Exc. 1. Choose the right variant.

ГОУ ВПО «АЛТАЙСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ»

 

МЕЖДУНАРОДНЫЙ ИНСТИТУТ ЭКОНОМИКИ, МЕНЕДЖМЕНТА И ИНФОРМАЦИОННЫХ СИСТЕМ В ЭКОНОМИКЕ

 

КАФЕДРА ИНОСТРАННЫХ ЯЗЫКОВ

ЭКОНОМИЧЕСКОГО И ЮРИДИЧЕСКОГО ПРОФИЛЕЙ

 

 

ENGLISH FOR THE ECONOMISTS

 

(Correspondence Department)

 

 

Издательство Алтайского государственного университета

 

Барнаул 2009

Составитель: канд. пед. наук, доцент Н.Д. Усвят

 

Рецензенты: канд. филол. наук, доцент Губернаторова Э.В.

канд.пед.наук, доцент Ларина Т.А.

 

Учебное пособие предназначено, главным образом, для студентов высших учебных заведений, продолжающих изучение английского языка на базе средней школы. Пособие составлено в соответствии с требованиями «Программы по английскому языку для студентов-заочников высших учебных заведений неязыковых специальностей», которая определяет главную цель обучения как «формирование умения самостоятельно читать литературу по специальности с целью извлечения информации из иноязычных источников».

Тексты учебного пособия заимствованы из современной английской и американской экономической литературы, сети Интернет, периодических изданий и переработаны автором.

 

 

Типография Алтайского государственного университета:

656099, Барнаул, ул. Димитрова, 66

 

Условные обозначения:

 

словарь, обязательный для изучения

 

 

тексты для изучающего чтения

 

упражнения для закрепления лексических навыков

 

 

задания на следующую сессию

 

 

Contents

 

Basics of Economics. 6

Part I. 8

Text 1. Basics of Economics. 8

Text 2. What are microeconomics and macroeconomics?. 12

Text 3. Macroeconomics. 13

For the next session. 16

Part II. 24

Text 1. Modern World Economy. 24

Text 2. The Nation’s Economy. 26

For the next session. 28

Management 39

Vocabulary Exercises. 40

Part I. 42

Text 1. What is “management”?. 42

Text 2. What is a manager?. 43

Text 3. Managers. 44

Text 4. What Do Managers Do. 45

Text 5. Theory X and Theory Y.. 47

For the next session. 48

Part II. 52

Text 1. The Selection Board. 52

For the next session. 56

Finance and Credit 67

Part I. 67

Banks. 67

Vocabulary Exercises. 69

Text 1. The Financial System... 70

Text 2. The Stock Exchange. 72

For the next session. 74

Part II. 77

Money. 77

Vocabulary Exercises. 78

Text 1. Money. 80

Text 2. History of Money. 82

Text 3. The Functions of Money. 82

For the next session. 87

Accounting and Auditing. 94

Text 1. Accounting and Auditing. 95

Text 2. Accounting and Bookkeeping. 99

Text 3. The Double Entry System... 101

Text 4. The Balance Sheet 101

The Budget. Taxes. 103

Vocabulary Exercises. 104

Text 1. The Budget 105

Text 2. Taxes. 107

Information in Economics. 114

Text 1. Bill Gates and Microsoft Corporation. 115

 

Предисловие

 

Данное пособие предназначено для студентов экономического профиля, обучающихся по специальностям «Финансы и кредит», «Менеджмент организации», «Прикладная информатика в экономике», «Бухгалтерский учет, анализ и аудит», «Налоги и налогообложение», «Антикризисное управление» и «Экономика труда».

Пособие имеет ярко выраженную профессиональную направленность и рассчитано на полный курс обучения в вузе (60 часов аудиторной работы и 240 часов самостоятельной работы).

Цель данного пособия – развитие навыков работы с текстами по специальности, формирование лексических навыков, а также коммуникативной компетенции в сфере делового общения.

Пособие состоит из шести самостоятельных разделов, соответствующих указанным выше специальностям. Они построены по единому принципу. Каждый раздел включает в себя профессионально ориентированные тексты, предназначенные для обучения различным видам чтения: изучающего, ознакомительного, просмотрового, поискового и систему упражнений для работы с ними, а также варианты лексических контрольных работ. На базе учебных текстов и текстов контрольных работ составлен тематический словарь-минимум, расположенный в начале каждого раздела.

