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Ex. 3. Say in a few words what the main text is about.

Ex. 4. Sum up the content of the main dialogue.

Ex. 5. Work on vocabulary and grammar.

a)Study the key words for the unit in the dictionary.

provision, to provide, benefit, to benefit, expenditure, revenue, budget, deficit;

b)Think of the verbs that are most commonly used with:

money, policy, services, goals, priorities, resources, expenditure, revenue, budget, tax, autonomy, responsibilities, principle, data, law, deficit, funds, assistance;

c)Think of the nouns that are most often used with:

to comprise, to provide, to distribute, to encourage, to implement, to achieve, to allocate, to maintain, to forecast, to plan, to determine, to prepare, to share, to hand down, to contradict, to influence, to pass, to grant, to execute, to benefit;

d) Make your own sentences with any five word combinations from (b) and (c).

e)Match the verbs from (a) with the nouns from (b) below:

a) to make b) funds

to approve provisions

to provide payments

to formulate expenditure

to cut revenue

to cover deficit

to provide for proposal

to consider budget

F)Write out from the main text international words like finance, system, etc. Transcribe and read them aloud.


a) Supply the articles where necessary.

b) Write down 3-5 questions about the text.

The World's Major Financial Centre

The financial heart of England is the City. It is ... square mile in London on the bank of ... Thames. In the centre there is the Bank of England, and the head offices and foreign departments of other English banks.

It is ... home of commodity, financial, and insurance markets that are all concentrated in the narrow streets, which form the financial core of ...City.

The position that the City holds is due in no small measure to the integrity of its members. The City is jealous of its honour, punctilious in fulfilling its obligations and, where deals of thousands of pounds are made merely by a word, is proud to make its word its bond.

The population of the City is almost entirely ... daytime one. Each morning about half a million people come in from north, south, east and west, and then as evening comes and business finishes they hurry home by ... train, bus, car or ... underground. Prior to 1914 this population was almost completely ... male one, with top hat, black tail coat, black and white striped trousers, stiff-fronted shirt and stiff white collar. Two wars have changed all that. There are probably as many women employed in the City as there are men these days.

From ... earliest times the City has been ruled by its own elected Lord Mayor and Aldermen, and to this day ... king or queen of England may not pass the bounds of the City until he or she has had permission of ... Cord Mayor, and then he or she comes only as ... guest.

Generally speaking, the City performs four financial functions:

a) the City gathers in ... country's savings and provides channels and machinery for their investment;

b) it provides ... safe, speedy and convenient means of payment without the actual use of banknotes or coins;

c) through the medium of... Foreign Exchange Market it makes it possible to exchange one currency for another;

d) it provides the organization to finance, transport and insure foodstuffs, manufactures and raw materials on their way from producer to consumer.

Words you may need:

square mile core jealous of its honour   punctilious bond stiff   striped bound medium квадратная миля сердцевина тщательно оберегающий свою честь пунктуальный обязательство жесткий, накрахмаленный полосатый граница средство квадратна миля серцевина ретельно оберігає свою честь пунктуальний зобов'язання жорсткий, накрохмалений смугастий кордон, межа, границя кошти


Ex. 7.

a) Supply the prepositions where necessary,

b) Write down six questions about the text.

Budgetary Policy

The transformation of the economic and political systems in Russia has been accompanied ... substantial reforms in the budget process, including budget preparation and classification, a new treasury system for budget execution and expenditure control, considerable autonomy of subnational governments in the formulation of their budgets.

On the whole, the budgetary policy in Russia is aimed ... attaining the efficient allocation of national resources, the desirable redistribution of income ... the poorer groups in society, and the maintenance of a macroeconomic environment with stable prices, full employment and equilibrium in the balance of payments.

Accurate budget evaluation is more necessary now than ever before. The economic transition has led ... drastic retrenching in public resources so there is a need to increase the efficiency with which public resources are used. Proper budget evaluation will provide critical information and feedback to policy makers ... how well budget objectives are being attained ... the implementation of the budget.

