UNIVERSIDAD YACAMBÚ
MAESTRÍA EN GERENCIA DE LAS FINANZAS Y DE LOS NEGOCIOS
EXAMEN DE SUFICIENCIA DE INGLÉS
FECHA: JULIO - SEPTIEMBRE 2007
Prof. Neida Díaz
EXAMEN DE SUFICIENCIA DE INGLÉS
Martes 7 de agosto de 2007
EXAMEN SUFICIENCIA INGLÉS
La Evaluación consta de 4 preguntas. Observe que haya completado todos los datos del formulario. Al concluir, use el botón "Enviar Respuestas" al final de la página. Al enviar las respuestas llegarán al correo del Facilitador. Si tiene problemas, envíe un correo a neyda_diaz@yahoo.com con las respuestas, indicando el número de cada pregunta. Lea cuidadosamente cada una de las preguntas que se le presentan a continuación. La prueba es individual y Recuerde indicar todos sus datos.
I. Read the Following Text Carefully
Corporations
need financing for the purchase of assets and the payment of expenses. The
corporation can issue shares in exchange for money or property (sometimes
referred to as equity funding). The holders of the shares together from the
ownership of the company. Each share is represented by a stock certificate. This
is negotiable, which means that it can be bought and sold. The value of a share
is determinated not only by the net assets divided by the total number of shares
outstanding, but also by any particular rights it gives to shareholders. The
greater the success of the company, the more value the shares usually have.
A corporation can also get
capital funds by borrowing. This is called debt funding. When corporations
borrow money, they give notes or bonds, which are also negotiable. However,
interest has to be paid out whether business is profitable or not.
Management must consider
both the outflow of capital funds in running the corporation. The purchase of
inventory and supplies, or payment of salary, results in an outflow. The sale of
goods and services results in an inflow. In the long run, the inflow must be
greater than the outflow to result in a profit. In addition, a company must
deducts its costs, expenses, losses on bad debts, interest on borrowed capital
and other items in order to determinate whether its financial management has
been profitable. The amount of risk involved is an important factor in
determinating fund raising and whether a particular corporation is a good
investment.
Part (A)
a) Extrae la idea principal y
las secundarias.
b) Tradúcelas al español.
c) Enumera los párrafos de la lectura.
d) Di de que trata cada uno de los párrafos.
Part (B)
ANSWERS THE QUESTIONS IN SPANISH.
1. Give
a possible title to this reading.
2. Why
do all corporate enterprises need financing?
3. What
is meant by the term equity funding?
4. How
is the value of a share or certificate usually determinated?
5. What
is debt funding?
6. What
are some activities that produce an inflow of capital? An outflow of capital?
7. What
happens in a business in the inflow of capital is not greater than outflow?
8.
Discuss the terms funding, assets, inflow and outflow in relation to a company
you know about.
Respuesta I
Parte A
La idea principal de texto se centra en las nociones básicas de finanzas de una empresa, la forma de obtener capital y los flujos monetarios de la misma.
Las ideas secundarias son: formas de obtener de capital a la empresa por medio de acciones o títulos y endeudamiento; las definiciones de entradas de capital y salida de capital y las consideraciones básicas de un balance económica (entradas y salidas) para evaluar el desempeño financiero de la empresa.
Esta conformada por tres párrafos:
Primer párrafo: detalle la necesidad de financiamiento de las empresas para la compra de activos y pagos. Describe una forma de obtener ese capital es por medio de la venta de acciones o propiedades. El éxito de las empresas se observa en base al valor de sus acciones en el mercado.
El segundo párrafo describe que otra de las formas de obtener capital es a trvés de prestamos y sus implicaciones.
El tercer y ultimo párrafo habla y define los flujos monetarios de entrada y salida de una empresa (ingresos y egresos).
Parte B
PRIMERA PREGUNTA: INTRODUCCIÓN A LAS FINANZAS EMPRESARIALES
SEGUNDA PREGUNTA: Las empresas requieren financiamiento para obtener capital para la compra de activos nuevos o pago de endeudamientos atrasados.
TERCERA PREGUNTA: Equity Funding, se refiere al costo real o igualitario de acciones con resepcto al capital en dinero que lo sustenta o las propiedades. Igualdad en valor monetario de la acción versus su respaldo.
CUARTA PREGUNTA: El valor de una acción es usualmente determinada por las ganancias netas divididas por el número total de las partes accionarias.
QUINTA PREGUNTA: Capital de deuda o financiamiento por deuda. Es el capital que obtiene una empresa por medio de endeudamiento con bancos u otras entidades financieras.
SEXTA PREGUNTA: Las entradas están representadas por las ventas de productos y servicios. Las salidas estan representadas por pago de materia prima, proveedores, y salarios y servicios.
