of their head (d) out of the loop 10. Work that offers the same money for less effort than another similar job is often known as: (a) a cushy number (b) a doddle (c) a pushover (d) child's play 11. When somebody is dismissed from their job, we can say that they have: (a) got the shoe (b) got the sandal (c) got the boot (d) got the slipper 12. If you criticize somebody in writing, we can say that you ________ them. (a) pencil-smack (b) pencil-thrash (c) pencil-punch (d) pencil-whip
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Look at these mini-dialogues, and complete each one with an idiomatic expression from the box. You do not need to use all of the expressions. cherry pick dead wood dress-down day dumbsizing ear candy exploding bonus eye service glad-hand graveyard shift helicopter view kiss up to leaky reply marzipan employee mushroom job shape up or ship out sweetener three-martini lunch 1. A. Oh no! Elaine sent me an email complaining about Mr Jones, and I wrote her a reply. I agreed that I thought Mr Jones was stupid and incompetent, and I've accidentally sent it to him! B. Oh well, don't worry. We all send a __________ now and then. A. I've told Tom that unless he improves his performance at work, he'll be fired. B. Good. It's about time somebody told him to __________. A. A lot of our factory employees are happy to work at night because the money is good. B. Yes, working the __________ can be a good way of making more money. A. The only way to get promoted in this job is to flatter and be very attentive to the senior managers. B. That's terrible! You shouldn't have to __________ people to get ahead in your job. A. We need to get rid of some of our older and less productive staff. B. I agree. The __________ has to go as soon as possible. A. Ms Rigden met a lot of people at the conference, didn't she? B. She certainly did. I think I saw her __________ almost everyone there. A. On Wednesdays, we're allowed to wear informal clothes to work. B. Us too. Our __________ is Friday. A. My boss always compliments me and tells me how well I'm doing, but he never offers me a pay rise. B. Well, I suppose a bit of _________ is better than nothing. A. A lot of people in out company only do any work when the supervisor is watching them. B. It's the same in our company. In fact, __________ is more common than you think. A. We need to reduce the size of the company but we need to make sure it doesn't become unprofitable or inefficient. B. That's true. __________ is something we need to avoid at all costs. A. Alan says he's thinking of leaving the company to work for someone else. B. That's not good news. Offer him a _________ and see if he can be persuaded to stay. A. Do we need to look at all the problems in detail? B. No, not really. A _________ should be enough for now. We just need the main ideas.
2.
3.
4.
5.
6.
7.
8.
9.
10.
11.
12.
185 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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Complete these sentences with a verb from the box. In some cases, more than one answer may be possible. You will need to change the form of the verb in many cases. The first one has been done as an example. adapt adjust alter decrease demote deteriorate downgrade downsize enforce expand increase lay off phase in promote redeploy reduce relax release relocate renew renovate replace retire streamline 1. In order to streamline distribution services, we are installing a new, more efficient computer system. Because of her excellent work, she will be ________ from salesperson to manager. The company will close for two weeks while the offices are being ________. The good news this year is that company profits have ________ faster than the rate of inflation. His contract was initially for five years, but it has recently been ________ for another three years. When I wanted to leave the company early, the management refused to ________ me from my contract. Older staff are being encouraged to ________ early. We closed the design department and ________ the workforce to the publicity department. We have ________ our sales force in order to cope with the extra demand for our products. The company has decided to ________ the company rules on dress codes: from now on, office staff are not required to wear suits. Our share of the domestic market has been much bigger since imports ________. The company has decided to ________ the rules on smoking: from now on, anyone caught smoking on company premises will be fined. He was ________ from manager to salesperson because of his poor handling of the department. Over the next two years, we will ________ all our salaried staff with freelancers. The quality of work in the office has ________ badly since the old manager left. Salaries will be ________ to bring them in line with the higher rate of inflation.
2. 3. 4. 5. 6.
7. 8. 9. 10.
11. 12.
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Look at these mini-dialogues and complete each one with a word from the box. These words all include over or under. The first one has been done as an example for you. One word can be used twice.
overhaul overheads overmanned / overstaffed overpaid overqualified overrated overrule overrun overtime overturn overworked underachiever undermanned undermine understanding understudy undertaking underutilised underworked
1.
A. The directors think that our staff are underworked . B. Well, they are at the moment, but that's because demand for our products is so low. A. The workers have __________ the time limit set by the production manager. B. That's not good. They shouldn't go beyond the limits that set for them. A. We're rather __________ at the moment. B. Right. And unless the market improves, we might need to lay off some of our casual workers. A. Do you think our staff are __________? B. No, I don't. They work very hard for the money they receive. A. Everyone says that Elizabeth works hard, but in my opinion she's a bit of an __________. B. I agree. She doesn't do as much as she is capable.
2.
3.
4.
5.
6.
A. I'm learning how to do the production manager's job in case he needs to take some extended time off. B. Oh, I thought you were the __________ for the accounts manager.
