Task 2. Translate the following words and word combinations or find Russian equivalents.
1. relative value
2. to figure profits and losses
3. tax receipts
4. accounting task
5. to accumulate wealth
6. to withstand wear and tear
7. to mint coins
8. stability in value
9. durability
10. acceptability
11. to make transactions
12. payable on demand
13. checkbook money
14. representative money
15. fiat money
Task 3.Translate the following sentences into Russian.
1. Combining various coins permits buyers and sellers to make transactions of any size.
2. If both of these conditions are met, many people will accumulate their wealth for later use.
3. Metals such as gold and silver are ideal because they withstand wear and tear well.
4. Divisibility also enhances money’s use as a standard of value because exact price comparisons between products can be made.
5. Checks are representative money because they stand for the amount of money in a person’s account.
6. Acceptability means that people are willing to accept money in exchange for their goods or services.
Task 4. Fill the gaps in the sentences below with the words and expressions from the box. There are two expressions which you don’t need to use.
| Standard of value, portability, fiat money, store of value, stability in value, commodity money, medium of exchange, representative money, acceptability, accumulate their wealth, relative value, durability |
1. As a ________________, money assists in the buying and selling of goods and services.
2. Money enables people to judge the ____________ of different items by comparing their prices.
3. Money’s function as a _______________ is important to record keeping because it provides uniformity to accounting tasks.
4. As money is nonperishable and keeps its value over time it is considered a ___________.
5. People save money in order to ______________ for later use.
6. Money’s ability to be used over and over again is called _____________.
7. ____________ is money’s ability to be carried from one place to another and transferred from one person to another.
8. ____________encourages saving and maintains money’s purchasing power.
9. Precious metals such as gold and silver have often been used as __________ .
10. Checks are __________ because they can be exchanged for currency.
Task 5. Find English equivalents for the following Russian expressions and words.
1. средство обращения
2. мера стоимости
3. средство накопления
4. ведение учета
5. стоимость затрат
6. единица бухгалтерского учета
7. покупательная способность
8. портативность
9. делимость
10. скоропортящийся
11. депозит до востребования
12. сберегательный счет
13. срочный депозит
14. вексель
15. товарные деньги
| For the next session |
| Text 1. Fiscal Policy |