Английский язык (стр. 5 )

2) How long do you think it will take to……….the claim?

3) I am pleased to tell you your claim has been……….

4) You will need to……….your claim to us within the next three weeks.

5) I am sorry to say your claim has been ……..

V.  Which of the people below is being referred to in each of these sentences?

Insurance broker, policy holder, loss adjustor, underwriter, third party

Someone who is employed by an insurance company to value losses and to settle claims. A person or a company to whom a legal liability for compensation is owed for loss or injury resulting from a negligent act of someone who is insured. If you wish to take out an insurance policy, you can go either directly to the company or to this person who will advise you about different companies and their policy. A person skilled in the insurance business who has the power to accept risks for the company and to fix rates and conditions of insurance contracts. The insured person who pays the premium and has the right to claim under a policy.

VI.  Match each of the ‘liability’ word partnerships with the appropriate definition:

Public, professional, personal, employer’s

This liability provides cover in case a member of the public has an accident. This liability covers a range of possibilities if your business is your livelihood. This liability provides compensation in situations such as death, injury or damage to a third party. This liability means that when an employee has an accident at work, he can claim compensation.

VII.  Match the terms with its definitions:

a) Actuary, b) assessor, c) claim, d) comprehensive, e) consequential loss, f) cover, g) employer’s liability, h) goods in transit, i) insurance broker, j) liability, k) liable, l) loss, m) loss adjuster, n) policy, o) policy holder, p) premium, q) product liability, r) public liability, s) reinsurance, t) risk.

A person who calculates risks for insurance company A person who Calculates the value of something ( a building, a car etc) An application for payment under an insurance policy – to make a claim (v). (Of an insurance policy) all-inclusive; providing complete protection. A loss that happens as a consequence of or as a result of another. The protection given by an insurance policy (e. g.: public liability cover) Liability or responsibility of a firm for damage caused to one of its employees. Property, merchandise or any goods in the process of being transported Agent who arranges insurance; middleman between insurer and policy holder 1) The state of being liable 2) anything of which a person is liable Legally obliged to pay for damage, injury etc; responsible – liability (n). Death, injury, damage etc that is the basis for a claim – to lose (v) A person who assesses the amount of compensation arising from a claim. A contract of insurance (e. g.: a product policy). The person to whom an insurance policy is issued. A payment, usually monthly, yearly etc, for an insurance policy. Liability or responsibility of a firm for damage caused by one of its products. Responsibility of a firm for damage caused to a member of the public. The insuring of the risk by one insurance company with another – to reinsure (v). 1) A chance or possibility of injury, loss etc 2) A person or a thing causing a risk.

Text C

A Loan agreement

I.  Read this text and translate it in a written form:

Preamble, Amount of principle

This agreement is dated as of October 11th, 20.., and is between the Russ bank of Russia, a juridical person organized and existing under the laws of Russia, hereinafter referred to as ‘the Borrower’, and Nisso Iwa (UK) Limited a corporation organized and existing under the laws of England, hereinafter referred to as ‘the Lender’.

Witnesseth:

Whereas, Russ import, Moscow, Russia a judicial person organized and existing under the laws of Russia, hereinafter referred to as ‘the Buyer”, has entered into Purchase Contract N 732/09 dated April 6th, 2012, hereinafter referred to as “the Purchase Contract” with Nisso Iwa Corporation, a corporation organized and existing under the laws of Japan, hereinafter called ‘the Seller” for the purchase of San Iron Manufacturing Plant Equipment from San Electric Co and Addendum N 1 dated October 31st 2012 hereinafter called “the Addendum” for the purchase of additional equipment for the above plant, hereinafter called “the Equipment”, and whereas, the Borrower has requested the Lender to lend Eight Hundred Nineteen Thousand Two Hundred Three United States Dollars (USD 819,203) to facilitate payments for the Equipment under the Addendum, and Whereas, the Lender is willing to lend the funds under the terms and conditions set forth below. Now, therefore, in consideration of the promises contained herein, and each party intending to be legally bound thereby, the parties agree as follows:

Article 1 The Loan

1.1  Amount of principal subject to the terms hereof, the Lender hereby agrees to lend the Borrower the principal sum of Eight Hundred Nineteen Thousand Two Hundred Three United States Dollars (USD 819,203), hereinafter called ‘the Loan’. Disbursement of the Loan shall be made by the Lender by telegraphic transfer before 12:00 noon, London time on the dates in accordance with Article 9.3, hereinafter called “the Drawdown Dates”, in immediately available funds in United States Dollars to the bank account of the Seller.

