理工类英语补全短文(十)

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What is a Profit

Entrepreneurship is directly responsible for production. The business person (entrepreneur) takes a cue from consumers in deciding what they want - or, in the case of a new product, __1__.

Profit means different things to different people. According to some public opinion polls, many people are not sure what it is, but they are sure __2__. Workers may look at profit as an unfairly large payment to the entrepreneur that deprives them of a higher wage. The business person thinks of profit __3__. During negotiations before the settlement of the second baseball strike in August, 1985, the Players’ Association claimed the owners had made profits of $91 million, an accounting firm said owner profits were $43 million, and the owners insisted they had lost $9 million. The truth was that all three were correct. The disparity in the figures was due to the fact that each group was defining profit differently. Let us now see if we can develop a more exact definition of what profit is.

Gross profit is the difference between what a business firm sells its product for and what it costs to produce that product. The merchant buys $200,000 worth of merchandise during the year and sells it for $270,000. His gross profit is $70,000. The percentage difference between his cost and the selling price is 35 percent, and he calls this markup.

Net profit is __4__--rent, wages, and interest-and setting aside money to allow for the loss due to depreciation (wearing out) of capital. Our merchant has to subtract from his gross profit his payments for rent ($6,000), wages ($20,000), interest on money borrowed ($1,000), repairs and upkeep ($1,000), taxes ($1,000), electricity and other expenses $1,000. Expenses for operating the business come to $30,000. Gross profit is $70,000, and net profit is $40,000.

Economists have a narrower definition of what constitutes profit. They are concerned with payment for all the resources that have gone into production, __5__, like those listed above, or from inside the business.

Exercise:

A what profit really means

B it is too large and represents too much of the consumer’s dollar C whether they come from outside the business

D as the difference between total revenue and total cost E what the business person has left after paying expenses F what they might want

Key: DBECA




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Several types of financial risk are encountered in international marketing; the major problems include commercial, political, and foreign exchange risk.

Commercial risks are handled essentially as normal credit risks encountered in day-to-day business. They include solvency, default, or refusal to pay bills. The major risk,__1__ which can only be dealt with through consistently effective management and marketing. One unique risk encountered by the international marketer involves financial adjustments. Such risk is encountered when a controversy arises about the quality of goods delivered, a dispute over contract terms, or__2__. One company, for example, shipped several hundred tons of dehydrated potatoes to a distributor in Germany. The distributor tested the shipment and declared it to be below acceptable taste and texture standards. The alternatives for the exporter were reducing the price, reselling the potatoes, or shipping them home again, each involving considerable cost. Political risk relates to the problems of war or revolution, currency inconvertibility, expropriation or expulsion, and restriction or cancellation of import licenses. Political risk is an environmental concern for all businesses. Management information systems and effective decision-making processes are the best defenses against political risk. As many companies have discovered, sometimes there is no way to avoid political risk,__3__.

Exchange-rate fluctuations inevitably cause problems, but for many years, most firms could take protective action to minimize their unfavorable effects. Floating exchange rates of the world's major currencies have forced all marketers __4__. International Business Machine Corporation, for example, reported that exchange losses resulted in a dramatic 21.6 percent drop in their earnings in the third quarter of 1981. __5__, devaluations of major currencies were infrequent and usually could be anticipated, but exchange-rate fluctuations in the float system are daily affairs.

Exercise:

A to be especially aware of exchange-rate fluctuations and the need to compensate for them in their financial planning

B any other disagreement over which payment is withheld C however, is competition

D so marketers must be prepared to assume them or give up doing business in a particular market

E Before rates were permitted to float F After serious consideration Key: CBDAE

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