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Salary, wages, charges, fees, fare, tip, commission, payment, bonus.
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МИНИСТЕРСТВО ОБРАЗОВАНИЯ РЕСПУБЛИКИ БЕЛАРУСЬ
УО «Белорусский государственный экономический университет»
Н.И.Виршиц, Т.В.Платицина
MONEY and BANKING
ДЕНЬГИ и БАНКОВСКОЕ ДЕЛО
Минск 2009
Рецензент: старший преподаватель кафедры теории и практики английской речи БГЭУ Л.В.Лопато
Рекомендовано кафедрой теории и практики английской речи БГЭУ
Виршиц Н.И., Платицина Т.В.
Деньги и банковское дело = Money and Banking: Электронное учеб.-метод. пособие / Н.И. Виршиц, Т.В. Платицина – Минск: БГЭУ, 2009. – c. 48
Учебно-методическое пособие содержит тексты для изучающего и ознакомительного чтения, комплекс упражнений и заданий для формирования англоязычных коммуникативных навыков студентов на материале актуальной, профессионально значимой темы «Деньги и банковское дело». Предназначено для студентов БГЭУ дневной формы обучения.
Part A: Money and its Functions. The History of Money.
GETTING STARTED
“Savings is a very fine thing. Especially when your parents have done it for you.”-
Sir Winston Churchill(1874-1965), English statesman, writer, and Prime Minister.
1. Scan the extract below to get the gist of it and say why the role of money is so important.
Money is one of the most crucial elements of economic science. It is much more than a passive component of the economic system - a mere tool for facilitating the economy’s operation. When operating properly, the monetary system is the lifeblood of the circular flows of income and expenditure which typify all economies. A well-behaved money system is conducive to both full production and full employment. Conversely, a malfunctioning monetary system can make major contributions to severe fluctuations in the economy’s levels of output, employment, and prices, and can distort the allocation of resources.
USEFUL VOCABULARY
Nouns and noun phrases
unit of money - денежная единица
money in cash - наличные деньги; syn: effective money, hard money (Am), cash
paper money - бумажные деньги (банкноты); syn: soft money (Am)
odd money - мелочь, сдача; syn: small coins, change
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counterfeit money - фальшивые деньги; syn: false money
commodity money - деньги-товар
money market - финансовый рынок
money order - денежный перевод
money changer - «меняла»
money box - копилка
mortgage – ипотека, заклад; ссуда под недвижимость
payment - плата, платеж, уплата (обычно единовременная)
salary - оклад, зарплата (месячная), salary of an engineer (teacher, manager)
wage(s) – заработная плата (рабочих)
a living wage - прожиточный минимум
fee -гонорар, вознаграждение; a fee of a doctor (lawyer, accountant)
bonus - премия, премиальные; a productivity bonus - премия за продуктивность
fare - плата за проезд
commission - комиссионное вознаграждение; to sell on commission
tip - чаевые
charge - цена, расходы
at any price - любой ценой
debt - долг (денежный), обязательство
rent - арендная плата, квартплата
currency – валюта; hard currency - твердая валюта; convertible currency - конвертируемая валюта
banknote - кредитный билет,банкнот; the face of a banknote; the back of a banknote
coin - монета; silver (gold, bronze) coin
mint -монетный двор, to mint coins - чеканить монеты;mint of money - куча денег
cost - цена, стоимость; cost price – себестоимость; cost of living- прожиточный минимум
value of money - ценность денег, to be of great (little, no) value
the value of a dollar - покупательная способность доллара
measure of value - мера стоимости
standard value — одинаковая стоимость
Adjectives
monetary - денежный, монетарный
monetary fund - валютный фонд
moneyed - богатый, денежный человек
reasonable - умеренный, приемлемый, недорогой (о цене)
broke - разоренный
hard up – сильнонуждающийся
well-off - состоятельный, зажиточный
permanent - постоянный, неизменный, долговременный
durable - прочный, надежный, длительный
Verbs and verb phrases
to fall/ get/ run into debt - влезть в долг
to settle a debt with smb — выплатить кому-л. долг
to accumulate money - накапливать, копить деньги
to borrow money (from) - брать деньги взаймы
to change money - разменивать деньги
to counterfeit money - подделывать деньги
to donate(to) - дарить, жертвовать; syn: to sponsor
to earn money - зарабатывать деньги
to inherit money - унаследовать деньги
to invest money - вкладывать деньги
to lend money - давать деньги взаймы
to owe money - быть должным
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to raise money (for charity) - собирать деньги (на благотворительные цели)
to save (up) money - экономить деньги, собирать, копить; syn: to economize
to spend money (on) - тратить деньги (на)
to waste money - тратить попусту деньги
to steal money - красть деньги
to win money - выиграть деньги
to be short of money – иметь деньги в недостаточном количестве
to state a price - устанавливать цену
to specify a price - точно определять цену
to pay cash - платить наличными
to pay by cheque - расплачиваться чеком
