Файл: IN_AZ_INGLISH_UMP.pdf

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pay __________ if there is no money in your account or if you borrow 
money from the bank, in other words if you have an __________. 

Current and deposit accounts 

2.  

Instructions as above. 

notice     current     cheque      withdraw      deposit      interest 

For regular everyday use most people prefer a __________ ac-

count. This normally earns no __________ but you are given a 
__________ book, which makes shopping and paying bills very easy. 
A __________ account earns interest but it is not so easy to 
_________ your money. You sometimes have to give a weeks 
_________. 

Using your account 

3. 

Instructions as above.

balance     deposit     withdrawl     standing order        state-
ment 

At regular intervals, perhaps monthly, you will receive 

a__________ from the bank, giving details of each __________ 
(money you put in) and __________ (money you take out). If you’re 
not sure how much money you have in your account, you can just go 
to 
to your bank and ask what your __________is. If you have to make a 
regular payment, like rent, you can ask the bank to pay this amount for 
you automatically, This arrangement is called a__________. 
 

IV.

Writing

Answer the following questions in written form (write not less 
than 6-8 sentences). 
1.

Which of the banking facilities do you use? 

2.

What changes have been in personal banking? 

3.

Do yor use any type of plastic money? 

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Контрольная

работа

№

 7 

«Public Finance» 

I. Read and translate the whole text in a written form. 

P

UBLIC FINANCE

. 

F

INANCE AND FINANCIAL SYSTEM

Finance is the provision of money at the time when it is needed. 

It is a system of monetary relations leading to formation, distribution 
and use of money in the process of its turnover between economic en-
tities. 

The financial system is the network of institutions through which 

firms, households and units of government get the funds they need and 
put surplus funds to work. 

Savers and borrowers are connected by financial intermediaries 

including banks, thrift institutions, insurance companies, pension 
funds, mutual funds, and finance companies. 

Finance in an economic system comprises two parts: public fi-

nance and finance of economic entities. 

Public finance is the provision of money by the community 

through taxes to be spent by national and local government authorities 
on projects of national and local benefit. It is a collective term for the 
financial flows and also the financial institutions of the public sector. 

Public finance has the following four functions: a) the provision 

of essential services; b) the encouragement or control of particular 
sectors of the economy; c) the implementation of social policy in re-
spect of social services, and d) the encouragement of the growth of 
economy as a whole. 

The major instrument of any financial system is the budget. In a 

market-oriented economy, the budget is the most important tool for 
achieving national priorities and goals through the allocation and dis-
tribution of resources, and the maintenance of a stable macroeconomic 
environment. 

II.

 Give Russian equivalent to the following expressions from the text. 

1.

Network of institutions 

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2.

Economic entities 

3.

Surplus funds 

4.

Financial intermediaries 

5.

Finance of economic entities 

III.

 Vocabulary 

Match up the terms on the left with the definitions on the right. 
 

1. bookkeeping  A. calculating an individual's or a company’s 

liability for tax 

2. accounting 

B. writing down the details of transactions (deb-
its and credits) 

3. managerial 
accounting 

С

. keeping financial records, recording income 

and expenditure, valuing assets and liabilities, 
and so on 

4. cost  
accounting 

D. preparing budgets and other financial reports 
necessary for management 

5. tax  
accounting 

E. inspection and evaluation of accounts by a 
second set of accountants 

6. auditing 

F. using all available accounting procedures and 
tricks to disguise the true financial position of a 
company 

7. «creative  
accounting» 

G. working out the unit cost of products, includ-
ing materials, labour and all other expenses 

 
IV. Translate into Russian. 

 
Commercial or retail banks are businesses that trade in money. 

They receive and hold deposits, pay money according to customers' 
instructions, lend money, offer investment advice, exchange foreign 
currencies, and so on. They make a profit from the difference (known 
as a spread or a margin) between the interest rates they pay to lenders 
or depositors and those they charge to borrowers. Banks also create 
credit, because the money they lend, from their deposits, is generally 
spent (either on goods or services, or to settle debts), and in this way 
transferred to another bank account – often by way of a bank transfer 
or a cheque (check) rather than the use of notes or ccins – from where 

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it can be lent to another borrower, and so on. When lending money, 
bankers have to find a balance between yield and risk, and between li-
quidity and different maturities. 
 
 

Контрольная

работа

№

 8 

«Money and Its Functions» 

I. Tractate this text into Russian i

п

 a written form. 

Money and Its Functions

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 baiter economy, 
that is, an economy having no medium of exchange. Goods are traded 
directly or swapped for other goods. The seller and the buyer 

each 

must 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 eco-
nomics, 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 believed to have for centu-

ries been an essential function of money. 

The unit of account is the unit in which prices are quoted

1

 and ac-

counts are kept. In the USA, for instance, prices are quoted in US dol-
lars, in Japan, in yen. 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 

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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 ac-
count, keeping their national currencies as means of actual payment. 
The higher is the inflation rate, the greater is the probability of intro-
ducing a temporary unit of account alongside the existing units for 
measuring medium of exchange. 

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 ail 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 conven-
ient, 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 ex-

change. 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 al-
ways, convenient to make money the unit of account and standard of 
deferred payment. 

II. Fill the gaps in the sentences below with the words and expres-
sions from the box. There are two expressions, which you don't 
need to use. 

standard of value, portability, fiat money, store of value, stabil-

ity in value, commodity money, medium of exchange, representa-
tive money, acceptability, accumulate their wealth, relative value, 
durability