Article 2. Rate and payment of interest

1.  The rate of interest applicable for each interest period, as defined hereinafter, shall be one point three seven five per cent (1.375%) per annum above the London Inter Bank Offered Rate, hereinafter called ‘the Interest Rate”.

The interest shall accrue for each and every period from and including each Drawdown Date to and not including the day as specified for interest payment on Exhibit B attached hereto, hereinafter called “the Interest Payment Date”, immediately following such Drawdown Date, and thereafter from and including each Interest Payment Date to and not including the next Interest Payment Date, hereinafter called “the Interest Period” on the outstanding balance of the Loan at separate rates for each Interest Period calculated on the basis of the actual number of days elapsed and 360-day-yuear, the interest accrued on the Loan is hereinafter called “the Interest”, and shall be paid semi annually in arrears on each Interest Payment Date.

2.  The applicable LIBOR for each Interest Period shall be the arithmetic mean, round upward, if necessary, to the nearest whole multiple of 1/16 of 1%, of the six month LIBOR for deposits in the United States Dollars as quoted on Reuters monitor page ‘LIBO’ at or about 11:00 a. m., London time on the second business day in London, England prior to the first day of each Interest Period.

3.  The Lender shall notify the Borrow of the Interest Rate promptly after the Quotation Date for each Interest Period and such notice (except for manifest error) shall be conclusive, binding.

Such notice shall be made in the manner as described in Article 16 hereof.

Unit 3

Text A

Taxation

Vocabulary

At source	У источника
Average rate	Средняя налоговая ставка
Basic rate	Базисная ставка
Capital market	Рынок капитала
Charge (v) off costs	Амортизация издержек
Chef inspector of taxes	Главный налоговый инспектор
Corporation income tax	Подоходный налог с компаний
Depreciation	Амортизация
Income-related	Связанный с доходом
Internal revenue service	Налоговое управление (в США)
Levy (v) taxes	Взимать налоги
Marginal rate	Предельная налоговая ставка
National insurance	Государственное страхование
PAYE (Pay As You Earn)	Система сбора подоходного налога путем вычета из заработной платы
Personal income tax	Подоходный налог с физических лиц
Sales tax	Налог с продаж
Tax	Налог, сбор
Tax allowance	Налоговая скидка
Tax return	Налоговая декларация
Taxable income	Налогооблагаемый доход
Taxman	Налоговый служащий
Taxpayer	Налогоплательщик
VAT (value-added tax)	НДС (налог на добавленную стоимость)

I.  Read the text and translate it into Russian:

Introduction to corporate taxation

A well-worn saying holds that nothing is certain but death and taxes. Unhappily, governments are also responsible for the former, and they are virtually always the source of the latter. Since the United States is the world’s largest capital market, we will focus on taxes levied on US citizens and corporations. Most of the specific tax rates and provisions applied in the first half of the far the most important taxes for investment decision-making are personal and corporate income taxes.

Corporate Income Tax

In the US and most other countries, the corporate form of organization is the most important in terms of dollar value of assets owned, although many more firms are organized as partnerships or single proprietorships. Legally, a corporation is regarded as a separate entity, while partnerships are considered as extensions of their owners. Income earned through proprietorships and partnerships is taxed primarily through the personal tax levied on their owners. Income earned by a corporation may be taxed twice – once when it is earned via corporate income tax and again when it is received as dividends by holders of the firm’s securities, via personal income tax.

Corporate Tax Rates

The corporate income tax is relatively simple in one respect. There are usually only a few basic rates. For example, in 2010 there was a tax rate of 15 per cent applicable on the first $25,000 of taxable income, a rate of 18 per cent applicable to the next $25,000 a rate of 30 per cent applicable to the next $25,000, 40 per cent to the next $25,000 and finally a rate of 46 per cent applicable to all income over $100,000. The marginal rate is more relevant for most decisions. For example, if a corporation was considering an investment that would increase its income from $65,000 to $70,000 each year, the increase in income would be (1-0.3) X $5,000. The larger a corporation’s taxable income, the closer its average tax rate comes to the higher marginal rate. Overall such corporations pay taxes equal to virtually the largest marginal rate (46 per cent).

Defining Income

For tax purposes, corporate income is defined as revenue minus expenses. The problems arise in measuring these two elements. The most dramatic instance of this difficulty concerns depreciation of assets. If a corporation buys a computer for $1 million, it is entitled to eventually charge off this cost as a deductible expense when computing taxable income. On 46 per cent rate, this represents an eventual tax saving of $460,000. The sooner the cost can be written off, the greater the benefit to the company. For the purpose of reporting corporate income to the IRS, assets are grouped into four broad classes. Automobiles and research equipment are considered three-year property, most business equipment is considered five-year property, buildings are usually considered as fifteen-year property.

