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Authorize guarantee check report collect swipe confirm select encode transfer1.The retailer... the card through a card reader at a terminal. 2. The information is …before being sent via the telephone system to ensure its security. 3. The Central Switch . .. the right bank. 4.After being paid by credit card, the retailer has to … payment from the credit card company. 5. The different systems have to … payment to the seller. 6. The cardholder's bank's computer........... … the information it receives. 7. If everything is acceptable the computer … payment to the Central Switch. 8. The display on the terminal … payment. 9. A cardholder should … the loss of a card to the company immediately. 10. The manager of my bank has been …to another branch. 10. Match the words on the left with the words of the same meaning on the right. loan money fee buy shopkeeper bank card cash machine use supply premises provide purpose ATM retailer place of business cheque card purchase charge cash credit 11. In the following phrases, the first noun acts as an attribute, e.g. cheque book. How many N+N phrases can you make?
12. Fill in the blanks with prepositions where necessary. Give synonyms to the underlined parts. 1. Please transfer £ 100 ... the Westland Bank Ltd., Bournsea, ... the credit of Clark & Sons Ltd., debiting ... our N° 1 account. 2. Please refund this sum ... us crediting our account ... you ... advice ... us. 3. Kindly effect the following payments ... us. 4. ... effect... 1 January will you please discontinue payment ... the Great Eastern Bank authorised ... our letter ... 1 June Last. 5. Referring ... the instructions regarding payment ... I.I. Hooper Ltd., and contained ... our letter ... 3 April, we now wishto cancel these. 6. Please withhold payment of £ 500 deposit... Messrs N as the purchase ... the equipment concerned may not now be made. We will keep you informed ... any developments. 7. Please suspend payment ... our cheque N°... drawn ... favour ... Messrs Pink & Brown, as it appears to have been lost ... the post. 8. We have been reported ... our London office that the captioned draft has been lost. 9. We are pleased to say that our records now agree ... your statement. 10. Kindly credit all sums received ... £ 25 ... our № 2 account. Please also transfer £ 500 ... our current account ... deposit account. 11. We are advised ... our principals that the proceeds ... the above transfer were credited ... the payee's account only on 25 September. Kindly, therefore, look ... the matter and inform us ... the reasons if any ... such an inordinate delay ... effecting payment to enable us to advise ... our clients. 12. ... reply ... your letter ... 16th ... ultimo and ... addition ... ours ... the 14 ... instant, we inform you that the payment order ... caption was transmitted ... us ... your letter N° 167 ... other payment orders, amounting ... $ 5600 ... all. 13. Fill in the blanks with the words given in brackets and their derivatives. 1.We propose ... by Bill of Exchange at 30 d/s, documents against .... Please confirm if this is ... to you. (pay, accept (use 2 times)) 2. You may draw on our London agent, Messrs N at 60 d/s for the amount of your invoice. Our agents have been instructed ... and advised of the terms of our agreement. (according) 3. We have received your letter and invoice dated 3 January and are willing ... your draft for the amount involved, ... at 60 days' sight. (accept, pay) 4. In ... with our terms of payment we have drawn on you at 30 days' sight for the amount of the enclosed invoice. (according) 5. We apologise for our ...... you that we had drawn on you. This was ... to a misunderstanding and we shall take care to avoid any recurrence. (fail, due) 6. Please note that we have domiciled the following ... with you. Will you kindly honour them at ... date and advise us at the time of .... (accept, due, pay) 7. Please ... the bill for ... and then discount it at the current rate, for the credit of our account. (accept, pay) 8. Your draft for the shipment by S.S. Calcutta was presented yesterday and ... met. We should now like to ask you if you are willing ... us in future on 60 d/s, D/A terms, as other ... in your country are already allowing us this credit, (due, supply (use 2 times)). 