7.
A. Does this business make a lot of money? B. Yes, it's a very profitable __________. A. Robert has a degree in business studies, doesn't he? B. Yes, so he's rather __________ to be an ordinary shop floor worker.
8.
9.
A. Our sales revenue covers the manufacturing costs, but not the day-to-day running costs of the company. B. Right. We need to make sure we have enough to cover our __________.
10.
A. Our staff are always complaining that they're __________. B. I don't know why. They get plenty of breaks, and most of them clock off before three o'clock.
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In this text, you have been given the first two letters of some missing words and expressions. You will find the other parts of the words in the box. The first one has been done for you.
lked out tire senteeism bezzlement gh achiever nd in ck smissed tice fered lled in op floor omoted ply for terview signed mmute plication form y off tend
Ian Woodham left college and decided to 1. ap ply for a job which he saw advertised in the local paper. He 2. fi________ the 3. ap________ that the company sent him, and a week later he was asked to 4. at________ an 5. in________. He was 6. of________ the job that same day. As he lived in a small town outside the city, he had to 7. co________ every day. He was a 8. hi________ and so very soon was 9. pr________ to a better position. However, the company he worked for was having problems. Two people were 10. di________ for 11. em________ from the petty cash box, three got the 12. sa________ for continual 13. ab________, two of their friends 14. re________ in sympathy and then most of the workforce 15. wa________ in support. A few weeks later, the directors decided to 16. la________ fifteen 17. sh________ workers because there wasn't enough work, and the managing director decided to 18. re________ early. The atmosphere was so bad that Ian eventually decided to 19. ha________ his 20. no________.
Part 2
In this text, the first letter of each word in bold is in the correct place, but the other letters have been mixed up. Rearrange the letters to make words.
Ian couldn't afford to be 21. upedmloyen, however, so he started 22. jbo hgnnuti again. A computer company had a 23. vnyaacc for position of 24. smlesana. A lot of 25. cidnteadsa with good 26. qnafsuliictioa and 27. eeerinepcx applied, and Ian was one of them. After all the interviews had finished, the directors made a 28. striotlsh of the best 29. anpipctlsa, then invited them back for another interview. After a lot of discussion, they 30. apndoipet Ian. Ian was delighted. After all, he would receive a 31. slyraa of 25,000 32. pre amunn, with a 5% 33. iteenmncr twice a year, a 34. csnmioiosm for each computer he managed to sell, excellent 35. psrke such as private health insurance and a company car, a company 36. pnosnie plan to make sure he would be well-off when he retired, and the chance of 37. pmotoonir to the position of sales manager. All in all, his future 38. psocrsept looked excellent.
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topic vocabulary
Across
1. VAT = Value Added _____. 2. O and M = organisation and _____. 4. GMP = guaranteed _____ pension. 6. PBR = payment by _____. 9. MD = Managing _____. 11. EOC = _____ Opportunities Commission. 12. INSET = in-service _____. 15. QWL = quality of _____ life. 17. R and D = _____ and development. 20. HR = human _____. 21. SERPS = state earnings-related _____ scheme. 23. In 25K, K means _____. 26. ASAP = as soon as _____. 28. PIW = period of _____ for work. 30. MPP = maternity pay _____. 31. CV = curriculum _____. 33. SWOT analysis = strengths, weaknesses, _____ and threats analysis. 36. LIFO = last in, _____ out. 38. PAYE = pay as you _____. 41. EAT = employment _____ tribunal. 42. MBA = Master of Business _____. 43. PEST = political, economic, social and _____.
Down
1. TOIL = _____ off in lieu. 3. OTE = on-target _____. 5. AGM = annual general _____. 7. ILO = International _____ Organisation. 8. PR = public _____. 10. PLC = _____ limited company. 13. ESOP = employee share _____ plan. 14. TNA = training needs _____. 16. NI = national _____. 18. SAYE = _____ as you earn. 19. EAP = employee _____ programme. 22. TQM = total _____ management. 24. CPD = continuing personal _____. 25. NVQ = National _____ Qualification. 27. PIN = personal _____ number. 29. AVC = additional voluntary _____. 32. PERT = programme _____ and review technique. 34. SMP = statutory _____ pay. 35. CEO = Chief Executive _____. 37. EHO = environmental _____ officer. 39. SSP = statutory _____ pay. 40. p.a. = per _____.