The transition ... the market economy has significantly increased the complexity of interactions of the government with the private sector thus increasing the opportunities ... misuses of funds and ... corruption. For these reasons it is important that an effective and I independent ex-post audit be carried ... by the Accounts Chamber at . all levels of government.

Words you may need:

accompany treasury system formulation of the budget attain equilibrium retrench   feedback objective misuses of funds   ex-post audit   сопровождать система казначейства подготовка бюджета достигать, добиваться равновесие сокращать, урезывать (расходы) обратная связь цель нарушения в использовании средств аудит (ревизия) использования средств супроводжувати система казначейства підготовка бюджету досягати, домагатися рівновага скорочувати, урізувати (витрати) зворотний зв'язок ціль, мета порушення у використанні коштів аудит (ревізія) використання коштів


Ex. 8. Open the brackets putting the verbs in the correct active and passive form:

History of Russian Money

The first Russian coins (to mint) when Russia was converted to Christianity. The gold and silver coins of Kievan Rus were first made under Grand Duke Vladimir Sviatoslavich in the late 10th - early 11th century. After a long "coinless" period, minting (to resume) in the 1380s, under Grand Duke Dmitry Donskoy of Muskovy.

The Russian monetary system, which laid the foundations of national accounting and even the present-day rouble, (to take) shape in the early 16th century. Then, the chief currency unit was the silver kopeck with a depiction of a horseman with a lance (kopye in Russian), which was Russia's emblem and the symbol of grand-ducal power. The kopeck's emergence (to connect) with the 1535-1538 reform of Yelena Glinskaya, who managed to create a single monetary system for the centralized Russian state, with the rouble containing 100 kopecks.

But by the 17th century, the Russian monetary system, based on just one type of coin, the one-kopeck piece, (to become) something of an anachronizm, lagging behind the more convenient European arrangement. Peter the Great (to bring) into circulation coins of various denominations: one-rouble, fifty-kopeck, ten-kopeck, and other coins. The drastic change also (to involve) the minting metal, with gold and copper coins being produced in addition to the traditional silver pieces, and machine-minted coins taking the places of the hand-made ones.

The reform of finance minister Count Kankrin (1839-1843) was the first step towards turning paper banknotes into money backed by precious metal reserves. The silver rouble (to recognize) as the principal monetary unit.

During finance minister Sergei Witte's tenure in office, paper banknotes (to back) by gold reserves worth 1.5 billion roubles, and a new monetary economy was set up on the basis of scientifically computed paper money emission rates. Thanks to Witte's reform, Russia finally (to manage) to close the age-old gap between itself and Europe and to integrate into the global financial system. The rouble (to become) convertible.

In the post-1917 period the first paper banknotes of Soviet Russia (to issue). The monstrous hyperinflation of the first years of Soviet power went down once the New Economic Policy was in place and the gold reserves in the country rebuilt. The chervonets, as the new unit equivalent to 10 pre-revolutionary roubles was known, (to help) reviv the Russian monetary system founded by Witte. It stayed i; circulation until 1928. With the first 5-year plan in operation, when the Government resumed its practice of high emission rates, inflation (to return) and the Soviet rouble became an exclusively domestic legal tender. Now the Russian rouble (to become) an international currency.

Words you may need:

mint to convert to Christianity   grand duke depiction to lag (behind) tenure in office convertible revive legal tender   чеканить обращать в христианство   великий князь изображение отставать пребывание в должности конвертируемый возрождать законное платежное средство чеканити, карбувати звертати(спрямовувати) у християнство великий князь зображення відставати перебування на посаді конвертований відроджувати законні платіжні кошти




a)Fill each gap with a suitable word from the box.

b)Sum up the text in 5-7 sentences and present your summary in class.

Coin forms used called known small objects assets invented using money handle big instruments

What Is Money?

Money is an asset that serves as a means of payment, a store of value, and a unit of account. Money was____a long time ago.

