3. The earlier announced subsidies are intended to help employers fulfill a government mandate to raise the wages of low earners who would otherwise take home less because of recently introduced tax changes. The subsidies support a 5 % increase in the wages of such earners.

4. Capital investment may also refer to a firm's acquisition of capital assets or fixed assets such as manufacturing plants and machinery that is expected to be productive over many years. Sources of capital investment are manifold, and can include equity investors, banks, financial institutions, venture capital and angel investors. While capital investment is usually earmarked for capital or long-life assets, a portion may also be used for working capital purposes.

5. We use a laboratory experiment to investigate how the level of a budget assigned to an employee by a firm owner affects employee effort. Consistent with reciprocity and fairness models, we find a negative relationship between budget levels and employee effort – many employees responded to a low budget with high effort and responded to a high budget with low effort. We observed higher levels of reciprocal behavior (i.e., lower budgets and higher effort) when the same employee-owner dyad interacted for multiple periods relative to dyads only interacting for a single period.

6. Business expenditures can be divided into capital and revenue expenditures. Capital expenditures are expenditures that produce benefits across multiple time periods, such as the costs to acquire and make ready for use long-term assets. In contrast, revenue expenditures are expenditures that produce benefits across one single time period such as the costs to acquire products intended for sale and to run the operations to sell those same products. Revenue expenditures are more often called expenses.

7. Interest payment represents a payment amount determined by the interest rate on an account. As a borrower, an interest payment represents the rate charged for being lent funds. As an investor, interest payments represent income on earned cash accounts or fixed and variable rate securities.

8. On results of the first half-year 18 banks have entered into the list of 1000 largest tax bearers of the country. It paid 3.84 billion drams into the state budget. According to State tax service RA, Unibank also has entered into the list of the largest tax bearers of the country. The Bank has taken 151st place. In general, Unibank paid 140.6 million drams in the state budget.

Task 6. Determine the key information in each paragraph of the text “Tax Climate in the Region” and the corresponding key concepts and English words and expressions; write them down in the language of the original text.

Task 7. Make an English annotation of the text “Tax Climate in the Region” (100–120 words), using the results of the previous Tasks 2–6.

Task 8. Translate the section of the text “Tax Climate in the Region” entitled “The investment tax credit” into Russian, using a dictionary if necessary.

Task 9. “Back-translate” your Russian translation into English. Compare your translation with the original text. Discuss both English variants of the section

“The investment tax credit”, paying particular attention to the key concepts and corresponding words and expressions.

Task 10. Give a gist intralingual translation (English into English) of the original text. Your translation should not exceed 1/3 of the original text size.

Task 11. Recast the gist translation of the text in different words, adapting it for high school students.

Task 1. Read and study the following text.

By January 01, 2008 about 67.1 thousand economic entities operating in the Krasnoyarsk Krai were included into the State united list of the enterprises, organizations, their branches and other detached divisions. In 2008 the number of enterprises has increased by 1985 (by 3.1 %) in comparison with 2007.

Distribution of economic entities according to the types of property (by January 1. 2008), %

Small business development is one of the fundamental conditions of the market economy functioning. 15 879 small enterprises operated by October 1, 2007 in the Krasnoyarsk Krai with the total employees number of 124.1 thousand. The turnover of small businesses on all kinds of economic activities increased by 24.7 % and made up 155.2 billion rubles in comparison with 2006. The basic share of the small enterprises is concentrated in trade (48.7 %), construction (13 %), real estate (13 %) and processing industries (10.8 %).

In 2007 about 4 508.6 million rubles were invested into development of small business (the rate of growth is 130.5 % in comparison with 2006). The basic share of investments into small enterprises was directed into construction (67.5 %), real estate (22.2 %) and trade (6.5 %).

In 2007 small business entities with the support from the budget of the Krai realized 77 investment projects. 18 of them were chosen in 2007. The volume of debt capital investments in the 18 projects constitutes 2 180 ml. rubles, and due to realization of these projects 250 new work places were created in 2007. The Krasnoyarsk Krai is one of the most industrially developed regions of Russia. It has 3.2 % of the total amount of industrial goods produced in Russia. In 2007 the Krasnoyarsk Krai took the 1st place among the Siberian Federal District regions in All-Russian production sharing and shipped goods with its own production, accomplished work and services per capita.

Processing industries have the largest share – 86.1 %, with a predominant share of metallurgy and metal finished goods – 71.8 % among the types of economic activities of the Krasnoyarsk Krai.

Among the regions of the Siberian Federal District the Krasnoyarsk Krai has the leading position in amount of processing industries goods per capita.

Structure of the regional economy according to the types of economic activities

The economic activity of the Krasnoyarsk Krai specializes in:

• capital-intensive and energy-intensive production based on natural resources utilization;

• intermediate products manufacturing intended for export to other regions of Russia and abroad;

• export to the CIS and other foreign countries.

The tendency of economic development in the Krasnoyarsk Krai:

• specialization in export-oriented industries;

• certain increase in the share of extractive and processing industries due to realization of large investment projects in the spheres of extraction, fuel and energy resources, transport infrastructure, realization of complex development program of the Lower Angara River, including construction of the Boguchany hydro-electric power station;

• volume stabilization of the raw materials output;

• increase in ferrous and non-ferrous metallurgy production;

• intensive development of the services market related to culture, sports and tourism.

Competitive advantages of the region are determined by the economy specialization:

• large opportunities for wide cooperation with other regions and foreign countries; expansion of goods deliveries geography;

• wide opportunities for production diversification;

• opportunities for vertical integration of production on the basis of domestic raw mineral resources extraction and deep processing;