UNIT 2 TRIUMPH & DISASTER CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT.

UNIT 2

TRIUMPH &

DISASTER

CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

overdrawn(adj) :

Word Formation : -

Definition : if you or your bank account is overdrawn, you have spent more than you had in your account and so you owe the bank money

Synonyms : -Antonym : -Collocations : overdrawn by, get/go overdrawn

Ex: My bank account is overdrawn by 300 poundsEx: I try not to go overdrawn if possible.Ex: I never get overdrawn because I spend what I have.


debt(n) :Word Formation : debtor

Definition : a sum of money that a person or organization owes

Synonyms : - Antonym : creditorCollocations : huge/outstanding debt , pay off debt

Ex: The company has debts of 1,000,000 $.Ex: She is in a huge debt Ex: He didn’t have enough money to pay off his

outstanding debts.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

broke(adj) :Word Formation : -

Definition : having no moneySynonyms : -Antonym : -Collocations : -

Ex: I’m fed up with being broke all the time.Ex: I have spent all my money, so I’m broke until the end

of the month.Ex: I wish I could buy that cell phone, but I’m broke

nowadays.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

Talking Business Match the comments with the cartoons.

1-B2-D3-A4-F5-E6-C

Which of the statements do you most or least agree with?


LISTENING


LISTENING2.1

You are going to listen to interviews with two people who advise on debt. There are many special terms used to discuss debt. Listen to a university lecturer explaining these terms. Then match the words 1-10 with the definitions a-j.


LISTENINGThe terms:1. Hire purchase2. Mortgage3. Instalment 4. Cash flow5. Outgoings6. Overheads7. Bankrupt8. To be insolvent9. To wind up a company10.To meet your liabilities


Match these terms with their

meanings

LISTENING


1-h2-d3-a4-b5-f6-e7-c8-j9-g10-i

hire purchase :

Word Formation : - Definition : a way of buying expensive goods by regularly

paying small amounts over a period of time.Synonyms : installment planAntonym : -Collocations : buy on hire purchase

Ex: He bought a car on hire purchase .He is paying 2.000 TL each month.

Ex: I have to buy this TV on hire purchase. Otherwise, I cannot afford it .

Ex: If you buy the furniture on hire purchase, you can pay it by 12 months installments.


mortgage (n) :Word Formation : -

Definition : a legal arrangement by which you borrow money from a bank or similar organization in order to buy a house and pay back the money over a period of years.

Synonyms : - Antonym : - Collocations : have / pay a mortgage, big/high mortgage, a

mortgage payment

Ex: They’ve taken out a 30-year mortgage (=they will pay for their house over a period of 30 years.)

Ex: They are paying their mortgage, so they have some economic problems.

Ex: I wish I could lend you money, hıowever, I have got a mortgage payment this month.


mortgage(v) :Word Formation : mortgagee

Definition : if you mortgage your home, land, or property, you borrow money, usually from a bank, and if you can not pay back the money within a particular period of time, the bank has the right to sell your property in order to get the money you owe it.

Synonyms : -Antonym : -Collocations : Ex: We mortgaged our house to start Paul’s business. Ex: In order to get a loan from the bank, I had to mortgage my

car. I hope I can pay the loan back; otherwise, the bank will sell my car.

Ex: We decided to mortgage our land to be able to set up a new business.


A person or organization that lends money to

people to buy property

instalment (n) :Word Formation : -

Definition : one of a series of regular payments that you make until you have paid all the money you owe.

Synonyms : -Antonym : -Collocations : pay... by ...installments

Ex: I’m paying for the washing machine by monthly installments.

Ex: He will pay the second installment of his loan.Ex: When you buy something, they usually ask if you prefer

weekly or monthly instalment payments.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

cash flow (n.p) :Word Formation : -

Definition : the movement of money coming into a business as income and going out as wages, materials etc.

Synonyms : -Antonym : - Collocations : cash flow problems

Ex: Arçelik has severe cash flow problems, so they’ve cancelled some business deals.

Ex: We expect a rise in both our production and our cash flow.

