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Get ready to speak in details about money.





V. Written Task

Translate into Russian using a dictionary.

THE FUNCTIONS OF MONEY

Money serves as (1) a medium of exchange, (2) a unit of account, and (3) a store of value. We examine each of these functions, beginning with medium of exchange.

A medium of exchange,or a transactions medium, is anything generally acceptable as a means of payment in the exchange of goods and services, in repaying debts, and in the exchange of assets, such as shares of common stock.


The second function of money is to serve as a unit of account. A unit of account is a yardstick for measuring prices and values and a benchmark for comparing them. In principle, any commodity can serve as a unit of account. Having chosen the good, we can express the price of each of the rest of the goods in units of that good. Historically, societies designated a single item to serve as the unit of account, say, a kilogram of wheat. In this way, each good could be priced at so many kilograms of wheat per unit. In modern times, paper money is the unit of account. For example, the dollar is the unit of account in the United States. Knowing that a pound of peaches costs two dollars and a pound of apples costs one dollar enables us to compare their value. Thus, money becomes a standard of value.

Normally, the same item serves as the unit of account and the medium of exchange: the dollar in the United States; the yen in Japan; the mark in Germany. In abnormal times, however, societies divorce the two functions of money, often unofficially. For example, although the ruble is the unit of account in Russia, some Russians use foreign currencies, such as the dollar and the mark, as the unofficial medium of exchange. Many Russians, without access to foreign currencies, resort to barter. Invariably, the reason for the divorce of the medium of exchange from the unit of account is a deterioration of the currency as a store of value, which takes us to the third function of money.

A store of value is a reservoir of future purchasing power. Money is both a temporary and a permanent store of purchasing power. The function of money as a temporary store of purchasing power is an outgrowth of its function as a medium of exchange. If an item is to serve as a medium of exchange, people must hold that item to carry out their transactions. For example, consider an individual who earns $700 a week but plans to spend $560 on goods and services and save $140 every week. Usually this individual will not spend the entire $560 on payday. Instead, he may spend $90 on payday and hold $470 in the form of money to be spent over the course of the week. This $470 held in money is a temporary store of purchasing power.



People, however, hold more money than they need to carry out their transactions. Why? The answer is that money can also serve as a permanent store of purchasing power. Individuals who save forgo present consumption to have higher future consumption. The wealth of individuals is their accumulated savings. Money is one form in which individuals may keep their wealth; stocks, bonds, and real estate are other forms. Of course, when wealth is held in money, in the future it will not need to be exchanged to buy goods and services. The ability of money to serve as a store of value depends on its capacity to retain its purchasing power.


УЧЕБНЫЙ ЭЛЕМЕНТ 3 (УЭ-3) PROFIT

I. Improve your wordpower.


Study the following words

monetary return (n) reward (n) effort (n) uncertainty (n) outcome (n) satisfaction (n) accomplishment (n) expenses (n) subtract (v) merchandise (v) payroll (n) utilities (n) donation (n) supply (n) gross profit (n) net profit (n) amount (n)


and word combinations:

денежное обращение

награда

усилие

неопределенность



результат, последствие

удовлетворение

выполнение

расходы

вычитать

торговать

платежная ведомость

коммунальные услуги

дотация

предложение, поставка

валовая прибыль

чистая прибыль

количество


Using a dictionary add as many words as possible into the table.

 

Verbs Adjectives Nouns
1.   satisfaction
2. reward    
3.   uncertainty
4.   loss
5.   accomplishment
6. subtract    
7. supply    
8.   donation
9.   expenses

Match the words with the definitions below.

1. reward (n)

2. outcome (n)

3. loss (n)

4. accomplishment (n)


5. amount (n)

6. effort (n)

7. satisfaction (n)

8. gain (v)

9. expenses (n)

10. supply (n)

11. tax (n)

12. utility (n)

13. payroll (n)

14. merchandise (n)

a. the use of strength; trying hard

b. something given or gained as return for work or service

c. something that causes contentment or pleasure

d. an effect or result

e. a failure to make a profit

f. to obtain something useful, necessary, wanted

g. the act of finishing work completely and successfully
h. the money used or needed for a purpose
i. a quantity or sum
j. necessary materials for daily life
k. things for sale, goods for trade
l. the total amount of wages paid in a particular company
m. any useful service for the public
n. a sum of money paid to the government

4. Choose the words with similar meaning from the two groups and
arrange them in pairs.

A. reward, effort, uncertainty, outcome, loss, satisfaction, gain, involve, supply,
insurance

B. fulfillment, exertion, result, payment, obtain, warranty, provide, deficit,
unsureness, entail

What are the opposites?

