Name: .

A. Make phrases by matching a word or phrase from box A with one from box B. Then use
them to complete the sentences.
great deal
Box A

Box B

three-year

deal

free

discount

interest-free

service

a big

guarantee

a low

delivery

after-sales

deposit

great

credit

0. Yuri got a

great deal

on his new laptop. The price was low and he also got a printer and a lot

of software with it.

1. When I borrowed money for my new motorcycle, I got one years __________________ .
2. Bennys new smart phone has a __________________ . If it stops working in the next 36 months, the
maker will repair or replace it.
3. With expensive products like computers, good __________________ is important. Customers often
have small problems that they need help with.
4. The salesman gave me __________________ off the price of my new phone 50 per cent!
5. __________________ is important for large products like refrigerators because you cant take them
home in your car.
6. I ordered my new car from the manufacturer. I paid __________________ . It was only five per cent
of the cars price.

B. Choose the word that best fits each of the definitions.

1. Money paid by a government or

2.

Money lent to someone so that they can

organisation to make something cheaper to

start a new business:

produce or to buy:

a) start-up.

a) gift.

b) human capital.

b) stake.

c) venture capital.

c) subsidiary.

d) working capital.

d) subsidy.

3.

Capital that a company has from shares

rather than loans:
a) equity.
b) assets.
c) collateral.
d) debt.

4. An amount of money owed by a business to

a supplier or lender:
a) loss.
b) liability.
c) credit.
d) loan.
5.
6.

Money risked or invested in a business:

a) security.
b) collateral.
c) damages.
d) stake.

7.

An arrangement between a bank and a

customer, allowing them to take
out more money from their account than
they currently have in it:
a) overdue.
b) overdraft.
c) overhead.
d) overpayment.

8. A written promise that a company gives to a

9.

An amount of money paid for goods or

customer stating that it will

services:

repair or replace any product purchased if it

a) salary.

breaks within a certain time:

b) wage.

a) warranty.

c) charge.

b) undertaking.

d) pay

c) credit note.
d) advice note.
C. Complete the letter below with the opposite of each of the words in brackets.
10.
AIRBANKS HOTEL
SEAFRONT ROAD
PORTSMOUTH
PO1 4BY
11.
Dear Sir or Madam
12. We are writing to express our [satisfaction] ................................... 24 at the poor
quality of your service which we experienced during our stay last weekend. We found the
staff

of

your

hotel

very

[helpful]

................................... 25

and

[sensitive] ................................... 26 to customer needs.

13. In the restaurant, the portions of food were [adequate] ................................... 27 and
poorly

cooked.

[competence]

Furthermore,

................................... 28

the

waiter
by

showed

dropping

astonishing
bowl

of

soup in my wifes lap. When we complained to the restaurant manager about his
disgraceful

[management]................................... 29,

he

was

most

[polite]................................... 30.

14. He told us that if we were [happy] ................................... 31 with the hotel restaurant,
we could always go and eat somewhere else. We think your staff should be better trained
in customer service

15.
16.

D. Replace each of the underlined words with a single word from the box that has the same
meaning.
17. extrovert

quiet

arrogant
18.

aggressive

hard-working

popular

moody

laid-back
unpredictable
19.
talented
ambitious
reliable

dynamic

20.
21.Tanya is someone you can always depend on.......................... 1. She is not very
talkative .......................... 2, but she is conscientious and works long
hours.......................... 3.
Jim, on the other hand, is rather relaxed about things .......................... 4. He is
outgoing among people .......................... 5 and everybody likes
him .......................... 6.
Sam is gifted with many skills .......................... 7 and keen to get on in her
career.......................... 9. She is very lively, but her moods are rather
changeable .......................... 10.
22.

E. Make up a noun phrase of two words, taking one from each box, and complete each of
the sentences below. Add of to the noun phrase where necessary.
23. admission

contingency

damage

legal

loss speed

24.
25. action

confidence

liability

limitation

plan

response

26.
1. We have made all the arrangements for tomorrows event, but we should have a.......................... in
case things go wrong.
2. The problems with deliveries increased over the following three months, resulting in
a.......................... in the supply network.
3. The qualities we value most in our suppliers are: reliability, consistency of product,
and .......................... .
27.