Ex: In order to manage the cash flow of the company, they hire highly qualified and reliable accountants.


outgoings(n) :

Word Formation : -

Definition : the money that you have to spend regularly (for example on rent or on food)

Synonyms : expensesAntonym : -Collocations : -

Ex: The outgoings of the company is increasing day by day.Ex: To keep track of outgoings, they list them in detail

carefully.Ex: In order to reduce the outgoings of the company, they cut

down on the expenditure.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

overhead(n) :Word Formation : -

Definition : money spent regularly on rent, insurance, electricity and other things that are needed to keep a business operating

Synonyms : -Antonym :-Collocations : High / low overheads , reduce overhead , overhead

costs

Ex:Their offices are in London so the overheads are very high.Ex: In the past 2 years, the company has laid off at least 1.500

employees to cut overhead costs.

Ex:


insolvent(adj) :

Word Formation : -

Definition : not having enough money to pay your debtsSynonyms : bankruptAntonym : -Collocations : declare / become insolvent

Ex: The company was declared insolvent. (=officially said to be insolvent)

Ex: Individuals becoming insolvent also jumped 9 % to 9,300 in the third quarter.

Ex: Managers of insolvent companies often ignore demands for payment.


wind up(v) :

Word Formation : -

Definition : to close down a company Synonyms : close downAntonym : set up , start Collocations : wind up a company/operation

Ex: Our operations in the US were wound up.Ex: Becasue of the crisis, they had to wind up their

company. Ex: In order to prevent winding up the company, they are

trying to make agreement with rival companies.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

meet liabilities(v ):Word Formation : -

Definition : to pay off your debts Liability (n) : legal responsibility for something (esp for paying

money that is owed, or for damage or injury) Liabilities (n) : the amount of debt that must be paid. E.g.: The company has liabilities of 250 m $. Synonyms : -Antonym : -Collocations : -

Ex: They failed to meet their liabilities.Ex: If they cannot meet the liabilities, they will declare

bankrupt.Ex: Meeting the liabilities of the company is the only way

to save it.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

counselor(n) :

Word Formation : counsel

Definition : somone whose job is to help and support people with problems

Synonyms : -Antonym : -Collocations : a debt/stress counsellor see a counsellor,

Ex: A debt counsellor has been helping the family Ex: Her doctor recommended that she should see a

counselor.Ex: He is seeing a stress counsellor to manage his stress

at work.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

To advise someone

bankrupt(adj) :Word Formation : bankruptcy(n)Definition : without anough money to pay your debt Synonyms : insolventAntonym : - Collocations : go bankrupt(v) , declare bankrupt

Ex: The firm went bankrupt before the building work was completed.

Ex: In 2006, Telsim was declared bankrupt in the High court. ( by the court)

Ex: The company didn’t have enough money to meet its liabilities, so they went to the court to avoid bankruptcy.


The state of being unable to pay your

debts

premises(n) :Word Formation : -

Definition : the buildings and land that a company usesSynonyms : -Antonym :-Collocations : off the premises

Ex: Schools may earn extra money by renting their premises

Ex: The manager escorted him off the premisesEx: The premises was not large enough to meet their

needs, so they rented extra buildings.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

creditor(n) :Word Formation : -

Definition : a bank, person, or company that owe you moneySynonyms : - Antonym : debtorCollocations : pay creditor

Ex: As a group, the cooperatives are the largest creditors to the mortgage companies

Ex: Among the creditors, banks are the most preferred ones.

Ex: When George inherited some money, the first thing he did was to pay his creditors.


debtor(n) :

Word Formation : debt (n)

Definition : a person or company that owes moneySynonyms : - Antonym : creditor Collocations : big debtor

Ex: The U.S. is the biggest debtor in the world, with $1.3 billion.

Ex: The banks give notice to debtors if they don’t pay back their loans for 3 months.

Ex: Some of the debtors cannot afford to pay the high interest rates.


assets(n) :Word Formation : -

Definition : the things that a company owns (that can be sold to pay debt)

Synonyms : -Antonym : -Collocations : in assets

Ex: The value of the company’s assests is $5 b. Ex: Bellona is a corporation with $15 billion in assets.Ex: As more assets are purchased, this will increase the

price of the company.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

LISTENING2.2

You are going to listen to two interviews.

The first is with an accountant who specializes in businesses which go bankrupt.

The second is with a debt counsellor, a professional who helps individuals who get into debt.


LISTENING2.2Listen to the interview with the accountant and answer the

following questions.1-Are companies’ debt problems the result of poor business

plans?

2-What is the danger point for a small business?

3-What example of a failed business does the accountant give?


LISTENING1-Are companies’ debt problems the result of poor business

plans?Nor necessarily; they are the result of cash-flow problems.

