WHAT BUSINESSES DO BEST IN BAD ECONOMIC TIMES?

1. When economic times get tough, some businesses experience downturns that lead to the loss of jobs or even the closing of their doors. Although this may be the case in many industries, it is not true for everyone. Some types of businesses survive, and often thrive as the result of economic struggles.

2. Grocery Stores. Of course, people still eat during good economic times as well as bad, but where they eat may change. Because people tend to hold on to their money during a recession, they often eschew restaurants in favor of eating at home. As a result, they're more likely to stock up at the grocery store instead of spending a night out at the expensive Italian bistro around the corner.

3. Credit-Related Businesses. As people lose their jobs or experience as result of a reduction in work hours during a recession, their credit can take a beating. This creates an opportunity for debt collectors and repossession workers who earn commissions based on the amount of money or property they can recover. Other credit-related businesses that may thrive include credit repair services and attorney practices that specialize in bankruptcy.

4. Employment Services. Displaced workers need to look for jobs during a recession, so they make greater use of businesses like employment agencies and resume preparation services. Employers who need labor but are leery of taking on additional payroll may resort to outsourcing methods, such as temporary employment agencies or hiring freelancers or independent contractors.

Pawnshops. During tough times, people explore ways to raise cash, which may include selling items, such as jewelry or electronics equipment. This creates opportunities for pawnshop owners, who buy the goods at low prices and then attempt to resell them at a profit. Some pawnshops also offer high-interest loans while holding the customers' merchandise as collateral instead of selling it.

Repair Service.When times are tough, consumers are more likely to hang on to what they have instead of making a new purchase. As a result, they may have more of a need for household appliance or automobile repairers. Small businesses also try to cut costs to avoid having to lay off workers, so they may choose to employ the services of a computer repair service instead of buying a new computer system.

Вправа № 7

Дайте відповідь на запитання до тексту:

1. Do you agree with the statement that when the times are tough all businesses experience downfall? Why/ why not?

2. Why do grocery stores benefit from a crisis?

3. Representatives of what credit-related professions may thrive during a recession?

4. Who usually resorts to outsourcing methods and under what circumstances does it usually happen?

5. How can repair services help to cut costs for both consumers and small businesses during tough times?

Варіант 5.

Вправа № 1

Знайдіть та підкресліть в реченнях Present Participle. Перекладіть речення.

1. Virtually any activity involving money or advice about financial matters is undertaken by all the commercial banks.

2. The available cash consists of beginning cash plus customer payments and funds from financing.

3. I am used to living abroad. I have previous experience living abroad, so it's not difficult for me.

4. Having lent money to his new acquaintance he never saw him again.

5. Having deposited money into the assets, Bob could leave his job.

Вправа № 2

Знайдіть та підкресліть в реченнях Past Participle. Перекладіть речення.

1. An amount of $250, 000 represents a sum contributed to a special disaster fund.

2. The preference shareholders received a fixed dividend of $320, 000.

3. That government agency doesn't have enough personnel to perform all the required tests.

4. Income earned by a corporation may be taxed twice.

5. Another problem associated with the measurement of corporate income concerns the cost of inventory sold during the year.

Вправа № 3

Знайдіть та підкресліть інфінітив в реченні. Перекладіть речення.

1. Savings account is an income that allows you to get a small interest.

2. We shouldn't forget to call her before we leave for the airport.

3. Companies prepared to increase their gearing can raise capital through long-term loans.

4. A medium-term loan is easier to control than a fluctuating overdraft.

5. We should be ready to start production next month.

Вправа № 4

Знайдіть та підкресліть об’єктний або суб’єктний інфінітивний зворот в реченнях та перекладіть їх.

1. I saw him drive a car.

2. I believe him to be a very good partner.

3. Little Bob was made to put on some warm clothes.

4. People consider the climate of this country to be very changeable.

5. The article to be translated can be found on the Internet.

Вправа № 5

Поставте дієслово в потрібній формі (Conditionals). Перекладіть речення.

1.  When I (leave) work, I usually(go) to the fitness center to work out.

2. I really wanted to go on safari to Kenya with my friends, but I couldn't afford to go. If I (have) enough money, I (go) with them.

3. I am afraid I won't be able to come to your wedding next week because my company is sending me to New York to attend a trade show. I (miss, never) your wedding if I (have) a choice in the matter.

4. Tina's train arrived ahead of schedule. If I hadn't decided to go to the train station early, she (wait) there for more than twenty minutes before I arrived.

5. If the students were studying, you (disturb) them?

Вправа № 6

Перепишіть та перекладіть письмово 1-3 абзаци тексту.

Пояснення до тексту:

THE DIFFERENCE BETWEEN TRADITIONAL ACCOUNTING & COMPUTERIZED ACCOUNTING

1. Before the advent of fast and cheap computers, accounting traditionally was processed manually. Once computers became popular and software affordable, accounting tasks moved into this medium, where concepts stayed the same but mechanics changed from papers to programs.

2. The most glaring difference between traditional and computerized accounting is the speed of operations. With an accounting program, data is entered once and it is saved. The program provides management with reports in a speed never dreamed possible in the traditional days. No more waiting days or weeks to know whether your business is making a profit. Using computerized accounting, information can be accessed in a matter of minutes. Once data is available in the system, it can be used in reports, queries and analysis.

3. Computerized systems have drastically increased accuracy of calculations when compared to the traditional, manual system, in which columns had to be added up, numbers moved from one page to the next, and trial balance and financial statements manually compiled. If errors occurred, many hours had to be spent trying to find and correct them. With accounting software, this problem is eliminated. In the case of accounting spreadsheets, adding simple formulas still may be needed, but it is an easier and more accurate process. Efficiency goes through the roof when a computerized system is used.

4. The traditional manual accounting system with paper and pencil is cheaper than the computerized version, in which a firm needs a computer, software, printer and other expenses associated with a system. But many firms are opting for the computerized system. They are easy to use, and finding experienced employees to run the system is not a hurdle.

5. When using a manual system, the risk of losing data is real. If important papers are damaged or destroyed, that work may have to be re-created. Copies of the original work can be made, but that could be expensive and time-consuming. Accounting on a computerized system offers the choice of saving work on a CD, portable or external hard drive, flash drive, or even online. Many firms back up data every night as a precaution. If something happens the next day, the data can be restored from the backup.

Вправа № 7

Дайте відповідь на запитання до тексту:

1. Comment on the benefits an accountant gets from the speed of operations using computerized systems.

2. How have computerized systems increased accuracy of calculations?

3. Is it cheaper to use computerized systems as compared to a manual accounting?

4. Comment on the problem of hiring qualified personnel working with accounting software.

5. Can computerized systems be considered as a solution to the problem of losing data?