IX. Fill the blanks with necessary words. Translate the sentences into Ukrainian.

1. A cheque differs from the bill of exchange. 2. The drawer of... is the person who has to pay it and it is always... on a banker and not on a private person, firm or company. 3.... is the person who... the cheque, the drawee is the bank on which the cheque is drawn and... is the person to whom the cheque... and who is to receive the benefit. 5. The drawee bank is also the paying bank, while the bank at which the payee pays in a cheque is known at the... bank. 6. A cheque does not need... prior to payment.

is payable, the drawer, maturity, the cheque, collecting, to negotiate, to be accepted, has signed, drawn.

 

X. Read and translate the meanings of the following terms. Translate the sentences with them.

Mortgage - 1) is an agreement in which money is lent by a bank or a building society, etc. for buying a house or another property.

1. The flat was bought with a $ 50.000 mortgage. 2. He mortgaged his house in order to start a business. 3. They've taken out a 30 year mortgage. 4. Mortgage interest rates are set to rise again in the spring. 5. Most buyers of mortgaged property assume the mortgage. 6. In the United States, homes are resold every five years on the average. Most of these homes have mortgages on them. 7. The mortgage arrangement usually consists of a promissory note and a mortgage deed. 8. The mortgage agreement specifies many of the rights and duties of the mortgagor and mortgagee.

Payee - is the person to whom something is to be paid.

1. Write, please, the name of the payee on a cheque. 2. Like a check, a promissory note must be payable to the order of a particular person or company, known as the payee.

Promissory note - is a document in which a person or an organization, such as bank, promises (on behalf of the buyer) to pay a fixed sum of money on demand or by a certain date, to the person specified (the seller).

The banknote is a form of promissory note. 2.Ordinary promissory notes are widely used in the USA banking system but are now seldom used in Britain. 3. In addition to a credit agreement, many times the consumer had also signed a promissory note. 4. Promissory note is an easily transferable, special type of commercial instrument or paper. 5. A promissory note is a formal legal document that serves as proof of a debt.

 

XI. Translate the following extract in written form:

A check is a written order on a bank to pay a previously deposited money to a third party on demand. The person who writes the check is the drawer. The person to whom the check is payable is the payee. The bank that is ordered to pay the check is the drawee.

The drawer of a check or the maker of a note is unconditionally required to pay the amount specified. This obligation assumes, of course, that the transaction represented by the instrument has been proper and legal. The drawer of a check is required to pay the amount of the check if the drawee (the bank) does not pay it. There are, however, certain limitations on this rule in many states.

 

XII.Read the text and answer the questions.

1. Why may a bad check not be paid?

2. What is stopping payment on checks?

Bad checks

A bad check is one that is not honoured (paid) when it is presented to a bank for payment. It may not be paid because there are insufficient funds in the account on which it is drawn, or because it was written by a dishonest person who did not have an account in the bank on which it was drawn. In either case it is possible in every state to prosecute the person who has written the check.

Ordinarily banks and business people are courteous and considerate whenever a person unknowingly writes a check on an account in which there are insufficient funds. Both the person who apparent intention of fraud, the person to whom the check was issued is usually responsible for starting any legal action.

When any check or any other negotiable instrument is presented to a bank for payment but is not paid, it is returned, along with a protest form, to the one who submitted it. The bank makes a charge for protesting the non­payment of a negotiable instrument. Thus, it is advisable to avoid submitting to a bank any item that probably cannot be collected. It should be borne in mind that, when a bank accepts a check for deposit, it is acting only as the collecting agent until the check has been collected. If the bank cannot collect the check, it deducts the amount from the account of the depositor.

After you have drawn or issued a check to someone, you may direct your bank to refuse to pay it when it is presented. This procedure is called stooping payment on a check. In most states when a bank has been properly ordered to stop payment on a check, it is the bank's responsibility to do so, and the bank is liable if it fails to stop payment. This procedure should be used only as a protection and should not be abused. For instance, a businessman may discover after issuing a check that fraud or deception has been involved and may want to stop payment on the check before it is cashed.