Downfall, confidence, discontent, add, relaxation


6. Form all possible word combinations using the words of both columns and translate them in Russian:

 

1. to make a) satisfaction
2. to encourage b) a sense
3. to take c) money
4. to receive d) a business
5. to serve e) money
6. to gain f) people
7. to invest g) the amount of money
8. to pay h) a profit
9. to subtract i) a risk
10. to own j) the community

II. Reading Comprehension

Read and translate the following text. Consult a dictionary if necessary.

PROFIT

Many times, we say that the profit is too high, or that the business is making “too much profit” without really understanding profit. Profit is the monetary return, or the reward, a business's owner or owners receive for taking the risk of investing in the business. The owner may invest money, time, effort, or skills.



Profit is the reward received for taking the risk of investing in a business. But, what is risk? It is simply uncertainty – not knowing what the outcomes will be. With risk comes the chance of loss – in this case, the chance of losing the money, time, and effort invested in a business, but the chance of profit is possible too. There are three main reasons that people are willing to take the risk:

“Satisfaction from owning one's own business”. A lot of people owning a business indicate that a person is responsible, successful, and talented. Therefore, many people gain a sense of pride and accomplishment from owning a business.

“Satisfaction from serving the community in which the business is located”. Many people live in the same community in which their businesses are located. They receive satisfaction from operating a business that serves their community's needs.

“Possibility of making a profit”. This reason is the main motivation for a person to take the risks involved in becoming a business owner. The desire to make a profit is known as the profit motive. Certainly, the satisfaction from owning a business or from serving one's community can motivate people to take


the risk of investing in a business. However, the main motivation, the one that really encourages people to take the risk, is the chance of making a profit.

Determining Profit

Profit is the amount of money that is left after expenses are subtracted from income. To understand this formula, let's look what each component means. Income is money that comes into a business. This income is from the sale of goods or services and called income from sales. Expenses are monies that must be paid out in order to continue in business. There are two main types of expenses: cost of merchandise and operating expenses. Cost of merchandise is the money that business must pay for the goods that they sell or for the raw materials from which they make goods to sell. Operating expenses are those expenses necessary to keep the business operating on a daily basis. Payroll, utilities, rent, insurance, supplies, equipment, taxes, bad debts, and donations are all examples of operating expenses. As you can see, there are many expenses involved in running a business.

Income and expenses are two elements that what, if any, profit a business will make. However, there are two types of profit, and it is very important to understand the difference. One of them is gross profit. It is the amount of money that is left after the cost of merchandise is subtracted from the income from sales. For example, if a business buys T-shirts for 15 rubles each T-shirt and sells them for 50 rubles, the gross profit would be 35 rubles. If the business sells 100 T-shirts, the gross profit is 3,500 rubles. Another type of profit is net profit. It is the amount of money that is left after operating expenses are subtracted from gross profit. This is the money that is actually left for the business owner to keep or to reinvest in the business.

1. Answer the questions:

1. What is profit ? Define the word.

2. Why does the uncertainty occur?

3. What are three main reasons why people are willing to take the risk?

4. What is the profit motive?

5. What is the formula of profit?

6. Define the words “income” and “expenses”.

7. What are two main types of expenses? Define them.

8. What are two types of profit?

9. Give an example of gross profit.

10. What is net profit?


2. Translate into English:

1. Владельцы бизнеса могут инвестировать деньги, время, усилия, навыки и опыт и получать из этого прибыль.

2. Прибыль – это награда, полученная за предпринятый риск инвестиро­вания в бизнес.

3. Многие люди испытывают гордость и чувство собственного удовольствия от владения собственным бизнесом.

 

4. Возможность получения прибыли – одна из трех основных причин почему люди идут на риск.

5. Расходы – это деньги, которые должны быть потрачены, чтобы продолжить бизнес-деятельность.

6. Есть два вида прибыли, и очень важно понимать различие между ними.

3. Complete the following sentences with suitable forms of the words in
the box below:

capital, interest, profit, net, current, debtor, dividend, statement, creditor, shares.

1. A person or organization that owes money is a …

2. A person or organization to whom money is owed is a …

3. The assets, including cash, debtors and stocks used in a company’s trading, available at the present moment, are its … assets.

4. The equal parts into which the ownership of a company is divided are its …

5. The money paid to shareholders out of a company’s profits is the …

6. A company’s turnover, less its cost of sales, is its gross … .

7. A company’s turnover after the cost of sales, tax, rent and other liabilities are deducted is its … profit.

8. The sum of money paid by a borrower to a lender for the use of the lender’s money is the … on the loan.

9. The document sent to the debtor by the creditor, showing how much is owed and for what, is the … of account. 10.The shareholders’ investment in a company is the share … .

 








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