Тематика текстов, подобранных из оригинальных и отечественных источников, дает возможность повысить общеобразовательный и профессиональный уровень студентов.

К данному пособию прилагается еще одно пособие, содержащее грамматический курс, который включает в себя теоретический материал, а также практическую часть, состоящую из системы упражнений.

В качестве источников были использованы следующие материалы:

Агабекян И.П. English for Managers

Аванесян Ж.Г. English for Economists

Любимцева С.Н. Английский язык для студентов финансово-экономических специальностей вузов

Lilia Raitskaya, Stuart Cochrane Macmillan Guide to Economics

Simon Sweeney Management

Charles Mercer New Business Matters,

а также материалы сети Интернет.

 

 

Basics of Economics

Vocabulary

 

basic – основной, главный

to buy – покупать

be concerned with – заниматься чем-л., касаться чего-л.

business – дело, занятие

capital goods – основные средства, средства производства

capital resources – капитал компании, собственные фонды

choice – выбор

to choice – выбирать

to make a choice – делать выбор

to consume – потреблять

consumer – потребитель

consumer goods – товары народного потребления

consumption – потребление

to define – определять

definition – определение

distribution – распределение

economic – экономический

economic forces – экономические факторы

economical – экономичный, экономный

economically – экономично, экономно

economics – экономика (как наука)

economist - экономист

economy – экономика (страны, мира)

to economize – экономить

to employ – нанимать на работу

envisage – рассматривать

expenditure – расходы

goods – товары

i ncome – доход

to invest – вкладывать

to meet one′s wants – удовлетворять потребности

money – деньги

need – первостепенная необходимость

precisely – точно

producer – производитель

product – продукт, продукция

production – производство

to produce – производить, выпускать

to purchase – покупать, закупать

purchase – покупка, закупка

relationship – связь, отношение

resource – ресурс, средство

resources – ресурсы

human resources – кадры, персонал

natural resources – природные ресурсы

scarce – дефицитный

science – наука

service – оказание услуг, обслуживание

tax – налог

to use – использовать, применять, употреблять

use – использование, применение, употребление

wants – потребности

wealth – богатство

 

 

Vocabulary Exercises

Defining Economics

What do you think of when you hear the word economics? Money, certainly, and perhaps more complicated things like business, inflation and unemployment. The science of economics studies all of these, but many more things as well. Perhaps you think that economics is all about the decisions that governments and business managers take. In fact, economics study the decisions that we all take every day.

Economics is a science concerned with how people use available resources to satisfy their wants through the process of production and exchange.

There have been many definitions of economics in the past. The earliest definitions envisaged economics as the study of wealth and the older name for economics was “political economy”. Later economics was defined as “the practical science of the production and distribution of wealth”.

At the turn of the 19^th century economists defined economics as a study of man’s actions in the ordinary business of life. At that time economics focused on how men got their incomes and used them.

In more recent years, the subject of economics was defined more precisely as “the science which studies human behavior as a relationship between ends and scarce means which have alternative uses”.

Today economics deals with data on income, employment, expenditure, prices, production, consumption, transportation and trade.

 

Exc.5. Discuss the following:

- What does economics study?

- Does it study only such things as business, inflation, money?

- What is economics as a science concerned with?

- What is the earliest definition of economics?

- What definition of economics do you like more?

- What does e conomics deal with today?

Part I

Text 1. Basics of Economics

Natural Resources

Items provided by nature that can be used to produce goods and to provide services are called natural resources. Natural resources are found in/or on the earth or in the earth’s atmosphere. Examples of natural resources on the earth are fertile land, vegetation, animals, and bodies of water. Minerals and petroleum are examples of natural resources that are found in the earth. Atmospheric resources include the sun, wind and rain. A natural resource is considered a factor of production only when it is used to produce goods and to provide services.

Human Resources

Anyone who works is considered a human resource. Any human effort that is exerted in production process is classified as a human resource. The effort can be either physical or intellectual. Assembly-line workers, ministers, professional sports figures, physicians, store clerks, and sanitation engineers are all human resources.