 

XIII. Read and remember some English idioms useful for businessmen:

1. Penny wise and pound foolish - by trying to save a little one can lose a large sum; економний у дрібницях і марнотратний у великому.

2. Pie in the sky - a desirable but unrealistic idea or plan; бажана, але нереальна річ, ідея, план; те, що не можна здійснити.

3. Pigs in clover - people with more money than manners; "вискочки'": люди, що займають високе положення, не маючи на це підстав.

 

LESSON 12

I. Read the following words and word combination and learn their meanings by heart:

to overestimate - переоцінювати; a phenomenon - явище; to describe - описувати; to deal with -пов'язувати, мати справу з; numerical - числовий; numerical data - цифрові дані; Antique World - Стародавній світ; qualitative - якісний; quantitative - кількісний; a branch - галузь, філія; to work out - розробляти; an index (indices) - показник, індекс; standards of life - рівень життя; a level - рівень; consumption - споживання; constantly - постійно; space - простір, космос

 

II. Read and translate the text:

STATISTICS

The role of statistics is hard to overestimate. As soon as a state is formed people begin to pay attention to the quantitative side of many social things. The more developed a society is, the more important role statistics plays in its life.

The word statistics comes from the Latin word "status" which means the state of things. The synonym of the state of things is a number of facts about certain social and economic phenomena and processes. They also describe statistics as a science which deals with mass numerical data.

Historically, statistics development starts with the formation of a state. One can find some traces of statistics and accounting in documents of the most developed countries of the Antique World.

One should remember that statistics, first of all, deals with the so-called quantitative side of things. However, the quantitative side is closely connected with the qualitative side of things.

Statistics consists of several sections. They are independent and at the same time these sections are closely connected with each other. At present lime they divide statistics into four main parts. They are: 1) statistics theory; 2) economic statistics; 3) branch statistics; 4) social statistics.

Statistics theory deals with the categories of this science, methods and means of analysis. Economic statistics deals with phenomena and processes that are taking place in an economy. It works out the whole system of economic indices and methods of study of an economy of a country or of a region. Branch statistics may be subdivided into industrial, agricultural, finance, social infrastructure, trade, banking, state budget and so on.

Each branch statistics works out the methods of calculation of indicators that show specific features of each branch taken separately.

Social statistics deals with social conditions and character of labour, standards of life, levels of profit and income, consumption of products and services by population. During all the time statistics as a science is developing side by side with the development of other theoretical sciences dealing with society.

Another no less important feature of statistics is that it studies the mass character of social phenomena. It means that statistics is constantly dealing with such phenomena which are repeating themselves and are changing in space and in the course of time.

III. Retell the text according to the following questions:

1. Is the role of statistics important in modern life? 2. What Latin word does statistics come from? 3. Does statistics deal with mass numerical data or with individual separate data? 4. Is statistics a modern science? 5. Statistics deals with the quantitative state of things, doesn't it? 6.1s statistics connected with the qualitative side of things? Can you give some examples? 7. What are the main parts of statistics? 8. What is the difference between statistics theory and economic statistics? 9. What parts is branch statistics subdivided into? 10. What aspects of human life does social statistics study? 11. What does the mass character of social phenomena mean? 12. What part of statistics do you consider the most important? Explain why.

 

IV. Arrange the words into pairs of:

a) synonyms:

essential, power, feature, concept, to remember, standard, branch, to study, to start, to deal with, level, field, to bear in mind, to begin, state, characteristic, important, category;

b) antonyms:

quantitative, mass, consumption, service, qualitative, separate, product, production, labour, thing, main, development, leisure, phenomenon, minor, stagnation.

 

V. Match "a career" on the left with "responsibilities" on the right:

1. Analyst _______ A person who performs the independent examination of and expressions of opinion on the financial statements of an enterprise.

2. Sales Manager _____ A person who is skilled in keeping accounts or who exams and inspects the account of a company.

3. Advertising Manager _________ A person who collects data in some sphere (field), say, marketing, banking, etc. from different sources, develops ideas and gives proper advice.

4. Auditor ___________ A person who is responsible for sales to consumers. Retail stores, stock brokerage, insurance companies employ such people.

5. Accountant _____ A person who is responsible for an advertising programme of a company.