14. Render in English: 1. Наш коммерческий банк занимается финансированием cельского хозяйства. 2.Некоторые сберегательные банки идут навстречу новым финансовым запросам людей. 3.Этот кредитный союз состоит из членов нашего отдела. 4.Коммерческий банк заинтересован в высокой прибыли. 5.Общие сберегательные банки, как правило, не дают краткосрочных ссуд фирмам. 6. В случае необходимости коммерческий банк требует дополнительное обеспечение в поддержку ссуды. 7.Компаниям с хорошей финансовой репутацией назначают базовую процентную ставку. 8.Большинство банков предлагают своим клиентам различные депозитные сертификаты. 9.Около двух третей коммерческих банков в США - федеральные банки. 10. Многие банки устанавливают высокую плату за свои услуги. 11.Федеральная резервная система контролирует разнообразные финансовые учреждения и является банком “банкиров”. 12.Все национальные банки являются членами Федеральной резервной системы и владеют ею совместно с правительством. 13.Банки - члены Федеральной резервной системы время от времени берут ссуды в местных резервных банках. 14.Федеральная резервная система предоставляет финансовую поддержку и консультирует своих членов. 15.Банки-члены Федеральной резервной системы получают дивиденды на капитал, которым владеют резервные банки. 16.Федеральная резервная система контролирует поступление денежных средств. 17.Самое сильное оружие системы - дополнительные резервные обязательства. 18. Если банк держит на руках 30 процентов фондов, он может давать ссуду из остальных 70 процентов. 19.Когда Федеральная резервная система покупает правительственные ценные бумаги, поступление денег увеличивается. 20.Система использует эти методы для “тонкой подстройки” экономики. 21.Федеральная резервная система также устанавливает предельные уровни кредитования, покупок капитала и ценных бумаг. 22. Она также передает чеки из банка, где они были учтены, в банк, где они были выписаны. 23.Система страхует вклады на случай банкротства банка. 24.Она дает клиентам сведения о состоянии банка и его наличного капитала.
Speaking 1. Argue for or against the following debating themes: a) Active mutual and state-owned banks can lower the profitability of privately owned banks, since they tend to care less about profits. b) For all central banks' importance, they remain tiny participants in huge financial markets. c) In the longer term banks might have something else to worry about: electronic money. 2. Explain a) why banks evolved; b) how they function; c) what they do; d) the challenges they face.
3. Discuss the following problems: a) Some people argue that credit cards make it too easy for people to get b) The cost of credit cards is added to the price of goods. This means that c) Getting money from a cash dispenser is risky. Someone might see you d) EFTPOS are more of a help to banks than to customers. Customers can e) It can be very risky to rely on plastic money. If you lose your cards you 4. Working in pairs or small groups discuss thefollowing questions: 1. Where do banks get their money? 2. How has the mix of bank deposits changed in recent years? 3. How can you account for it? 4. Expand on the difference between deposit-taking practices in the U.K. and the U.S.? 5. Do you believe that we witness the age of new services in banking? 6. Would you say that there has been a shift in the interrelation of traditional and innovative types of banking services? 5. Comment on the willingness of modern banks to act as financial department stores. a) Suppose you are planning to set up a new bank. What will be its organizational form and functions depending on the objectives you aim at? Draw up an organization chart of your future bank. b) What are the modern tendencies in banking? 6. Make presentations illustrating your arguments with examples: a) In Europe, banks are at risk from an economic slowdown. b) Technology allows banks to market products more effectively — and not just traditional banking services but all the other things.