Capital Resources

The money and capital goods that are used to produce consumer products are called capital resources. Capital goods include the buildings, structures, machinery, and tools that are used in the production process. Department stores, factories, industrial machinery, dams, ports, wrenches, hammers, and surgical scalpels are all examples of capital goods.

Economists make an important distinction between capital goods and consumer goods. Capital goods are the manufactured resources that are used in producing finished products. Consumer goods are the finished products – the goods and services that consumers buy.

Some products can be either capital goods or consumer goods, depending on how they are used. A bicycle purchased for personal use is a consumer good. The same is not true when the bicycle is purchased by a New York messenger service. Because the messenger service will use the bicycle to make deliveries – to provide a service – the bicycle is considered a capital good.

Technology

The use of science to create new products or more efficient ways to produce products is called technology. Technology makes the other factors of production – natural, human, and capital resources – more productive. Technological advances in the computer industry, for example, have increased efficiency in the workplace.

Entrepreneurship

The risk-taking and organizational abilities involved in starting a new business or introducing a new product to consumers are called entrepreneurship. The goal of entrepreneurship is to create a new mix of the other factors of production and thereby create something of value. The entrepreneur is a person who attempts to start a new business or introduce a new product.

 

Essential Vocabulary

entrepreneur – предприниматель

entrepreneurship – предпринимательство

factor of production – движущая сила производства

fee – вознаграждение, гонорар

for a fee – за плату

satisfy – удовлетворять (кого-л.; чьи-л. требования, запросы)

scarcity – нехватка, дефицит

survival – выживание

technological advances – технический прогресс

technology – техника, технические и прикладные науки

 

Types of Economies

 

I VARIANT

Text 1. The Traditional Economy

Text

Pygmies are a race of people who live in the rain forest of Asia and Africa. Pygmies are famous for their height because adult pygmies stand only 1 metre 50 tall. But this is not the only reason why they are special. They are also special because they have some of the last traditional economies in the world.

The Mbuti are a pygmy tribe who live in the forests of central Africa. The heavy rain and warm temperatures of the forest make them a rich source of food. In fact, the Mbuti take everything they need from the forest, which is why they call it “mother”. Fruit, roots, mushrooms and meat make up their diet. Their houses, too, come from the forest. These are huts made from the branches of young trees and covered in leaves.

The Mbuti own almost nothing. Even their houses are temporary. When they can no longer find food, families will move to another part of the forest.

Usually the Mbuti men go hunting with bows and arrows. Sometimes hunting is done using nets. Then women help, too. Women build the houses and do the cooking. However, both the men and the women help to look after the children.

Because the forest is so rich in food, the Mbuti don’t spend much time hunting or collecting. Most of their day is spent in the tribal village singing, playing and telling stories.

 

Text 2. The market economy

Writing

Write an essay comparing the traditional economy with the market economy. Discuss the advantages and disadvantages of each economy. Decide which is best in your opinion.

Remember, you should organize your ideas logically.

 

These phrases will help you: firstly, secondly, furthermore, however, on the other hand.

Paragraph 1

Introduce the subject by saying what a traditional economy is, and what a market economy is.

Paragraph 2

Say what the advantages and disadvantages of the traditional economy are.

Paragraph 3

Say what the advantages and disadvantages of the market economy are.

Paragraph 4

Conclude by saying what you think the best system is.

 

Write 200-250 words

II VARIANT

 

Text 1. The Planned Economy

Writing

Write an essay comparing the planned economy with the mixed economy. Discuss the advantages and disadvantages of each economy. Decide which is best in your opinion.

 

Use these words and phrases to organize your ideas: despite this, nevertheless, consequently, in contrast, similarly

 

Discursive essay

Paragraph 1.

What is a planned economy?

What is a mixed economy?

Introduce the subject by saying generally there are these two kinds of economies that have advantages and disadvantages.

Paragraph 2.

Describe a planned economy, explaining its advantages and disadvantages.

Paragraph 3.

Describe a mixed economy, explaining its advantages and disadvantages.

Paragraph 4.

Conclude by saying which system you think is best.

or

Explain why you think neither system is the best.

 

Part II

 

Text 1. Modern World Economy

Share

Translate into Russian

1) Britain’s share of world trade has declined.

2) She owns shares in the business.

3) We will all have a share in the profits.

4) Share prices rose yesterday.

To involve

1) My studies at university involve a great deal of hard work.

