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1. Answer these questions:

  1. What type of business organization is called sole proprietorship?

  2. What is a sole proprietor responsible for?

  3. What are the usual sources of capital for a sole trader?

  4. What industries does the sole trader exist in?

  5. What are the advantages of sole trade businesses?

  6. What problems is a sole trader faced with?

  7. How many persons does a partnership consist of?

  8. What does the term ‘sleeping partners’ mean?

  9. Who controls the business in a partnership?

  10. What industries and services are partnerships most commonly found in?

  11. What do both forms of business organization have in common?

  12. What are the differences between these two forms?

  13. What kinds of businesses are both forms of organization suitable for? Why?

  14. What problems do small businesses have?

2. Match the antonyms from the columns.

    1. private

  1. costs

    1. profit

  1. dissolve

    1. excess

  1. agreement

    1. revenue

  1. public

    1. senior

  1. loss

    1. conflict

  1. lack

    1. start business

  1. junior

3. Translate these word combinations into English. Make 5 sentences using them.

Частный собственник, краткосрочный заём, вести дело, сфера услуг, гибкость управления и контроля, неограниченная ответственность, потеря личного имущества, малый масштаб, банкротство владельца предприятия, необходимые затраты, доля прибыли, делить поровну, личная ответственность, бухгалтерское дело, несогласие между партнёрами, ликвидация предприятия.

4. Supply the missing words from the list.

For inquiries:to share, to result in, to raise, loan, liability, savings, to lack, responsible

  1. A traditional shopkeeper … the expertise of technical and professional staff that a large organization can employ.

  2. The partners … both profits and losses.

  3. A sole trader is … for the day-to-day management of his business.

  4. Many small businesses are set up on the basis of the accumulated … of their owners.

  5. Increases in demand, wages, and the prices of raw materials … inflation.

  6. Limited … restricts a member’s loss to the amount of money he or she has invested in the company.

  7. More capital has to be … for expansion of the business.

  8. He repays his … quickly to avoid paying a lot of interest.

5. Find in the text the sentences:

  1. with the Passive Voice;

  2. with the Infinitive in the function of an attribute and adverbial modifier of purpose.

6. Match the following words with the correct definitions.

  1. debt

  1. money gained in business

  1. loan

  1. sums of money saved by economy and laid away

  1. liability

  1. a breaking up of an association, business

  1. share

  1. payment which must be but has not yet been paid to somebody

  1. savings

  1. part of property held by joint owners

  1. proprietor

  1. a sum of money lent at interest

  1. profit

  1. state of being responsible according to law

  1. dissolution

  1. owner of a business, holder of property