Merchandise, currency, commercial, foreign exchange, to finance, to supervise, to charter.

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Merchandise, currency, commercial, foreign exchange, to finance, to supervise, to charter.

1. Federal government … and … all national banks.

2. International cooperation between banks makes it possible … imports and exports.

3. It is possible to convert American dollars to Swiss francs in … department.

4. The … of Germany is the mark.

5. All … banks make loans to borrowers.

6. If the importer buys … from another country he will pay for it in the currency of this country.

Read and translate the dialogue.

At the Bank

Mr. StockGood morning. I should like to open an account if I may.

ClerkIf you’d like to take a sеat, I’ll see if the manager’s free. Could you step this way please, sir?

Mr. StockThank you. Good morning. My name’s Stock. I’ve just arrived in this country and I’m staying for a couple of years.

Bank Manager I see.

Mr. StockActually, I’ve got a job with General Machines and my salary’d be paid monthly straight into my account.

Bank ManagerOh, that’s interesting. Quite a lot of your chaps bank with us.

Mr. StockYes, as a matter of fact, I’ve been recommended to you by Mr. Hopkinson.

Bank ManagerOh yes, that’s excellent. Have you something to open the account with now?

Mr. StockYes, I’ve got all these unused Travellers’ Cheques.

Bank ManagerFine. If you’d just fill in this form in the places I’ve marked.

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Mr. StockRight.

Bank ManagerThe specimen signature’s particularly important. While you’re doing that, I’ll get you a temporary cheque-book.

Mr. StockThank you.

Bank ManagerThere are only ten here, but in the next couple of days or so we’ll have a proper one printed out.

Mr. StockI see.

Bank ManagerBy the way, do you want them open or crossed?

Mr. StockGrossed, I think.

Bank ManagerYes, that’s very wise. It’s a useful safeguard. Would you like to cash a cheque now, Mr. Stock?

Mr. StockNo, thanks very much. I’m all right for the present.

Bank ManagerWe’ll credit these Travellers’ Cheques then. Let’s see. It’s £ 200, isn’t it? Yes, well, you can draw when you like.

Mr. StockWell, I must say you’ve been very helpful, Mr-er-er …

Bank ManagerWinters.

Mr. StockRight, then, thanks very much, Mr. Winters. Goodbye.


Unit 8.



Key Words and Phrases:

1. law – закон 2. legal basis – правова основа 3. the National Bank of Ukraine – Національний банк України 4. the Prominvest Bank of Ukraine – Промінвестбанк України 5. the Savings Bank of Ukraine – Ощадний банк України 6. commercial banks – комерційні банки 7. any types and forms of property – будь-який тип та форма власності 8. legal entity – юридична особа 9. issuing centre – емітент, емісійний центр   10. money turnover – грошовий обіг 12. monetary unit – грошова одиниця 13. precious metal – дорогоцінний метал 14. liquidity – ліквідність 15. be supervised – знаходитися під наглядом 16. subject of economic activity – суб’єкти економічної діяльності 17. cash and settlement services – готівкові та розрахункові послуги  


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Read and translate the text:

The Law of Ukraine “On Banks and Banking Activity” adopted in 1992 determined the legal basis of banks and the main principles of their activity. The banking system of Ukraine has two levels and consists of the National Bank of Ukraine and commercial banks, including the Prominvestbank Bank of Ukraine, the Savings Bank of Ukraine, and other commercial banks of any types and forms of property.

The National Bank of Ukraine is a legal entity owned by Ukraine. It is accountable to the Verkhovna Rada of Ukraine. The NBU is the central bank of Ukraine, its issuing centre. It carries out the uniform state policy in the sphere of money turnover, credits, strengthening the monetary unit of the country – the hryvnia. The NBU keeps reserve funds of banknotes, pecious metals and gold, and currencies. The NBU is a final provider of liquidity to the system.

Commercial banks are supervised by the NBU. They provide credits to subjects of economic activity and citizens, provide the national economy with cash and settlement services. They perform investment and trust operations and offer consulting services.


