provide. Answer the questions that follow.

Money & Business

In this unit you will learn about different financial institutions and the range

of services they offer. You will hear texts and dialogues about banking,

Internet banking, the City of London and the Stock Exchange. You will also

learn lots of useful words and phrases about these different institutions.

Lesson 11. Bank

In this lesson you will hear why all companies require bank accounts. There

is a plethora of financial institutions to choose from, but choosing the right

one is dependent on your needs. Listen to words and phrases that are used

in this text together with their Polish translations; then listen to the recording.

bank account konto w banku

retail bank bank detaliczny

merchant bank bank handlowy

building society kasa mieszkaniowa

thrift oszczędność

to enhance wzmocnić, poprawić

scam oszustwo

current account rachunek bieżący

deposit account rachunek oszczędnościowy

loan pożyczka

money transfer przelew

local branch lokalny oddział

chequebook książeczka czekowa

overdraft debet

bills rachunki

standing order stałe zlecenie

credit card karta kredytowa

debit card karta debetowa

mortgage hipoteka

property własność

Set APR (annual

percentage rate)

stały roczny procent

installment rata

corporate client klient korporacyjny

bad debts tzw. złe długi

cash flow płynność finansowa

Now listen to the recording about financial institutions and the services they

provide. Answer the questions that follow.

All businesses, regardless of size are required to have bank accounts. Without bank accounts, many transactions would simply not be possible. There are different types of banks; there are Retail Banks, Merchant Banks, Building Societies, and Specialized Institutions. As the use of the Internet continues to expand, more banks and thrifts are using the Web to offer products and services or otherwise enhance communications with consumers. The Internet offers the potential for safe, convenient new ways to shop for financial services and conduct banking business 24/7. However, safe banking online involves making good choices – decisions that will help you avoid costly surprises or even scams.

Retail banks are the most commonly used for personal purposes, as they provide current accounts, deposit accounts, loan arrangements, and money transfers. It is very easy to open an account either for business or personal accounting. Firstly you need to decide which financial institution you want to bank with, be it a building society or a high street bank. Secondly you go to your local branch and open your account; this will require identification, and other personal documents and information. Thirdly, some money! Some banks require that you open your account with a minimum balance, so it is always wise to check how much beforehand. After your personal or business account is open, you will have access to a range of services. You will have a checking account, whereby the

bank will issue you with a chequebook and a cheque guarantee card, that can also usually be used as a debit card. Some banks offer online banking or phone banking. You can make account arrangements without leaving your house. Sometimes it can save you a lot of time if you can avoid standing in long queues at the bank. In some instances the bank or building society will set up an overdraft system which allows you to borrow money from the bank up to a set limit. These types of accounts also allow you to pay off your bills, whether it is the monthly bill for the electric, or your employees’ salaries. These types of transactions are known as direct debits or standing orders.

Banks can also issue you with company or personal credit cards. Credit cards are different to debit cards. Whereas the latter take money from your account, the former charges you for your purchases at the end of the month plus interest. Besides, paying by Credit Card usually brings you additional benefits.

If you are interested in taking out a mortgage on a property then the bank or the building society is the place to turn to. You can get a mortgage with a set APR, annual percentage rate, so you will know how many years it will take you to pay it off and how much. You can arrange a debit system to take the monthly installments for your mortgage directly out of your account.

Merchant Banks do not deal with the public, but with companies and corporate customers. They specialize in securities for businesses and also cover corporate finance and investment management. In these banks, money lending is only a small part of their business. Building Societies provide loans for those who want to purchase homes. Yet, they also offer a range of banking facilities as well as investments and insurance. Specialized Institutions fill any areas that are not covered by the afore mentioned banking sectors. Such specialized institutions cover Finance Houses, who specialize in providing credit to both the private and the corporate sector, i.e., mortgages, hire-purchase, and installment

credit. Leasing Companies, lease equipment and/or machinery in return for a rental

fee. Factoring, or invoice discounting companies provide finance to business units, thus allowing them to avoid bad debts or cash flow problems. Venture Capital Companies provide medium and long term financing to new and developing businesses that, for whatever reasons, were unable to procure finances via more traditional methods, i.e. banks, building societies, and the stock exchange.

After listening to the recording, answer the following questions:

1. What project is Alice planning to advertise and why?

2. What is the USP, unique selling proposition, of the furniture and furnishings?

3. What does Alice say about advertising on the web?

4. What distribution channels will they use for their catalogue?

5. Where does Alice want to advertise?

6. What is Thomas going to do?

Дата добавления: 2015-11-14