to pay by credit card - расплачиваться кредитной карточкой
to pay in advance - оплатить заранее
to purchase - покупать
to afford - (быть в состоянии) позволить себе
to charge (for) - просить, назначать цену (за услуги, работу)
to rent - арендовать или сдавать внаем
Money and its Functions
medium of exchange -средство обмена; средство обращения (как функция денег)
exchange rate - обменный курс
the exchange rate of rouble against US dollar -обменный курс рубля по отношению к американскому доллару
store of value - средство сбережения, средство образования сокровища; средство «сохранения стоимости» (как функция денег)
account n - 1. расчет, подсчет; 2. счет; запись финансовых операций
unit of account - расчетная единица
to keep an account - вести счет
defer v - откладывать, отсрочивать
deferred payment - отложенный, отсроченный платеж
distinguish v - (smth from smth/ between things) отличать, различать (одну вещь от другой)/ проводить различие (между двумя вещами)
accept v - принимать
barter п - бартер (способ торговли, состоящий в обмене товарами и услугами, без использования денег)
trade v - 1. (in smth with smb / smth. for smth)- торговать чем-л. с кем-л. /
обменивать что-л. на что-л.; trade - n торговля
swap v - (smth for smth) -менять (что-л. на что-л.),(употребляется преимущественно для обозначения бартерных операций)
repay (repaid) v -возвращать (долг)
loan n- заем, ссуда
READING
Text 1
1. Read the text “The History of Money” and sum up what the text says about
· money in the past
· the way banknotes appeared
· the metals of which coins were and are made
· the silver coins and coppers
These days, money is hi-tech. We have notes and coins which are specially made. We use credit cards. Banks and stock exchanges can move millions at the touch of a button. But how did money develop? Where, for example, were notes and coins first produced? Why? What did people use as money before that? Let’s discover the answers to all these questions.
Early forms of Money
In the past most societies used objects as money. Some of these were valuable because they were rare and beautiful – others because they could be eaten or used.
animal skins……..Alaska/Canada/Russia/Scandinavia
beads........ ………Africa/Canada
cattle........ ……….East Africa
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cocoa beans ……..Mexico
feathers.... ……….North America
fish hooks ……….Gilbert Islands
grain......... ……….India
knives…………….China
rats ………………Easter Island
salt……………….Nigeria
shells…………….Thailand/Paraguay
stones……………Yap (islands in the Pacific Ocean)
tobacco…………..America
whale teeth ………Fiji
Early forms of money like these were used to buy goods. They were also used to pay for marriages, fines, and debts. But although everyday objects were extremely practical kinds of cash in many ways, they had disadvantages, too. For example, it was difficult to
• measure their value accurately
• divide some of them into a wide range of amounts
• keep some of them for a long time
• use them to make financial plans for the future.
For reasons such as these, some societies began to use another kind of money. This consisted of precious metals which were cut into small pieces and weighed. People in Mesopotamia (now part of Iraq) began doing this about 4,500 years ago. Later, gold and silver money appeared in Ancient Egypt, China and elsewhere, too.
The new metal money was an important advance for four reasons:
1. It was easy to carry
2. It lasted a long time
3. It could be divided into lots of different values
4. It made planning for the future much easier.
But although pieces of silver or gold were an advance, they still weren't exactly coins. They had no fixed shape and weren't clearly marked so that everyone could recognise them.
Notes:
hi-tech - short for high technology, modern, well-designed and sophisticated
fines – sum of money which have to be paid by people who have broken the law
precious – valuable
Early Coins
The ancient kingdom of Lydia was in the country now known as Turkey. That's where the first coins – called staters –were produced around 2,700 years ago. They were made of electrum (a mixture of silver and gold) and had a lion's head stamped on them. This showed that they were official Lydian coins and made them easy to recognise. It also meant that each coin's value was guaranteed, so it didn’t need to be weighed. Not only that – there were lots of different values, too. Lydian people used coins worth one-sixth, one-twenty-fourth and even one-ninety-sixth of a stater.
The idea of a metal money system with... (a) fixed values, (b) a clear identity, was successful. So successful that it soon spread to other countries. By 600 ВС in fact, coins were used all around the Mediterranean region. Greek coins of this period are particularly beautiful. Some are marked with the heads of gods and scenes from ancient myths. Others have pictures of objects or animals on them, such as owls, vases or beetles. These show which part of Greece the coins came from. Athenian 'silver owl' coins, for example, soon became famous all over Europe.