189 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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Welcome to the Bristol division of Compuflop plc. My name is Marion Smith, and I am responsible for the company's productive use of its workforce. This is Alice Ranscombe, who works in my department typing letters, filing documents, arranging meetings and so on. And this is Jessica Hopkins, who does lots of small jobs in and around the office. If you need some filing done, some letters posted, or want a cup of tea, she's the one to ask. The man in the office over there wearing the Versace suit and the Rolex is Eddie Rolfe. He controls the company finances. You probably saw his Ferrari parked outside when you arrived. The man over there sweeping the floor is Reg McEnery. Reg, when you've finished, could you empty the bins please? Let me tell you about some of the other people who are currently working in my company. First of all, there's Anne Kennedy, who is appointed by the shareholders to help run the company. She spends a lot of time working with Ronald Anderson, who makes sure the company is running efficiently, and he has to answer to Elizabeth Watkins, who is the most important director in charge of the company. Susie Farraday works for Ms Watkins, and she performs various secretarial and administrative duties for her. Alan Johnson presides over the company's board meetings, and Brian Larrs attends the board meetings only to give advice. Our company makes computer components, and we need to make sure that production keeps up with demand. Stephen Bird is the man who supervises the production process, and he is helped in this job by Ray Harrison. In addition to our Bristol office and factory, we also have an office in Birmingham: Mary Myers is responsible for the company's work there. Richard Giddings is the one who makes sure people know about our products and services. To tell you the truth, I don't think he's doing a very good job; the company doesn't seem to have made much money for quite a long time now. On the factory floor we have Harry Rampling. He's a highly skilled worker, so he's in charge of all the workers on the factory floor. Andy Kelly represents the workers in discussions with the managers about things like wages and conditions of employment. At the moment, there is a dispute between the workers and the management about money. The workers want more, and the management say the company can't afford to give a pay rise. Anyway, the company has brought in Jennie Wilkinson to help sort things out (she doesn't work for our company and isn't concerned with the dispute, so hopefully she will be able to settle it - the last time we had a dispute, we had to bring in Jack Langsdale from the government to make the two sides agree). I do hope the workers don't go on strike again. We've lost a lot of business because of industrial action recently.
190 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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We also have a few other people who are here on a temporary basis. Tabitha Bradley is one of them. She finished university last month, and she's learning a bit about the company. She's hoping to work with us in the future. I'm sorry, I didn't catch your name. Tony Preston. Nice to meet you Mr Preston. And why are you here? You're here to take over the company and close it down?! Oh dear, I didn't realise we were in that much trouble!
1. Marion Smith 2. Alice Ranscombe 3. Jessica Hopkins 4. Eddie Rolfe 5. Reg McEnery 6. Anne Kennedy 7. Ronald Anderson 8. Elizabeth Watkins 9. Susie Farraday 10. Alan Johnson 11. Brian Larrs 12. Stephen Bird 13. Ray Harrison 14. Mary Myers 15. Richard Giddings 16. Harry Rampling 17. Andy Kelly 18. Jennie Wilkinson 19. Jack Langsdale 20. Tabitha Bradley 21. Tony Preston A. area manager B. official mediator C. official receiver D. chief executive officer E. foreman F. production manager G. company director H. Girl Friday I. human resources manager J. trade union representative K. personal assistant L. arbitrator M. assistant manager N. chairman O. managing director P. graduate trainee Q. secretary R. non-executive director S. advertising manager T. caretaker U. accountant
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topic vocabulary
annum applicant attractive basic benefits colleagues commission covering CV drive experience increment leading motivate package post qualified rewards salary team vacancy
(1) Leading
Sales manager
to begin work in our busy Manchester office from this September. The successful (4)___________ will be suitably (5)___________ and should have had extensive (6)___________ in sales management. They will be able to work as part of a (7)___________, and should have (8) ___________ and the ability to (9)___________ and inspire their (10)___________. In return, we can offer an (11)___________ (12)___________ (13)___________, which includes a (14)___________ (15)___________ of 20K per (16)___________, 10% (17)___________ on all sales, a guaranteed annual (18)___________ of 1K, and other (19)___________ such as a company car and free meals. If you are interested in working for this us, send your (20)___________ with a (21)___________ letter to: APB Ltd, Norton Towers, Blackberry Way, Whittersley, WH8 4RT APB is an equal opportunities employer
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accountability agree Benefits Branch deal ensure Full time Head Hours Key Leave Location negotiate inspect Part time produce Reports responsibilities Responsible Shift supervise title visit
Job Description
Job (1) title (2)________: (4)________ to: (6) ________ (8) ________ entitlement: Main (9)________: (11)________ (12)________: : Regional Production manager Ealing (3)________, West London Production Manager, (5) ________ Office. (7)________. Monday to Friday 9.00 - 5.30 21 days per annum, + bank holidays. To (10)________ the work of the production department. To (13)________ product specifications with sales departments and time schedules with stock control department. To (14)________ product is manufactured according to agreed specifications and within time schedules. To (15)________ quality of finished product. To (16)________ sales reports for Head Office. To (17)________ with suppliers on base material prices. To (18) ________ suppliers on a regular basis to check quality of base materials. To (19)________ with problems as they rise on a day-to-day basis.
