Complete the sentences with the appropriate form of the words

Provided in capitals.

Pound

The pound sterling, (1).….. (common) called the pound, is the official currency of the United Kingdom. Sterling is the fourth most (2)…..(trade) currency in the foreign exchange market, after the American dollar, the euro, and the (3)…. (Japan) yen. The full, official name, pound sterling, (plural: pounds sterling) is used (4)….. (main) in formal contexts and also when it is necessary to distinguish the United Kingdom currency from other (5)…… (currency) with the same name. Otherwise the term pound is normally used. The currency name is sometimes abbreviated to just sterling, (6)…..(particular) in the wholesale financial markets, but not when (7)….. (refer) to specific amounts; for example, "Payment is (8)….. (accept) in sterling" but never "These cost five sterling".The abbreviations "ster." or "stg." are sometimes used. The term British pound is commonly used in less formal contexts, although it is not an official name of the currency.

4. Choose the correct alternative to complete each sentence.

1. Money in notes and coins is called….

a) cash

b) capital

c) reserves

2. The dollar, the mark and the yen are all….

a) currencies

b) funds

c) monies

3. Money borrowed from a bank is a….

a) deposit

b) income

c) loan

4. All the money received by a person or a company is known as…..

a) aid

b) income

c) wages

5. The money earned for a week's manual work is called….

a) income

b) salary

c) wages

6. The money paid for a month's (professional) work is a….

a) loan

b) salary

c) wages

7. Money placed in banks and other savings institutions constitutes….

a) capital

b) deposits

c) finance

8. Money paid by the government or a company to a retired person is a ….

a) pension

b) rebate

c) subsidy

9. A person's money in a business is known as his or her

a) deposit

b) fund

c) stake

10. Money given to developing countries by richer ones is known as

a) aid

b) debt

c) subsidy

5. You are given certain words connected with banking. Make up your own story or a dialogue using them.

• credit
• credit card
• currency
• customer
• deposit
• interest
• coins
• lend
• loan
• manager
• money
• mortgage
• pay
• save

­­­­______________________________

Text B

The Federal Reserve System (also known as the Federal Reserve, and informally as the Fed) is the central banking system of the United States. It was created on December 23, 1913, with the enactment of the Federal Reserve Act, largely in response to a series of financial panics, particularly a severe panic in 1907. Over time, the roles and responsibilities of the Federal Reserve System have expanded and its structure has evolved. Event such as the Great Depression was major factor leading to changes in the system.

The Congress established three key objectives for monetary policy—maximum employment, stable prices, and moderate long-term interest rates—in the Federal Reserve Act. The first two objectives are sometimes referred to as the Federal Reserve's dual mandate. Its duties have expanded over the years, and today, according to official Federal Reserve documentation, include conducting the nation's monetary policy, supervising and regulating banking institutions, maintaining the stability of the financial system and providing financial services to depository institutions, the U.S. government, and foreign official institutions. Also the Fed serves as a banker's bank and as the government's bank. As the banker's bank, it helps to assure the safety and efficiency of the payments system. The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors (or Federal Reserve Board), the Federal Open Market Committee (FOMC), twelve regional Federal Reserve Banks located in major cities throughout the nation, numerous privately owned U.S. member banks and various advisory councils.

Among the responsibilities of the Board of Governors are to guide monetary policy action, to analyze domestic and international economic and financial conditions, and to lead committees that study current issues, such as consumer banking laws and electronic commerce.

The Federal Open Market Committee, or FOMC, is the Fed's monetary policymaking body. It is responsible for formulation of a policy designed to promote stable prices and economic growth. The FOMC typically meets eight times a year in Washington. At each meeting, the committee discusses the outlook for the U.S. economy and monetary policy options.

A network of 12 Federal Reserve Banks and 25 branches make up the Federal Reserve System under the general oversight of the Board of Governors. Reserve Banks are the operating arms of the central bank. Each of the 12 Reserve Banks serves its region of the country, and all but one have other offices within their Districts to help provide services to depository institutions and the public. The Banks are named after the locations of their headquarters - Boston, New York, Philadelphia, Cleveland, Richmond, Atlanta, Chicago, St. Louis, Minneapolis, Kansas City, Dallas and San Francisco. Statutory advisory councils advise the Board on matters of current interest. These councils meet two to four times a year. According to the Board of Governors, the Federal Reserve is independent within government. The members of the Board of Governors, including its chairman and vice-chairman, are chosen by the President and confirmed by the Senate. The government also exercises some control over the Federal Reserve by appointing and setting the salaries of the system's highest-level employees. Thus the Federal Reserve has both private and public aspects.

1. According to the Text A and B, are these statements true (T) or false (F)?

1. Event such as World War II was major factor leading to changes in the system.

2. The FOMC typically meets eight times a year in New York.

3. A network of 12 Federal Reserve Banks and 25 branches make up the Federal Reserve System.

4. Reserve Banks are the operating arms of the commercial bank.

5. The Federal Reserve has only private aspects.

6. Statutory advisory councils advise the Board on matters of current interest.

7.The members of the Board of Governors are chosen by the President and confirmed by the Senate.

8.The Federal Reserve System's structure is composed of the presidentially appointed Board of Governors and the Federal Open Market Committee twelve regional Federal Reserve Banks.

2. Put the correct words from the table below in the above text.

New Zealand police are (1) ____ for a couple who received nearly US$8 million (2) ____ mistake from their bank. The couple applied to Westpac Bank for a NZ$10,000 overdraft. Bank employees made a huge mistake. They deposited NZ$10 million into their customers’ bank account (3) ____ of giving them the loan facility. The couple probably thanked their lucky (4) ____. They took the money and ran. The pair, an Asian man and his New Zealand girlfriend, left the country (5) ____. However, they did not take all of the money with them. New Zealand police have told Interpol about the couple leaving the country, so there is now an international manhunt for them. The couple live in the town of Rotorua on New Zealand’s north island. They ran a gas station which had money problems. They applied for the overdraft to help with their financial difficulties. Locals say the pair left a note on the door of the gas station saying it had closed (6) ____. A banking lecturer, Claire Matthews from New Zealand’s Massey University, told the local Newstalk ZB radio station that the couple’s luck would soon run (7)___. She said: "They've taken funds that they're not entitled to, that are not theirs….They've become thieves.” She said it would only be a matter of (8) ____ before the police caught them.

1.	a) hunting	b) hunted	c) hunter
2.	a) with	b) by	c) at
3.	a) inside	b) instead	c) instant
4.	a) moons	b) suns	c) stars
5.	a) immediate	b) immediately	c) in the end
6.	a) off	b) out	c) down
7.	a) off	b) out	c) down
8.	a) clock	b) second	c) time

3. Fill in the correct preposition.

of(x2) in(x2) as(x2) into to

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