The first king to have his portrait on a coin came from Gгеесе, too. Alexander the Great died in 33 ВС. Coins with his face on them appeared the following year.
Early notes
Today's paper money is produced and controlled by governments through a system of banks. That's why we talk about bank-notes. Originally, though, paper money had nothing to do with banks. It was started by Chinese goldsmiths and silversmiths 1,200 years ago. Why? Well, there were three main reasons.
1. Metal coins were heavy. It was difficult to carry and use large numbers of them.
2. They were easy to steal.
3. China only had limited amounts of precious metals. It couldn't use them all to make coins.
To solve these problems, goldsmiths and silversmiths of the T’ang dynasty (618-907) began to produce special receipts. These were printed notes which showed that their customers owned a certain amount of money. As a result it was possible to do business with paper instead of using metal coins.
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The oldest Chinese notes which still survive come from the Ming dynasty (1368-1644). They're made of tree bark and some of them are very large. Take the оnе-kwan note, for example. It measured 22.8cm. x 33cm. and was worth the same as 1,000 copper coins weighing 3.5 kilos.
The introduction of notes like these changed economic history. And not just in China. Paper money soon became popular in Europe, too. For a long time, though, it wasn't made and controlled by governments. In fact the first official European bank notes (issued by the Swedish Stockholm Bank) didn't appear until 1661.
Notes:
BC – short for ‘before Christ’. Before the birth of Jesus
ancestors – members of a family who lived hundreds of years ago
goldsmith – people who make and sell objects made of gold (e.g. coins, jewellery, etc.)
dynasty – a series of leaders who all come from the same family
2. Do you think the following statements are true or false? Discuss your answers in pairs.
1. The first coins were made in China.
2. The first coins were called staters.
3. The first coins were made around 600 BC.
4. The first coins were made of silver and gold.
5. Salt, tobacco, whale teeth and stones were used as money many years ago.
6. People in Mesopotamia used small pieces of paper as money 4.500 years ago.
7. Early forms of money were used to buy goods.
8. Pieces of silver and gold were clearly marked so that everyone could recognise them.
9. The first paper notes appeared in the ancient Kingdom of Lydia.
10. The first king to have his portrait on a coin came from Ancient Rome.
11. The oldest Chinese notes were made of tree bark and were very large.
12. The ancient kingdom of Lydia was in the country now known as Turkey.
13. China had limited amounts of precious metals; it was one of the main reasons of appearing bank-notes.
14. The Lydia’s coins had a tiger’s head on them.
15. Metal coins were easy to carry and use large numbers of them.
16. Tobacco was used as a form of money in America.
17. Shells were used as a form of money in North America.
18. One of disadvantages of early forms of money was difficulty in measuring their value accurately.
19. The first gold and silver money appeared in Ancient Egypt about 4500 years ago.
20. The first gold and silver money had fixed shape and were clearly marked so that everyone could recognize them.
21. Early forms of money were used to pay for marriages, fines and debts.
Text 2
1. Read the text “Money and its Functions” and say what the main functions of money are.
Money has four functions: a medium of exchange or means of payment, a store of value, a unit of account and a standard of deferred payment. When used as a medium of exchange, money is considered to be distinguished from other assets.
Money as the medium of exchange is believed to be used in one half of almost all exchange. Workers exchange labour for money, people buy or sell goods in exchange for money as well.
People do not accept money to consume it directly but because it can subsequently be used to buy things they wish to consume. To see the advantages of a medium of exchange, imagine a barter economy, that is, an economy having no medium of exchange. Goods are traded directly or swapped for other goods. The seller and the buyer eachmust want something the other has to offer. Trading is very expensive. People spend a lot of time and effort finding others with whom they can make swaps. Nowadays, there exist actually no purely barter economies, but economies nearer to or farther from the barter type. The closer is the economy to the barter type, the more wasteful it is.
Serving as a medium of exchange is presumed to have for centuries been an essential function of money.
The unit of account is the unit in which prices are quoted and accounts are kept. In Britain, for instance, prices are quoted in pounds sterling; in Europe, in еuros. It is usually convenient to use the same unit to measure the medium of exchange as well as to quote prices and keep accounts in. However, there may be exceptions. During the rapid German inflation of 1922-23 when prices in marks were changing very quickly, German shopkeepers found it more convenient to use US dollars as the unit of account. Prices were quoted in dollars though payment was made in marks. The same goes for Russia and other post-communist economies who used the US dollar as a unit of account, keeping their national currencies as means of actual payment. The higher is the inflation rate, the greater is the probability of introducing a temporary unit of account alongside the existing units for measuring medium of exchange.