Gold and silver coins are the best __form of money. They have the longest history and have been more widely accepted as payment than any other form of commodity money.

The popularity and universal acceptability of ____ money is easy to understand. Coins are solid, attractive, hard-wearing and easy to ____. In addition to the qualities mentioned above, coins can be produced in___ and _____ denominations.

Societies__ gold and silver have used other____ as money, including shells, beads and pelts. Anything can serve as ____ that is easily recognized, widely accepted, and not easily copied. Gold, shells, and pelts are no longer used as money in the majority of countries.

Today two kinds of financial ____serve as money: currency (coins and bills) and checking deposits at banks and thrift institutions.

Currency plus checking deposits at banks and thrifts is often ____ M1. The money that includes balances in money market funds, savings deposits in banks and thrifts and certain other liquid _____ is called M2.

Along with coins, paper currency, and checking deposits, "plastic money" is widely ____ today. "Plastic money" comes in two ____ - credit cards and debit cards.

Words you may need:

asset means of payment store of value unit of account commodity money     solid hard-wearing denomination shell bead pelt checking deposit   Ml М2 «plastic money» инструмент средство платежа средство сбережения расчетная единица товар-посредник в роли денег (например, соль, мех) прочный неизнашивающийся достоинство (денег) раковина бусина шкура вклад на текущем счете   денежный агрегат Ml денежный агрегат М2 «пластиковые деньги» інструмент кошти платежу кошти заощадження розрахункова одиниця товар-посередник у ролі грошей (наприклад, сіль, хутро) міцний що не зношується вартість (грошей) раковина бусина шкіра внесок на поточному рахунку грошовий агрегат Ml грошовий агрегат М2 «пластикові гроші»




Ex. 10. a) Read and discuss the texts.

b)Single out the main facts of each text. Present them in a short review.

c)Compare the budget of New York with the budget of Moscow or Kiev. Name the major budget expenditure items.

a) The Budget Message of the Mayor

(the City of New York)

April 27, 1995

To Members of the City Council:

The budget for fiscal year 1996 has been prepared in the context of the directions for the City of New York set forth in the budget for 1995, which is being executed rather successfully.

In this connection I would like to stress that as the city authorities promised the crime is down dramatically, the quality of life has improved, the imbalances between the public and private sectors have been reduced and private sector employment is growing.

It is worth mentioning here that at the beginning of the year we carried out a reduction of 15,000 positions in the City's workforce to cut the costs and get some additional savings.

The reduction was accomplished without layoffs with the help of the municipal unions. In the course of productive negotiations with the unions the City was provided with employee redeployment rights, a valuable management tool which enabled us to transfer employees between government agencies where, in the past, layoffs may have been required.

Besides, the readjustments we made earlier this year stabilized the private sector and helped to provide the first significant growth in private sector jobs. The private sector has grown by 35,000 jobs.

However, we have to recognize that not everything is being done to execute the budget for 1995 fully. For example, the revenues are less than had been projected. To offset some of the difference, the City has proposed that the State restore funding for reimbursement for pre­school for handicapped children as well as revenue-sharing payments. As we work we learn important lessons and gain experience which helps us to assess the situation more correctly, which, we hope, the 1996 budget will reflect.

The 1996 budget of the City of New York is $ 31.1 billion. This is the sixteenth successive budget which is balanced under generally accepted accounting principles. The budget is balanced without relying on unreasonable State and Federal aid, taxes being the largest source of revenue. We understand, however, that for the economic well-being of our City, we must reduce the burden on our taxpayers.

Hence, the budget for 1996 reflects our plans to expand the tax reduction program and to boost local economic activity by providing tax reliefs. Reductions in the hotel tax, the commercial rent tax and the unincorporated business tax introduced earlier, have already had an effect.

Besides, we shall be stimulating non-tax revenue initiatives. The budget assumes the attainment of $ 600 million in labour savings and productivity in fiscal year 1996.

