Lend liabilities wages overdraft standing orders salary withdraw 


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Lend liabilities wages overdraft standing orders salary withdraw



Commercial banks are businesses that trade in money. They receive and hold 1)…, pay money according to 2) … instructions,3) …money, etc.

There are still many people in Britain who do not have bank 4) …. Traditionally, factory workers were paid 5) … in cash on Fridays. Non-manual workers, however, usually receive a monthly 6) … in the form of a cheque or a transfer paid directly into their bank account.

A 7)… (US: checking account) usually pays little or no interest, but allows the holder 8) … his or her cash with no restrictions. Deposit accounts (in the US also called time or notice accounts) pay interest. They do not usually provide 9) … (US: check) facilities, and notice is often required to withdraw money. 10) … and direct debits are ways of paying regular bills at regular intervals.

Banks offer both loans and overdrafts. A 11) … is a fixed sum of money, lent for a fixed period, on which interest is paid; banks usually require some form of security or guarantee before lending. An 12)… is an arrangement by which a customer can overdraw an account, i.e. run up a debt to an agreed limit; interest on the debt is calculated daily.

Banks make a profit from the spread or differential between the interest rates they pay on deposits and those they charge on loans. They are also able to lend more money than they receive in deposits because 13) … rarely withdraw all their money at the same time. In order to optimize the return on their assets (loans), bankers have to find a balance between yield and risk, and liquidity and different maturities, and to match these with their 14) …(deposits). The maturity of a loan is how long it will last; the yield of a loan is its annual 15) … - how much money it pays - expressed as a percentage.

Answer the following questions:

What banks are called commercial?

What is the difference between wages and salaries?

What account do people use to receive some interest on the money thy save?

When do people use standing orders?

When interest in paid daily on a loan or a an overdraft?

How do the commercial banks make a profit?

Grammar test (к.р. №1,2,3)

BANKING

1. The work of bank centers around money and financial services.

2. Any activity involving money or advice about financial matters is undertaken by all the commercial banks.

3. The immediate service offered by the bank is the receipt for deposit of coins, notes and cheques and the cashing cheques, through current accounts.

4. Coins and notes in circulation have the status of “legal tender”.

5. The most common means of payment, particularly for significant sums of money is the cheque.

6. Cheque is safe r and more c onvenient than using cash.

7. Cheque is not a legal tender and creditors can refuse to accept it if they wish.

8. Traveller’s cheques are readily negotiable if the bearer has some means of proving his identity

9. To assist the use of cheques banks now provide their customers with banker’s cards.

10. If a customer wished to make payments of large amounts of money by cheque he would obtain a “certified cheque” from his bank.

11. A cheque is signed by the bank and therefore payment is guaranteed.

12. Those trading overseas may use a Bill of exchange as a means of payment.

13. Those whose credit standing is unknown have to get the Bill “accepted” before a creditor will take it.

14. Because Bills are post dated creditors have to wait some time for their money.

15. They can overcome this problem by endorsing the Bill.

16. The commercial banks participate in this activity in two ways: in part by lending money to the discount houses and in part by discounting bills for their own customers.

17. There are two general reasons for using a bank account.

18. A deposit account will not offer a high rate of interest but it is designed to make saving simple, convenient and safe.

19. A deposit account will not be the best way to save large sums of money for any long period of time.

20. The most common reason for having a bank account is the convenience and safety provided by a current account at a bank.

21. When small and regular surpluses are available to be saved, a bank provides deposit accounts.

22. A deposit account is especially appropriate for those who may save small amounts from time to time without any planned regularity.

23. Most customers of bank who have opened a deposit account will also have a current account.

24. This makes the transfer of amounts of money from one account to the other an easy matter.

25. Regular payments can be made through a standing order to the bank that will automatically transfer the agreed amount according to your instructions.

26. The rate of interest is publicly advertised in any bank.

27. The bank uses money deposited with them to lend to others.

28. The banks are not likely to insist on 7 day intention and cash is often immediately available

29. to those who wish to withdraw it.

30. It is more common to have a bank account than to be without one.

31. Customers of the bank are often given the services of the bank without charge.

32. A small temporary overdraft has to be agreed with the bank manager.

33. Since money in a current account does not attract interest, it is not a good idea to maintain large cash balances.

34. Money in a current account does not attract interest.

35. Banks make their profits by lending money.

36. To be a borrower you must be a customer of the bank

37. The normal way of borrowing larger amounts or for a long period of time is the loan.

38. If a loan is granted it will be a fixed sum immediately available for a fixed period of time.

39. A separate account is opened to record the repayments as they are made.

40. Personal loans usually have to be repaid out of an income.

41. In deciding this, a manager will be considerably assisted by his knowledge of you and his estimate of your character.

42. Sometimes people do not ask for enough money because they are anxious about the burden of the repayments.

43. Personal loans are often secured by life insurance policies on which the bank is making regular payment for you.

44. In the case of a business loan the manager may want to see well prepared documents such as profit and loss accounts and balance sheets for the most recent years.

45. The bank wants to make as much profit as it can and for this reason it must take the risks of lending money.

46. Much of a bank’s investment is in short and medium-term government and local government bonds.

47. The second thing that the bank must do is to ensure that the investments it chooses are safe.

48. Advances by a bank to its customers are the least liquid of their assets.

49. Advances by a bank are also the most profitable of them yielding the highest rates of return.

50. In general the banks do not lend to industry for long periods of time or for investment projects.

LEXICAL TEST

Borrowing and Lending

Choose the correct alternative to complete each sentence:

1. If you possess something, you can say that you..... it.

a. owe b. own c. owner

3. To let someone else have the use of your money for a certain period of time

after which it must be paid back, is to.........

a. borrow b. lend c. credit

4. To take money that has to be repaid is, on the contrary, to.......

a. borrow b. lend c. steal

5. An amount of money lent is a..........

a. debit b. debt c. loan

6. A person who has borrowed money is a.........

a. creditor b. debtor c. owner

7. Another word for a lender is a/an.........

a. creditor b. debtor c. owner

8. The income received by someone who lends money is called..........

a. dividends b. interest c. interests

Remember that lend is an irregular verb: lend — lent — lent


Forms of Money

Choose the correct alternative to complete each sentence:

1. Money in notes and coins is called …

a. cash b. capital c. reserves

2. The dollar, the mark and the yen are all …

a. currencies b. funds c. monies

3. Money borrowed from a bank is a …

a. deposit b. income c. loan

4. Borrowed money that has to be paid back constitutes a …

a. debt b. fund c. subsidy

5. All the money received by a person or a company is known as …

a. aid b. income c. wages

6. The money earned for a week's manual work is called …

a. income b. salary c. wages

7. The money paid for a month's (professional) work is a …

a. loan b. salary c. wages

8. Money placed in banks and other savings institutions
constitutes ….

a. capital b. deposits c. finance

9. Money paid by the government or a company to a retired
person is a …

a. pension. b. rebate c. subsidy

10. The money needed to start a company is called ….
a. aid b. capital c. debt

1 1. Estimated expenditure and income is written in a ….

a. budget b. reserve c. statement


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