3RD YEAR TRANSLATION STUDIES

BUSINESS ENGLISH
Course coordinator: Roxana-Cristina Petcu, PhD

AUTUMN TERM 2014-2015

WORKSHEET 1
I.TRANSLATE THE FOLLOWING TEXT:
Almost unnoticed, Japanese companies are starting to turn away from their obsessive pursuit of market share towards a
more western-style stress on profitability and return on equity. The change will have a profound effect on how
corporate Japan manages itself. The shift in strategy has been partly prompted by a worse-than-expected economic
slowdown. But Japanese companies have also begun to realise that there is a practical limit to the pursuit of market
share. Quite apart from the political constraints imposed by the threat of a protectionist backlash, there are also
sound commercial reasons for changing course. In the easy credit conditions of the late 1980s, the pursuit of market
share almost regardless of cost led to wasteful spending, diseconomies of scale and a proliferation of products that
are now clogging Tokyo warehouses. Corporate Japan faces the prospect of a third consecutive year of declining
company profits in the fiscal year to March. This will be the first time this has occurred since 1945, which is one
good reason why the Tokyo stock market is depressed. Other signs of corporate weakness abound. Inventories have
soared. Industrial output will decline by 4% in the first three months, the biggest drop since 1975.The most dramatic
change to come, however, may be in capital spending. Robust private-business investment has been at the core of
Japanese economic strength. Japanese firms indulged in investment overkill in the so-called Heisei boom which
began in late 1986 and ended in 1991.Capital spending accounted for two-thirds of the growth in real GNP during
those five years. But business spending was even greater than this figure suggests, since firms spent lavishly in the
boom years buying land at crazy prices on which to build unproductive assets like corporate dormitories. Yet, land is
not included in official measures of capital spending.
II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE SAME
THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1.market share:a.the business of dealing in stocks and shares; b. an enclosed area in a market place; c.the proportion
of the total demand that is supplied by a particular manufacturer or brand.
2.equity: a.fairness; b.the part of a companys capital that belongs to the shareholders; c.a branch of law.
3.slowdown: a.reduction in activity;b.protest by workers in which they deliberately work slowly and cause problems;
c.collapse.
4.backlash:a.revolt; b.acceptance; c.strong reaction against
5.regardless of :a.taking something into account; b.in spite of; c.on condition
6.diseconomies of scale:a.decreases in costs; b.increases in efficiency; c.decreases in efficiency and rising costs
7.clog:a.free; b.jam; c.not to allow free movement
8.prospect:a.view; b.chance; c.expectation.
9.stockmarket:a.stock exchange; b.open-air market; c.the market in which goods are traded.
10.inventory :a.detailed list of things; b.raw materials and unsold stock held by a business; c.list of furniture provided
by the owner the tenant.
11.soar :a.tower; b.decrease;c.rocket.
12.overkill:a.lack; b.average; c.excess.
13.figure :a.form; b.person; c.digit
14.lavishly : a.generously; b.economically; c.sparsely.
15.assets : a.liabilities; b.debts; c.possessions.
IV. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE THESE
TERMS:
A. exchange rate ; interest; mortgage; an overdrawn account; savings account; current account; pension; disability
allowance; child benefit; grant
B.a bank account with minus money in it; money paid towards the cost of raising a family ; money given by the
government for education,welfare,etc.; an account that is used maninly for keeping money; money paid to people
after a certain age; money chargeable to a loan; an account that cheques are drawn for day-to-day use; a loan to
purchase property; the price at which one curreny can be exchanged for another currency; money paid to people
with a handicap
V.MATCH THE TERMS IN LIST A WITH THEIR CORRECT DEFINITION IN LIST B, TRANSLATE THEM
AND USE THEM IN SENTENCES OF YOUR OWN:

A. MONETARY POLICY; COMMODITY PRICE; EXCHANGE RATE; EMPLOYMENT; GROSS DOMESTIC PRODUCT;
PUBLIC EXPENDITURE; BALANCE OF PAYMENTS; CAPITAL FLOW; FOREIGN RESERVES; STATE ASSETS
B. all property owed by the state; that part of the national product remaining after taking away the country`s net
income from abroad; movement of capital as if in a steam; money spent by the government on the needs of the country,
public services, etc; the control of a country`s currency and its system for lending and borrowing money, especially
through the supply of money; the difference between the amount of money a country pays for its imports and the
amount it receives for its exports; the amount of foreign currency that a country has; the state of having paid work to do;
amount of money to be paid for a useful article that needs a manufacturing process before it is ready for the consumer;
the price at which one currency can be exchange for another currency
VI. Fill in the blanks with the appropriate words in the list below:
DEBENTURES, SHARES, ISSUES, AUTHORISED CAPITAL, LODGE, SUBJECT, MANAGEMENT, FINANCIAL
RESOURCES, DEMAND, FREEDOM, BUSINESS, CAPITAL, LOSS, INCORPORATION.
Before any business starts, ......... must be raised and the amount of capital and the methods of raising it depend on the
type of .......... organisation.The sole trader has control of his capital with almost complete ....... from external
interference, but his business can succeed only when the commodities are in regular ....... and the expansion of his
business is limited to the ...... of the owner.The partners not only take an active part in the ...... of the business but
they share the resulting profit or ...... as well. The utility service companies are granted special privileges and rights
but they are .......... to restrictions for consumer protection.Before a public or private company begins business, it
must ...... with the Register of Business a number of documents.The amount of the ...... must be stated in the Charter
of the Company.The Registrar ........ the Certificate of ....... . The working capital is obtained by the issue of ....... . If a
company finds its capital fails to meet its requirements it can obtain additional funds by the issue of .......... .

3RD YEAR TRANSLATION STUDIES

BUSINESS ENGLISH
Course coordinator: Roxana-Cristina Petcu, PhD

AUTUMN TERM 2014-2015

WORKSHEET 2
I.TRANSLATE THE FOLLOWING TEXT:
If the ECB is squeamish about funding governments, it is quite content to provide banks with cheap, long-term cash
that might be used to buy sovereign bonds. Yet the ECBs offer of unlimited liquidity to banks is not a close
substitute for direct bond purchases. The ECBs qualms put the onus on governments to bolster the euro zones rescue
resources to stem a self-fulfilling run on the bond markets of Italy and Spain. But the EU summit fell short of what
was required, just as all previous such gatherings had. Much diplomatic effort was wasted on securing a new fiscal
compact, which tries to build upon the rubble of the failed stability and growth pact. The new pact commits euro-zone
members to a structural budget deficit (ie, allowing for the economic cycle) of no more than 0.5% of GDP a year. This
fiscal rule is to be hard-wired into each countrys constitution to make compliance likelier. Fines for breaching the old
pacts limits of a 3% of GDP budget deficit will be automatic, unless voted down by the bulk of the euro zone. The pacts
rigidity would make recessions worse, and the new fiscal rule would not have kept Ireland or Spain out of trouble. The
commitment to the compact might at least have eased bond-market tensions if it were presented as a staging post to a
fiscal union or to common bonds. Sadly, there was no mention of Eurobonds in the summits final communiqu. Nor
was there enough progress in increasing the rescue funds for troubled sovereigns. The summit pledged up to 200
billion of new money for the IMF to deal with the crisis in the hope that other contributions from outside Europe might
follow. The euro zones permanent rescue fund, the European Stability Mechanism (ESM), may come into