Another vexing problem associated with the measurement of corporate income concerns the cost of inventory sold during the year. This arises when prices are changing fairly rapidly and a company holds inventory for long periods. To take a fairly simple case, imagine a retailer of sailboats. At the start of the year he has 100 in stock, all purchased for $10,000 each. During the year he takes delivery of 100 more but must pay $11,000 each, ending with 90 in stock. The boats are sold for $15,000 each. What was his income?

The question concerns the relevant cost of the 110 boats that were sold and of the 90 that remain. The firm may have sold all the ‘old’ boats first, or all the ‘new’ boats, or a mixture of the two. An accountant may assume any of the above combinations without regard to the actual facts of the situation.

The impact of different inventory valuation methods is illustrated in such a way: When prices have been rising, the LIFO method will permit a corporation to charge more to cost in the present and less in the future. This will lower taxes in the present and raise them in the future. However before 1990 many companies used the LIFO method, suggesting that in times of moderate inflation many managers were willing to sacrifice some real benefits to improve the appearance of their company’s financial statements.

In all cases, investors should examine depreciation and inventory procedures carefully when assessing the profitability of a company.

II.  Answer the questions:

What are the tax advantages of a single proprietorship/partnership versus a corporation? In what senses is corporate income liable to double taxation? Why is the marginal rate of taxation most relevant for investment decision? In the US, how long does it take to depreciate a photocopier? Why do most companies nowadays operate the LIFO inventory method?

III.  Match the equivalents:

1. At source	a) Амортизация
2. Average rate	b) Амортизация издержек
3. Basic rate	c) Базисная ставка
4. Capital market	d) Взимать налоги
5. Charge (v) off costs	f) Главный налоговый инспектор
6. Chef inspector of taxes	g) Государственное страхование
7. Corporation income-tax	h) Налог, сбор
8. Depreciation	i) Налоговая скидка
9. Income-related	j) Налоговое управление в США
10. International revenue service	k) Налоговый служащий
11. Levy (v) taxes	l) Налогооблагаемый доход
12. Marginal rate	m) Подоходный налог с компаний
13. National insurance	n) Подоходный налог с физических лиц
14. PAYE	o) Предельная налоговая ставка
15. Personal income tax	p) Рынок капитала
16. Tax	q) Связанный с доходом
17. Tax allowance	r) Система сбора подоходного налога путем вычета из заработной платы
18. Taxable income	s) Средняя налоговая ставка
19. Taxman	t) У источника

IV.  True or False?

A well-worn saying holds that nothing is certain but health and death. A corporation is regarded as a separate entity. Partnerships are considered as extension of their owners. Income earned by a corporation can be taxed only once. Income earned through partnerships may be taxed twice. The corporation tax is relatively simple in one respect. For tax purposes, corporate income is defined as expenses minus revenue. The problem is to measure these two elements. For the purposes of reporting corporate income to the IRS, assets are grouped into five broad classes. The problem of measuring corporate income concerns the cost of inventory sold during the year, because its price is constant. Investors should examine depreciation and inventory procedures carefully when assessing the profitability of a company.

Text B

Business organization

Vocabulary

Annual accounts	Годовой отчет
Assistant to manager	Помощник руководителя
Board of directors	Совет директоров
Business organization	Структура бизнеса
Companies Act	Закон о компаниях
Contribute (v) capital	Внести капитал
Function	Функция, должность
Functional structure	Функциональная структура
Gain (v) control over the company	Получить контроль над компанией
Limited liability	Ограниченная ответственность
Line authority	Линейные полномочия
Line structure	Линейная структура
Matrix structure	Матричная система
Name (n) of the business	Наименование фирмы
Partnership	Товарищество
Pay (v) out dividend	Выплачивать дивиденды
Private limited company	Частная акционерная компания
Product manager	Менеджер, ответственный за конструирование, производство и реализацию промышленности
Provide (v) capital	Предоставлять капитал
Public limited company	Публичная акционерная компания
Publish accounts	Публиковать отчет
Raise money	Собрать капитал
Registrar of the Companies	Регистр компаний
Report (v) to	Подчиняться кому-либо
Retailing	Розничная торговля
Sell shares	Продавать акции
Share	Акция
Shareholders	Акционеры
Sole trader	Единоличный торговец
Staff position	Должность в персонале
Stock exchange	Фондовая биржа
Subordinate	Подчиненный
Superior (n)	Начальник
The Memorandum of Association	Устав акционерного общества
Unlimited liability	Неограниченная ответственность

I.  Read the text and translate it into Russian: