The document provides definitions for various business terms like public limited company, multinational, subsidiary, and asset. It also defines different types of authority within organizations like functional, line, and staff authority. Finally, it gives an overview of different business structures used in the United Kingdom and United States such as sole proprietorships, public limited companies, and corporations.

1. Welcome
04-03-2013

2. Definitions
A public-limited company (plc)
= a company in which you can invest and which is responsible in its own
right for everything it does so that its finances are separate to your
personal finances
A multinational
= a multinational company or business has offices, shops or factories in
several countries
A subsidiary
= a company that is owned by a larger company
An asset
= something such as money or property that a person or company owns
A merger
= the process of combining two companies or organizations to form a
bigger one

3. Definitions (ctd)
An acquisition
= a company that is bought by another company
A dotcom
= a company that uses the Internet to sell its products and services
An entrepreneur
= someone who uses money to start businesses and make business deals
A share
= a unit of ownership that represents a proportion of a company‟s capital
and entitles its holder to a claim on profits and an obligation for debts
A bond
= a debt security under which the issuer owes the holder a debt, repaid in
interests (coupons) and/or the principal (maturity) on maturity date

4. Types of authority
Function(al) authority
= right which is delegated to an individual or a department to control
specified processes, practices, policies, or other matters relating to
activities undertaken by persons in other departments
e.g. members of an accounting department might have authority to
request documents they need to prepare financial report
Line authority
= ability to issue orders to subordinate employees within an organisation
e.g. a production supervisor has the right to direct an employee to
operate a particular machine
Staff authority
= right to advise or counsel those with line authority
e.g. a human resource department’s employees help other departments
by selecting and developing a qualified workforce

5. Overview
UNITED KINGDOM UNITED STATES OF AMERICA
Sole proprietorship Sole proprietorship
Public limited company (plc) Corporation (Inc.)
Private limited company (Ltd.) Close corporation (CS)
Unlimited company Joint-stock company (JSC)

6. Text
1. Idyllic
2. “This small country accords beer the same respect reserved elsewhere in Europe for
wine, and it produces endless varieties: pale and dark, bitter and sweet, light and strong.
In this beer lover's paradise, Chimay's classic Grande Reserve is held in the highest
esteem. For connoisseurs, nothing compares with Chimay's golden-amber body, rich
head, and strong, perfumed taste.”
3. “Giant multinational brewers, such as Interbrew in Belgium and Danone in France, have
copied the Trappist style and licensed the names of Belgian abbeys Abbaye de
Leffe and Grimbergen, neither of which produce beer. Other secular brewers pick names
echoing ecclesiastical ruins, shrines, churches, and local saints. Many put pictures of
monks on their labels. One brand, Corsendonck, marketed its product as "Monk's Ale.”
4. “To protect their good name, the monks have filed suits against several offending secular
breweries, and this year they formed the Authentic Trappist Assn. to ensure integrity.”
5. “While beer consumption is declining internationally, specialty beers, including those
inspired by the Trappists, are taking a small but healthy swig of the market. In the
U.S., for instance, beer consumption, which peaked at 193 million barrels in 1990, fell last
year to about 187 million barrels. But specialty beer imports boosted their market share
from less than 7% in 1990 to more than 11% last year. Interbrew's Abbaye de Leffe alone
notched up a 230% increase in sales in the past decade.”

7. Text (ctd)
6. “But the abbey producers have made more concessions than the Trappists to the
marketing man's perception of consumers.” In contrast with the unpasteurized, all-
natural ingredients of Chimay, Leffe is pasteurized and brewed with extra sugar for a
smoother taste. “Our beers are challenging,” says Dom Thomas. “Leffe goes down easier for
a larger public.”
7. “We believe in working the land,” says Dom Thomas, “and when we work, we aim to do it
well.” Along with that agrarian ethic, monks in the Middle Ages had the time and
inclination to test recipes in search of high-quality products. So in southern Europe,
monks grew grapes and made the best wine. In the north, they harvested grain and brewed
beer.”
8. “After the French Revolution closed most monasteries in France, many Trappist monks
moved to Belgium and the Netherlands. One group established Chimay and opened a
brewery in 1862.”
9. “These days, few monks actually man the brew kettles and fermentation vats. Because they
must rise at 4 a.m. and attend church services half a dozen times a day, they just don't
have the time or the manpower. Dom Thomas says only 19 monks still live in the
immense Chimay monastery, and their average age is over 70.”

8. Text (ctd)
10. “The Westvleteren monastery in West Flanders brews only when it needs funds.
Rochefort's Abbaye Notre-Dame de Saint-Remy recently refused to expand its
production. We just sell enough to support ourselves,” says Father Jacques Emmanuel.
“We don't want to become corrupted by money.” There's also a quality argument. “If we
produced too much, we would not be able to produce the best,” he says.
But other Trappists have set up modern, profit-minded companies. Chimay, with
sales of almost $20 million last year (and profits of $500,000), is one of the two largest
Trappist breweries. In the isolated rural region around Chimay, it is the largest single
employer. Chimay beers are sold in supermarkets and specialty shops around the globe
and are among the most popular Belgian beer exports to the U.S. “We don't want to grow
too fast, but we need to pay back our investments,” says marketing manager Philippe De
Jaeger. That means 2% to 3% growth per year. Profits go to support the monastery and its
two funds-starved foundations in Africa, which care for the poor. “This brewery lets us
achieve good works,” he says.”
10. “The legal offensive is paying off. The Colorado brewer discontinued the offensive
Trappist claim without even going to court, and a Belgian court ruled that Corsendonck
must remove the Monk's Ale label by 2000.”
11. “Perhaps the biggest danger to authentic Trappist beer comes from the monks themselves.
Beer writer Jackson fears they might ‘dumb down’ their beers to meet perceived public
tastes. His nightmare: “Trappist Light.”

9. Text (ctd)
13. “Perhaps the biggest danger to authentic Trappist beer comes from the monks themselves.
Beer writer Jackson fears they might „dumb down‟ their beers to meet perceived public
tastes. His nightmare: “Trappist Light.”

10. Let’s apply!
A job interview at Ikea …