a) the crucial feature of money; unit of account; to hand over; a store of value; to swap for other goods; a barter economy is wasteful; money pays no interest; monetary value; prices are quoted in pounds; interest-bearing bank accounts; a standard of deferred payment; tiny manufacturing costs; legal tender; IOU money
b) a financial intermediary; to credit the public with a deposit; liabilities are used as a means of payment; trustee savings banks; to credit; to debit; a transfer of funds; the asset side of the balance sheet; interest-earning assets; sight deposit; time deposit; to have notification of a withdrawal
; ; ; ; ; ; ; ; , ; ; ;
. Find in the texts English equivalents for the following.
a) ; ; ; ; ; ; ; ; ; ; ;
b) , - ; ; ; ; ; ; ; , ; , ; ; ; ; ;
Financial intermediary, credit and financial institution; Money supply; State license; Offsetting system; Make sense; Reduce costs; Cash reserve; Assets bearing interest; Loan, credit; Stock Exchange; Prices fluctuate; Securities; Urgent contribution; Exactly fixed period of time
. Say what is meant by:
a barter economy is wasteful; purchasing power of money is eroded by inflation; a token money; IOU money; the deposit; to handle payments by check; a clearing system; liquidity; a sticky period for a firm; sight deposit; time deposit; to have notification of any withdrawal; certificates of deposit
IV. Listening.
1. Listen to the lecture to answer the questions in the textbook.
2. Listen to the lecture again taking notes to give a summary of it.
V. Match the words (1 5) with their corresponding definitions (a e):
| 1. uni 2. commercial bank 3. sight deposit 4. time deposit 5. reserve ratio | a) a type of bank account from which you can take out money immediately without paying a charge and without informing the bank in advance b) a bank involved in international trading and providing services for business and organizations rather than for individuals c) one of the banks that issues and accepts cheques and passes them through the banking system d) the amount of money a financial institution possesses in relation to the amount of money it has lent e) a bank account in which you must leave your money for a minimum period of time and from which you can only take out money after informing the bank in advance |
VI. Match the words in the left-hand column with their synonyms:
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|
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1. sight deposit d a) to contain
2. time deposit c b) invariable
3. crucial e c) term deposit
4. fixed d) call deposit
5. to lend 3 e) decisive
6. to comprise 5 f) to loan
7. liability g) payment
8. notification h) obligation
9. account i) later
10. subsequently j) information
VII. Fill in the gaps in the following text:
backed; considerable; define; acceptable; money; status; currency; commodity; reveals; legal tender; medium of exchange; broad; accepted; supply
Money
Most of us use 1)_____every day. We see it, touch it, and spend it. But how many of us can 2)______it adequately? Usually money is defined too narrowly. Some define it as the 3) ______ of a nation: others think of it in terms of 4) ______; still others refer to it as the 5)______. Such definitions, however, automatically exclude large portions of our money. To include all segments of our money 6)______, we must use a 7)______definition. Thus, we can say that money is commonly 8)______in exchange for other goods and services.
9)______ money refers to the use of some commodity as money. Many
commodities - such as stones, shells, various crops, metal, and paper - have served as money in various countries of the world. American history 10)______that tobacco, corn, beads, warehouse receipts, and bank notes, in addition to metal coin and paper currency, have served as money. In fact, many of these monies were given the 11)______of legal tender, which means that they were 12)______for the payment of debts, both public and private.
There are two basic types of modern money, each of 13)______importance: token money and paper money. Token or metallic money consists of coins - a special type of commodity money in which a metal such as gold, silver or copper is used. Paper money takes the form of bills and notes. It may or may not be 14)______by gold or silver.
