Business Partner B2 Extra activities
UNIT 3 Finance
Lesson 3.1 Recessions and depressions
VIDEO A 3.1.1 Watch the video again and decide if these sentences are true (T) or false (F).
Correct the incorrect sentences.
1 There were at least ten years of economic depression following the Crash of 1987.
2 The Great Depression of 1929 was the most severe financial crisis of modern times.
3 During the depression, manufacturing slowed down, factories closed, and people lost their
jobs.
4 There have been two major global depressions since 1929.
5 Fifty million dollars were lost in one day on Black Monday in 1987.
6 According to the report, the economic crisis of 2008 was caused mostly by banks lending
money to people to buy houses that they couldn’t afford.
7 The financial crisis that started in 2008 was known as the ‘credit crunch’ because companies
and individuals were unable to borrow more money.
8 Following the 2008 ‘credit crunch’, economic growth slowed down or stopped, many people
lost their jobs and businesses went bankrupt.
9 There have been more economic depressions than crashes or financial crises in history.
10 It is unlikely we will experience a crash at any point in our lives.
B Watch the video again from 2:08 to 2:42 and complete what the presenter says.
In contrast, in 2008 a different type of 1 occurred – a banking
crisis that went on to affect 2 and the global economy. For a
number of years 3
and elsewhere had been giving loans to 4 to people with poor
5
.
When high numbers of people were 6 their
mortgages, banks and their 7 losses, and ordinary people lost
their 8 . This meant banks 9 lending more money. It became known
as the ‘credit crunch’ and its effect was 10 .
Vocabulary C Match the sentence halves.
1 In a recession, the economy declines or a market yesterday following the election results.
slows down, there are job b wouldn’t charge such high interest rates for
2 Prior to 2008, banks had been giving loans.
3 Following the 2008 economic crisis, many c slows and conditions become worse; also known
governments had to bail as a recession.
4 If there wasn’t a credit crunch, banks d recession, construction stopped completely in
5 Shares dropped sharply on the London stock some countries.
6 Many students have to take out a student e losses and many businesses go bankrupt.
7 In the last economic f the economy recovered quite rapidly.
8 When the depression finally came to an end, g loan and often have huge debts by the end of
the course.
9 A downturn is a period in which business
activity h mortgages to people with poor credit ratings.
10 Buying property is usually considered to be i a good long-term investment.
j out banks and financial institutions that were
considered ‘too big to fail’.
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Business Partner B2 Extra activities
UNIT 3 Finance
Lesson 3.2 Catching up with rivals
Reading A Complete the text using the words in the box.
boost considerably expand net profit profit targets regain rise sharply
The new CEO has promised to 1 profitability by at least ten percent over
the next financial year. Although our company is still doing 2 better than our
competitors, the last six months have seen a five percent drop in our 3 . The CEO
believes that if we 4 our delivery service to more countries, this will push online
sales up 5 . This should result in putting the company back on track to achieve
its 6 which will result in a 7 in the company’s shares. This, in turn,
will 8 the confidence of our shareholders.
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Business Partner B2 Extra activities
UNIT 3 Finance
Lesson 3.2 Catching up with rivals
Grammar B Match the sentences halves. Then decide if each sentence is certain, planned,
probable or improbable.
1 They probably won’t a reach our sales targets this year.
2 It is very likely that we will b when the CEO returns from China.
3 We are certain to continue offering c because of the costly marketing campaign.
4 It is unlikely this sales strategy will boost d when we launch our new online campaign.
profits considerably e increase profits this year by more than 5%.
5 Digital sales are likely to rise next quarter f and management are interviewing external
6 The meeting is due to take place candidates.
7 We will probably raise prices of our best- g special offers and promotions to our loyal
selling products customers.
8 Sadly, our sales director is due to retire soon, h even further in order to increase profitability.
C Rewrite the sentences changing the underlined expression and using the words in bold.
