Exercise 16. Match the information from the right column with the information from the left one.

	A good payer is ___	A	___ makes a man healthy, wealthy, and wise.
	Early to bed and early to rise ___	B	___ but a bad master.
	Money doesn't ____	C	___ nor a lender be.
	Money is a good servant, ____	D	____grow on trees.
	Money is the root ____	E	____master of another's purse.
	Neither a borrower ____	F	____of all evil.
	To have money is a fear, ____	G	____are soon parted.
	A fool and his money____	H	____a penny gained.
	A penny saved is ____	I	____a light heart.
	A heavy purse makes ____	J	____not to have it a grief.

 

Exercise 17. Read and translate the text.

Text 5. The Pound sterling

Vocabulary

the official currency	официальная валюта
commodity money	товарные деньги
fiat money	бумажные деньги (Амер.)
to regulatee issuance of banknotes	регулировать выпуск банкнот
most traded currency	самая ходовая валюта
a unit of account	средство счета
to circulate	быть в обращении

The pound sterling commonly known simply as the pound, is the official currency of the United Kingdom. A number of nations that do not use sterling also have currencies called the pound. At various times, the pound sterling was commodity money or bank notes backed by silver or gold, but it is currently fiat money, backed only by the economy in the areas where it is accepted.

The Bank of England is the central bank for the pound sterling, issuing its own coins and banknotes, and regulating issuance of banknotes by private banks in Scotland and Northern Ireland. Banknotes issued by other jurisdictions are not regulated by the Bank of England.

Sterling is the fourth most traded currency in the foreign exchange market, after the United States dollar, the euro, and the Japanese yen. Sterling is also the third most held reserve currency in global reserves.

The currency sign for the pound sign is £, which is usually written with a single cross-bar, though a version with a double cross-bar (₤ ) is also sometimes seen.

The pound was a unit of account in Anglo-Saxon England, equal to 240 silver pennies and equivalent to one pound weight of silver. The penny swiftly spread throughout the other Anglo-Saxon kingdoms and became the standard coin of what was to become England.

Sterling circulated in much of the British Empire. In some parts, it was used alongside local currencies. For example, the gold sovereign was legal tender in Canada despite the use of the Canadian dollar. Several colonies and dominions adopted the pound as their own currency. These included Australia, Barbados, British West Africa, Cyprus, Fiji, the Irish Free State, Jamaica, New Zealand, South Africa and Southern Rhodesia.

 

Exercise 18. Say if the statements are true or false.

1. Sterling is the third most traded currency in the foreign exchange market, after the United States dollar, the euro.

2. The Bank of England is the central bank for the euro.

3. The pound was a unit of account in Anglo-Saxon England.

4. The pound sterling commonly known simply as the pound, is the official currency of the England.

5. Sterling circulated in much of the British Empire and was never used in other states.

 

Exercise 19. Find the English equivalents to the given Russian ones in the net.

 

Обмен, Монетный двор, валюта, быть в обращении, монетная система, сделка, товар, конвертируемый, страхование, банкнота.

C	A	B	B	T	R	A	N	C	D
U	R	A	E	F	J	W	S	G	H
I	R	N	K	N	O	T	A	C	J
K	E	N	C	Y	E	E	L	T	M
N	O	X	W	P	X	C	H	I	Q
R	C	O	M	S	T	C	A	O	N
C	U	V	M	O	D	O	N	Y	Z
O	A	Z	G	M	I	N	G	D	W
I	H	M	I	R	T	V	E	T	I
N	A	J	N	T	Y	E	R	T	I
A	G	J	O	V	I	V	E	L	B
M	E	E	S	A	Q	M	A	T	E
I	Q	W	E	R	C	U	L	R	F
N	A	S	C	I	D	V	B	N	D
S	U	R	A	N	C	E	Z	M	O

 

Exercise 20. Read the text and translate the sentences after reading.

Text 6. The Euro

Vocabulary

financial market	финансовый рынок
possibility	возможность
member state	страна-участница
reserve currency	резервная валюта

The euro (sign: ?; code: EUR) is the currency used by the Institutions of the European Union and is the official currency of the euro zone, which consists of 18 of the 28 member states of the European Union: Austria, Belgium, Cyprus, Estonia, Finland, France, Germany, Greece, Ireland, Italy, Latvia, Luxembourg, Malta, the Netherlands, Portugal, Slovakia, Slovenia, and Spain.

The euro is the second largest reserve currency as well as the second most traded currency in the world after the United States dollar.

The name euro was officially adopted on 16 December 1995. The euro was introduced to world financial markets as an accounting currency on 1 January 1999, replacing the former European Currency Unit. Physical euro coins and banknotes entered into circulation on 1 January 2002.

The euro is managed and administered by the Frankfurt-based European Central Bank and the Eurosystem (composed of the central banks of the eurozone countries). It is divided into 100 cents. All circulating coins have a common side showing the denomination or value, and a map in the background. Due to the linguistic plurality of Europe, the Latin alphabet version of euro is used and Arabic numerals. For the denominations except the 1-, 2- and 5-cent coins, that map only showed the 15 member states which were members when the euro was introduced.

The possibility of this currency to become the first international reserve currency is now widely debated among economists.

