An invoiceand a receipt

Inflationand deflation

A discountand a refund

Incomeand expenditure

Tobe insolventand to be bankrupt

6. A bank statement and a bank balance

Tobe in the redand to be in the black

An invoiceand a receipt

9. To make a profit and to make a loss

10. Gross profit and net profit

11. To be undercharged and to be overcharged

12. Something which is overpriced and something which is exorbitant

13. To save money and to invest money

14.	A wageand a salary
15.	Extravagantand economical
16.	A loanand a mortgage
17.	A loanand an overdraft
18.	Sharesand stocks
19.	Commissionand interest
20.	Something which is worthlessand
	something which is priceless
21.	To creditand to debit
22.	A pensionand redundancy pay
23.	A dividendand a royalty
24.	Taxand duty
25.	To depositmoney and to withdraw
	money
26.	A billand a check

Exercise 2:

Complete these paragraphs with appropriate words or expressions from Exercise 1. In some cases you will need to change, the form of the word, and in some cases more than one answer may be possible.

3. 4.

The store is happy to exchange faulty goods, but it can only offer customers a_________ on

production of a valid________.

Customer: Excuse me, waiter. I think you've________ me. This________ says that my pizza cost

$30.50.

Waiter: That's correct sir. It's $25, plus a service charge of 10%, and government_________ of

12%.

Customer: Well I think that's an This month's bank_____

____ price to pay for a pizza!

shows that we have an________ of $800. We can't afford to be

to such a large amount. It's time we reduced our.

Our sales representatives receive a basic_______ (pre-tax) annual________ of $20,000, plus a

10%_______ for each item they sell. On average, their________ (post-tax)________ is around

$45,000 a year.

The company was declared_______ after it was unable to pay off all its debts. Many people who

lost their jobs as a result did not receive________, and those who were about to retire lost half of

their________. People who had________ heavily in the company saw their________ become

completely_______.

Also see Money matters 2 on pages 32 and 33, Earnings, rewards and benefits on pages 16 and 17, and Shopping and consumerism on pages 47 and 48.

For reference see Easier English Intermediate Dictionary (0-7475-6989-4).

Money matters 2

Complete sentences 1 - 28 with a word or expression related to money, and write your answers in the crossword grid on the next page. Some of the letters have already been put into the crossword grid. However, to make it more challenging for you, there are no numbers in the grid, and the sentences below are in no particular order!

Note that in some cases, more than one answer may be possible, but only one will fit into the accompanying space in the crossword grid.

1. The US dollar is very weak at the moment, so fewer people can________ to take a vacation

overseas.

2. Payment can be made by cash,_______ or credit card.

3. The company________ the bank almost $2 million, which it is currently unable to pay back.

4. Thank you for your order. Your goods have been despatched, and the sum of $17.50 will be from your account within the next five days.

5. Last year we paid too much tax (over $10,000 too much in total), so this year we hope to get a for the same amount.

6. Aviva Ltd is happy to offer new customers interest-free________ for the first six months. After

that, an interest rate of 18% will apply.

7. The sale begins next week. Customers can expect some fantastic_______, including a flat-screen

home cinema package for less than $500.

8. Most people who lose their jobs end up on________, although many say they are too embarrassed

to receive government handouts.

9. The_______ of living goes up every year. This is partly due to inflation, and partly due to

increased taxation.

10. Tiie city hopes to start buiiding a new iibrary next year, provided it can get government_________

to begin the project. The minimum amount it hopes to receive is $750,000.

11. The US dollar is a hard_______ and can be easily exchanged for those from other countries.

12. The company's_______ are handled by an accountant from the one of the city's biggest financial

firms.

13. The company has lost a lot of money recently, and may be forced to sell some of its________,

including the company jet and two office blocks in Manhattan.

14. The airline will offer passengers up to $500________ for lost luggage or damage to personal

property.

15. Before you start your own company, it is essential to have enough________ to start it up and keep

it running until it begins to make a profit.

16. The city has an excellent public transport system which is________ by local government so that it

can keep its fares low.