0 unlikely that
I probably won’t get a pair of expensive trainers for my birthday.
It is unlikely that I will get a pair of expensive trainers for my birthday.
1 likely to
We will probably sell off some businesses this year in order to consolidate profitability.
2 unlikely to
I don’t think they will reach their sales target of €6 bn.
3 unlikely that
Analysts think the group probably won’t boost sales to €5 bn this year.
4 will probably
Our volume and pricing is likely to continue to fall.
5 probably won’t
Trends show that young adults are unlikely to buy expensive brands of trainers next season.
6 due to
They are introducing a brand new style of trainers next month.
7 also
In addition, analysts say the Adidas group is doing well because of the current retro sneaker
trend, although fashion is an area where things change fast.
8 also
Furthermore, it is likely the higher revenue and earnings targets will help increase the group’s
shares by more than six percent.
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UNIT 3 Finance
Lesson 3.3 Communication skills: Managing bad news
Functional A Look at the five pieces of bad news, which are followed by both a positive
language (confident and optimistic) and a more negative (realistic and cautious) response.
Complete the responses using the phrases in the box.
I don’t understand why we’re getting this reaction
if we don’t change something immediately
I’m very happy with the progress we’ve made
I think the schedule is totally unrealistic
I think we need to find a new approach
I think we should continue
this is extremely worrying
we’ll catch up
we need to give things a little more time
we’re still doing better
1 Sales have dropped by almost ten percent.
a To be fair, than our competitors.
b and something we need to address urgently.
2 The project is two weeks delayed already.
a I think this is quite normal and in a month or so.
b To be frank, .
3 Customer feedback on the new website is a little mixed.
a . Not everyone is going to like the changes at first.
b . Didn’t we do user testing before going live?
4 The new safety procedures have not reduced the number of accidents by as much as we would
have liked.
a . We’ll see results in the longer term.
b , we won’t meet the targets we set.
5 There is a lot of resistance to the ongoing changes.
a . People need time to respond to change.
b . People are really very angry.
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UNIT 3 Finance
Lesson 3.4 Business skills: Telephoning to clarify
Functional A Match the requests for clarification (1–8) with the responses (a–h).
language 1 There are a couple of things I’d like you to a Sorry. What I was saying is that we need to
go over. increase our margins.
2 If I remember rightly, you said we can launch b No problem. I’ll mail you after this call with
the product in April. Is that right? a summary.
3 Tell me, what exactly do the figures in the c They are the total amounts before taxes and
first paragraph refer to? other costs are taken away.
4 I lost you for a second. Could you say that d Sure. Which points would you like to talk
again, please? about?
5 I’m having a little difficulty following the e Yes, I do. They’re listed in column 13 of the
process. file on your screen.
6 The sound went for a moment. Would it be f Would it help if I start again at the beginning
possible for you to send me an email? and talk about each stage of the process?
7 Sorry, I don’t follow. What are gross figures? g They’re the monthly sales quantities for each
8 Just to make it a bit clearer, do you have last product.
month’s figures as well? h Yes, that’s what I said.
B In pairs, practise making the requests for clarification and responding.
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UNIT 3 Finance
Lesson 3.5 Writing: Annual report summary
Functional A Complete the sentences using words from the box. Some are not used.
language
achieve caused fell gives launching looking looks make
paying posted raise remained saw
1 We have had to some rather difficult decisions.
2 Unfortunately, last year we a large drop in sales in our Asia-Pacific
markets.
3 Although we sales of $25 million, we had to pay out $5 million in
compensation to customers.
4 After a steady recovery in the third quarter, sales in the last quarter.
5 Next year’s sales forecast is very promising.
6 We managed to some good results despite poor sales in the first quarter.
7 Despite having problems this year, the forecast more promising for next
year.
8 We were able to our annual dividend by over three percent.
9 This us cause to be very optimistic about the future.
10 2020 was a year of huge challenges by the weakening of the GB pound.
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