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topic vocabulary
Telesales Manager
(3)________(s):
Sheppard
Eric John
ericshep@freemail.co.uk
(9)________ and (10)________: Last school(11) ________: (12)________ or (13)________: (14)________ and (15)__________:
Briarwood Secondary, Endham North London University, Holloway Road, London. Central Business School, Addingsbury
A-Levels: Economics, History, Geography BA (16)________ in Business Administration (Upper second with Honours) RSA (17)________ in Business IT.
Safenet Insurance, Unit 7b Millsfarm Estate, Tottenham, London N17 8YT 2002 - Present. Job (21)________: Assistant telesales manager and coordinator. Cold-calling potential clients for Insurance scheme. Monitoring other telesales operatives as (22)________: part of quality control.
(19)________ employer and (20)________ of employment: (23)________ for (24)________: Employment (18)________.
I would like to develop my potential in sales and marketing, and have more responsibility.
(25)________. Please give the names of two people who can give an (26)________ of your (27)________ for this job (one of whom should be your present (28)________):
2. Alice Waugh (Ex-colleague) Burrett and Dowling Insurance 15A Searle Street Rigdenbury HB2 9TY
No (29)________ will be made to your present employer before an (30)________ of employment is made to you. If you have had an (31)________ in the last two years which has caused you (32)________ from work, please give details with the number of days you were (33)________. I confirm that the above (34)________ is correct to the best of my knowledge. I accept that deliberately providing (35)________ information could result in my (36)________.
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topic vocabulary
Part 1
affirmative recruitment applicants appointments benefits description disabilities discrimination equal opportunities experience externally institutional agency increments internally job centres journals leave personal qualities private recruitment agency qualifications recruitment agency rewards situations vacant vacancy
post. It does this 2._____________ (for example, in the company magazine or on a company notice board) or 3._____________, either in the 4._____________ or 5._____________ section of a newspaper, in specialist trade 6._____________ or through a 7._____________ which helps people to find employment. There are two main types of agency. The first of these is the 8._____________, usually found in a school or university. These work closely with employers to let potential employees know about the jobs that are on offer (also included in this category are 9._____________, which are provided by the state, and which can be found in most main towns in Britain and other countries). The second is the 10._____________, which are independent companies, and employers have to pay these agencies for each employee they successfully provide.
A job advertisement has to give an accurate 11._____________ of the job and what it requires from the 12._____________ (the people who are interested in the post). These requirements might include 13._____________ (academic, vocational and professional), work 14._____________ in similar lines of work, and certain 15._____________ (for example, it might say that you need to be practical, professional and have a sense of humour). The advertisement will also specify what 16._____________ (basic salary, commission, regular 17._____________, etc) and 18._____________ (paid 19._____________, free medical insurance, company car, etc) the company can offer in return. The advertisement must be careful it does not break employment laws concerning sex and racial 20._____________: some companies emphasise in their job advertisements that they are 21._____________ employers (or 22._____________ employers in the USA), which means that they will employ people regardless of their sex, skin colour, religion, 23._____________, etc.
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She isn't very good at making decisions. She's not very ________. He works well with everyone: he has excellent ________ with his colleagues. He always arrives on time. He's very ________. He's always ________ to cover for others when they need to take time off. If you ask her to do something, you know she will do it because she's so ________. She's always pointing out people's faults. She's so ________. He quite ________, and gets upset when people point out his faults. She's very ________ to the needs of others, and will always help people if they have problems. She deals with problems well and makes good decisions, and in that respect she's very ________. He shows excellent ________ when making difficult decisions. She seems to be rather ________ and doesn't mix well with other members of staff. His main problem is that he is extremely ________, and rarely thinks carefully before making important decisions. He's extremely ________, and almost never takes others' advice. He never shares information, and never helps others. I think he's basically ________. She's a very ________ worker, and really enjoys spending time with her colleagues both inside and outside the office. He's very ________ , and always works steadily and hard. He has a very ________ approach; he's clearly well-trained and good at his work, and always does a good job. She's rather ________: she thinks she's much better than everybody else. He clearly has ________, and is keen to move up the company ladder. I think he lacks sufficient ________; he doesn't seem very keen, and always has to be told what to do. She's always arguing with everyone. She has a very poor ________ with her colleagues. One of his main problems is that he lacks ________: he always seems worried and nervous, and always has to check that he's doing the right thing. He has a very ________ manner when you speak to him, and as a result people don't go to him with their problems. People complain that he's very ________, and is always starting arguments or making people angry.
