Question

Exercise 1 a) Complete the sentences using the appropriate word from the box. Consult the active vocabulary for the unit if needed.
salary, revenue, wages, earnings, income, fringe benefits (perks), fee
1. How much … did you earn on your shares last year? 2. Our company offers very good …: a company car, expense account and so on. 3. The best lawyers often ask for the highest … . 4. The machine operators have asked for another rise in their weekly … . 5. Total company … for 1996 was the best yet. 6. My total … this year, including salary, royalties, fees, dividends and perks, should exceed ₤300,000. 7. His annual … is just under $48,000.
b) How are these people usually paid: factory worker, sales representative, senior manager, executive secretary, writer, and lawyer?

Exercise 2 a) It is important to get paid for supplying goods or services but it is also important to get paid at the moment you want to. Late payments are not for cash flow! For this reason, it is essential to master prepositions of time. Match the prepositional phrase in box A with ‘meaning’ in box B.
A
in a week
on Friday 21 May
by the end of the month
at 6 o’clock
within two weeks B
a particular moment
after a specific period of time
before or on a specific day, date or time before the end of a stated period of time
a specific day or date

b) Some prepositions are used with certain fixed expressions. Which preposition from the list is used in these expressions?
at ▪ by ▪ in ▪ on
… due course … advance
… this time next week/month/year … arrival
… the latest … return of mail
… short notice … schedule
… the earliest … delivery

c) Complete these sentences using in, on, by, at, within.
1. Could you let me have the documents … Friday … the latest? 2. The sales contract is due to be concluded … ten days’ time. 3. Payment will be made … arrival of the goods. 4. You should receive payment … the next two weeks. 5. It will be difficult to arrange payment … such short notice. 6. We would be grateful if you would forward your cheque … return of mail. 7. Payment is 10% … advance, the remainder … delivery.

Exercise 3 Read the text and complete the gaps using one of the words from the box.
shares ▪ shareholders ▪ worth ▪ invested ▪ stake ▪ spend
earn ▪ owe ▪ borrowed ▪ save ▪ dividend ▪ lent ▪ tax ▪ pay
Me and my money
When I was eighteen I inherited ₤ 1000 from my grandmother. I … half of the money on the Stock Market and the rest I put in the bank. I bought … in three different companies and each one pays me a … every year. I also have a 20% … in a small company started by a friend of mine. There are four other … in the company. I have a small house in London. It is probably … ₤ 250,000 now. I … ₤100,000 from the bank when I bought it. I work as an accountant and … a reasonable salary, but I have to pay a lot of … . My father … me quite a lot of money for my studies and I still … him about ₤ 5,000. I … him back about ₤ 100 a month. I … a lot of money on my favourite sport, skiing, but I also like to try and … for my old age.

b) According to the text, are these statements true or false?
1. He owes his grandmother ₤1,000. 2. He sold his house in London.
3. He has shares in four companies. 4. He lent the bank money to buy the house. 5. He is a lawyer. 6. He pays a lot of tax. 7. His father gives him ₤100 a month. 8. He spends a lot of money on his hobby.

Exercise 4 Read the text about foreign exchange and decide if the following statements are true or false.
1. The value of every currency changes daily.
2. Each bank tells its head office the current exchange rate.
3. Each country has Exchange Regulations.
4. Most countries have strict import regulations.

Answer 1

eventive measures to avoid or reduce late payments. Give two preventive measures for each situation below:

1. Dealing with new clients

- Request a deposit or partial payment upfront

- Run a background check to ensure their creditworthiness

2. Invoicing

- Use electronic invoicing to speed up the process

- Include clear and concise payment terms on the invoice

3. Following up on late payments

- Send reminders or follow-up emails, phone calls or letters

- Offer flexible payment options or negotiate a payment plan

4. Dealing with disputes

- Collaborate with the client to find a mutually beneficial solution

- Use the services of a mediator or seek legal advice if necessary.