17. The latest art exhibition to be shown at the Metropolitan is a collection of photographs and

paintings of chocolate. Not surprisingly, it is being________ by the country's biggest chocolate

manufacturer, Hoggychocs.

18. We have invested over $2 million in the company, but unfortunately the_________ has been very

low and we are considering selling our stocks.

19. I didn't think the project would make us much money, but in fact it was extremely__________, and

we made over $30,000!

20. My job doesn't pay very well. In fact, my_________ are not enough to pay the rent.

21. Many people think that all writers make a________ from their books, but unfortunately this is

rarely true.

22. The computer costs $1500, but you do not need to pay for it all at once: you can make a__________

(2 words) of $200, and pay for the rest later.

23. We have increased our publicity________ by $600,000, giving us a total of over $3 million to

spend on advertising.

For reference see Easier English Intermediate Dictionary (0-7475-6989-4).

24. Every year the company's accounts are checked carefully for any mistakes. This annual_____________

also helps us to identify areas where we could improve our sales record.

25. Our________ are rapidly increasing. Last month they were $20,000, and this month they are

$32,000.1 don't know how we're going to pay them off.

26. If your order costs over $50, delivery is free of____.

27. If you make a reservation in advance, the hotel can offer you a special_____________ of $65 a night,

including breakfast.

28. When the dollar is strong it can buy more foreign______, which means that more people are

inclined to travel abroad.

Also see Money matters 7 on page 31, Earnings, Rewards and benefits on pages 16 and 17, and Shopping and Consumerism on pages 47 and 48.

For reference see Easier English Intermediate Dictionary (0-7475-6989-4).

The Emergence of Modem Banking When did the first banks appear? Both the Old French word bcmque and the Italian word banca were used centuries ago to mean a «money-changer's table»

In Greece and Rome more than 2 000 years ago the first bankers were money-changing institutions, situated usually at a table or in a small shop in the commercial district, aiding travellers who came to town by exchanging foreign coins for local money or discounting commercial notes for a fee.

The first bankers probably used their own capital to fund their activities, but it was not long before the idea of attracting deposits and securing temporary loans from wealthy customers became the important source of bank funding. Loans were then made to merchants, shippers, and landowners at rates of interest as low as 6 percent per annum to as high as 48 percent a month for the riskiest ventures! Most of the early banks of any size were Greek in origin.

The development of new overland trade routes and improvements in navigation in the 15, 16, and 17 centuries gradually shifted the center of world commerce from the Mediterranean region to northern and western Europe, where banking became a leading industry.

When colonies were established in North and South America, Old World banking practices were transferred to the New World. At first the colonists dealt primarily with established banks in the countries from which they had come. As the 19^th century began, however, state governments in the United States began chartering banking companies. The development of large, professionally managed banking firms was centered in a few leading commercial centers, especially New York.

Banking Institutions in the USA There are two kinds of banking institutions in the USA: a savings bank and a commercial bank. Savings banks primarily serve the consumer, commercial banks primarily serve businesses. One of the main differences between them is in the kind of loan they can grant. Savings banks can lend money to home buyers and home builders. Commercial banks can lend money for any purpose, such as buying a new car or starting a business.

Commercial banks are classified into national banks (chartered and supervised by Federal Government) and state banks (chartered and supervised by the state in which they are operated). All commercial banks can make loans to borrowers. The United States has about 14 000 banks, of which 6 000 belong to the system operated by the Federal Reserve Board. Through its member banks, the Federal Reserve issues money, acts as a financial clearinghouse and establishes required cash reserves that banks must maintain. By increasing and decreasing these reserve requirements, and by changing the interest rate for loans to banks from the 12 regional Federal Reserve Banks, the Federal Reserve Board can regulate the money supply and thereby attempt to control the rate of inflation in the economy.

Individual savings are usually deposited in interest-bearing accounts to several types of institutions - banks, savings and loan associations and credit unions that are usually established by employee groups. Americans also have the opinion of placing pari of their money in savings bonds and treasury bills issued by the federal government, or in privately operated mutual funds that invest the money in the stock market.

Almost all private banks and savings institutions have insurance offered by the federal government to protect individual sav­ings accounts up to $ 100 000.

Дата добавления: 2015-11-14