Exercise 17. Choose the correct explanation without using a glossary.

 

1. “to pay money as to settle an account” is …

a) to turn sour

b) to pony up

c) to bail out

 

2. “thorough examination or restoration to good working order” is …

a) overhauling

b) overstaying

c) pastime

 

3. “a way of spending spare time pleasantly” is …

a) a pastime

b) a patency

c) a hobby

 

4. “a multitude, a great number of; a crowd” is …

a) leverage

b) source

c) host

 

5. “below what is usual or normal; poor; bad” is …

a) sweet

b) sour

c) pleasant

 

6. to try to persuade; to induce, esp. to something immoral; to provoke” is …

a) to tempt

b) to bail out

c) to tend

 

7. “ increased means of accomplishing some purpose” is …

a) level

b) pastime

c) leverage

8. “to parachute from an aircraft in an emergency; to find the way out of a difficult situation” is …

a) to bail out

b) to fail

c) to get rid of

 

9. “to urge into action; provoke” is …

a) to proof

b) to prompt

c) to pony up

 

10. “to subscribe or agree to, as by signature; to insure” is …

a) to underwrite

b) to undergo

c) to tempt

 

Exercise 18. Reread the article (of ex. 16) more carefully and complete the sentences given below using information from the article:

 

1. For many years overhauling the banking industry has been one of Congress’___________________________________________________________

______________________________________________________________ .

 

2. Just promise to change the nation’s Depression-era banking laws, and a host of competing industries starts flooding campaign coffers with cash in an effort to _________________________________________________________________

______________________________________________________________ .

 

3. The trick for lawmakers was to not ________________________________

______________________________________________________________ .

 

4. This week announcement of a merger of Citicorp and Travelers Group could bring that game to __________________________________________________ .

 

5. The marriage will likely prompt other banks to start __________________

_______________________________________________________________________.

 

6. The big promise to consumers from merging banking, securities and insurance firms is ____________________________________________________

____________________________________________________________________________.

 

7. Bank deposits are FDIC insured – if the bank goes under, taxpayers pony up to cover __________________________________________________________

_____________________________________________________________________________.

 

8. . Taxpayers also face ___________________________________________.

 

9. Goal of the 1933 Glass-Steagall Act was __________________________

___________________________________________________________________________.

 

10. As lawmakers remove obstacles to the brave new world of finance, they must take care not to _________________________________________________.

 

Exercise 19. Single out the main facts of the article and present them in a short review.

ПРИЛОЖЕНИЯ

LESSON 1

Exercise 20. Listen and retell the text. Write down 3-5 questions about the text. Explain the functions performed by the excise duties.

What is an excise duty?

Indirect taxes are divided into general and special taxes on consumption. The general tax on consumption, value-added tax, or VAT, is levied on more or less all products and a large number of services. The special taxes on consumption are, on the one hand, levied on specifically selected products and services. For historical reasons, they are generally known as excise duties.

As far as payments to the state are concerned, it is common to distinguish taxes and charges. A charge usually relates to the provision of a particular service or function of the state. The charges paid to obtain a driving license or a passport are typical cases.

Payment of a tax does not entail any direct counter-performance on the part of the state. The revenue from taxation is used – via the state budget – to finance all government activities, including defense and the education system, for instance.

In the case of excise duties, the government does not provide any specific services for those who pay these taxes. The revenue from excise duties is stated in the state budget. Therefore, these excise duties, even though hey are sometimes called charges are in reality taxes in the true sense of the word.

Most of the excise duties in Sweden were introduced for other purposes than merely to provide income for the state. They can, in fact – in contrast to other taxes – also be used as instruments to influence consumption patterns in a desirable direction for the society. The introduction of an excise duty is, as a rule, based on both public finance requirements and other political considerations.

The taxes on energy, spirits, wine, and tobacco are typical examples of excise duties used as instruments for influence. They are also some of the oldest Swedish excise duties. The charge from pesticides and insecticides is another, more recent example of an excise duty which was introduced to restrict the usage of pesticides and insecticides for health and environmental reasons.

In Sweden excise duties now account for a significant proportion of the state’s revenue. The annual cost to the Swedish government of administering excise duties (personnel, premises, computers, etc.) amounts … 0.06 per cent of the total revenue from these taxes.

 

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