2) The students of our college are involved in the decision-making process, which gives them valuable experience for their future work.

3) Buying shares involves some risk.

4) His job involves collecting statistics.

5) I’m involved in an interesting project now.

 

A B

to produce an enterprise

to privatize a climate

to play raw materials

to take assistance

to create productivity

to provide goods

to raise a decision

to process a role

 

Note on the dialogue

How did your economy fare last year? – Как обстояли дела в вашей экономике в прошлом году?

harvest – собирать урожай

record crop – рекордный урожай

due to – благодаря

result in – привести к

affect – оказывать воздействие

pay back – окупаться

real sector – реальный сектор, промышленность

law and order – закон и порядок

pass – принимать (законопроект)

to this effect – в этих целях

suffice it to mention – достаточно упомянуть

simplify – упрощать

demand – спрос

consumer goods – потребительские товары

 

I VARIANT

Text 1. History of Economic Thought

Writing

In this unit you learnt about Adam Smith, a famous ‘thinker’ from Scotland. Who are the most famous ‘thinkers’ from your country?

 

Magazine article

Write a magazine article about one famous thinker from Russian history. Use the guide to help you organize your article.

Title: ……

Paragraph 1

Who is this thinker and what is he best known for?

Paragraph 2

Biographical information: when and where born \family life\ important points in life.

Paragraph 3

What was his\her message?

What were his\her influential thoughts?

Paragraph 4

Why do you think this person is important?

II VARIANT

Text 1. The Russian Economy in the 19^th century

Writing

Imagine that you are a factory inspector for the Russian government in 1890. You visit a textile factory and you are shocked by the conditions. Write a letter to the Finance Minister Sergei Witte telling him what you saw and what you want him to do about it.

Letter from history

Remember, this is a formal letter:

Begin ‘Dear Sir’, and finish ‘Yours faithfully’ or ‘Dear Mr.Witte’, and finish ‘Yours sincerely’,

Do not use contractions (eg. ‘is not should be used instead of ‘isn’t’)

Use some or all of these words and expressions:

I am writing in order to …..

Furthermore ….

It was disgraceful to see …..

I would appreciate it if you could look into this matter.

Greeting

Paragraph 1

Say that you are writing to complain about conditions in the factories.

Paragraph 2.

Explain where you went and why. Say what you saw there (age of the workers, conditions of the factory, conditions of accommodation for workers).

Paragraph 3.

Explain more about the pay workers receive and the hours they have to work.

Paragraph 4.

Say what you want the Minister to do in order to improve conditions.

Thank him and sign off.

 

Write 150-200 words.

 

Read for more information

 

Text 1. Contemporary Russia: the fall and rise of the market economy

Economics and Its Great Men

 

Text 1. Adam Smith

Management

Vocabulary

to assert – утверждать, заявлять

to avoid – избегать

authority – власть, полномочия

board – правление

completion – завершение

employee – работник, служащий

executive – администратор, руководитель

executive director – директор-распорядитель

program director – руководитель программы

financial controls – финансовые средства управления

goal – задача

human resources – трудовые ресурсы

leadership – руководство

manager -глава, управляющий, специалист по менеджменту

financial manager – финансовый менеджер

first-line managers – руководство низшего звена

functional manager – функциональный руководитель

general manager – генеральный управляющий, директор предприятия

marketing manager – менеджер по маркетингу

middle managers – руководство среднего звена

personnel manager – начальник отдела кадров

product manager – руководитель, ответственный за производство

product line manager – управляющий предметно-производственной специализацией

project manager – руководитель проекта

top (executive) manager – высший исполнительный руководитель

sales manager – заведующий отделом продаж

management - управление, заведование, руководство

top management – высшее исполнительное руководство

managerial – управленческий

nonprofit organization – некоммерческая организация

objective – цель

practitioner – практик, профессионал

profit-making organization – коммерческая организация

project planning – планирование проекта

promotions planning – планирование продвижения продукта на рынок

skills – навыки

subordinate – подчиненный

to oversee – надзирать, следить, смотреть

to pursue – добиваться

to refer to – иметь отношение, относиться

to supervise – наблюдать, надзирать, заведовать

Vocabulary Exercises

Job Titles

 

