INTRODUCING ACCOUNTING 1

Complete the following words as in the following example.

1 Companies make this when they sell their goods for

less than it costs them to make them. LOSS

2 This company has supplied goods but has not received

any money for them yet. C _______ R

3 Companies make this when they sell their goods for

more than it costs them to make them. P _______T

4 Goods which are bought by the company. P _______ S

5 Goods which the company has available to sell. S _______ K

6 An amount of money which is taken out of an account. W_______ L

7 Customers who have received goods but not paid

for them yet. D _______S

8 A reduction in the price which is offered to customers. D ________T

9 This is the name of the difference between the credit

and debit side of an account. B _______ E

10 This is drawn up to check that the two sides of the

accounts are the same. T _______ L

B _______

11 The cost of transporting goods is called this. C ______GE

12 The official books for keeping accounts. L_______ S

1
 INTRODUCING ACCOUNTING 2

Complete the following words.

1 This is the name for buildings, machinery, money in the bank and
money owed by customers. A _______S

2 The loss of value of the things in number (1). D _______ N

3 Money which is borrowed. L _______

4 The extra money a company or person pays for borrowing money.

I _______ T

5 The total sum of money which is supplied by the owners of a company

to set it up. C _______ L

6 Cash or goods which the owner takes from the company for his own
private use. D _______ S

7 These are bought by people wishing to invest in the company.

S _______ S

8 The extra amount which is paid for a company above the value of its
assets. G _______ L

9 The purchase of another company. A _______ N

10 An official examination of the accounts. A _______ T

11 A financial plan for the future. B _______ T

12 A statement of the financial position of the company.

B _______
SHEET

2
 COST ASCERTAINMENT

Use derivatives from the words in bold.

1) There will always be some __________ in calculating product

costs of multiple products.
accurate
2) You need product costs to make a __________ between products.
compare
3) Management may wish to expand the sales of the more
__________ products.
profit
4) Process costing looks at the __________ of costs in a department
over a period of time.
accumulate
5) Operating costing is the way of calculating the cost of the
__________ of services.
provide
6) Material losses which result from the nature of the operating
method are usually __________ .
avoid
7) Losses caused by inefficient operations are __________ .
prevent
8) The disposal of waste might incur __________ .
expend
9) Some costs may be __________ by the sale of scrap.
recover
10) Bookkeepers normally don’t make a __________ between
scrap and waste.
distinct
11) __________ may be possible on some products which fail
the quality control.
rectify
12) In jobbing production there is little or no __________ in
design from previous orders.
repeat

3
 AUDITING

Find the correct definitions:

Statutory audit Teeming and lading

Continuous audit Auditor
Memorandum of Association Prior period
Articles of Association Audit assignment
Walk through test Corroborate
Compliance test Statistical sampling
Substantive test Consecutive numbers

a) official document stating the internal rules of the

company____________________
b) following one after the other without a break
____________________
c) this checks that controls are operating effectively
____________________
d) required by law ____________________
e) money received from one debtor is wrongly recorded to
another____________________
f) regulates the company’s relationship with the
public____________________
g) testing a small number of representative items
____________________
h) carried out all the time____________________
i) following documents or transactions through the
system____________________
j) piece of work you are given to do ____________________
k) careful study of all the details ____________________
l) accountant who examines a firm’s accounts ____________________
m) previous length of time _____________________
n) make sure it’s true with more information____________________

4
 COST ANALYSIS

Complete the following sentences:

Financial data

Prime cost

Functional analysis

Consumable materials

Maximum profit

Business facilities

Manufacturing process

Arbitrary decisions

1) Accountancy provides ____________________ which is used to

make future business decisions.
2) In order to succeed, company managers try to make
____________________ because this is where capital growth comes
from.
3) Because accountants rely on estimates rather than “true costs”, they
often have to make ____________________ .
4) ____________________ are used up in the manufacturing process but
are not part of the final product.
5) All the direct costs of manufacturing ____________________ are
referred to as ____________________ .
6) Overhead is the cost of providing ____________________ which you
need to produce goods.
7) The management accountant should understand the
____________________ used to make a product in the factory.
8) Cost accounting uses ____________________ which looks at where
each transaction comes from.

5
 EARNINGS

Use the words in bold to form a new word which fits in the
blank space

Wages are earnings which are calculated and paid __________ .

week

The payroll contains details of all the __________ who work for the
company.
employ

The employer makes a __________ for tax from the workers’ gross
salary.
Deduct

In the UK, people who have worked and paid into National Insurance
can claim benefits from the State. These include __________ benefit
and a pension for__________ .
employ / retire

To provide for their old age, people may pay monthly __________
for a pension scheme.
contribute

Payments to a pension scheme may be tax __________ .

deduct

The law in some countries says that an employee who is ill should
get a
certain amount of pay which is known as __________sick pay .
statute

In some companies the employees have a holiday __________ of 20

days.
entitle

They receive an increase each year as they are paid an __________

salary.
increment

The government sets the tax band __________ between one tax
threshold

6
and the next.
Wide

7
 THE BALANCE SHEET
Fixed assets $
Intangible assets
Development costs 180
Goodwill 40 220
Tangible assets
Land and buildings 600
Investments 20 620
Shares in related companies 4,100
Loans to related companies 59 4,159 4,999
Current assets
Stock
Raw materials 600
Finished goods 800 1,400
Debtors
Trade debtors 1,200
Amounts owed by related companies 400
Called up share capital not paid 500
Prepayments 400 2,500
Creditors: amounts falling due within one year
Debentures 600
Bank overdrafts 50
Bills of exchange payable 50 700
Net current assets 3,200
Total assets less current liabilities 8,199
Creditors: amounts falling due after one year
Debentures 100
Bank loans 100 200

Capital and reserves

Called up share capital 6,000
Other reserves:
Capital redemption reserve 300
General reserve 599 899
Profit and loss account 1,100
7,999

8
 STRICTLY BUSINESS

Complete each sentence with one of the words or phrases given.

distribution network launch branches

sales technique customers discount

sales force commission gross

spending power marketing targeted

street traders monopoly warehouse

enterprise bids middleman

purchase products aimed

merchandise net range

wholesale initiative consumer

chain retail

___________ watch-dog programmes have become common on radio

and TV in Greece as dissatisfied __________ give vent to their feelings
of frustration and anger at being taken advantage of.

If a company is going to __________ a new product on the market, then a

committed __________ will improve the chances of success.

This store stocks a wide __________ of goods __________ at people

setting
up home on a limited budget.

9
Buying goods __________ is much cheaper than obtaining them from
a(n) __________ outlet.

One of Greece’s major travel companies has been able to make a

considerable increase in profit by selling direct to the public, thus cutting
out the __________ .

Goody’s has a(n) __________

of shops throughout Europe.

Not all __________ of Laura Ashley

carry the same stock.

The goods are moved from the factory to

a(n) __________ and then transported to the retailer.

Clients booking their holiday before 31 December will be eligible for a(n)
__________ of 10%.

Christos showed considerable __________ when he had to take over

from the Chairman at short notice.

Our course is designed for those salesmen who believe that an

improvement in __________ will lead to better sales, and so to increased
__________ .

The Art Department came up with a brilliant idea for promoting the
client’s goods but the __________ Department tried it out on a sample
population and gave it the thumbs down.

The __________ in this shop is imported from India.

The __________ of pensioners has increased so considerably in recent

decades that this group is now being __________ by advertisers.

10
The auctioneer was kept very busy taking __________ from the floor and
on the telephone. In the end, the painting was sold to a dealer from
Tsimiski Street.

Stefanos set up a successful __________ importing goods from the Far

East.

Nokia’s __________ over the supply of telephones was ended in 2002

when other companies were allowed to market their __________ .

Most __________ need to develop a sophisticated sales pitch in order to

attract the attention of passers-by, who will then be encouraged to stop
and make a(n) __________ .

When Stefanos took over as Managing Director, he was concerned about

the time it took goods to be delivered, so his first priority was to improve
the __________ .

The firm’s __________ profit of $20 million was reduced to $16 million
__________ when tax was taken into account.

11
 BUSINESSES

Match the following sentences with the words or phrases on the right.

1) The holder of these has lent the company money but has no voting
rights.

2) A group of six accountants have decided to form an association to

carry on business in common and make a profit.

3) The investors give these people the power to run the company.

4) This company holds more than 50% of the voting shares in another
company.

5) Members of the public can only invest in this company if they are
invited to do so.

6) Investment in many companies can be made by buying shares on

this market.

7) The public at large can be shareholders in this company.

8) The golf club was set up with the intention of not making a profit.

9) Fifty – one per cent of the voting shares of this company are held
by another company.

10) This is the meeting which is held once a year for the
shareholders.

11) This exists when several companies are in relationship of owning

and being owned.

a) subsidiary b) group c) non-profit-making d)stock exchange

e) partnership f) directors g) private limited h) debentures
i) public limited j) holding company k) annual general meeting

`1 2 3 4 5 6 7 8 9 10 11

12
 FOKAS DEPARTMENT STORE

Complete the passage using the words below:

deliveries – facilities – research – shop – display

overheads – retail – shopping – expense – costs

performance – retailing – stock – expenditure

sales – renovation

Fokas, the big department store in Thessaloniki, is one of the big

__________ stores that had to make changes in order to stay profitable.
The store is situated in Tsimiski street, which has always been the
“Mecca“ of __________ and one of the most famous __________ areas
in Greece.
At the end of the 1980s, Fokas faced several problems. Like most stores,
its __________ such as heating, lighting, local taxes, etc, had risen
sharply. In addition, its operating __________ generally were too high.
When a new boss, Christos Sarmaniotis, took over in 1980, he
immediately looked for new ways of reducing __________. Starting with
the merchandise, he reviewed the product ranges, and slow-moving goods
were taken off the shelves. On the supply side, he made sure that
_________ from manufacturers were carefully planned, so that
__________ levels were kept low. At the same time, the number of
personnel was reduced and cuts were made in both __________and
administrative staff.
The management wanted Fokas to be a pleasant place to __________ in.
Therefore, they carried out a program of__________, making the store
brighter and cleaner. Also, they improved the __________ of the
building. Each floor has its own _________ team. They compete against
each other to show off goods attractively.

13
Managers check the sales__________ of each department regularly and
trading figures are sent to key departments daily. The store’s __________
on advertising and promotion is large, over $ 2 million a year. Finally,
Fokas is doing a lot of __________ to find out more about its customers.

14
 CASH ACCOUNTS

Fill in the missing words or phrases in the sentences below, choosing

a word from the list.

brought – contra – carried – cleared – charges – current –

deposit – discrepancies – petty cash – specimen – stopped –

transaction

1) Small amounts of money which are paid out for things such as
petrol, soap and bus fares are usually recorded in the __________
book.
2) The customer has to pay __________ to the bank for the daily
services it provides.
3) Each single movement of money in the account is known as
a__________.
4) At the beginning of each month the balance from the previous
month is recorded at the top of the account as__________ forward
and at the end of the month as balance__________ forward.
5) The bank statement should be checked against the cash book to
make sure the figures are the same and that there are
no__________.
6) If the drawer informs the bank immediately that a cheque has been
stolen or lost, the cheque will be__________ by the bank and no
payment will be made.
7) If double entry has taken place within the cash book the item does
not need to be entered in another book as double entry and the item
is known as a__________.
8) When the cheque is received and paid into an account it will be
debited to the account once it has been__________.
9) To make sure that cheques have been signed by the account holder
the bank checks the signature against a __________ signature
which they hold.

15
10) Holders of a __________ account are issued with cheques
but receive little, if any, interest, while customers with a
__________ account will receive a higher amount of interest.

16
 CONFUSING WORDS

Choose the correct word in each of the following sentences.

1) We’re setting all the prices for next year except/accept the new range
which won’t be ready for another three months.

2) Can you remember / remind him to bring the comparative costs.

3) After the confusion over the bank transaction, they have agreed to
waive/wave charges.

4) We should use an alternative/ alternate pricing structure to the one we

use now.

5) We’ve had an officious/official letter to tell us about the changes in

export regulations.

6) When deciding on new prices you mustn’t lose sight/site of market

behaviour.

7) Once they have agreed the figures we can precede /proceed with the
costing.

8) Please insure /ensure that only the most recent figures are included in
the calculations.

9) When we are setting standards we allow 10% for deficient/defective

goods.

10) There must be a mistake in the calculations somewhere. These figures

are just not credible / creditable.

11) The consultant is being prosecuted/persecuted for tax evasion.

12) The management have now decided what measurements/measures to

take to increase productivity.

17
 DEPRECIATION

Underline the odd one out in each of the following:

Fixed assets could include

buildings the firm’s delivery vans

fuel for the vans plant and machinery

Depreciation due to physical deterioration of an asset may include

wear and tear erosion

theft rot

Machinery becomes obsolete due to

new technology changes in production methods

consumptions changes in fashion

Amortization is the provision for consumption of the following items

leases patents

copyright mortgage

A provision for depletion would be used for the following items

mines buildings

quarries oil wells

The following are methods of depreciation

18
 straight-line the sum of the years’ digits

reducing balance market value

A machine could be disposed of by being

scrapped resold

revalued traded in

The accounts which would record the sale or disposal of a machine are

machinery account sales account

machinery disposals account provision for depreciation /

(machinery) account

19
 FACTS AND FIGURES

Write the number of each of the following next to the correct word.

Multiplication ___

Division ___

Percentage ___

Average ___

Ratio ___

Addition ___

Rate ___

Subtraction ___

1) 74% 2) 000’s 000’s

Jan 2.4 July 3.5
Feb 2.5 Aug 4.7
Mar 3.9 Sep 6.9
April 4.6 Oct 6.3
May 3.4 Nov 6.8
June 3.6 Dec 3.4
Monthly ……………..= 4.33

3) 27 + 15 = 42 4) 14 X 2, 2 = 30,8 5) 222 – 111 = 111

6) 27
9=3

7) Direct costs 724 8) $ 15.45 / hour

Indirect costs 200
Costs
Direct : Indirect = 3.62

20
 INVESTMENT

The same word is missing in each of the following sets of three

sentences. Choose from the following:

capital earnings forecasts pay-back return

(1)
• The estimated _______ potential is very important when you are
choosing an investment project.
• This project will yield _______ of $800.000.00 over five years.
• The amount of money an employee receives, and the money generated
from an investment project are both known as _______ .

(2)
• They want to know the expected _______ on investment.
• Some projects will be rejected because they do not yield a high rate of
_______ .
• The _______ on an investment is the profit you get from it.

(3)
• The _______ expenditure in the canteen, sports centre and staff room
will benefit the whole company.
• In ten years we should be able to recover the _______ invested.
• The total amount of money which is invested by the owners of a
company is known as _______ .

(4)
• What is the _______ period of this investment likely to be?
• They’ll have to be prepared to wait longer for a _______ from this
investment.
• Recovering the costs of an investment is known as _______.

(5)
• _______ of future inflation rates have not been taken into consideration.
• The actual economic life of the assets turned out to be longer than the
original _______ .
• Statements about what is expected in the future are _______ .

21
 INVESTING

Government contemplates Russian import-export bank

The Russian government is proposing to merge Vnesheconombank

and Roseximbank into a governmental specialized import and export
bank, and define its status, functions and powers, the program of the
additional measures to accelerate Russia's economic growth reads. This
particular measure is aimed to support Russian exports in view of
Russia's coming accession to the WTO. The government's report
stressed that Russian export is characterized through a large share of
raw materials and low diversification. Exports account for around 33.4
percent of Russia's gross domestic product, yet top 5 export items take
up around 60 percent of all export deliveries.
The new bank's primary task will be financial support of the export
of goods and commodities through granting and refinancing export
credits. The government finds it necessary to raise the bank's
capitalization to RUR30bn (approx. USD1.054bn), around the average
capital size of similar foreign banks. The government also proposes an
export credit guarantee system, which will provide exporters with
comprehensive insurance against political and long-term commercial
risks.

22
 INVESTING IN A REGION OUTSIDE

THESSALONIKI

Complete these sentences using the words in italics .

crops – land – develop – regions

incentives – policy – soil

1) Some __________of the Aliakmonas river have not been

developed at all.

2) Much of the _________in the region is poor and nothing will grow

there with ease.

3) The government is considering how to_________the mineral

region of the State of Thessaloniki.

4) The present government has a__________of encouraging people

to live in the Aliakmonas river area.

5) ___________ such as rubber, cocoa and coffee can not grow in this

area.

6) The minister of Development has thought up a number

of__________to attract entrepreneurs to this part of Greece.

7) Most of the__________ is cheap to buy but markets are far away.

23
 PHRASES

Find the meaning of the phrases in bold

1) How do u account for the sudden fall in the stock value?

2) Agents buy and sell goods on their own account.

3) They gave the solicitor a detailed account of the

customer’s business deals in the last year.

4) The draft accounts had to be adjusted on account of the

discovery that a major debtor had gone bankrupt.

5) Raw materials account for 30% of the manufacturing cost.

6) They are regular customers in this shop and are now able

to buy on account.

7) On no account should these figures be released before the

board meeting.

8) When making decisions for the future the managers have

to take this year’s poor performance into account.

9) By all accounts, they will benefit greatly if the deal goes

through.

10) The advertising company has won two new accounts in

South Africa.

24
 a) people say b) report c) consider

d) under no circumstances e) big customers

f) for themselves g) because of h) on credit

i) represent j) explain

1 2 3 4 5 6 7 8 9 10

25
 PREPOSITIONS OF CHANGE

at between by from of to

Fill in the missing prepositions in the sentences below. Choose from

the following

1) Labour costs have fallen _______ 22% of total production costs

_______ 14% in the last ten years. That’s 8%!

2) There was a dramatic fall in sales to Greece_______ 1982 and 1985.

3) The company is currently selling 20,000 units _______ $23.00 each.

4) The growth in sales has led to a rise _______ 30% in profits.

5) A 10% drop in sales has reduced the profit _______ 40%.

6) During 1995/96 we increased retail floor space _______ 5%

_______ a total _______ 48,000m2.

7) They expect to create 1,450 jobs world-wide _______ the end of next
year, at the latest.

8) Capital investment for the year stands _______ $6,000.00

9) Pre-tax profits reached a peak _______ $5m two years ago but have
been lower since.

10) Weekly sales have levelled off _______ $34,000.00

11) Increased efficiency has resulted in a lowering of the break-even

point from 2,770 _______ 2,500 units.

12) The rise in raw material prices is expected to be _______ 3.5% and
4.5% this year.

26
 PRICING

Fill in the missing words in the sentences below. Choose from the
following:

behaviour ceiling competitors demand

discretion elasticity floor full cost leader

legislation make or buy substitutes

1) For some products, such as perfume, expensive and attractive

packaging can increase the _______ for them.

2) Most businesses are in competition with other companies who

manufacture similar products or _______ .

3) A manufacturer should first look at the prices set by his ______

before he sets his own prices.

4) When preparing information for pricing decisions, the accountant

should be aware of market _______ .

5) If sales representatives are working in a very competitive market, they

should perhaps set prices at their own _______ .

6) If the design of a product is confidential there will be no choice in the

_______ decision.

7) Government _______ regulates the prices for certain products.

8) The maximum and minimum prices which can be set for a product are
known as the price _______ and price _______ respectively.

9) To add a certain mark-up to the total cost of a product, a system of

_______ pricing is used.

10) A price _______ is a product which all other companies watch when
setting their prices.

11) The _______ of demand shows how consumers will react when
prices are altered.

27
 PROFIT AND LOSS

Fill in the missing words:

administrative expenses - retained – distribution-dividend

extraordinary – ordinary – cost of sales – turnover

1) As Vithos Designs Ltd is a small printing company, all their

printing contracts are known as ____________________ activities.
2) Recently, a film company paid Vithos Designs a large amount of
money to use the company’s premises when they were making a
film. This was recorded in the profit and loss account as
____________________profit.
3) Income which the company makes in its normal activities is known
as ____________________.
4) At the end of the year, some of the profits may be shared out
among the shareholders who will receive a
____________________.
5) The costs of getting the goods to the customers are shown as
____________________ costs in the P & L account.
6) Materials which are used up in manufacturing and workers’ wages
are recorded as ____________________.
7) The secretary’s salary and expenses incurred in the office are
shown as ____________________.
8) The company may decide to keep some of the profits at the end of
the year and the amount is shown as____________________ profits.

28
 SHARES

Complete the passage below, using words from the box.

borrow capital loan finance control

shares own debt raise interest

If you _______ a business, the time often comes when you wish to
expand it. To do so, you will need extra _______ . One way to get this is
to _______ money from a bank. The bank makes a _______ to you, but
you pay________ on the money it lends. Another way is to ask the bank
for an overdraft. If it agrees to give you one, you can then draw out
money up to a certain limit.
You may, however, not want to owe money to the bank. You prefer not to
be in _______ . In that case, you could _______ money by asking people
to invest in your business. In return for their investment, you would offer
them _______ in your business. Finally, if you need a lot of money to
_______ expansion, you may decide to go public. When you do this, you
usually lose some _______ over your company.

Company news

Share offer by kitchen manufacturer

In less that a month, Dolos plc, the well-known maker of kitchen

appliances, will offer for sale to the public five million shares. These will
raise about $1.000.000.00 for the company.
Dolos supplies a wide range of equipment for the luxury kitchen market.
It specializes in high-quality cookers, freezers and refrigerators. The

29
company was founded in 1990. Its turnover has grown from $200,000.00
to 14 million. Last year pre-tax profits were 1.8 million dollars.
Mr Samaras Kyriakos is the chairman of the company. The board of
directors includes Mr George Papadiodorou, sales director, and Mr Sakis
Anthimidis, chief accountant.
Investors should jump at the chance to buy the shares. Dolos has a good
profit record over the years. Its fixed assets are worth over 4 million
dollars. Factories in Volos and Kozani (both freehold properties) are
valued at 2.9 million dollars . It also has plant and machinery worth 1
million dollars. The company has paid out excellent dividends since it
obtained a quotation in 1996.
Dolos are issuing new shares to finance their expansion into Europe. Next
year, they plan to set up a subsidiary in Tirana, Albania.

30
 STILL ABOUT SHARES

Fill in the missing words in the sentences below.

appropriation bonus denomination interim

nominal ordinary issued preference

preliminary redeemable uncalled

This company has issued shares in $5.00 _____ .

At the end of the financial year, profits are first of all allocated to pay the
fixed percentage dividends on _______ shares.

The _______ shareholders have voting rights but do not have a fixed
percentage dividend.

The company have decided to issue _______ shares free of charge to

their existing share holders

The company is allowed to issue a total amount of shares known as the

authorized share capital or _______capital. However, the
_______ capital may be less than that.

There were large _______ expenses in starting the company.

They have only asked for some of the amount payable on the shares, so
there is still a lot of _______ capital.

2001/2009 written behind a debenture means that it is _______ during

that time.

The final accounts should include an_______ account which shows

how the company will use the profits.

After trading for six months, the company paid out an_______ dividend.

31
 SHARE ISSUE

10.000 shares have been issued by a company and the following extract
has been taken from the bank account.

Bank
$ $
Application and Allotment Application and Allotment refund 50
Application monies 1550
Allotment monies 1500
First call 3600
Second call 2700
Sakis Anthimidis 0075

Use the information below to fill in the missing words in the following
text.

Allotment application applications call excess first forfeited

Issued nominal oversubscribed refund reissued second

The company (1) __________ 10.000 preference shares of $ 1 each.

Investors who wanted to buy the shares had to pay 10% on __________,
20% on allotment, and 40% on the first __________ and 30% on the
__________ call. The sale was very popular and the issue
was__________, __________ were received for 15.500 shares. A
__________ of the money for 500 shares was made. An allotment was
made on the basis of the two shares for every three applied for, for the
remaining 15.000. The __________ application monies were set off
against the__________ monies asked for.
The holder of 1.000 shares didn’t pay the __________and second calls
and his shares were __________. These shares were then __________ at
75% of __________ value to Sakis Anthimidis.