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Money is a store of value, for it can be used to make purchases in future. For money to be accepted in exchange, it has to be a store of value. Unless suitable for buying goods with tomorrow, money will not be accepted as payments for the goods supplied today. But money is neither the only nor necessarily the best store of value. Houses, stamp collections, and interest-bearing bank accounts all serve as stores of value.
Finally, money serves as a standard of deferred payment or a unit of account over time. When money is borrowed, the amount to be repaid next year is measured in units of national currency, pounds of sterling for the United Kingdom, for example. Although convenient, this is not an essential function of money. UK citizens can get bank loans specifying in dollars the amount that must be repaid next year.
Thus, the key feature of money is its use as a medium of exchange. For money to be used successfully as a means of exchange, it must be a store of value as well. And it is usually, though not always, convenient to make money the unit of account and standard of deferred payment.
Notes:
1. to quote — регистрировать, называть
2. the same goes for... — то же самое относится к...
2. Scan the text again to answer the following questions:
1. What are the main functions of money?
2. How important is the function of money as a medium of exchange?
3. Why do people accept money as a medium of exchange?
4. What is a barter economy?
5. Why are barter economies wasteful?
6. When don't national currencies serve as units of account? Give examples.
7. When is money used as a standard of deferred payment?
3. Match two halves of the sentences:
| 1. Classical economists considered money to be no more 2. Money is an asset 3. Money is used as a standard of deferred payment, 4. Loans provided by commercial banks, building societies, etc. 5. In addition to being a means of exchange money is also 6. Swap in a money market is a process 7. Exchange rate is 8. GNPs are measured in the country's local monetary unit, 9. The foreign exchange market is a market where foreign currencies are sold and bought 10. Barter is a method of trading goods and services for other goods and services | a. either through private exchange dealers or a country's central bank. b. known to be a means of measuring the value of men's labour. c. of exchanging one kind of financial asset or liability for another. d. than a medium of exchange. e. or currency. f. for it is an accepted measure of future payments in contracts. g. without the use of money. h. the price of one currency in terms of some other currency, for instance, the price at which dollars might be exchanged for pounds. i. are an essential source of money for everyday consumption and purchase of personal and business assets. j. that is accepted as a means of payment. |
DEVELOPING VOCABULARY
1. Match the words with their definitions:
a) cash machine coin loan mortgage note salary tax
1______________A piece of paper money.
2______________A piece of money made of metal.
3______________Money a person gets for the work he / she does.
4______________Money that you pay to the government.
5______________Money that somebody (or a bank) lends you.
6______________Money that you borrow from a bank to buy a house.
7______________A machine inside or outside a bank where you can get money.
b) fees, bonus, taxes, wages, salary, rent, pension, fare, cash, change
1) money paid for a place to live
2) money paid to the government
3) money paid for the professional services
4) money in coins and notes, not cheques
5) money paid to workers by an hour’s or a week’s work
6) money paid as an extra payment to one's salary
7) money paid to workers for a month's or year's work
8) money paid to older people who no longer work
9) money returned to you after you pay too much
10) money paid for a journey by bus, train or plane
c) to save, to waste, to earn, to accumulate, to sponsor, to pay, to afford, to charge
1) to keep from being spent, lost or wasted
2) to ask for some money as a price for something done
3) to use without benefit or return
4) to receive as recompense for work
5) to make something grow into a mass
6) to give money for something
7) to donate money to
8) to have enough money for something
2. Find the closest synonym for the word combinations on the left selecting it from the right column.
1. a lot of money cost of living
2. monetary unit to buy
3. paper money a great deal of money
4. little money money in cash
5. a living wage to accumulate money
6. effective money a unit of money
7. false money soft money
8. to donate money counterfeit money
9. to save up money a small amount of money
10. purchase to sponsor
3. Match the words / expressions on the left with their opposites on the right.
1. profit to lend money
2. worth the back of a banknote
3. hard up expensive goods
4. to save up money to buy goods
5. the face of a banknote valueless things
6. to borrow money to find money
7. moneyed person to waste money
8. cheap goods well off
9. to lose money worthless
10. valuable things loss
11.to sell goods moneyless person
4. Use the following words to complete the sentences below:
salary, wages, charges, fees, fare, tip, commission, payment, bonus.
1) The taxi... was $18 and 1 gave the driver a $2...
2) When you purchase over 200 pieces, delivery is free of...
3) The builders receive their weekly... in cash.
4) In addition to your basic... you will receive a 25%... on all goods sold.
5) She's a good accountant but her... are high.
6) This mechanic's... for the service he provides are reasonable.
7) I am very well paid and I have a productivity...
5. a. The words in the list are used to describe forms of money. Which are countable? Which are uncountable?
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