2-What is the danger point for a small business?When they start to grow

3-What example of a failed business does the accountant give?A CD shop which did not react quickly enough to a change in

the business environment.


LISTENING2.3Now listen to the interview with the debt counsellor and answer

the following questions1-What is the most common cause of individuals getting into

debt?

2-How does the debt counsellor help his clients?

3-What example of an individual in money trouble does the debt counsellor give?


LISTENING1-What is the most common cause of individuals getting into

debt?An unexpected event, like losing a job

2-How does the debt counsellor help his clients?He helps them to prioritize their debts.

3-What example of an individual in money trouble does the debt counsellor give?

A builder whose work stopped when interest rates rose.


EXTRA ACTIVITYDiscussion Questions1-Is being in debt a fact of life?2-Should young people be encouraged to avoid debt and save

their money?3-What is acceptable to go into debt for (e.g. To buy a house or

car, to finance your studies)?4-Is it too easy to get credit these days?5-Who is responsible when individuals get into financial difficulty

– the borrower or the lender?


YOUR TURNRead the information about Peter Forbes.

List the different debts and outgoings mentioned in the text.

Work in pairs and think up solutions to Peter’s debt problems.


YOUR TURN_ possible advice -sell the car and use the money to pay off as many of the hire

purchase repayments tear up the credit and store cards and set up a direct debit to

pay them off the next couple of years (direct debit:a record in financial accounts that shows money that has been spent or that is owed)

-investigate cheaper gym membership or take up jogging instead

-negotiate a salary rise -set a strict budget on clothes spending and stick to it


READING


READING

Think about the business people in Turkey who created very successful businesses with very little money to start with.

How do you think they managed to do this?


READINGAre these successful businessmen

ordinary people or do they have special genes?

What makes them so successful?Are there any parallels between

their experiences?Do you believe that you can be one

of them?


retail chain(n) :

Word Formation : retailer(n)Definition : one whose business is buying and selling goodsSynonyms : retail store/shop/outletAntonym : wholesale storeCollocations : -

Ex: Large retail chains usually want to expand and build new stores

Ex: Douglas is a women’s retailer with 12 stores in Ankara.Ex: Migros is continually expanding its retail chain by

opening new stores.


A person or business that sells goods to customers in shop

stock(v) :Word Formation : -

Definition : keep a supply of product to sell itSynonyms : -Antonym : -Collocations : stock range

Ex: They stock a wide range of kitchen equipment to sell later on .

Ex: Do you stock camping equipment?Ex: The demand is so high that they have stocked 1500

items for the next 3 months. CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

gap in the market(n) :

Word Formation : -

Definition : an unsatisfied market demandSynonyms : - Antonym : - Collocations : close the gap , growinp gap

Ex: Though technology improves fast, a gap in the software market still exists.

Ex: In order to close the gap in the clothing market, Turkish entrepreneurs have set up new companies.

Ex: There is still a growing gap in the second-hand car market.


entrepreneur(n) :

Word Formation : entrepreneurial

Definition : individual who organizes and manages his or her own business and takes risks

Synonyms : -Antonym : - Collocations : small/private/business enrepreneur, become

entrepreneur

Ex: As the inflation increased, small entrepreneurs went bankrupt.

Ex: The bay area is full of entrepreneurs hoping to make money on the Internet.

Ex: Some young people are likely to become entrepreneurs and take risks


bank loan(n) :Word Formation : -

Definition : an amount of money that you borrow from a bank

Synonyms : - Antonym : -Collocations : loan of, apply for a bank loan, take out a bank

loan, pay off a bank loan

Ex: I will apply for a loan of $20.000. I hope I can get itEx: Most homebuyers have to take out bank loans.

Ex: What is the interest rate that I will pay on the bank loan?


withdraw(v) :Word Formation : -

Definition : to take money out of a bank accountSynonyms : take outAntonym : - Collocations : withdraw..from ..

Ex: I want to withdraw 250TL from my account.Ex: As long as you have money in your account, this card

lets you withdraw money anytime. Ex: Be careful when you withdraw money from street cash

dispensersCANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

income(n) :Word Formation : -

Definition : the money that you earn from your work or investments

Synonyms : - Antonym : - Collocations : annual/monthly income, low/high/regular

income, increase income

Ex: He doesn’t earn so much. His monthly income is about 1,000 TL.

