VIII. Solve the crossword and you will find out the word, which you are to define.
Комплексна контрольна робота
Англійська мова, ІІІ курс, 6 семестр
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I. Practise the pronunciation of the following words:
a) stress the first syllable:
money, medium, monetary, quality, value, increase (n), reasonable, equal, principal, barter, measure, substitute, income, currency, issue, precious, interest, benefit, property
b) stress the second syllable:
exchange, obtain, society, possess, stability, increase (v), expectancy, advantage, engraving, define, commodity, determine, reflect, investment, assess, deposit, receipt, redeem, account, invest, promote.
II. Before you read answer the following questions:
a) What is money in your opinion? Money is the currency for which I can buy what I need
b) Do you know any functions of money? medium of exchange, measure of value, store of value, unit of account.
c) Why do banks exist? The bank is the institution that produces various kinds of operationswith money and securities and financial services to the Government,businesses and individuals.
III. Read and memorize the words and word-combinations:
assess – визначати
commodity – товар
counterfeit – підроблювати
cowrie – каурі (мушля, що замінює гроші в деяких частинах Азії та Африки)
engraving – гравірування
expectancy – очікування, вірогідність
to fluctuate – коливатися
goldsmith – ювелір
to hoard – запасати, накопичувати
medium of exchange – засіб обміну
measure of value – міра вартості
offset – компенсувати
portability – портативність
recognizability – розпізнаваність
redeem – викупляти, виплачувати
remittance – перерахування коштів
savings bank – ощадна каса
store of value – засіб накопичення
uniformity – однаковість, однорідність
unit of account – одиниця рахунку
IV. Text A
Money and its functions
Goods and services are exchanged for money and money is used to obtain other goods and services. Thus money is a medium of exchange. In many countries, the monetary system has been built on a base of precious metals such as gold and silver, but cowrie shells, salt and many other things can be, and have been, used as money. Now almost every society has a money economy based on coins and paper bills of one kind or another.
Although, as we see, anything can serve as money, as a practical matter the material should possess the following qualities:
Stability. The value of money should be more or less the same today as tomorrow. In societies where value of money fluctuates (goes up and down) people will hoard it in the hope that its value will increase, or spend it immediately thinking it will be worth less tomorrow. Either action could be harmful to the economy.
Portability. Modern money has to be small enough and light enough for people to carry. Bowling balls would not be a practical form of money.
Durability. The material chosen has to have a reasonable life expectancy. For that reason most countries use a very high quality paper for their money.
Uniformity. Equal denomination of money should have the same value. It’s easy to see that if some quarters or dollar bills were worth more than others, things could be pretty confusing.
Divisibility. One of the principal advantages of money over barter is its ability to be divided into parts. In other words, while making change for a dollar is easy, making change for a chicken is more difficult.
Recognizability. Money should be easily recognized for what it is and hard to copy. The quality of the paper and the engravings make paper money extremely difficult to counterfeit.
We can also define money by what it does. So money serves as (1) a medium of exchange, (2) a measure of value, (3) a store of value, (4) a unit of account.
Money as a medium of exchange. This is the simplest of the functions of money. Goods or services are exchanged for money and the money is used to obtain other goods and services. In a barter economy you must find someone who has what you want and wants what you have. In a money economy people can sell what they have to anyone and use the money to buy what they want. Money, therefore, is the medium that enables exchanges to be made easily.
Money as a measure of value. Since commodities are exchanged through the medium of money, their relative prices determine what one commodity is worth in terms of other commodity. A community’s valuation of this commodity or that will change as tastes and fashions change or as the community grows richer. The prices at which goods exchange for money and money exchanges for goods will reflect these changes. Money acts as a measure of value.
Money as a store of value. All the early money commodities were very inadequate stores of value. Cattle or slaves might sicken and die. A good money material permits the possession of wealth the storing of value without loss. Of the modest forms of money, gold is still a very good store of value, but investments of one kind or another may make effective money substitutes as stores of value, since they yield an income which man offset the rising prices of other commodities.
