Task 2. Translate the following words and word combinations or find Russian equivalents.

1. relative value
2. to figure profits and losses
3. tax receipts
4. accounting task
5. to accumulate wealth
6. to withstand wear and tear
7. to mint coins
8. stability in value
9. durability
10. acceptability
11. to make transactions
12. payable on demand
13. checkbook money
14. representative money
15. fiat money

Task 3.Translate the following sentences into Russian.

1. Combining various coins permits buyers and sellers to make transactions of any size.
2. If both of these conditions are met, many people will accumulate their wealth for later use.
3. Metals such as gold and silver are ideal because they withstand wear and tear well.
4. Divisibility also enhances money’s use as a standard of value because exact price comparisons between products can be made.
5. Checks are representative money because they stand for the amount of money in a person’s account.
6. Acceptability means that people are willing to accept money in exchange for their goods or services.

Task 4. Fill the gaps in the sentences below with the words and expressions from the box. There are two expressions which you don’t need to use.

1. As a ________________, money assists in the buying and selling of goods and services.
2. Money enables people to judge the ____________ of different items by comparing their prices.
3. Money’s function as a _______________ is important to record keeping because it provides uniformity to accounting tasks.
4. As money is nonperishable and keeps its value over time it is considered a ___________.
5. People save money in order to ______________ for later use.
6. Money’s ability to be used over and over again is called _____________.
7. ____________ is money’s ability to be carried from one place to another and transferred from one person to another.
8. ____________encourages saving and maintains money’s purchasing power.
9. Precious metals such as gold and silver have often been used as __________ .
10. Checks are __________ because they can be exchanged for currency.

Task 5. Find English equivalents for the following Russian expressions and words.

1. средство обращения
2. мера стоимости
3. средство накопления
4. ведение учета
5. стоимость затрат
6. единица бухгалтерского учета
7. покупательная способность
8. портативность
9. делимость
10. скоропортящийся
11. депозит до востребования
12. сберегательный счет
13. срочный депозит
14. вексель
15. товарные деньги

Task 1. Read and translate the text.

Fiscal policy is one of the tools that governments have to keep the economy on a steady path. The two main components of fiscal policy are changes to the tax system and changes in government spending. But what changes can governments make in these two areas and how do changes affect the growth of the economy?

Let’s look at the tax system and in particular at income tax. Income tax is one of the biggest sources of income for a government. Many governments operate a system called progressive taxation.This means that the more you earn, the more tax you pay. People are usually allowed to keep some of their income without paying any tax. This is called thepersonal allowance.

The rest of their income is then taxed using the progressive system. For example:

Governments can decide to change the size of the personal allowance or change the percentage that each income group has to pay. If the economy is growing too fast and demand for goods and services is more than the economy can supply, the government will want to slow down spending.

To do this they can decrease the personal allowance or they can increase the percentage to pay in tax. This will mean people have less disposable income and spending will slow down. If the economy is slowing down too much governments can do the opposite.

What about government spending? How does that affect economic growth? The key to this is something called the multiplier effect. To understand how this works, let’s look at an example. Imagine that the economy is not growing. This will make aggregate demand fall. In turn, productivity falls. This situation means that the nation’s resources are not all being used. In other words, there are surplus raw materials, machines are not being used and workers are unemployed. What the economy needs is a pull in demand for goods and services.

The government can provide this pull by spending a large amount of money on public projects. For example, imagine that the transport department decides to spend &200 million on building a new motorway. This will give work to building companies and jobs to unemployed workers. In other words, more resources are being used and the nation’s productivity is increased.

Companies and workers on the motorway project will save some of the money they earn but also spend some. The money they spend will be income for others in the economy. If half of the &200 million is spent, then the total national income has grown by this much:

&200 million + (0.5 x &200 million)

Each time a proportion of the income is passed on, the economy grows again:

&200 million + (0.5 x &200 million) + (0.5 x &100 million), etc.

In theory, the multiplier effect will continue until there is full employment and the nation’s resources are being used to their fullest extent.

Task 2. Now read the text again and answer these questions in your own words.

1. What are the two tools of fiscal policy?
2. What is someone’s personal allowance?
3. What will the government do to taxes if the economy is slowing down?
4. How can the government create more demand in the economy?
5. When does the multiplier effect stop working?

Task 3. Choose the correct answer A, B or C from the list opposite.

1. The ______department of the government looks after roads, railways and airports.
2. The government hopes its _____ will help reduce unemployment.
3. The parts that something is made of are sometimes called ________.
4. _________ employment is when everyone who can work has a job.
5. The money that you have after you’ve paid taxes is called your ______ income.
6. The part of a person’s salary that is not taxed is called their personal ___________ .
7. The government plans many new ___________ projects, such as building new hospitals and schools.
8. Another word for extra goods that are not needed is _________.
9. When the economy is working at full __________, it is using all its resources for production.
10. A _____________ is a large, fast road which connects cities.
11. A _______ is a plan for achieving something.
12. In a _____ tax system, people who earn more pay more tax than people who earn less.

1. a. transport b. education c. defence

2. a. components b. allowance c. policy

3. a. income b. components c. capacity

4. a. absolute b. complete c. full

5. a. full b. disposable c. spending

6 a. allowance b. surplus c. capacity

7. a. personal b. public c. disposable

8. a. surplus b. shortage c. allowance

9. a. employment b. income c. capacity

10. a. path b. motorway c. railway

11. a. component b. project c. scheme

12. a. surplus b. progressive c. public

Task 4. Make up an investment project.

Background

“Angel Investments”is based in Warsaw, Poland. It provides finance for start-up or young companies which need capital to develop their businesses.AI is run by a group of extremely rich people of various nationalities who made their fortunes in the computer and financial services industries. They enjoy the excitement of working with start-ups and small companies, and believe that Central and Eastern Europe offers outstanding opportunities for investment. They are willing to take risks and support projects which seem unusual or extraordinary. However they also expect to make money, usually by taking a stake in the business or a share of the profits.

A team of AIinvestors is currently considering several proposals. After hearing presentations from individuals and companies,AIwill decide which projects it will invest in, and how much money it will give to each one. They have ?5.5 million to invest in the projects.

You are an entrepreneur who needs finance for a new project; the rest of the group are AI investors.

Key points for product presentations

The Business

A description of the business

• What does it do?
• What is the name of the company?
• What is the form of ownership and structure?
• Who is it for?
• Brief details about the team (age, education, experience, etc.).

The Product or Service

A brief description – including artwork, if possible.

• What are the advantages of the product or service?
• What are its unique features?

Marketing

• Who are the existing or target customers?
• Who are the competitors or possible future competitors?
• What are the competing products, if any?
• What about pricing policy?
• How will the product or service be launched and promoted?
• What are the selling and distribution methods?

Finance

• How much finance is required and for what purposes(in detail)?

Proposals:

For Additional Reading

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