Ex: She took on extra work to increase her income.Ex: She receives a regular income from the investments

she made 20 years ago.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

gadget(n) :Word Formation : -

Definition : a small,useful, and cleverly-designed machine or tool

Synonyms : - Antonym : -Collocations : electronic gadgets

Ex: A sales person was showing several kitchen gadgets to a crowd of shoppers.

Ex: They sell electronic gadgets such as a watch that can be used as a phone.

Ex: I need a gadget for sharpening the knieves.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

variation(n) :Word Formation : variety(n)Definition : a difference between similar thingsSynonyms : - Antonym : - Collocations : seasonal/individual variation

Ex: There are least ten styles of Apple Mac computers, and countless variations in these models.

Ex: Do you see seasonal variations in sales?Ex: The market has an amazing variety of fresh fish.


innovate(v) :

Word Formation : innovative(adj)Definition : to start to use new ideas, methods or inventionsSynonyms : - Antonym : - Collocations : innovative approach/idea

Ex: Their ability to innovate has allowed them to compete with their rivals.

Ex: The company has succesfully innovated new products and services.

Ex: The university has adopted an innovative approach to language teaching, they are using new and different methods.


New, different and better than those

existed before

notice(v) :

Word Formation : noticable (adj)Definition : to realize that sth or someone exists (esp.

because you can see, hear, or feel them)

Synonyms : -Antonym : - Collocations : hardly notice, notice change

Ex: When I arrived home, he was watching TV and hardly noticed that I came in.

Ex: Have you noticed any change in him?Ex: I didn’t notice any smoke in the room.


conceive(v) :

Word Formation : -

Definition : to imagine a particular situationSynonyms : -Antonym : -Collocations : conceive of

Ex: The manager conceived a plan to increase profits.

Ex: He conceived of a robot that would help paralyzed patients.

Ex: We cannot conceive of a world without electricity.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

explore(v) :Word Formation : exploration(n)Definition : to investigate systematically/to discuss or think

about sth carefullySynonyms : examineAntonym :- Collocations : further exploration

Ex: Management need to explore ways of improving office security.

Ex: James plans to explore offers from other companies before making his decision.

Ex: They couldn’t find out the reason for decrease in their shares, so they need further exploration to understand.


visual(adj) :Word Formation : visualize(v)Definition : relating to seeingSynonyms : -Antonym : - Collocations : visual image/effect/aid

Ex: Artists translate their ideas into visual images.Ex: The movie is greatly enhanced by visual effects.Ex: I tried to visualize the house while he was

describing it.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

To form a picture of someone or sth in your mind

= imagine

prospect(n) :

Word Formation : -

Definition : the possibility that sth will happenSynonyms : -Antonym : -Collocations : career prospects

Ex: There are good prospects for growth in the retail sector.

Ex: If you prove your ability, there are good career prospects.

Ex:CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

ensure(v) :

Word Formation : -

Definition : to make certain that something will happen properly

Synonyms : make sureAntonym : - Collocations : -

Ex: Please ensure that all windows are closed.Ex: All the necessary steps were taken to ensure safety. Ex: By graduating from Harvard, he ensured a good job

and a high income.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

Now, we are going to read about Jonathan Elvidge, a successful businessman who has built a retail chain.Retailing is the business of selling goods to customers in shops

Look at the pictures of objects he sells. What kind of shop is it?

Why do you think he chose this type of market?Read the text quickly and check if your guesses

were correct.Do not stop to read in detail.CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT

READING

Read the text again carefully and answer the questions below

1-According to Jonathan,are entrepreneurs different from other people?

2-What qualities do entrepreneurs need to succeed?3-What risks did he take in developing his business?4-How big was the difference between success and failure for

Jonathan?


READING

1-According to Jonathan,are entrepreneurs different from other people?

No, they are ordinary people. 2-What qualities do entrepreneurs need to succeed? Energy, passion, and belief3-What risks did he take in developing his business? He left his job before opening his shop and took out a

large bank loan.4-How big was the difference between success and failure

for Jonathan? Very big: failure would have meant bankruptcy and

debt. Success has meant a business with 46 stores and sales of 40 million dollars.


READING

UNIT 2 TRIUMPH & DISASTER CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT.

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Transcript of UNIT 2 TRIUMPH & DISASTER CANKAYA UNIVERSITY - OFFICE OF BASIC AND ELECTIVE COURSES- ENGLISH UNIT.