F. Obviously, in a delicate negotiation you do not always say exactly what you think! You
need to be able to express yourself diplomatically, to make your point firmly but
politely. Match what you think with what you say:
28.
29. WHAT YOU THINK
30.
1. We are unhappy with this offer.
33.
2. We are dissatisfied.
34.
3. We cant accept it.

31.
32. WHAT YOU SAY
a. Unfortunately, we would be unable to accept
that.
b. With respect, thats not quite correct.
c. Im sure we dont need to remind you of your
contractual obligations.

35.
4. You said there would be a discount.
36.
5. Dont forget your obligations.
37.
6. We want a guarantee.
38.
7. We wont agree to this.
39.
8. Were shocked you expect us to cover the
costs.
40.
9. Thats wrong.
41.
42. 10. We want a bigger rebate.
43.
10. We must finalize the deal today.
44.
45. 12. You obviously dont understand.

d. Were rather surprised you expect us to cover

the costs.
e. We would find this somewhat difficult to agree
to.
f. We were rather hoping to finalize the deal
today.
g. Im sorry but were not very happy with this
offer.
h. Actually, we were hoping for a slightly more
substantial rebate.
i. Im afraid you dont seem to understand.
j. We understood there would be a discount.
k. We would need some sort of guarantee.
l. Were not completely satisfied.

G. Complete the text using the words below.

46.bankruptcy
corporations
creditors
issue
47.losses
partnership
registered
shares
sole
financial
premises
capital
prospectus

liability
trader
files

48.
49. The simplest form of business is the individual proprietorship or (1) ...........: for example, a shop (US
= store) or a taxi owned by a single person. If several individuals wish to go into business together
they can form a (2)...........; partners generally contribute equal capital, have equal authority in
management, and share profits or (3) ........... . In many countries, lawyers, doctors and accountants
are not allowed to form companies, but only partnerships with unlimited (4) ........... for debts - which
should make them act responsibly.
50. But a partnership is not a legal entity separate from its owners; like sole traders, partners have
unlimited liability: in the case of (5) ............ a partner with a personal fortune can lose it all.
Consequently, the majority of businesses are limited companies (US = (6) ...........), in which investors
are only liable for the amount of capital they have invested. If a limited company goes bankrupt, its
assets are sold (liquidated) to pay the debts; if the assets do not cover the debts, they remain unpaid
(i.e. (7) ........... do not get their money back.)
51. In Britain, most smaller enterprises are private limited companies which cannot offer (8) ........... to the
public; their owners can only raise capital from friends or from banks and other venture capital
institutions. A successful, growing British business can apply to the Stock Exchange to become a
public limited company; if accepted, it can publish a (9) ........... and offer its shares for sale on the
open stock market. In America, there is no legal distinction between private and public limited

corporations, but the equivalent of a public limited company is one (10) ........... by the Securities and
Exchange Commission.
52. Founders of companies have to write a Memorandum of Association (in the US, a Certificate of
Incorporation), which states the companys name, purpose, registered office or premises and
authorized share (11) ........... .
53. (12).......... (always with an s at the end) - is the technical term for the place in which a company
does its business: an office, a shop, a workshop, a factory, a warehouse, etc. Authorized share capital
means the maximum amount of a particular type of share the company can (13) .......... .
54.Founders also write Articles of Association (US = Bylaws), which set out the rights and duties of
directors and different classes of shareholders. Companies memoranda and articles of association,
and annual (14). .......... statements are sent to the registrar of companies, where they may be inspected
by the public. (A company that (15) ........... its financial statements late is almost certainly in trouble.)
In Britain, founders can buy a ready-made off-the-shelf company from an agent, that is, a company
formed and held specifically for later resale; the buyer then changes the name, memorandum, and so
on.