SÉPTIMA PREGUNTA: No se obtiene rendimiento ni ganancia económica del negocio.
OCTAVA PREGUNTA: Los términos de flujos monetarios de ingreso y egreso para el molino de papel donde laboro actualmente son similares: los ingresos estan determinados por las ventas de papel, mientras que la salidas por por los gastos de materia prima (reciclado y madera), servicios, pago de nómina y gastos de mantenimientos. Por otro lado la obtención del capital se hace mediante prestamos en la banca privada a nivel internacional y por acciones en el mercado.
II. Read the following article taken from Venezuela analysis.com. Make a summary about the article. More than 20 lines. In the summary, include your personal opinion.
Venezuela Increases Taxes on Oil Companies in Orinoco Oil Belt by: Michael Fox Tuesday, May 09, 2006
Caracas, Venezuela, May 9, 2006—On his weekly television show Alo Presidente, on Sunday, Venezuelan President Hugo Chavez announced a new "extraction" tax of at least 33% for all oil companies operating in Venezuela. Chavez said the tax could create over $1 billion in new revenue.
According to the Venezuelan daily El Universal, the Ministry of Energy and Petroleum will introduce a reform to the hydrocarbons law to the National Assembly today. The change will ensure that at least one-third the value of every barrel stays in the hands of the Venezuelan state. As such, the tax is nearly identical to a royalty.
For some companies, the change will be minimal. El Universal reported that for PDVSA’s own production, they will continue to charge the royalty of 30%, plus the extraction tax, will make the total tax 33%. For now, the newly formed joint venture operations with Venezuela’s PDVSA will be exempt from the new tax, as they are already paying 33% in royalties. While, the associations in the Orinoco belt will have to pay 16% in the new tax, on top of the 17% royalty they currently pay, to equal 33%. It was reported that the additional revenue from this extraction tax could equal $1.34 billion in its first year alone- if petroleum prices remain at their present value.
Other tax hikes
are in the planning stages for natural gas companies and for the oil companies
operating along the Orinoco River, which is believed to have extra-heavy crude
reserves of up to 235 billion barrels. Among the companies that operate along
the Orinoco belt are the North American Exxon Mobil and Chevron, which currently
pay 34% in income taxes. Chavez announced that they are going to increase that
“to 50%, but in order to do so we need to modify the Hydrocarbon Law.”
“In the Hydrocarbon Law,
that we approved, one has to remember that we were infiltrated, there still was
the old PDVSA when we approved it. They were able to get in to the law and
that’s how it was approved that the companies of the Orinoco belt pay income
taxes not at 50%, but at 30% or 34%, we are going to modify this law.” Chavez
said on Sunday.
Although the timeline for this modification appears to be still undefined, it was reported that such a tax increase could generate additional revenue of $785 million annually.
Chavez first raised the royalty two years ago on the Orinoco belt companies. The royalty increase from 1% to 16% led to $1.28 billion in revenue last year.
Chavez said on Sunday that new taxes are a result of the fact that with oil prices at record highs, oil companies operating in Venezuela are making "a lot of money."
The large revenues that Venezuela is receiving from its petroleum reserves have helped it to fund various social programs both in Venezuela and abroad, such as the popular social programs known as “missions,” and the discounted heating oil program for North Americans in situations of poverty. So far, 180,000 North Americans have benefited from the low-priced heating oil supported by CITGO subsidiary of PDVSA.
These new taxes come just days after the latest South-American energy summit and almost a week after Bolivia nationalized its oil and gas reserves, a move which Chavez has applauded.
Further details regarding the taxes are expected in the following days.
Respuesta II
El presidente Chávez anuncie en su programa dominical "Alo Presidente" el incremento del impuesto de extracción de crudo venezolano hasta un 33%, para ser aplicado a todas las empresas que operan en la faja petrolífera del Orinoco en Venezuela. El gobierno estima que esto generará ingresos adicionales cercanos a 1 billón de dólares. Para la aplicación del mismo, el Ministerio de Energía y Minas deberá introducir en la Asamblea una modificación para la Ley de Hidrocarburos actual. Este impuesto persigue que 1/3 de cada barril de petróleo extraído en Venezuela se quede en el país. Este impuesto será exento para todas las compañía que realizan operaciones conjunta con PDVSA y aquellas que ya pagan impuestos de 33% en derechos de extracción. Chavez esta conciente que se debe modificar la Ley de Hidrocarburos, pues la misma fue redactada y aprobada cuando PDVSA era manejada por la gerencia de gobiernos pasados. La razón esta soportada en base a que el precio del petróleo esta en niveles históricos y las ganancias no pueden quedar en mano de las compañías extranjeras, sino que deben quedarse en el país. La gran mayoría de estos ingresos están siendo empleados para financiar los proyectos sociales del presidente Chávez.
