Self-study task Fill in the blanks with an appropriate answer

Task 3. Writing : Write the summary to the given text

How business are organized.
We have seen five types of businesses: raw goods producers, raw goods processors, manufactures, distributors, and service businesses. Each of these has a different kind of function in providing goods and services to satisfy our wants.

Our economic system has over 17 million business firms. Almost three fourths of these businesses are organized as sole proprietorships. When we speak of a proprietor ( prom PRY in turn ), we are referring to the owner of a business or firm. A sole proprietorship, then, is a business or firm owned by one person. Sole proprietorships are often found in businesses offering services to consumers.

The sole proprietorship has several advantages. First, it is simple to start. Depending on local laws, the only requirement for starting a sole proprietorship may be a license. Second, because the business is owned by one person, is free to do as he or she pleases. When you are the sole proprietor, you are the boss. No one tells you how to run your business.

A sole proprietorship may be easy to start, its owner ay have trouble getting money. As the only owner, where do you get the money for buying supplies and materials, renting a building, paying for advertising, getting some help in marketing your product, and so on? Maybe you have to dip into savings or borrow money from a bank.

Another disadvantage of the sole proprietorship is that the business ends when the owner leaves. Someone may buy the business from the owner, but in that case a new business is started. A sole proprietorship has a limited life. It is limited to the time the owner is willing and able to run the business.

Still another problem with a small but growing sole proprietorship is that the owner may not be able to hire some family members or be forced to employ other workers.

A corporation is a business that is legally regarded as a separate entity. An entity is defined as “ something that exists independently.” That means that, as far as the law is concerned, the corporation exists separate from the people who own it. It has a life of its own. As a consequence, owners in a corporation have limited liability. With limited liability, the owners are responsible for the debts of the business only to the extent of the amount they have invested. Even if the business fails, the owners cannot lose more than they have invested. Their personal savings and possessions cannot be taken to pay the corporation’s debts.

Although only about 16 percent of all businesses are corporations, they earn about 79 percent of the income. Some corporations have offices and plants in more than one country. These are called multinational corporations. Indeed, they may operate in several countries. A number of corporations in the United States are among the largest businesses in the world. And a few of our corporations have annual sales that are larger than the budgets of some small countries.

The stockholders of a corporation elect a board of directors, a group of individuals chosen to make the major decisions for the company. The board of directors then appoints officers to make the day – to – day decisions of the firm. The officers, such as the president, vice presidents, treasurer and so on, make most of the decisions for the corporation.
Task 4. Essay writing :your writing task should consist of 150-200 words.

Topic: Every generation of people is different in important ways. How is your generation different from your parents' generation? Use specific reasons and examples to explain your answer. 

Task 5. Make a 12-13 slides presentation on the topic: Types of businesses