Chief Executive Officer (CEO)	Person who designs computer network
Manager responsible for buying	British English term for senior manager of a company
Information Systems director	Manager responsible for the process of creating goods or services for sale to customers
Purchasing Director	American English term for the top manager of a company
Human Resources Director	Person responsible for setting up training opportunities for employees.
Systems Analyst	The person responsible for computer operations in a company
Managing Director	Person responsible for managing product development, promotion, customer service and selling
Finance Director	Person responsible for markets in other countries.
Production Director	Manager responsible for personnel issues.
Customer Service Manager	Person responsible for relationships with customers.
Staff Development Officer	Person responsible for presentation and control of profit and loss.
Exports Manager	Manager responsible for buying.

 

Part I

Text 1. What is “management”?

Traditional interpretation

There are a variety of views about this term. Traditionally the term “management” refers to the set of activities and often to the group of people involved in four general functions, including planning, organizing, leading and coordinating activities. All these four functions are highly integrated and interrelated.

Another interpretation

Some writers, teachers and practitioners say that the above view is rather out –of- date and that management needs to focus more on leadership skills, e.g., establishing vision and goals, communicating the vision and goals and guiding others to accomplish them. They also say that leadership must be more facilitating, participative and empowering in how visions and goals are established and carried out. Some people say that this really isn’t a change in the management functions but a new look at certain aspects of management.

Another common view is that “management” is getting things done through others. Yet another view, quite apart from the traditional view, asserts that the job of management is to support employee’s efforts to be fully productive members of the organizations.

To most employees, the term “management” probably means the group pf people (executives and other managers) who are primarily responsible for making decisions in the organization. In nonprofit organizations, the term “management” might refer to all or any of the activities of the board, executive director and\or program directors.

 

Vocabulary

facilitating – стиль управления, основанный на стремлении помочь

participative - стиль управления, основанный на участии в чем-л.

empowering – дающий возможность или право что-л. сделать

vision – видение, представление

efforts – усилия

 

Task 2. Give English equivalents for the following Russian words and expressions:

практик, профессионал

правление

директор распорядитель

работник, служащий

некоммерческая организация

навыки

руководство

администратор, руководитель

утверждать, заявлять

стиль управления, основанный на участии в чем-либо

 

Vocabulary

hierarchy – иерархия

to delegate authority – передавать полномочия

 

Task 2. Answer the questions:

1. What is manager’s role in an organization?

2. What concrete activities a production manager (financial manager, personnel manager, marketing manager) is responsible for?

3. What is the difference between sales management and marketing management?

4. What means to delegate authority?

 

Planning,

including identifying goals, objectives, methods, resources needed to carry out methods, responsibilities and dates for completion of tasks. Examples of planning are strategic planning, business planning, project planning, staffing planning, advertising and promotions planning, etc.

Organizing resources,

to achieve the goals in an optimum fashion. Examples are organizing new departments, human resources, office and file systems, re-organizing business, etc.

Leading,

including to set direction for the organization, groups and individuals and also influence people to follow that direction. Examples are establishing strategic direction (vision, values, and goals) and using methods to pursue that direction.

Vocabulary

staffing planning – планирование кадрового обеспечения

performance management – управление производительностью

file system – система регистрации и хранения

 

Task 2. Answer the questions:

1. What are the four major functions of managers?

2. What is planning? What are the kinds of planning?

3. What are the examples of organizing the resources?

4. What is “leading?’

5. What is the function of “controlling”?

 

Management functions

communicating with staff, comparing results with targets, deciding strategy, empowering staff to take decisions, identifying change, managing resources, monitoring quality standards, motivation, putting systems in place, setting objectives, taking on new staff, team-building supervision, time management

 

Writing

You have been asked by your Corporate Affairs Director to make hotel reservations for thirty people for a management conference during July or August. The following points are important.

The hotel must have a conference room with Power Point available.

All bedrooms must have private bathrooms.

The restaurant must be at least four-star, and there should be a swimming pool and gymnasium.

 

 

Your director has sent you the following hand-written note:

Please check if the hotel caters for handicapped people, as one delegate is in a wheelchair. And don’t forget to ask for a good discount!

 

Part II

Selection of Personnel

Text 1. The Selection Board

International management

Global Careers

Task 2. Reading tasks.

a) Understanding main points.