Exercises in Reading and Comprehension.


Match column I with Column II to make up pairs of synonyms.

1. Law a) administer

2. bank b) supplier

3. property c) action

4. govern d) assets

5. activity e) emit

6. issue f) element

7. unit g) statute

8. provider h) depository

9. supervise i) payment

10. settlement j) administer

Match Column I with Column II to find pairs of antonyms.

1. law a) native

2. adopt b) used up

3. include c) cancel

4. foreign d) exclude

5. reserve e) chance

6. own f) valueless

7. precious g) deprive

8. provide h) e-money

9. cash i) own

10. offer j) accept

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Fill in the blanks with the proper words or phrases from the text.

1. The Federal Reserve Banks are … in the USA which are owned by the state and directed by the Federal Reserve Board.

2. There are two levels in … of Ukraine.

3. … is a legal entity owned by Ukraine.

4. The National bank of Ukraine is its … .

5. A uniform state policy is carried out in the sphere of … .

6. The hryvnia is the Ukraine’s … .

7. The NBU keeps reserve funds of … .

8. One of the functions of the NBU is … .

9. Commercial banks … the national economy with cash and settlement services.

10. The bank exercises a clever … .

a. provide

b. investment policy

c. central banks

d. monetary unit

e. The National Bank of Ukraine

f. To supervise commercial banks

g. Issuing bank

h. Banknotes, precious metals and gold

i. Money turnover and credits

j. The banking system

Unit 9.


Key Words and Phrases:

1. taxation – оподаткування 2. receipts – грошові надходження, виручка 3. personal income – особистий прибуток 4. business income – прибуток фірми 5. expenditure – витрати 6. wealth – багатство 7. tax – податок 8. indirect /direct tax – непрямий /прямий податок 9. personal income tax – податок на особистий прибуток 10. corporation tax – податок на прибуток корпорації 11. VAT=value-added tax – податок на додану вартість 12. raise revenue – отримувати прибуток 13. promote social equity – сприяти соціальній справедливості 14. redistribute – перерозподіляти 15. domestic producer – вітчизняний виробник 16. government department – міністерство, департамент 17. assess – оцінювати 18. liabilities – зобов’язання, борги, пасиви 19. the Inland Revenue – Податкове управління 20. tax avoidance – уникнення оподаткування

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Read and translate the text:


Taxation is the government receipts from taxes on personal and business income, expenditure and wealth.

Taxes levied by the government on goods and services are indirect taxes, those which are levied on the income and wealth of persons and businesses are direct taxes. Taxes on income include personal income tax and corporation tax: taxes on expenditure include VAT (value-added- tax) and excise duties.

The government uses taxes for a number of purposes such as: (a) to raise revenue to finance government spending; (b) to promote social equity by redistributing income and wealth; (c) to regulate the level of total spending in the economy; (d) to protect domestic producers from imports.

In each country there is a special government department which is responsible for assessing individual and corporate taxation liabilities. In the UK, it is the Inland Revenue, in the USA, it is the Internal Revenue Service, in Ukraine, it is the State Taxation Administration of Ukraine.

One should differentiate between two terms: “tax avoidance” that is a legal way to minimize a tax burden and “tax evasion” which is any efforts of taxpayers to evade tax by various illegal means.

Exercises in Reading and Comprehension.

I. Match Column I with Column II to make up pairs of synonyms.

1. profit a) ministry

2. expenditure b) manufacturer

3. wealth c) secretary

4. tax d) equality

5. department e) revenue

6. producer f) means

7. minister g) expense

8. equity h) duty

9. way i) earnings

10. income j) fortune

II. Match Column I with Column II to find pairs of antonyms.

1. Expenditure a) saving

2. receipts b) distribute

3. include c) expenses

4. levy (taxes) d) assets

5. spending e) exclude

6. domestic f) maximize

7. liabilities g) savings

8. minimize h) foreign

9. redistribute i) indirect

10. direct j) cancel (taxes)

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