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1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. Name of employ: Name of employed: Job titel: Job descriptive: Job locally: Celery: Started date: Hours of labour: Undertime: Holiday enticement: Absent from work: Pension sceme: Dissiplinary and grieving procedures: Probbation:
Term and conditionals of employment Avicenna Holdings plc Martha Jennings Personal Assistant to the Managing Director. To perform various secretarial and administrative duty for the MD. Head Office, Truro. 22,000 per anum (payable monthly in rears) 1 April 2005. Full time. 9.15am - 5.45pm Monday until Friday, 1 hour lunch. Extra hours worked will be paid at the normal hourly rat. Saturdays will be paid at time x 1 , Sundays at time x 2. 20 days per anum. If for any reason you cannot come to work, you should telephone your manager as soon as possible. The company does not operate a pension sceme. You should arrange this separately. Information on these procedures are provided in the staff handybook, together with information on all company police. All appointments are subjective to three months' probbation, during which time employees may be terminated with two weeks' note on either side. After successful completion of the probbation period, the note period will be three months. All apointments are subject to satisfactory referrals.
15.
16.
Terminator:
17. 18.
Referrals: Singed:
Martha Jennings
Date:
21 March 2005
197 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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Complete the sentences with an appropriate word or expression, and write the answers in the crossword grid on the next page. Clue 1 across has been done for you. Several of the sentences refer to shift work (when employees work for a period and then are replaced by others). Some of the sentences refer to flexible work systems, where employees can start or stop work at different hours of the morning or evening, provided that they work a certain number of hours per day or week.
Across ( )
1. 5. 8. 9. 12. When somebody is always on time for work, we say that they are ________. When you record the time you leave work by putting a card into a special machine, you ________ ________. A time for which work is paid at twice the normal rate (for example, at weekends or on public holidays) is called ________ time. The act of changing an employee's shift or working hours is called shift ________. In Britain, parents who have children under 6, or disabled children under 18, have a legal right to have their working hours arranged to help them with their responsibilities. This right is known as Flexible Work ________. ________-________ is the fact of being on time for work (for example, He was warned for bad ____-____) ________ time is paid time which the management agrees an employee can spend on rest, cleaning or meals, not working. Time and a ________ is the normal rate of pay plus 50% extra (for example, when an employee does overtime or works evenings). The ________ shift is an informal expression for the night shift. Shift ________ are payments made to an employee in addition to their basic pay to compensate them for the inconvenience of the pattern of shift work. A duty ________ is a list of times showing when each employee is on duty at those times. ________ is a person's right to something (for example, for a paid holiday, for a minimum of 30 minutes for lunch, for paid sick leave, etc) Hours worked more than the normal working hours are called ________. If a company does not operate a flexible time system, we say that the employees work ________ hours. ________ shifts refers to a system where employees take turns in working different shifts.
13. 15. 17. 18. 19. 21. 24. 25. 26. 27.
Down ( )
2. 3. 4. 6. The ________ shift is another name for the evening shift, just before it gets dark. ________-________ is a form of employment in which two or more people share a single job, each person working part-time. ________ is a working method where employees work at home on computer terminals, and send the finished material back to the office by email. Employees who work ________-time work for the normal working time (i.e. about 8 hours a day 5 days a week).
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Look at this list of common appraisal questions. Each one has a word in bold in which the letters have been mixed up. Rearrange the letters to make words. The first letter of each word has been underlined. There is an example at the beginning. 1. 2. 3. 4. 5. 6. 7. 8. 9. 10. 11. 12. 13. 14. 15. 16. 17. 18. 19. 20. 21. 22. 23. 24. 25. 26. 27. 28. 29. 30. Do you think the work you are doing meets or exceeds the correct dastnadsr? = standards How far do you think you have the skills and negdkwloe to achieve your duties? How would you describe the uqaylit of the work you are doing? Do you feel you have met the work bocjetesiv that were set for you? Do you think you have room for pimoetrenvm? In your opinion, what are your main nestrsgth and seswenasek? Would you benefit from going on a ntrgniai course? Do you feel you are able to manage your work husceled? Are you happy with your career ogrporesnsi at the moment? Would you like to do something a bit more egiclhglnna? Are you given help and meeoncntgurae when you need it? What do you like most and what do you like steal about the job you are doing? How do you feel about your odkaorlw? Is your current job scdeonritip accurate? Are your job duties clearly edendfi? Do you feel that there are enough opportunities for madtanceven? Do you have any suggestions for iniprmgvo your current job? Are you happy with the aemrlo in your department? What are your working shireltoipsan like with your colleagues? Do you feel diceslipin is fair in your department? Does your manager show you fair etetatrnm at all times? Does your manager deal trypopml with problems? Does your manager deal efficiently with staff pacontmlis? Does your manager inform you of your gropesrs? Does your manager give repisa for work well done? How do you feel about the flitaisiec and services provided (for example, office accommodation, security, HR services, etc)? Do you feel that the health and safety ponsrvisoi are adequate? How do you feel about the pay and ntbesefi you are receiving? Would you mermdecon this company as an employer to others? Have you got any other mocstemn you would like to make?