operation as soon as June, a year earlier than planned, and will be able to respond to a new emergency as soon as 85% of
the euro zone (by voting weights) gives it clearance. But any increase in its 500 billion kitty will not be considered
until March. Even if the summits pledge of 200 billion to the IMF is matched by others and then combined with the
250 billion or so that is left in the euro zones temporary rescue fund, the money available would be barely enough to
cover the borrowing needs of Spain and Italy over the next two years. It is well short of what was needed to persuade
skeptical investors that big euro-zone countries are safe from runs on their bond markets. And though the Brussels
summit ruled that private-sector involvement (ie, losses) would not be mandatory were a country forced to tap the
ESM, reliance on IMF funds to augment the euro zones own resources will make investors nervous. The IMF usually
gets its money back first, leaving private investors to take any losses. This package was supposed to save the euro but
is clearly inadequate. Unless a more impressive cure for the euros ills is agreed soon, it is hard to see it surviving the
next year intact.
II.DECIDE WHICH OF THE THREE ALTERNATIVES GIVEN MEANS APPROXIMATELY THE SAME
THING IN THE CONTEXT OF THE PASSAGE AS THE WORD(S) IN ITALIC TYPE:
1. fund: a) finance or underwrite a business, program, or project; b) a collection of assets belonging to a trust,
held by the trustees for the beneficiaries; c) an investment vehicle that is made up of a pool of funds collected from
many investors
2. sovereign bonds: a) an instrument of indebtedness of the bond issuer to the holders; b) bonds issued by
governments. They can be either local-currency-denominated or denominated in a foreign currency; c) a bond that a
corporation issues to raise money effectively in order to expand its business.
3. liquidity: a) a high volume of activity in a market.; b)the state of being neither a gas nor a solid ; c) liquid assets
4. run on: a) a particular type; b) a long vertical hole; c) a situation that occurs when a large number of bank or other
financial institution's customers withdraw their deposits simultaneously due to concerns about the bank's solvency.
5. bond market: a) primarily includes government-issued securities and corporate debt securities, and facilitates the
transfer of capital from savers to the issuers or organizations requiring capital for government projects, business
expansions and ongoing operations.; b) a medium that allows buyers and sellers of a specific good or service to interact
in order to facilitate an exchange ; c) Network of banks, discount houses, institutional investors, and money dealers who
borrow and lend among themselves for the short-term (typically 90 days).
6. fiscal compact: a) reinforced surveillance and coordination of economic policies; b) financial sanctions for euroarea Member States are imposed in a gradual way; c) an intergovernmental treaty signed by 25 EU Member States
which establishes that national budgets must be in balance or in surplus under the balanced budget rule, a criterion that
is met if the annual structural government deficit does not exceed 0.5% of GDP at market prices.
7. budget deficit: a)the amount by which government expenditure exceeds income from taxation, customs duties, etc.,
in any one financial year; b) The amount by which a government's, company's, or individual's income exceeds its
spending over a particular period of time; c) an estimate of income and expenditure for a set period of time.;
8. Eurobonds: a) a stock or any other security representing an ownership interest ; b)national bonds denominated in
the national currency of the country where it is issued; c) an international bond issued in Europe or elsewhere outside
the country in whose currency its value is stated;
9. fiscal rule: a) a permanent constraint on fiscal policy through simple numerical limits on budgetary aggregates; b)
relating to government revenue, especially taxes.; c) a legal or treasury official in some countries;
10. fiscal union: a) an organized association of workers in a trade, group of trades, or profession, formed to protect
and further their rights and interests.; b) the action of joining together or the fact of being joined together, especially in
a political context; c) the integration of the fiscal policy of nations or states. Under fiscal union decisions about the
collection and expenditure of taxes are taken by common institutions, shared by the participating governments;
11. sovereign: a) a supreme ruler, especially a monarch; b) Self-governing; independent state ; c) possessing supreme
or ultimate power
12. European Stability Mechanism: a) international financial institution established to provide financial assistance
to non-euro area member states experiencing severe financial difficulties; b) a non-profit European Union institution
based in Luxembourg that makes loans, makes guarantees, provides technical assistance and provides venture capital for
business projects that are expected to further EU policy objectives; c) an international organisation located in
Luxembourg which was established on 27 September 2012 as a permanent firewall for the eurozone to safeguard and
provide instant access to financial assistance programs for member states of the eurozone in financial difficulty;
13. euro zone: a)the Member States of the EU ; b) the economic region formed by those member countries of the
European Union that have adopted the euro ; c) all the states in Europe;
14 borrowing. a) receiving something of value in exchange for an obligation to pay back something of usually greater
value at a particular time in the future; b) taking and using something that belong to someone else for a period of time
before returning it; c)receiving money from another party with the agreement that the money will be repaid
15. private investors: a) a person or a private company whose shares are privately held and not traded on a stick
market that makes investment; b) money that a government spends on public services, such as education and health; c)
a person who allocates capital with the expectation of a financial return;
IV. Provide synonyms for the words/phrases and use them in sentences of your own:

put the onus on ; substitute; purchases; fall short of; fine; bulk; rigidity; pledge, rescue fund; give clearance; kitty.
V.Match the words/phrases in List A with the words/phrases in List B below to form collocations,
define the terms thus obtained, translate them and then use them in sentences of your own:
A. 1. European Exchange, 2. sovereign, 3. European Financial, 4. cap, 5. foreign currency;
B. a. Stability Facility, b. budget-deficit, c. reserves, d. Rate Mechanism , e. debt;
VI. Translate the following terms into English and use them in your own sentences:
Fond de investitii; participatie la o proprietate; achizitii publice; teren; a detine o proprietate; cota de participare; obiect
de activitate; portofoloiu de produse; institutie de credit.
VII. MATCH THE TERMS IN LIST A WITH THEIR DEFINITIONS IN LIST B; TRANSLATE THESE TERMS:

A.1. Gold standard; 2. output; 3. corporation tax; 4. state-owned borrowers; 5. entrepreneurial companies; 6. domestic
market; 7. saver; 8. banking union; 9. hard currency; 10. deflation
B. a) a general decline in prices, often caused by a reduction in the supply of money or credit; b) the system, abandoned

in the Depression of the 1930s, by which the value of a currency was defined in terms of gold, for which the currency
could be exchanged; c) when state-owned enterprises acts as borrowers, they must fit within an annual limit for new
borrowing determined by debt sustainability; d) a political vision for more EU integration with the objective to
strengthen and extend the regulation of the banking sector; e) a quantity produced or manufactured during a certain
time; f) a company having to do a person who organizes and manages any enterprise, esp. a business, usually with
considerable initiative and risk; g) taxes against profits earned by businesses during a given taxable period; h) a person
who regularly saves money through a bank or recognized scheme; i) Stable, convertible currency (such as the Euro,
US dollar, or Yen) or that enjoys the confidence of investors and traders alike; j) the supply and demand of goods,
services, and securities within a single country.
VIII.PUT EACH OF THE FOLLOWING WORDS OR PHRASES INTO ITS CORRECT PLACE IN THE TEXT BELOW:
BANKS, CURRENCY,GOODS, SAVINGS ACCOUNTS, DEPOSITING,INVESTMNETS, SELL, BUY, EARN, MONEY, SHELLS,
COINS, EXCHANGE RATE, PAPER BILLS, VALUE, CHANGE.
Money is what people use to ...... things. People spend money on ....... and services. Many people save part of their money by ....... in a
bank. People ....... money by performing services. They also earn money from ........, including government bonds, and
from ........ . ......... can be anything that people agree to accept in exchange for the things they ....... or the work they do. Ancient
people used such varied things as ......., ........, and cattle as money. Today, most nations use metal coins and ......... . Different
countries ......... and bills look different and have different names. A person can ...... his money for the money of any country
according to the ........ . Usually, such rates are set by the central ...... of a country. The .......... of a countrys ........ may change,
depending on the economic and political conditions in that country.
IX.MATCH THE TERMS IN LIST A TO THEIR ANTONYMS IN LIST B; TRANSLATE BOTH TERMS AND USE THEM
IN SENTENCES OF YOUR OWN:
A. REVENUE, NET, PROFIT, SUPPLY, WHOLESALE, STOCKS, PRIVATE SECTOR, STATE-OWNED ENTERPRISE,
CREDIT, BLUE-COLLAR WORKERS, BOOM, SKILLED LABOUR, TAKE ON NEW STAFF, LENDING, SHOP FLOOR

B. BOARD ROOM; EXPENDITURE; COLLAPSE; DEBT; UNSKILLED LABOUR; GROSS; WHITE-COLLAR WORKERS;
PRIVATELY-OWNED ENTERPRISE; LOSS; BORROWING; DEMAND; LAY OFF; PUBLIC SECTOR; DEBIT; RETAIL

3RD YEAR TRANSLATION STUDIES

BUSINESS ENGLISH
Course coordinator: Roxana-Cristina Petcu, PhD

AUTUMN TERM 2014-2015

WORKSHEET 3
I.TRANSLATE THE FOLLOWING TEXT:
With the Dow Jones Industrial Average back at 9,000 or thereabouts, you might be forgiven for thinking that the
financial traumas affecting much of the world economy this year had never happened.When the Federal Reserve cut
interest rates by another quarter of a point on November 17th, the third such change in seven weeks, its chairman, Alan
Greenspan, hinted that it might be the last cut for some time: the danger had indeed subsided, he explained, though the
economy was still feeling some strain.And for good measure the IMF has announced its new package of assistance for
Brazil; with this in place, you might argue, the chances are much better that the recent financial contagion will
stop.Things are looking up - arent they? We doubt it. Nobody knows what will happen in the world economy over the
coming months.It may be that a smooth adjustment to the shocks of the past year will happen after all - meaning that
growth merely slows in America and Europe, rather than coming to a halt or worse.But this pleasant prospect has been
advanced little, if at all, by the most recent changes in policy.The proper verdict on the latest cut in American interest
rates, as on the new financial package for Brazil, is that policymakers seem hardly any less confused today than they
were when the trouble started. Why another cut in American interest rates deemed wise ? Perhaps Alan Greenspan
knows something dreadful about financial fragility in America that the markets do not.Maybe another Long-Term
Capital Management is about to cave in; possibly, regulators preliminary inquiries into the risks that banks and
securities houses have been taking in their dealings with hedge funds have turned up some horrors.None of this would
have come under the heading of good news: if this is why the Fed acted it would be wrong to regard cut as cause for
rejoicing.
II.Choose the explanation which best illustrates the meaning of the underlined words as they are used
in the text above:
1.Dow Jones Industrial Average: a.the name of a company; b.the New York Stock Exchange; c.the worlds best
known index of the movement of prices of common stock on the New York Stock Exchange
1.interest rate: a.the amount of your interest for something; b.the cost or price of borrowing money; c.a period of time
3.point: a.fullstop; b.an item on the agenda; c.one hundredth of a cent
4.cut :a.reduction; b.stop; c.commission
5.package of assistance :a.a relief delivery of goods; b.humanitarian aid; c.a set of financial arrangements destined
to help a specific recipient
6.contagion :a.catching disease; b.something which can spread very quickly and affect a lot of other areas;
c.encouraging phenomenon
7.policy :a.document stating that one is insured; b.general course of action, planned and determined in advance by the
top management; c.actions planned to hold down inflation
8.policymaker: a.economist; b.insurance agent; c.decision-making factors involed in the determination of a general
policy
9.regulator : a.devices used to make a machine operate; b.equipment; c.persons involved in establishing new
regulations
10.securities : a.freedom from danger; b.something valuable given to a lender by a borrower to support his intention to
repay a loan; c.stocks, shares and bonds which are bought as investments.