 

1. Евро является официальной денежной единицей стран Евросоюза. 2. 210 миллионов человек по всему миру пользуются евро. 3. Евро – вторая денежная единица, используемая в мире, после доллара США. 4. Монеты и банкноты вошли в обращение 1 января 2002 года. 5. Экономисты имеют различный взгляд по поводу, сможет ли евро стать первой международной валютой.

 

Exercise 21. Fill in the dialogue with the words from the table. Learn it by heart and act it out.

rate, Dollar, currency, Pound, Euro, Sterling, monetary, rate, exchange

- Good morning. I would like to exchange Rubles into ___. What is the exchange ___ by the way?

- Good morning, Sir. The monetary exchange ___at the present moment is 47 rubles.

- Well, very well. And what about the exchange rate of the ___?

- It’s 35 rubles.

- Ok. I’m between two minds, I don’t know what ___ to choose. What can you recommend?

- Frankly speaking, I’d advise you to buy the ____ ____. You see it is the most stable and reliable currency. What is more its ____ ____ rate is 57 rubles.

- Oh, thank you for this information. I think I’d follow your advice.

- You are welcome.

Exercise 22. Test.

1. The first manufactured coins seems to have taken place in ….	a. Italy and Greece b. India and China c. the United States of America d. the United Kingdom
2. What traveler acquainted Europe with paper money in the 13th century.	a. Marco Polo b. James Cook c. Christopher Columbus d. Charles Darwin
3. The China national currency is called …	a. won b. yuan c. yen d. baht
4. What is the official currency of Great Britain?	a. US dollar b. Euro c. Pound sterling d. Centavo
5. Who issued the first European banknotes?	a. the Bank of England b. the Saint Petersburg Mint c. the Frankfurt-based European Central Bank d. the Bank of Sweden
6. What currency has this sign ₤?	a. dollar b. pound c. ruble d. euro
7. On which current British coin would you find the Prince of Wales feathers?	a. 2 pence b. 10 pence c.1 pence d. 1 pound
8. In which city is Italy’s main stock exchange?	a. Milan b. Venice c. Rome d. Naples
9. What countries are not a member of the European Union?	a. Austria, Canberra, Cyprus b.Estonia, Finland, the Netherlands c. Ireland, Italy, Latvia d. Malta, Luxembourg, Portugal
10. In which thoroughfare is the Bank of England situated?	a. Threadneedle Street b. Piccadilly street c. Down Street d. Central Street

UNIT 10. Money. Credits. Banks.

Grammar: Complex Subject

Text 1. Money

Text 2. Money. Functions of Money

Text 3. Credit

Text 4. The Bank of England

 

Exercise 1. Read and translate the international words.

period, inflation, deposit, service, financial, institution, commercial, operation, economic, system, function, fund, bank, program, credit card, computerized, telecommunications, method, balance, principal, form, a client, importer, exporter.

Exercise 2. Study the new vocabulary, read the basic text and find new words in it.

Text 1. Money

Vocabulary

to increase	повышать
to feed in	загружать
to withdraw	снять, взять обратно
a source	источник
revenue	рента, доход
consumer	потребитель
а fee	плата
cash	наличные деньги
interest	прибыль
convenient	удобный
to purchase	покупать
customer	покупатель, клиент
essential	необходимый, важный

 

Money can be anything that is generally accepted in payment for goods or services. It provides us with a medium of exchange, a measure of value and a store of value. Our principal forms of money are currency and demand deposits (checking accounts).

When we speak about the “value of money” we are referring to the amount of goods and services that can be bought with it, or its “purchasing power”. The purchasing power of money can increase during a period of deflation and it can decrease during the periods of inflation.

Bank is a financial institution that accepts demand deposits and makes commercial loans.

Financial institutions such as commercial banks and saving banks are essential to the smooth operation of our economic system. The most important functions of banks are to provide a safe place for the deposit funds and to serve as a source of loans, they also offer a number of other financial services.

ATM is a computerized telecommunications device that provides a financial institution’s customers a method of financial transactions in a public space without the need for a human clerk or bank teller. Most ATMs enable anyone to deposit cash to any customer of the bank’s account by feeding in the notes and entering the account number to be credited. They enable card holders from other banks to get their account balance and withdraw cash, even if the card is issued by a foreign bank.

Banks can buy or sell foreign currencies for their own benefit or for their clients. Importers, exporters and travelers are major users of these services.

 

Exercise 3. Make all possible word combinations with the given words.

to accept	money
to pay	interest
to deposit	fee
to buy	cash
to sell	currency
to withdraw	goods

 

Exercise 4. Answer the questions.

1.What is money? 2. What is “value of money”? 3. When can the purchasing power of money increase? 4. What is bank? 5. What are the functions of banks? 6. What is ATM? 7. What are the functions of ATMs? 8. Who usually buys foreign currency?

 

Exercise 5. Fill in the gaps.

1. Money is accepted in ____. 2. Principal forms of money are ____. 3. Banks are essential to ____. 4. Banks provide ____ place for ____ ____ and serve as ____ ____ ____ loans. 5. “Purchasing power” of ____ is the amount of ____. 6. Banks operate ____ ____. 7. Banks can ____ ____ ____ foreign currencies. 8. ATM is a ____ that ____ a customer a financial transaction in a ____ space. 9. Any customer of the bank can deposit ____ to his account by ____10. Customers can withdraw ____ and pay ____ fee for the credit ____.

 

Exercise 6. Read and discuss the text.

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