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When we remove money from somebody's wages (for example, because they are late), we say that we ________ their wages. When we work for more than the normal working time, we say that we work ________. Time for which work is paid at twice the normal rate (for example, at weekends or on public holidays) is called ________ time. Money that is removed from our wages to pay for tax and national insurance is called a ________. ________ refers to the wages employees receive before tax, insurance, etc have been removed. ________ refers to the wages after tax, insurance, etc, has been removed. An automatic and regular increase in pay is called an ________. The ________ wage is the lowest hourly wage which a company can legally pay its employees. A wage is money that is normally paid to an employee on a weekly basis, and a ________ is money that is normally paid to an employee monthly on a regular basis. When the money that an employee receives rises automatically by the percentage increase in the cost of living, we say that it is ________-linked. When British employees want more money for the work they do, they ask for a rise. When North American employees want more money, they ask for a ________. A ________ plan is a plan to help people save money for when they retire from work. When an employee wants some of his / her wages paid in advance, s/he might ask his / her manager for a ________. An extra payment in addition to a normal payment is called a ________. A ________ shows an employee how much pay s/he has received, and how much has been removed for tax, insurance, etc. A ________ is the list of people employed and paid by a company. When an employer pays an employee his/her wages directly into his / her bank account, we say that it is paid by direct ________. A pay ________ is the money and other benefits offered with a job.
5. 6.
7. 8. 9. 10. 11.
18.
200 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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Complete the text with appropriate words and expressions from the box. The first one has been done for you. acceptance bonus attendance bonus basic benefits commissions comradeship development direct duvet days extras extrinsic fixed flexible gainsharing growth incentive indirect insurance intrinsic motivation pensions performance-related premium bonus production bonus profit sharing recognition satisfaction security share skill status
The first, and in many opinions the most important, is that of 1. direct or 2. __________ rewards. These are real, material rewards, and include 3. _________ pay (a guaranteed wage or salary paid by the hour, or on a weekly or monthly basis), and 4. __________ pay, which is linked to how well an employee or a group of employees works. This includes 5. __________ money paid to a salesperson or group of salespeople which is usually a percentage of the sales made. Some companies also offer 6. __________ pay, usually given only to individual employees who work particularly well, or who make a significant contribution to the company. 7. __________, which is similar to this, is extra money paid to a group or company for increased productivity, and is often offered in order to increase 8. __________: it is also sometimes known as a 9. __________. If an employee takes less than the standard time to finish a task, s/he might receive a 10. __________. Some employers also offer an 11. __________ for employees who are very rarely absent from work. If an employer is particularly keen to recruit somebody, they might offer him / her an 12. __________ when s/he agrees to join the organisation. 13. __________, the practice of dividing profits among the employees, is another reward which is often offered.
In addition to payment, other rewards may be offered. These include 14. __________ (known informally as 15. __________) such as a company car, 16. __________, free meals, 17. __________ option schemes, holidays, health 18. __________ and 19. __________ (a new concept, especially common in the USA, in which an employee can call their office and say they do not feel like coming to work even though they are not ill). Benefits are usually 20. __________, which means that the employee is not able to choose what s/he gets, but some companies offer 21. __________ benefits, where the employee can choose from a menu of benefits on offer. 22. __________ plans, which offer employees increased rewards and benefits for good attendance, behaviour and productivity are becoming increasingly common.
The second group of rewards are 23. __________ or 24. __________. These are non-material, and include 25. __________ (people enjoy being in an important position or a position of authority), job 26. __________, the opportunities for personal 27. __________, the chance to learn a new 28. __________, and career 29. __________ opportunities. Safety and 30. __________ at work can also be included in this group, and for most employees, 31. __________ (being with a group of people you like and get on with) is also a very important reward.
201 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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6.
7.
8.
9.
10.
11.
12.
13. 14.
15.
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On the next two pages you will see sentences from seven different types of letter. Look at each sentence carefully, then match it with one of the letter types from the list in the box. Underline the key words or phrases which helped you to decide. Be careful - there is one sentence which does not match any of the letter types. When you have done this, make a list of the useful words and expressions that can be used in these different types of letter.
(A) Invitation to interview (B) Letter of reference (C) Letter of appointment (D) Written warning (E) Letter of dismissal (F) Letter of resignation (G) Acknowledgement of resignation
1. I have known Jan Kelly since she started working with the company in 1999.
2. Following the disciplinary interview which you attended on 12 June, I am writing to confirm the decision taken that you will be given a written reprimand under our Disciplinary Procedure. 4. She came to work for this company as a Trainee in the production department, and rapidly moved up the scale to become Deputy Production Manager three years ago. 6. This will be placed in your personal record file, but will be disregarded for disciplinary purposes after a period of six months, provided your conduct reaches a satisfactory level.
3. On 7 May, following persistent neglect of duties on your part, you were given a written warning in accordance with the Company's Disciplinary Procedure.
5. Following your interview and our conversation yesterday, this letter is to confirm your post as Production Manager commencing 2 October.