In recognition of the need to reduce the costs of the government we are planning to continue to improve, restructure and streamline government workforce through agency reductions, consolidation of agency functions, agency mergers, and managerial pay freeze.

It should be pointed out specifically that the budget for 1996 provides a meaningful program for developing a long-term capital investment strategy to improve and expand projects in environmental protection, housing, transportation, education and medical aid. S350 mil. will be earmarked for investing in emergency medical services. The budget proposes the sale of the water and sewer system. The sale will be funded by issuance of bonds.

The budget is based on the commitment of the City's authorities to provide an equitable distribution of the city's resources, to correct the imbalances, and to mitigate the impact of the cuts on those whose incomes have not kept pace with inflation.

As we enter the budget adoption process I welcome a rational discussion of our city's priorities, which, I am confident, will give the city its best opportunity to participate in the national recovery.

Words you may need:

crime unbalance   it is worth mentioning ... savings   layoff   employee redeployment right     offset   reimbursement   handicapped children   assess successive   generally accepted accounting principles burden tax relief assume attainment streamline   merger pay freeze   It should be pointed out... earmark issuance of bonds mitigate to keep pace (with) преступность несоответствие, диспропорция Следует упомянуть ... сбережения, накопления   увольнение (из-за отсутствия работы) право на перевод служащих в другую государствен­ную организацию возмещать, компенсировать возмещение, компенсация дети, страдающие какими-либо физическими недостатками оценивать следующий, один за другим общепризнанные принципы учета бремя налоговая льгота предполагать достижение рационализировать, совершенствовать слияние замораживание заработной платы Следует подчеркнуть ... выделять выпуск облигаций смягчать идти в ногу (с) злочинність невідповідність, диспропорція Варто згадати ... заощадження, нагромадження звільнення (через відсутність роботи) право на переказ службовців в іншу державну організацію   відшкодовувати, компенсувати відшкодування, компенсація діти, що страждають будь – якими фізичними вадами   оцінювати наступний, один за іншим загальновизнані принципи обліку тягар податкова пільга припускати досягнення раціоналізувати, удосконалювати злиття заморожування заробітної плати Варто підкреслити ... виділяти випуск облігацій пом'якшувати іти в ногу (з)


d) Read the text (b) and say what you know about the budget process:

b) In market economies the budget is the proposed and later the authorized statement of revenues and expenditures for a period, normally a fiscal year. The government budget may show the planned or authorized expenditure of central government alone, or may incorporate also expenditures and revenues of regional and local governments.

The budget is the key instrument for expression and execution of the government's economic policy.

Government budgets have a wide implication for the national economy. There are various practical approaches to budgeting, including the administrative budget, which emphasizes the expenditures of ongoing government operations; the capital budget, which gives separate treatment to public works projects and their special financing requirements; the cash budget, which simplifies budgetary procedures, etc.

In the United States the federal budget deals mainly with expenditure programmes, and revenues are covered only briefly. The size of the budget deficit or surplus is regarded as very important. An important aspect of the budgetary process is a great influence of the Congress. The US budget is submitted in January for the fiscal year coming in July. It is then considered by several sub-committees of the House of Representatives and the Senate.

In Great Britain the preparation of the budget is the function of the Treasury, which is headed by the Chancellor of the Exchequer. The emphasis of the British Budget is on taxation and the state of the economy.

The Budget is the Government's main economic statement of the year. It is announced by the Chancellor of the Exchequer who reviews the nation's economic performance and describes the Government's economic objectives and the policies it intends to follow in order to achieve them.

Words you may need:

authorized   incorporate implication budgeting administrative budget   capital budget   cash budget   Chancellor of the Exchequer разрешенный, официально принятый включать значение составление бюджета административная финансовая смета бюджет капиталовложений бюджет наличных средств министр финансов дозволений, офіційно прийнятий включати значення складання бюджету адміністративний фінансовий кошторис бюджет капіталовкладень бюджет наявних коштів   міністр фінансів


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