32
 TAX SEASON

NEW YORK — Tax season will soon be upon us, and

here are a few tips to reduce your stress level.
First, don't trust that your employer will accurately report your
earnings in the W-2 it issues. When you receive your W-2, check
it against your pay stubs and, as soon as possible, rectify
discrepancies with your payroll department. Employers are
required to provide W-2 forms by Jan. 31.

Next, consider filing your taxes electronically. The Internal

Revenue Service estimates that 68 million taxpayers filed
electronically last year out of approximately 150 million people who
received W-2's. Jackson Hewitt says e-filers typically received
their refunds in half the time it took paper filers to get theirs.

If you happen to owe the government money, electronic filing

allows you more time to set up a payment plan with the IRS.

Anyone who suffered property loss or damage from Hurricane

Katrina is eligible for various new — or newly liberalized — tax
deductions. The IRS has, for example, removed limits on what
victims can claim as lost, damaged or stolen items and property.
Also, anyone with debts that are cancelled because of the storm,
such as the mortgage on a destroyed home, does not have to
claim them as income.

take out a mortgage - συνάπτω υποθήκη

mortgage debt - ενυπόθηκος οφειλή
mortgage registration - εγγραφή ή καταχώριση υποθήκης

tax allowance / shelter - αφορολόγητο όριο

tax bracket - φορολογική κλίμακα
tax collector - φοροεισπράκτορας, ταμειακός
tax credit - έκπτωση φόρου
tax-deductible - αφαιρούμενος εκ της φορολογητέας ύλης
tax defaulter - φοροφυγάς

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tax evasion - φοροδιαφυγή

tax-exempt/free - φοροαπαλλασσόμενος, αφορολόγητος"

tax office - (οικονομική) εφορία
tax payer - φορολογούμενος (πολίτης)
tax rate - φορολογικός συντελεστής
tax rebate - επιστροφή φόρου
tax reform - φορολογική μεταρρύθμιση
tax roll - φορολογικός κατάλογος
tax stamp - χαρτόσημο, τέλος χαρτοσήμου
amusement / entertainment tax - φόρος δημοσίων θεαμάτων
assessment of taxes - βεβαίωση φόρων
death /inheritance taxes - φόροι κληρονομίας
direct taxes - άμεσοι φόροι
emergency tax - έκτακτη εισφορά
gradual tax - προοδευτικός φόρος
income tax - φόρος εισοδήματος
indirect taxes - έμμεσοι φόροι
levy a tax on.. - επιβάλλω φόρο σε..
property tax - φόρος ακίνητης περιουσίας, ΦΑΠ
purchase tax - φόρος κατανάλωσης
taxes and dues - φόροι και τέλη
turnover tax - φόρος κύκλου εργασιών, ΦΚΕ
Value-Added-Tax VAT - Φόρος Προστιθέμενης Αξίας.

have you paid your debts? - εξόφλησες τις οφειλές σου;

acquit a debt - εξοφλώ χρέος
bad / doubtful debt - επισφαλής απαίτηση
foreign debt - εξωτερικό χρέος
forgive a debt - διαγράφω απαίτηση (από δάνειο)
get / run into debt - δημιουργώ χρέη, (κατα)χρεώνομαι
national / public debt - δημόσιο χρέος
outstanding debt - εκκρεμούσα οφειλή
passive debt - άτοκη οφειλή

discrepancy in the accounts - ασυμφωνία λογαριασμών

striking discrepancy between.. - εντυπωσιακή διαφορά μεταξύ…

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 LEVI’S POLICIES

Complete the sentences using the words below ( Make any

necessary changes in the form of the words.)

Brand – image – label – merchandise – status – market

Marketing – endorse – predict – promote

1) In 2002, Levi’s changed its __________ policy.

2) Television commercials, advertisements and

endorsements are all means of__________ goods.

3) The__________ for designer jeans in the US is worth

$ 1.750 million.

4) Manufacturers use advertising to create

an__________for their products.

5) Department stores often sell clothes under their

own__________.

6) Sales of a product generally increase if a famous

person__________ it.

7) Not all the__________ that Levi’s sells is expensive.

8) There are many different__________ of jeans on the

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 market.

9) In many societies, clothes are a sign of a person’s

__________.

10) It is difficult to__________ changes in fashion.

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