OPINIÓN: Personalmente, encuentro interesante el tema, pues en verdad tiene sentido totalmente el aumento del impuesto de extracción del crudo pesado a las empresas extranjeras, basados en los altos precios del petróleo. Lo que tal vez difiera es en la forma de emplear esos ingresos excedentes en obras de infraestructura nacional, bienes públicos y en proyectos basados en una rentabilidad sostenida y sustentable en el tiempo; es decir, garantizar que los mismos generaran mayores riquezas y que se asegure que cree bienestar social y fuentes de trabajo.
III. TRANSLATE INTO SPANISH.
Venezuela raises oil tax to 50%
An oil tax hike
could reduce the value of foreign energy companies’ portfolios in one country by
about 20%, or $4.3 billion.
Dow Jones Newswires
reported private firms, which pump about 40% of Venezuela’s oil, would have to
pay a 50% income tax rate instead of a 34% preferential rate, Oil Minister
Rafael Ramirez said over the weekend.
The companies with the
highest exposure are ConocoPhillips and Total SA, which could see $1.2 billion
and $1 billion in value wiped out, respectively.
In addition, many oil companies with operating agreements in Venezuela declare losses, citing high costs and heavy investments, and pay no taxes.
The move is the latest in a series of oil-tax increases. Last year, Venezuela raised the royalty tax on 600,000 barrels a day of heavy Orinoco crude to 16.6% from 1%. Last week, it said firms running 32 operating agreements will have to migrate contracts to the 2001 Hydrocarbons Law, which has a 30% royalty tax rate, up from 16.6% in previous legislation. And the country has launched an investigation of operations declaring losses, threatening to charge them with back taxes if found dodging payments.
A company producing oil will have to pay 50% income tax, the rate that applies to oil activities. When many signed contracts in the 1990s, oil firms registered as contracted help for state oil company Petroleos de Venezuela SA, making them eligible for the 34% industrial rate.
“This announcement is the latest—but biggest—move by President (Hugo) Chavez’s administration to extract a greater rent from the upstream oil industry in Venezuela,” said Gero Farrugio, head of Wood Mackenzie’s Latin America Upstream team.
Venezuela is seeking to increase revenue to fund social programs ranging from adult-literacy and job-training programs to subsidized food prices at a state-run grocery chain, now the country’s largest.
Respuesta III
Venezuela aumento impuesto petrolero en 50%
Un alza del impuesto petrolero podría reducir el valor de los portafolios de las compañías extranjera ubicadas en un país, en cerca de 20% o $4.3 mil millones. El Dow Jones Newswires reporto que las compañías privadas, que extrae que cerca de 40% del petróleo de Venezuela, tendría que pagar una tarifa de impuesto sobre la renta del 50% en vez de una tarifa preferencial del 34%, indico el Ministro de Petróleo, Rafael Ramírez, al referirse sobre el diario. Las compañías con la participación más alta son ConocoPhillips y el TOTAL SA total, las cuales que podrían ver $1.2 mil millones y $1 mil millones de valor perdido, respectivamente. Además, muchas compañías petroleras con acuerdos de funcionamiento en Venezuela declaran pérdidas, justificadas por altos costos y altas inversiones, y no pagan ningún tipo impuesto. Este incremento es el último de una serie de aumentos en los impuestos petroleros. El año pasado, Venezuela aumentó el impuesto sobre los derechos de extracción de 1% a 16.6%, sobre 600.000 barriles/día del petróleo bruto pesado del Orinoco. La semana pasada, se dijo que las compañías que funcionan con 32 acuerdos de operación tendrán que emigrar los contratos a la ley de Hidrocarburos de 2001, la cual tiene una imposición fiscal de los derechos del 30%, encima de los 16.6% en la legislación anterior. Y el país ha lanzado una investigación de las operaciones que declaraban pérdidas, amenazando cargarles con impuestos antiguo si se encuentra evasión de pagos. Una compañía petrolera tendrá que pagar el impuesto sobre la renta de 50%, que es la tarifa que se aplica a las actividades de petroleras. Cuando se firmaron los contratos con las compañías petroleras en el año 1990, estos contaron con los mismo beneficios que la compañía petrolera estatal PDVSA, haciéndolos elegibles para la tarifa el 34%. “Este anuncio es el último -pero el más grande- de los movimientos de la administración del presidente Hugo Chávez para extraer una mayor renta de la extracción en la industria petrolera en Venezuela,” dijo Gero Farrugio, líder de Wood Mackenzie's Latin American Upstream team. Venezuela está intentando aumentar el ingreso petrolero para financiar los programas sociales que se extienden desde programas de la instrucción o enseñanza de adultos y de entrenamiento en el trabajo hasta subsidiar los precios de alimentos subvencionados en una cadena nacional de abastecimiento, ahora el país es más grande.