Writing
1. Write about long-term prospects of the banking business using the following: traditional banks; increased competition in lending; to expand one's lines of business; a fusion of banking and other financial services; to launch something; a telephone and Internet bank; disintermediation; to raise money; proprietary trading; to cut costs; net banking; online banks; to move online; to come up with one's own Internet strategy; offline services. 2. Write anessay on the basis of one of the following statements (150-200 words): a) The world might be faced with another full-scale banking crisis in one or more countries. b) From an economic point of view, it would be best if bank supervision were centralized, either under the ECB or a new, independent European regulator. c) Banks are likely to become more pan-European as the single currency encourages cross-border mergers and greater cross-border exposures. Key vocabulary
current/deposit/savings/budget specimen signature cheque/Eurocheque/traveller's cheque card cash card cash dispenser honour a cheque cancel a cheque stop a cheque paying-in/withdrawal/transfer slip notice of withdrawal counterfoil negotiable securities guarantor overdraw overdraft facilities call in an overdraft Base Rate bank charges standing order direct debit new_issue/bullion/Euro-bond shipping/insurance/foreign exchange market bill of exchange drawer drawee sight draft/bill days after sight (d/s) documents against payment (D/P) documents against acceptance (D/A) foreign bill inland bill clean bill to discount a bill to endorse a bill dishonoured bill to protest a bill revocable/irrevocable letter of credit confirmed credit confirming bank/houses
UNIT V ACCOUNTING Lead-in What do you think of accountants and their job? Choose the description that is closest to your idea of accountants. 1) Accountants are dull functionaries toiling in a back room, endlessly adding up numbers. 2) Accountants are creative people on whom a company's prosperity largely depends. 3) if other, specify. Reading Text 1 1. Read the text and single out the definitions of the following notions: ● accounting ● financial accounting ● management accounting. The Nature of Accounting Accounting is the system a business uses to measure its financial performance by recording and classifying sales, purchases, and other transactions. Accounting also provides ways to present this information that make it possible to evaluate a company's past performance, present condition, and future prospects. Accounting is important to business for two reasons: it helps managers plan and control a company's operations, and it helps outsiders evaluate the business. Because these two audiences use accounting information in different ways, accounting has two distinct facets. Financial accounting is concerned with preparing information for the outside world; management accounting is concerned with preparing information for internal use. Financial accounting.The outsiders who use accounting information have a variety of interests. Suppliers, banks, and other lenders want to know whether the business is creditworthy; investors and shareholders are concerned with the company's profit potential; government agencies are mainly interested in regulating the business and collecting taxes. These users need information that is objective, consistent over time, and comparable to information supplied by other companies. Thus financial accounting statements adhere to certain standard formats and are prepared according to generally accepted accounting principles (GAAP) that have been established and agreed on by the accounting profession over many years. Management accounting.Management accounting, in contrast, is tailored to the needs of managers in a particular company. Its overall purpose is to help the managers evaluate results and make informed decisions. In a typical company, the management accounting system covers a wide range of financial activities, from recording sales and sending out invoices to helping top management evaluate expenditures on buildings, equipment, and labor. Thus, of the several available definitions of accounting, the one developed by an American Accounting Association committee is perhaps the best because of its focus on accounting as an aid to decision making. This committee defined accounting as "the process of identifying, measuring, and communicating economic information to permit informed judgments and decisions by users of the information." 2. Read the text again and say if the following statements are true or false according to the information in the text; correct the wrong ones. 1. Accounting information can help managers evaluate a company's prospects. 2. It is management accounting that is concerned with preparing information for the outside world. 3. Financial accounting prepares information for internal use. 4. The outsiders that need a company's accounting information are banks, suppliers, investors, government agencies. 5. Financial accounting statements are prepared in accordance with generally accepted accounting principles. 6. Management accounting helps the managers to evaluate a company's performance and make informed decisions. 7. Accounting is the process of identifying, measuring, and communicating economic information. 3. Complete the following sentences on the basis of the information in the text. 1. Accounting is the system of measuring … . 2. Accounting helps managers plan … . 3. Accounting helps outsiders … . 4. Lenders want to know if the business … . 5. Government agencies are interested in … . 6. Financial accounting statements are prepared according to … . 7. Managements accounting is tailored to …. . 8. Management accounting activities include… . 4. Summarize the contents of the text in 5-7 sentences. Text 2 1.Scan the text below and pick out the terms that are used to name accounting titles and jobs in the USA. 
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с) Most central banks set monetary policy with the aim of keeping inflation low.