7. Thank you for your application for the post of Production Manager at Graffix plc.
8. This letter and the attached terms and conditions form the basis of your contract of employment.
9. She is a very able manager, and is particularly keen on keeping up to date with new technology.
10. As I told you yesterday, I have decided to hand in my notice and this letter is to inform you of my decision to leave the company.
11. She has always worked well with other members of staff, has always been on time and has rarely missed work through illness.
13. The nature of the unsatisfactory conduct was your continual lateness, persistent absenteeism, and neglect of duties on the shop floor.
14. We expect to see an improvement in your punctuality and attendance, and a more professional approach to your work by 30 June.
203 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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audit
offence
1. 2. 3. 4. 5. 6.
Behaviour at work which can cause a hazard is called is safety ________. Actions to try to make sure something is safe at work are called safety ________. An official who checks places of work and work methods to make sure they are safe is called a safety ________. A check of the workplace to see how safety regulations are being implemented is called a safety ________. A group of people set up to examine the health and safety policy of a particular company is called a safety ________. When a place of work is not safe for its employees, customers and contractors (usually because the management have not made sure it is safe, or have not followed safety rules), we say that it has safety ________. Rules that make a place of business safe for employees, customers and contractors are called safety ________. A union member who checks that a company and its methods are safe is called a safety ________. A government law to make sure that places of work are safe is called safety ________. Something on a tool or machine which prevents it from injuring the person using it is called a safety ________.
7. 8. 9. 10.
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B. Match the words in the first box with the words in the second box to make safety features that you should find in a place of work.
emergency
fire
first aid
assembly
smoke
access alarm blanket bucket detector door escape exit extinguisher hose kit / box officer point post
204 Bloomsbury Publishing Plc. For reference see Dictionary of Human Resources and Personnel Management (ISBN 0 7475 6623 2)
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C. Answer these questions about health, safety and welfare. 1. Many employees experience tension or worry at work as a result of overwork, problems with managers, etc. What do we call this? (a) strain 2. (b) struggle (c) strife (d) stress
RSI is a pain in the arm or other part of the body felt by somebody who does the same movement many times as part of their job (for example, when keyboarding). What does RSI stand for? (a) regular stress incident (b) repeated self intolerance (d) repressive sickness ignorance (c) repetitive strain injury
3.
A lot of office equipment (for example, chairs, keyboards, etc) is designed to be more comfortable to use and so helps to prevent RSI. What is the adjective we use to describe objects like this? (a) ergonomic (b) erroneous (c) eponymous (c) equivocal
4.
In some places of work, employees are often ill because of problems in the building itself (for example, blocked air-conditioning ducts, poor lighting, poor ventilation, etc) . What is the name of this problem? (a) ill workplace phenomena (d) ailing industrial angst (b) sick building syndrome (c) unwell office experience
5.
Before a company has to do a dangerous job, it needs to consider how dangerous the job is, and what precautions it can take. What is this called? (a) danger analysis (b) risk assessment (c) hazard perception (d) troubleshooting
6.
Safety officers inspect some places of work to make sure that they are safe, but in most cases companies have to make sure that health and safety procedures are being followed in the workplace. What is this called? (a) self-control (b) self-satisfaction (c) self-assessment (d) self-regulation
7.
Employees have to follow company instructions on how to behave in the workplace, especially when they are working with dangerous equipment or substances. What are these rules called? (a) rules of the house (d) laws of the land (b) codes of practice (c) regulations of behaviour
8.
To some extent, a company is responsible for how its employees behave, and the risks they take, while they are at work. What is this called? (a) vicarious liability (b) risk liability (c) limited liability (d) behaviour liability
9.
What do we call an accident which takes place at work? (a) on-the-job accident (b) occupational accident (d) environmental accident (c) working accident
10.
A safety officer might decide that a workplace is too dangerous, and orders everyone to stop working. What is the name of this order? (a) a cancellation notice (b) a closure notice (c) a prohibition notice (d) a barring notice
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1. poor kiegimpeten 2. persistent maisseteben 3. numidctocs
4. cegeliengn of duties
5. ebhcar of tafyse regulations 8. afdur (making money by making people believe something that is not true)
10. minsgok and / or grindink on the job or on company 11. anedlig or using grusd premises 13. onitindiatim of colleagues 14. enilevco towards or customers colleagues or customers 16. aesulx maashrenst of colleagues or customers
B. Complete these mini-dialogues with words or expressions from the box. aggrieved alienation allegation appeal disciplinary action disciplinary board dock down tools grievance grievance procedure hostile work environment instant dismissal insubordination job dissatisfaction letter of dismissal sackable offence sexual discrimination suspend ultimatum unfair dismissal verbal warning walk-out 1. A. Sorry I'm late again, Mrs Johnson. B. So am I Robert. If you do it again, I'm afraid we'll have to _____________ your wages. A. I'm not at all happy with the way the management treat us. B. If you have a _____________, you should talk to the shop steward. A. There have been complaints of bullying and intimidation on the shop floor. B. So I've heard. The workers are all complaining that this is a very _____________. A. That's the third time this week that he's been caught smoking in the office. B. Well, we should give him an _____________: if he does it again, he's out.