IV. READ THE FOLLOWING TEXT
WHAT CAUSES INFLATION?
It doesn't take an economist to figure out that much of today's inflation rate reflects sharper than average increases in the prices of energy, food, health care, and mortage financing. Consequently, workers, con¬sidering their own economic difficulties, fell they must receive higher wages to offset higher prices. But higher wages translate into still higher prices in the future, and inflation, becoming more than a vicious circle spirals ever upward. This wage-price spiral has been well publicized, especially when big union con¬tracts have come up for negotiation. But there is a more fundamental problem, commonly defined as "too much money chasing too few good" We need to pull apart this definition of inflation and examine it closely to understand it in real-life terms.
Excess money
First let's look at the money side of the equation. A growing economy needs an increasing supply of money lo settle all the new transactions that are tak¬ing place. Suppose the Federal Reserve Board, which controls the money supply, miscalculates the need for additional money and supply too much purchasing power into the economy. This has happened, as re¬cently as 1980, in fact. Or suppose Congress approves a huge tax cut at the wrong time, releasing more money into the economy at a time when it is already producing at full steam. Or suppose an increase in government spending expands the nation's purchas¬ing power. In effect, all these excess dol1ars cause the value of the dollar lo decline. You might think that more dollars would have greater value because they would buy more goods and services, but unless there was an increase in the availability of these things to meet the increase in demand their prices would also go up. This process of “bidding up” the price of goods and services follows the circular flow of money through the economy. Soon higher prices are built into everything. Furthermore, inflation creates all sorts of deceptive practices. Remember how candy manufacturers tried to hold down the price of a bar of candy, but found the only way they could do it was to put less candy into the bar? Other manufacturers kept the same quantity of candy in their bars but more bars doubled the price.
Excess consumption
Looking at inflation from a
different perspective, some theorists believe that our own excessive demands are
the cause of our present difficulties. After World War II Americans grew
accustomed to cheap energy, cheap money, and cheap land, and consumed these
things extravagantly. Government policy, they say, only encouraged these
excesses. Eventually the upward push in consumption strained energy supplies and
bid up the price of increasingly scarce land, so that by the beginning of 1970
the seeds of high infla¬tion had been sown.
When the supply of goods
and services falls short of demand, economists call the result demand-pull
inflation because competition for scarce goods is what causes prices to rise.
Can you think of a hot-selling item that rose suddenly in price when the
producer couldn't keep up with the demand? The same thing happens when there is
a limited supply. For instance, ticket scalpers can get double and triple the
admission price for tickets to a sold-out Melissa Manchester con¬cert or the
final game of the World Series.
On the other hand, when the
cost of producing a good goes up (say, because of rising energy costs) and the
price of the product is increased to maintain profit, cost- push inflation
results. The distinctions between cost-push inflation and demand-pull inflation
are not always so clear and the conditions often coexist. Sometimes con¬sumer
demand is so intense that a shortage ensues. To relieve the shortage the
producer must incur new costs perhaps by working people overtime or order¬ing
extra supplies from another town. Is this demand pull or cost-Push inflation?
The answer isn't totally obvious.
Government regulatory action
Government regulations can also contribute to inflation. Past decisions to require safety devices and anti¬pollution devices on automobiles may be what society, wants and needs, but the decisions have added to cost of automobiles. Other types of government regulations restrict competition in certain sectors. Leading to inefficient practices and higher prices: for a long time government rules kept freight rates and air passenger fares higher than they would have been under competitive market conditions, for example. Cur¬rently many of these regulations are being phased out.
CHOOSE THE RIGHT STATEMENT
1. Inflation is usually
reflected in the increasing prices of:
a. Energy and food.
b. Healts care and mortage
financing.
c. All of the above.
d. None of the above.
2. Usually higher wages
translate into:
a. More incomes.
b. A matter of stopping
inflation.
c. Higher prices in the
future.
d. Spirals.
3. A growing economy needs:
a. A few supply of money.
b. Additional money.
c. An increanaion supply of
money.
d. None of the above.
4. What causes prices to
rise is:
a. The development for
scarce goods.
b. Competition for scarce
goods.
c. The supply of goods.
d. All of the above.
5. Demand-Pull inflation is
what economists called:
a. Rising energy cost.
b. The supply of goods and
services falls short.
c. The increasing of goods
and services.
d. Cost-Push inflation.
Respuesta IV
Pregunta 1: All of above (respuesta c)
Pregunta 2: Higher prices in the future (respuesta c)
Pregunta 3: An increanaion supply of money (respuesta c)
Pregunta 4: Competition for scale goods (respuesta b)
Pregunta 5: The supply of goods and services falls short (respuesta b)
Antonio Di Zinno De Libero
Ultima revisión: Agosto 2007