IV.Define the following terms in English; provide their translation and use each of them in sentences of
your own:
LEVERAGED BUY-OUT, JUNK BONDS, EQUITY, MAJORITY STAKE, TO DIVEST, UTILITY, GREENMAIL,BID,
CORE BUSINESS, MERGER, BUSINESS COMMUNITY, CORPORATE LADDER, HOLDING COMPANY, SUBSIDIARY,
PREDATOR, VENTURE CAPITAL,FREE-LANCE, TO GO PUBLIC.
V.Translate the following terms:
cash dispenser, standing order, overdraft, mortgage, retail bank, flotation, face value, blue chip, insider share-dealing,
maturity, buy-and-hold investor, capital gains, stockbroker, internal auditor, par, bearer certificate, assets, commodities,
foodstuffs, hedge fund.
VI. Give the English term which best captures the meaning of the following definitions:
1.to place money in a bank; 2.the money used in countries other than ones own; 3.available cash and how easily other
assets can be turned into cash; 4.the date when a loan becomes repayable; 5.when a company buys or acquires another
one; 6.when a company combines with another one; 7.taking care of all a clients investments; 8.a company considered
to be without a risk; 9.ability to pay liabilities when they become due; 10.anything that acts as a security or guarantee for
a loan.
VII.Match up the terms in list A with the corresponding definition in list B; provide their equivalents
and use them in sentences of your own:
A. 1.issuing bonds; 2. pension funds; 3. default; 4. price appreciation; 5. deregulation; 6.capital gains; 7.equity
financing; 8.liquid; 9.yield; 10.coupon
B. a. profits that an investor realizes when he or she sells the capital asset for a price that is higher than the purchase
price.; b.the ending or relaxing of legal regulations; c.retirement money; d. increase in the value of an asset which is in
excess of the asset's depreciable cost, and is due to economic and other factors ; e. interest rate stated on a bond when
it's issued; f.easily sold (turned into cash); g. raising capital by selling company stock to investors. In return for the
investment, the shareholders receive ownership interests in the company ; h. the amount of interest paid by a fixed
interest security; i. the process of offering securities as an attempt to raise funds; j. non-payment
VIII. Match the terms below to their correct definitions; provide the translations of these terms and
use them to fill in the sentences below:
A. 1. limited liability company(LLC) ; 2. private limited company; 3. public limited company(PLC); 4. futures; 5.
derivatives.
B. a. a security whose price is dependent upon or derived from one or more underlying assets; b. a
company whose securities are traded on a stock exchange and can be bought and sold by anyone; c. a form of
incorporation that limits the amount of liability undertaken by the company's shareholders; d. a financial contract
obligating the buyer to purchase an asset (or the seller to sell an asset), such as a physical commodity or a financial
instrument, at a predetermined future date and price; e. a type of company that offers limited liability,
or legal protection for its shareholders but that places certain restrictions on its ownership
C. 1. A ______ contract specifies a transaction that will take place in the future. 2 . A _____ is a company that does not
have share capital, but is guaranteed by its members, who agree to pay a fixed amount in the event of the company's
liquidation.3. In a ______, the debts of the company are separate from those of the shareholders.4. _____ are
generally used as an instrument to hedge risk, but can also be used for speculative purposes. 5. A _____'s stock can be
acquired by anyone and holders are only limited to potentially lose the amount paid for the shares.