What are the main reasons of developing different forms of business ownership?

1. What is a sole proprietorship?
2. Are there any limitations as to the field of activity of a proprietor?
3. What are the main disadvantages of a sole proprietorship? Why do you think this
1. form of business is very risky?
4. What items are usually included in a partnership contract?
5. What are the similarities and differences between a sole proprietorship and a
1. partnership?
6. What is a business corporation and who are stockholders?
7. What is considered to be the major advantage of the corporation?
8. What does double taxation mean?
9. How can large amounts of money attracted by a corporation be used?

Тексты для самостоятельной работы

Специальность Бухучет, ГМУ, Мен., ЭУС (6-летки)

III семестр

Text 1. Currency and Other Forms of Exchange

1. undertake	Предпринимать
2. cash	Наличные деньги; обналичивать, получать деньги по чеку
3. legal tender	законное платежное средство
4. means of payment	способ платежа, средства платежа
5. traveler’s cheque	дорожный чек
6. negotiable	Оборотный, передаваемый
7. bearer	Предъявитель, владелец
8. honour	зд. Оплачивать
9. state	Устанавливать
10. certified cheque	удостоверенный чек
11. bill of exchange	тратта, вексель
12. post dated cheque	Чек, датированный более поздним сроком
13. credit standing	Кредитоспособность
14. merchant bank	Торговый банк
15. endorse	делать передаточную надпись
16. discount house	учетный дом (работает с векселями)
17. settlement of a debt	зд. покрытие, погашение долга
18. maturity	срок платежа, наступление срока
19. discounting bill	учитывать вексель

The work of bank centers around money and financial services. Virtually any activity involving money or advice about financial matters is undertaken by all the commercial banks. The immediate service offered by the bank is the receipt for deposit of coins, notes and cheques and the cashing cheques, through current accounts. Coins and notes in circulation have the status of “legal tender” that is to say they must be taken in payment of a debt although the extent to which this applies in the case of coins is deliberately restricted for the sake of convenience.

The most common means of payment, particularly for significant sums of money is the cheque since it is both safer and more convenient than using cash. However, it is not a legal tender and creditors can refuse to accept it if they wish. Normally both national cheques and traveller’s cheques are readily negotiable if the bearer has some means of proving his identity and the creditor can be sure that the cheque will be “honoured”. To assist the use of cheques banks now provide their customers with bankers cards which, when used in assoсiation with a cheque, will guarantee it up to a stated maximum. If a customer wishes to make payments of large amounts of money by cheque and is not known to the creditor, then he may obtain a “certified cheque” from his bank. Such a cheque is signed by the bank and therefore payment is guaranteed.

Those trading overseas, or in conditions where there may be a significant time lapse between sending out goods and their receipt by the customer, may use a Bill of exchange as a means of payment. This is really a post dated cheque which assures the creditor’s payment but also gives the buyer opportunity to inspect the goods before the transaction is completed. Those whose credit standing is unknown may have to get the Bill “accepted” before a creditor will take it. Such a process guarantees payment and most work of this kind is undertaken by the merchant banks. Because Bills are post dated creditors may have to wait some time for their money. They can overcome this problem by endorsing the Bill and then either discounting it with a Discount House or a bank or passing it on to another trader in settlement of a debt of their own. By the time it comes to maturity a Bill may have passed through several hands and on each occasion it must be endorsed. 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.

Questions on the text:

1. What forms of money are called legal tender?
2. Why are cheques a common form of exchange?
3. What is the main purpose of a banker’s card?
4. What is the special feature of a certified cheque?
5. What is the main use of a Bill of Exchange?
6. Why does a Bill sometimes have to be “accepted”?
7. In which two ways might a creditor who needed the money dispose of a Bill?

Text 2. Depositing Money with a Bank

1. current account	текущий счет
2. deposit account	депозит, депозитный счет; сберегательный счет
3. paying	Платеж
4. standing order	платежное поручение
5. notice of intention	банковское извещение
6. expenses	Расходы
7. direct debit	списание стоимости проданных товаров со счета покупателя по специальному соглашению с банком
8. without charge	Бесплатно
9. charge	начисления, цена, плата; взимать плату
10. overdraft	кредит по текущему счету
11. temporary overdraft	краткосрочный кредит
12. facility	Денежные средства; кредит
13. on the other hand	С другой стороны
14. expenditure	Расход
15. balance	баланс, сальдо; зд. Остаток
16. overdraw 17. (overdrew, overdrawn)	превышать остаток счета в банке

There are two general reasons for using a bank account. The first and most common is the convenience and safety provided by a current account at a bank. The second is that small and perhaps regular surpluses are available to be saved, and for this purpose a bank provides deposit accounts.

A deposit account will not offer a high rate of interest and would not be the best way to save large sums of money for any long period of time, but it is designed to make saving simple, convenient and safe. It is especially appropriate for those who may save small amounts from time to time without any planned regularity or for those who wish to save for a particular purpose in the immediate future, for example for annual holidays or for the purchase of a major item such as a car.

Most customers of bank who have opened a deposit account will also have a current account and this makes the transfer of amounts of money from one to the other an easy matter. Regular payments into a deposit account can be made through a standing order to the bank that will automatically transfer the agreed amount according to your instructions. Other payments are made on standard forms but it is most convenient and provides a useful record if the depositor uses a paying in book. Interest is calculated every six months and added to the account. The rate of interest varies from time to time and is publicly advertised in any bank. Because the bank uses money deposited with them to lend to others it normally requires about seven days notice of intention to withdraw money from a deposit account, but unless there is a heavy demand for money they are not likely to insist on this and cash is often immediately available to those who wish to withdraw it. There is an assumption that such notice was given and you would lose seven day’s interest on the money.

The increasing need for security and the use of computers in wage payments have combined to make it more common to have a bank account than to be without one. This kind of account is a current one and its most common use is a single regular payment in either a weekly wage or a monthly salary and regular payments out to meet the normal everyday expenses. Most payments are still made by cheque although the use, of the standing order or the direct debit is becoming very common. It is normally expected that a current account will remain in a balance and customers who regularly maintain an agreed minimum balance are often given the services of the bank without charge. In general, however, charges are made which vary with the size of the balance, the amount of use of the bank’s services and the number of transactions. If the account is overdrawn a further charge, which is interest on the overdrawn amount, is also made.

Overdrafts are not permitted automatically and anything other than a small temporary overdraft would have to be by agreement with the bank manager. Such a facility is often useful particularly when there is a short term disbalance between income and expenditure. On the other hand, since money in a current account does not attract interest, it is not a good idea to maintain large cash balances; these would be better transferred to a deposit account or to an alternative form of saving.

Questions on the text

1. What are the two main reasons for opening a bank account?
2. Which type of account is used by those who wish to save?
3. What kind of saving is this type of account most suited to?
4. What is a standing order?
5. Why does a bank sometimes need notice of intention to withdraw money from

Saving accounts?

1. What is the most common use of current accounts?
2. Why are some customers not charged for the facility of a current account?
3. Why is it not a good idea to retain large balance in a current account?

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