2.
3.
4.
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action learning an induction course adventure training in-tray learning assertiveness training modern apprenticeship sales training carousel training off-the-job training continuous personal development online learning open learning experiential learning team-building
1.
This company is committed to helping its employees learn about their jobs and develop their skills for the whole period they are working here, and not just at the beginning of their contract. We run regular courses and workshops in order to achieve this, both inside and outside the company premises. Our employees have to deal with a lot of difficult situations, and they often come in contact with people who can be difficult to work with and do business with. We train them to have more confidence in themselves so that they can deal effectively with any problems and difficulties they encounter. We believe that the best way of learning a skill is through practice. We don't waste time on courses and workshops. We show the employee his duties, give him an outline of how the company operates, and then we just say Get on with it, and good luck. It's a remarkably effective method. It's very important that our employees develop skills in leadership, problem solving, decision-making and interpersonal communication. The best way to achieve this is to get them involved in group games and physically demanding outdoor activities like sailing and climbing. These also help to build team spirit. When we promote somebody to a management position, the first thing we do is to give them a lot of typical management paperwork and tell them to deal with it. We set them a time limit for this, and monitor them carefully to see how they get on. We then review their performance and show them where they went right or wrong. Our company understands how important it is that our employees work well together in order for the company to be effective. Our training sessions are designed to instil co-operation and solidarity in a group of employees who have to work together. It is our company policy to make sure that our employees know how all the jobs in the company work, not just their own. We find the best way of doing this is to move them from job to job and department to department. They meet colleagues who they might not normally meet, and learn about their jobs and how they operate. New employees in our company need to learn about our products and how they work, how the distribution system operates, how to deal with both suppliers and customers and how to handle complaints. They also study trade and retail laws, and are accompanied on their first customer visits by their trainer.
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9. I've been interested in photography since I was very young, so when I finished school I started learning how to be a photographer. I spend my week working with a professional, who teaches me about all the different aspects of photography. At the same time, I receive training in areas such as numeracy, problem-solving and interpersonal skills. First of all I was given a tour of the factory and then I was introduced to my colleagues and was given an outline of the company and its products. After that I was guided through the company's code of practice, taken to my department and was shown my duties. My company can't hold training workshops in the office because we don't have enough space, and of course while we are learning, we aren't actually making money, so the company feels it wouldn't be making the best use of its employees. Instead, they send us to a college in the evening where we develop our skills and knowledge. This company believes that personal development and training should be more flexible. As a result, we have developed a system of flexible training courses that a trainee or employee can start at any time, and which does not require a teacher. Once a year we look at the different skills and abilities of our staff, and we decide if they are enough to help the company fulfil its aims and operate effectively. We then develop a series of classes and workshops to help the staff learn more about their job and how they can operate more effectively. This company has a policy that our managers should be committed to maintaining and improving the quality of their work, and also their skills and knowledge. We run courses, classes and workshops on a regular basis, and ensure that they are kept up to date with all the latest developments. We are a very forward-looking company and we use the most up-to-date methods, so of course all our training is delivered over the Internet or through our company intranet. This means that our trainees and employees can learn during their breaks, at home and even when they are on holiday. Our company trains its management staff by giving them a series of problem-solving activities. The managers from our office work together with those from other departments around the country to solve real or imaginary problems, and their findings are then applied to the overall successful running of the company.
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DAY 1 AFTER THE ALIEN INVASION : IVE BEEN ABLE TO LOCATE SOME OTHER SURVIVORS. MOST OF THEM ARE ENGINEERS.
DAY 2 : WEVE DECIDED TO GET TOGETHER AND RECRUIT THE RESISTANCE AGAINST THE ALIENS
DAY 3 : NOBODY HAS A FUCKING CLUE HOW TO FIX CARS, MAKE AN ENGINE OR GENERATE ELECTRICTY LET ALONE START A FIRE. NEW TARGET : HUNT AND GATHER!
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DAY 4: WEVE FOUND OUT THAT WE CANT TELL THE DIFFERENCE BETWEN A TREE OR A BUSH! DAY 15 : TODAY LIGHTENING STRUCK AND HAS STARTED OFF A FIRE AFTER KILLING A BUNCH OF ANIMALS TOO! FIRST HOT MEAL AFTER DAYS OF STARVATION!!! WEVE DANCED AROUND THE BONFIRE TO HONOR THE FIRE GOD!
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Higher Intermediate to Advanced High Elementary to Middle Intermediate Manual for Students and Teachers High Elementary to Middle Intermediate Manual for Teachers and Students Manual for Teachers and Students
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