Money as a unit of account. If a man is in business, it is necessary for him to compute the values of the various stocks of goods that he possesses. These goods can be of different kinds and yet some common unit is needed in which to assess their value. Money, acting as a unit of account, can serve these purposes.
Currency is money in use in a country. Nowadays national currencies are considered to be as strong as the national economies which support them. For example, today our Ukrainian currency “hryvnia” has value only because the Ukrainian government stands behind it.
V. Find the English equivalents:
Валюта currency ,
бартерна економіка barter economy,
замінювати засіб обміну substitute medium of exchange,
головна перевага грошей principal advantage of money,
вартість грошей value of Money,
міра вартості measure of value,
високоякісний папір high-quality paper,
робити покупку make a purchase,
вважатися considered to be.
VI. Fill each gapes with a suitable word from the box:
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1. Money can be anything, that is generally accepted in denomination for goods and services.
2. Equal payment of money should have the same value.
3. The principal difference between a barter economy and a money economy is that in a barter economy you must wants what you have.
4. One of the principal advantages of money over barter is its ability to be divided into parts.
5. Money, therefore, is the medium that enables exchanges to be made easily.
6. The money you are most familiar with, currency, consists of the paper money and coins, that you use almost daily.
VII. Match the following terms with their definitions:
| a loan | 1. an amount of money that a person, business, or country borrows, especially from a bank |
| interest | 2. extra percentage paid on a loan |
| a salary | 3. an amount of money you receive, usually weekly, in return for labour or service |
| a pension | 4. paid by a company or the state on your retirement |
| a fare | 5. paid while traveling, especially on public transport buses, trains, etc. |
| a bill | 6. money paid for professional services, e.g. to a doctor |
| a fee | 7. paid at a restaurant after eating |
| a wage | 8. a fixed amount which is paid, usually monthly, to workers of higher rank |
| alimony | 9. money paid by divorced father to his former wife for the upkeep of his children |
| a cash | 10. money which is in the form of coins and notes, not cheques |
VIII. Solve the crossword and you will find out the word, which you are to define.
1. an additional payment which is a reward to those who work for a company for their extra work;
2. money or property that you arrange for someone to have after you die; legacy
3. a first payment that you make when you agree to buy something expensive such as a car or house;
4. extra money that you are paid in addition to your usual salary;
5. the amount of money you borrow from a bank in an agreement to buy a house;
6. the amount of money borrowed from a bank, greater than that which is your account;
7. the act of changing the money of one country to the money of another country; exchange
8. part of the value of a company that you may buy;
9. a share of the profits of a company, paid once or twice a year to the people who own the company’s shares;
10. the system of money used in a particular country;
11. money used in a way that may earn you more money;
12. _____________________________________
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| 22 l | 5 | 6 | C | 111 | ||||||
| 1 1 | E | 4 4 | H | 8 | ||||||
| G | A | |||||||||
| 112 | A | N | 110 | |||||||
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IX. Make up sentences:
| Money | is has | the root of all evil a measure of the value of goods a means of exchanging goods the guarantee of security a way to store up buying power various uses in the modern world good and bad points some very serious disadvantages |
Money is the root of all evil
Money is a measure of the value of goods
Money is a means of exchanging goods
Money has the guarantee of security
Money is a way to store up buying power
Money has various uses in the modern world
Money has good and bad points
Money has some very serious disadvantages
X. Translate into English:
1. Валюта – це паперові гроші та монети, якими ми користуємося майже щодня.
Currency - is the paper money and coins that we use almost every day.
2. Одна з головних переваг грошей над бартером – це те, що гроші можна ділити на частини.
2. One of the main advantages of money over barter - that is whatmoney can be divided into parts.
3. Більшість країн використовує високоякісний папір для виготовлення грошей.
3. Most countries use high-quality paper for making money.
4. Монети виготовляють із різних металів.
4. Coins are made of different metals.
5. Гроші дають нам змогу встановлювати ціну товару.
5. Money gives us the opportunity to set the price of goods.
6. Прямий обмін товарами неможливий у розвинутому суспільстві.
6. Direct exchange of goods can not be developed in society.
7. Головна різниця між бартерною та грошовою економікою полягає в тому, що при бартерній економіці вам слід шукати когось, хто мав би те, що ви хочете, і хотів би те, що ви маєте.
7. The main difference between barter and monetary economies is that the barter economy you should look for someone who should have what you want and wish what you have
8. Для того, щоб розвивалася торгівля, мають існувати гроші.
8. In order to develop trade, there must bemoney.
9. Гроші – це засіб, що дає нам можливість робити обмін.
9. Money - a medium that enables us to make an exchange.
10. Гроші дають нам змогу робити покупки коли-небудь у майбутньому, використовуючи вартість чогось, що ми продаємо сьогодні.
10. Money gives us the opportunity to shop someday in the future, using the value of something that we sell today.
XI. Text B
Banking
The history of banking goes back thousands of years. The Babylonians performed many of the banking functions of today, taking deposits, engaging in foreign exchange, and issuing paper with the same function as checks. Over time, banks grew and prospered and became a vital part of the economy throughout the world.
The first bankers were goldsmiths. Several centuries ago, money consisted primarily of gold coins. Wealthy people found the amounts of gold they accumulated quite heavy. Looking around for safe places to store their wealth, people in medieval Europe thought of goldsmiths. Goldsmith made jewelry, gold statues, and other precious goods. Most goldsmiths were willing to store valuables for a small fee and issued receipts for the gold deposited with them. Buyers found it convenient to exchange these receipts instead of physically getting the gold, and sellers were happy to take the receipts because they knew they could redeem them for gold whenever they wished. This was the beginning of checking accounts – the receipts issued by the goldsmiths were primitive demand deposits. Later on some goldsmiths found themselves in possession of large sums of money. Some of goldsmiths didn’t want to keep money idle. They began to lend it at interest. At the same time the goldsmiths kept some part of money to meet possible withdrawals. It was an early step in the development of banks.
Nowadays there are different banks. They may be classified according to different services they perform: (1) savings banks, (2) commercial banks; (3) investment banks; (4) trust companies.
Savings banks. These are institutions which accumulate savings on small accounts. They are also valuable sources of credit for businesses. Savings banks, as a rule, invest their funds in long-term credit instruments. That is why, most savings banks require their deposits to give notice before a withdrawal.
Commercial banks. In most countries commercials banks serve as a depository of funds and a source of credit. Today they are active in giving short-term loans to business. Commercial banks also deal in foreign exchange and letters of credit.
Investment banks. They do not accept checking deposits. They promote industry though the sale of large issues of stocks to investors.
Trust companies are such financial institutions which administer funds or property for the benefit of others. They serve as trustees for property or guardians of minors, or agents for stocks. In a word, they manage business in the interests of others.
Nowadays one can speak of a global banking system although banks, of course, continue to plan their local, more traditional roles opening and managing accounts, giving loans, and fulfilling all kinds of other operation to assist agriculture, industry and commerce.
Some of the basic terminology connected with banking includes interest rates (percentages that a bank earns by giving out loans), deposits (i.e. money placed in a bank), remittances (i.e. transfer of money), etc.
Out of the relatively new developments in banking is the industry of plastic (credit) cards. By issuing credit cards to individual clients and thus encouraging them to spend money, the banks tap the almost inexhaustible resources of the consumer sector.
XII. Match the following words and phrases as they occur in the text:
| 1. letters 2. short-term 3. to accept 4. trust 5. long-term 6. sale 7. depository 8. entrust money 9. to meet 10. development 11. to mange business | a) loans b) of credit c) checking deposits d) of large issues of stocks e) of funds f) credit instruments g) company h) withdrawals i) of banks j) to goldsmith k) in the interests of others |
Savings banks, as a rule, invest their funds in long-term (5) credit instruments (f).
Commercial banks also deal in foreign exchange and letters(1) of credit(b).
Today they are active in giving short-term(2) loans(a) to business.
In a word, they manage business(11) in the interests of others(k).
They do not accept(3) checking deposits(c).
They promote industry though the sale(6) of large issues of stocks(d) to investors.
In most countries commercials banks serve as a depository(7) of funds(e) and a source of credit.
It was an early step in the development(10) of banks(i).
At the same time the goldsmiths kept some part of money to meet(9) possible withdrawals(h).
Trust(4) companies(g) are such financial institutions which administer funds or property for the benefit of others
XIII. Match the words with their meanings:
| 1) The person to whom a cheques is written. 2) Money provided by a bank to a customer, for an agreed purpose. 3) A bank which offers a full range of services to individuals and companies. 4) A type of bank with a strong local or regional identity, mainly used by small, private investors, who get interest on their deposits. 5) An instruction from one bank to another bank asking it to make a payment to a supplier. 6) An agreement that an account can remain in debit up to a certain amount for an agreed time period. 7) The time taken from when a cheques is presented to a bank to when the receiving account is credited. 8) Fees charged by a bank for services provided. 9) An instruction from a customer to a bank to make a regular payment to a creditor. Instructions to alert the dates or the payments must come from the customer. 10) A computer printout sent by a bank to a customer, showing recent activity on his/her account. 11) The lowest level of interest that a bank charges for lending money. 12) Conducting banking services from a computer using the bank’s website. | a) statement 10 a) bank draft 5 b) loan 2 c) internet banking 12 d) clearance 7 e) commercial bank 3 f) standing order 9 g) payee 1 h) overdraft 6 i) bank charges 8 j) base rate 11 k) savings bank 4 |
XIV. Text C
Dialogue
Cashier: Good afternoon, sir.
Man: I’d like to open an account, please.
C.: Certainly, sir. Do you live in Geneva?
M.: Yes, I’m at the Interpreters’ School.
C.: Are you a student?
M.: Yes.
C.: What sort of account would you like?
M.: A current account, I think.
C.: Have you got any large sums to deposit?
M.: No, only a thousand francs or so a month.
C.: Well, we can open a current account with a cheques book for you as long as the initial sum is at least three thousand francs. But I’d advise you in your case to take an account that gives you more interest, and which is more practical. We normally advise students to open adeposit account.
M.: Can I take out money whenever I like?
C.: Yes. There are two or three types of an account. They permit you to withdraw up to ten thousand francs a month.
M.: Can I receive money directly from abroad?
C.: Certainly.
M.: And can I withdraw at a branch office?
C.: Certainly, though it may be more convenient to open your account in our branch near the University.
M.: No, I live quite near here. Do you need a passport?
C.: Yes.
M.: I’m afraid I haven’t got it on me. Will my student card do?
C.: No, I’m afraid not.
M.: I’ll come back later, then.
C.: Very good, sir.
XV. Answer the following questions:
1. Where did the talk take place? They talked in the bank
2. Who were the participants? bank Cashier and a student
3. Why did the young man come to the bank? He wanted to open a bank account
4. What did he learn? he learned that can open an account, but that requires his passport
5. Was he happy to be served at the bank, to your mind? Yes, he was happy
XVI. Complete the sentence according to the text:
1. I’d like to open an account, please.
2. Have you got any large sums to deposit?
3. We can open a current account with a cheques book for you as long as the initial sum is at least three thousand francs.
4. I’d advise you in your case to take an account that gives you more interest, and which is more practical.
5. We normally advise students to open adeposit account.
6. Can I take out money whenever I like?
7. They permit you to withdraw up to ten thousand francs a month.
8. Can I withdraw at at a branch office?
XVII. Act out the dialogue with your fellow-student. Не надо