1. Which of these statements gives the best summary of the text below?

 

a) A successful global manager needs many qualities.

b) The qualities required to become a top manager differ from country to country.

c) Many young managers are not interested in a global career.

 

2. Mark these statements T (true) or F (false) according to the information in the text. Find the part of the text that gives the correct information.

 

a) International experience is essential if you want a global career.

b) The demand for global managers is increasing.

c) Young managers want to work internationally.

 

b). Understanding details

1. Different qualities for career success are described for different cultures and nationalities. Match the qualities from the list below to the nationalities mentioned in the text.

 

a) good communication skills

b) technical creativity

c) ability to network

d) professional competence

e) entrepreneurial skills

f) knowing how to work within a hierarchical structure

g) good interpersonal skills

 

2. Which national group considers communication and interpersonal skills to be more important – the British or the Dutch?

 

3. According to Andre Laurent, German, British and French managers see organizations as different kinds of networks. What words does he use to define these networks in each case?

 

 

For Additional Reading

Visiting Customers

II.

The first overseas customer that Davis visited was Rik Bekker in Antwerp. The news that Smallcrown was unable to deliver goods on time put Bekker in a difficult position. It was only a short time ago that he persuaded the reluctant Board of Directors to order components from a British firm. To admit now that the components would not be delivered on time would make things very unpleasant both for him and for Smallcrown. Davis noticed that Bekker’s order was extremely large and asked him if he really needed two thousand components per month right through the winter. Bekker admitted that there might be some seasonal variation in his schedules but just at that time they needed the goods urgently. So Davis failed to change Bekker’s mind on this point.

From Antwerp Davis flew on to Bremen where he met Klaus Schneider, Smallcrown’s agent in Germany. During the course of their conversation Davis brought up the question of the BSM-3 project and was surprised to see that Schneider was extremely interested in it. Schneider even asked if Smallcrown would be willing to sell him the patents in Germany. He said that there was now market for this device although there had not been five years ago when the BSM-3 project was suspended.

Next day Davis visited Dr.Scheeper, Smallcrown’s largest customer in Germany. Once again he had to explain how the fire had affected Smallcrown’s delivery schedules and apologize for the inevitable delays. Dr.Scheeper pointed one order for a consignment of 3500 components that he needed for his model BN33 and that could not be delayed. Although Davis knew hat it would be a problem to meet this order, he promised to do his best.

Then Davis brought up the question of Dr.Scheeper’s previous orders and found out that Dr.Scheeper’s company no longer needed them as they had developed a cheaper model and were going to use components of other types. So Davis asked Dr.Scheeper to arrange an immediate delivery of the ordered components to Antwerp since their customers there needed exactly those components.

 

Management

Task 2. Study the following information about management and say a) what the word “management” means; b) what the four functions of management are.

Management is the art or practice of managing a business, money, products, and all the people employed by a company. In other words, management is a set of activities directed at an organization’s human, financial, physical and information resources with the aim of achieving organizational goals in an efficient and effective manner. In this case, “efficient” means “using resources wisely and without unnecessary waste” while “effective” means “doing the right things”. The chart below shows the four main functions of management.

Organizing

Determining how best to group activities and resources. Making all employees work together.

Leading

Motivating members of the organization to work in the best interests of the organization.

Controlling

Monitoring and correcting ongoing activities, receiving reports from subordinates, helping subordinates handle exceptions.

The golden rule of successful management can be summed up in the following words: “The system works well as long as we don’t have any exceptions”. Successful management is getting things done through “others”, that is through the manager’s immediate subordinates.

The word “management” is also used to denote the people who are in charge of a company or an organization. Although large organizations typically have a number of levels of management, the most common view considers three basic levels: top, middle and first line managers.

 

 

More about Management

Finance and Credit

Part I.

