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II. Fill in the blanks below with the most appropriate terms fromСодержание книги
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the list: a store of value; coin; a Medium of Exchange; currency; a measure of value; currency; inflation; the money supply. 1.Money can be any substance that functions as _________, a Measure of Value, and a Store of Value. 2. As ___________, money expresses worth in terms that most individuals understand. 3. Money also serves as ___________. 4. The term ________ refers to metallic forms of money. III. Memorize the following words and word-combinations. Use them in the sentences of your own:
IV. Translate the sentences paying attention to the italicized words: 1. It’s quite interesting work and the money ’s all right.2.The monetary unit of Japan is yen. 3. Monetary policy isaimed at controlling the amount of money in circulation, usually through controlling the level of lending or credit. 4. Money supply can include notes, coins, and clearing-bank and other deposits used for everyday payments. 5. I am not made of money, you know! 6. I paid good money for that car and it broke down on the first day. 7. The pound had a steady day on the money markets. V. Match each term in Column A with its definition in Column B: Column A Column B
VI. Define which of the following items best completes the statement: 1. Most of the money in circulation consists of a. paper money. b. coins. c. checking accounts. d. savings accounts. 2. In a money economy, money serves as a a. medium of exchange. b. measure of value. c. store of value. d. all of the above. 3. The value of money a. can increase or decrease. b. remains the same at all times. c. increases with the passage of time. d. rises when prices rise. 4. The purchasing power of money a. increases during periods of inflation. b. decreases during an inflation. c. decreases during a deflation. d. is unaffected by inflation or deflation. VII. Complete the following sentences: 1. Money can be any substance that functions as.... 2. As a medium of exchange, money is.... 3. As a measure of value, money expresses.... VIII. Answer the following questions: 1. In what function is money accepted as payment for goods and services? 2. What is money as a medium of exchange? 3. What does money express as a measure of value? 4. How does money function as a store of value? 5. What are the most familiar forms of money in the United States? IX. Translate into English: 1. Гроші функціонують як засіб обігу, міра вартості та запас вартості. 2. Різні види грошей перебувають в обігу в Сполучених Штатах Америки. 3. Запас вартості означає, що товари та послуги можна легко конвертувати в гроші. 4. Термін «валюта» відноситься до паперових грошей, а «монета» ¾ до грошей, виготовлених з металу. 5. Сучасні гроші мають ті самі характеристики, що й примітивні гроші. 6. Металеві гроші не виходять з обігу аж доти, доки їх не загублять. 7. Пенні — монета найменшої вартості в обігу. 8. Те, що грошова маса щороку зростає на 10—12 відсотків, є основною причиною інфляції. READING DRILLS 1. Practise the pronunciation of the following words: a) stress the first syllable: bank, safe, lend, fund, business, temporarily, functional, saver, borrower, cash, gain, asset, debt, property, possession, claim, balance, interest, loan, bond, statement, sheet, customer, prosper. b) stress the second syllable: fulfil, distinct, community, provide, excess, examine, liability, condense, return, invest, investment, attract, attractive, liquidity, convert, deposit, reflect, effect, increase, diversify. c) stress the third syllable: institution, understanding, obligation, introduce.
Text B Banks fulfil two distinct needs in a community. For one they provide a safe place for people to deposit their money1. For another, they lend excess funds2 to individuals and business temporarily in need of cash3. In effect, banks act as functional institutions that bring savers and borrowers together4. To gain a clear understanding5 of the way in which a bank operates, let us examine the bank’s liabilities6 and assets7. Its liabilities are the debts and obligations to others. Its assets are the properties, possessions, and claims on others. These liabilities and assets generally are put together in the form of a balance sheet — condensed statement showing all assets and liabilities at a given point of time. The balance sheet also reflects net worth — the excess of assets over liabilities8, which is a measure of the value of a business. Most bank deposits return to the community in the form of loans. The bank, however, might invest some of the cash in bonds. The bonds would be a good investment for two reasons. One is that they earn the interest9 and therefore are more attractive than cash. The other is that they have a high degree of liquidity10, that is they can be converted into cash in a very short period of time. The liquidity adds to the bank’s ability to serve its customers. When the demand for loans increases, the bonds can be sold and the cash loaned to customers. In time, the bank would grow and prosper diversifying its assets and liabilities in the process. It might use some of its excess funds to buy state or local bonds. It might loan some funds on a short-term basis to other banks. Then, too, a bank might use some of its assets to buy an interest in another business. The bank also might try to attract more depositors by introducing different kinds of accounts. Once the bank attracts more funds, it can make more loans and more profits.
COMMENTS 1. to deposit their money — для збереження вкладів 2. to lend excess funds — надавати кредит 3. ... in need of cash — коли потрібні гроші 4. ... that bring savers and borrowers together — що з’єднує кредиторів і дебіторів 5. to gain a clear understanding — щоб мати чітке уявлення 6. liabilities — пасив 7. assets — актив 8. the excess of assets over liabilities — перевищення активів над пасивами 9. ... they earn the interest — на них нараховується відсоток 10. liquidity — ліквідність
VOCABULARY EXERCISES I. Name the word-building elements and the part of speech bank — bankable — banker — banking — banknote — bankroll — bankrupt — bankruptcy;convert — converter — convertible — convertibility; deposit — depositary — depositor — depository; invest — investment — investor.
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