Banks

Vocabulary

account – счет, расчет

bank – банк

bank lending – банковские ссудные операции

banker – банкир

banking – банковская деятельность

central bank – центральный банк

central bank – центральный банк

investment bank – инвестиционный банк

merchant (commercial) bank – коммерческий банк

mutual savings bank – взаимно-сберегательный банк

savings bank – сберегательный банк

retail bank – банк, занимающийся обслуживанием мелкой клиентуры

borrower – заемщик

budgeting – составление бюджета

building society – жилищно-строительное общество

carry out – осуществлять

checking account –чековый счет

clearing houses – расчетные палаты

collect cheques – инкассировать чеки

comprise – включать, заключать в себе

creditworthiness (solvency) – кредитоспособность

currency exchange – валютная биржа

curren t (running) account – текущий счет

deal in securities – торговать ценными бумагами

dealing – сделка

demand deposit – бессрочный вклад

deposit – депозит, вклад в банке

deposit account – депозитный счет

depositor – вкладчик

developed country – промышленно-развитая страна

discount bills – учитывать векселя

electronic cash till (cash dispenser/machine, automatic teller machine, cashomat) – банкомат

embrace – охватывать, включать

eurobond – еврооблигация

financial assets – финансовые активы

financial institution – финансовый институт

financial system – финансовая система

financing – финансирование

flow (flew, flown) – течь, перетекать

foreign exchange market – валютный рынок

fund – фонд; капитал; денежные средства;

funds – средства

insurance – страхование

interest – процент

interest rate – процентная ставка

interest-free loan – беспроцентная ссуда

i ntermediary – посредник

issue banknotes – выпускать денежные знаки

license – лицензировать, выдавать лицензии

link – связывать

loan – заем, ссуда

locate – размещать, располагать в определенном месте

long-term loan – долгосрочная ссуда

maintain – удерживать, поддерживать

ministry of finance – министерство финансов

mortgage – закладная, ипотека

network – сеть

on-line banking – онлайновые банковские операции

percentage return – доход в виде процента

perform a function – осуществлять функцию

private account – счет частного лица (фирмы)

saver – вкладчик

securities – ценные бумаги

share – акция

stock exchange – фондовая биржа

stockbroker – биржевой брокер

supervise – контролировать, осуществлять надзор

take charge of clients’ valuables – брать на хранение ценности клиентов

time deposit – срочный вклад

to deposit – класть в банк, делать взнос

to draw (to receive) interest – получать проценты

to loan (to lend) – давать взаймы, одалживать

to make a loan – взять ссуду

to make a transaction – заключать сделку

to pay off (to repay) a loan – вернуть

to transfer – осуществлять перевод средств

transaction (deal) – сделка, операция

transfer – передача, перевод

transfer money – переводить денежные средства

transfer of funds – перевод средств

vault – хранилище

Vocabulary Exercises

Exc. 1. Make up at least 10 word-combinations using the following words:

rate pension cash mutual account

bank checking deposit loan savings

to make money time to invest

fund transaction interest till electronic

Exc.3. Cross one out.

1. transaction, deal, account, bargain

2. to loan, to lend, to credit, to borrow

3. to put in, to deposit, to establish, to invest

4. central, retail, savings, discount

 

Exc.4. Fill in the blanks with the following words:

fund, account, bankrupt, lend, interest

1. We will have to close the factory – our company is _________.

2. The best rate of ________ the banks can offer is around 14 per cent.

3. The bank doesn’t ________ her the money to buy the car because she has a bad credit record.

4. They used this money to set up a ________ for the refugees.

5. Some banks make it difficult to open an _________.

 

Note on the Text

…”Square Mile” in the City of London. – … «Квадратная миля» в Лондонском Сити

future – фьючерс

option – опцион

 

A B

to carry out and to regulate a place

to perform loans

to license activities

to occupy funds

to buy money

to borrow intermediaries

to issue a role

to use banknotes

to act as an account

to play bills

to open a function

to provide cheques

to collect currency

to discount banks

 

 

Text 2. The Stock Exchange

Note on the text

to deal in – торговать

to deal with – иметь дело с чем-либо

vital role – жизненно важная роль

keep pace with – идти в ногу с

“Big Bang” – «Биг Бэнг» («Большой взрыв» – реорганизация Лондонской биржи)

radically – радикально

screen-based trading – электронная торговля

 

Banks

If you work, you’ve probably got a bank account. You could keep the money you earn each month in a box under your bed but it wouldn’t be very sensible. One reason is that it’s not very safe. If your house gets burgled you’ll lose everything you’ve saved. Another reason is that your money will lose value.

As price rise, the money in a box under your bed will be able to buy fewer and fewer things. Money in a bank savings account, however, will earn interest. The interest will help compensate for the effect of inflation. But banks are more than just safe places for your money. What other services do they offer?

The other main service is lending money. Individuals and businesses often need to borrow money and they need a lender that they can trust. This is exactly what banks are – reliable lenders. In fact, most of the money that people deposit in their bank accounts is immediately lent out to someone else.

Apart from storing and lending money banks offer other financial services. Most of these are ways of making money more accessible to customers. For example, banks help people transfer money securely. They give customers cheque books and credit cards to use instead of cash. They provide ATM machines so that people can get cash any time of the day or night.

But how do banks make a living? Basically, they make a living by charging interest on loans. Of course, when you make a deposit into a bank savings account, the bank pays you interest on that money. However, the rate they pay savers is less than the rate they charge borrowers. The extra money they make by charging interest on loans is where banks earn most of their money.

For banks, interest is also a kind of security. Sometimes people do not pay back money they borrow. This is called defaulting on a loan. When someone defaults on a loan the bank uses money earned from interest to cover the loss.

All of this means that most of the money people have saved in the bank is not there at all. A small amount of the total savings is kept by the bank so that customers can make withdrawals. The rest, however, is made available for loans. The amount that is kept is called the reserve. The reserve must be a certain percentage of all the savings received from customers – for example 20 per cent. This figure is set by the central bank and this is one of the ways that governments can control the amount of money circulating in the economy.

 

Speaking

Give a two-minute presentation on the history of money. First, read through text 1 again and make notes below on the following.

- bartering

- commodity money

- fiat money

You can also include recent developments not mentioned in the text, such as credit cards and digital money.

 

Writing

Write a promotional leaflet for a bank. The aim of the leaflet is to attract new customers and to inform existing customers about the services the bank offers.

 

Use an informal, friendly style like you see in advertisements. Organise the leaflet using the plan shown here.

 

Promotional Leaflet

 

Paragraph 1

Give a brief history of the bank and say how big it is today (to give confidence to customers).

Paragraph 2.

Explain what your main services are and what advantages you offer compared to other banks (for example, interest rates).

Paragraph 3.

Say what other services you offer and how they can be useful to your5 customers: for example, special savings schemes for certain people (students / pension schemes for workers) and Internet banking.

Paragraph 4.

Say how customers (or potential customers) can contact the bank (e-mail, web page, phone number, local branches, etc).

 

Write 200-250 words.

 

 

Part II

Money

Vocabulary

 

acceptability – приемлемость

accounting – бухгалтерский учет

accumulate wealth – накапливать состояние

bill of exchange – вексель, тратта

cash – наличные деньги

check – чек

checkbook money – деньги банковского оборота

Coin – монета

commodity money – товарные деньги

credit money – кредитные деньги

cash – наличность

currency – валюта

foreign currency – иностранная валюта

domestic currency – внутренняя валюта

cheque (check) – чек

traveller’s check – дорожный чек

banker’s check – банковский чек

cheque book – чековая книжка

to draw a cheque – выписать чек

to cash a cheque – обналичить чек

bank-note (paper bill, paper note) – банкнота

cost of expenditure – стоимость затрат

demand deposit – депозит до востребования

deteriorate – ухудшаться

divisibility – делимость

durability – продолжительность срока использования

enhance – увеличивать, усиливать

exchange – обмен; биржа

exchange rate – обменный курс

foreign exchange – иностранная валюта, курс иностранной валюты

fiat – декрет, постановление, указ

fiat money – деньги, считающиеся деньгами по указу

figure – подсчитывать, считать

means of payment – средство платежа

medium of exchange – средство обращения

meet the conditions – выполнять условия

mint – чеканить

money – деньги

to make money – зарабатывать деньги

to spend money – тратить деньги

to waste money – растрачивать деньги

to save money – экономить деньги

to lend money – давать взаймы деньги

to borrow money – брать взаймы деньги

to change money – менять, разменивать деньги

to lose money – потерять деньги

to owe money – быть должным деньги

to pay платить – расплачиваться деньгами

to earn – зарабатывать деньги

to invest – вкладывать, инвестировать деньги

electronic money – электронные деньги

paper money – бумажные деньги

representative money – представительские деньги

near money – субститут денег

payable on demand – подлежащий оплате по предъявлении

purchasing power – покупательская способность

record keeping –