- •Курс английского языка для финансистов
- •Предисловие
- •Unit 1. Economic environment a. Text what is economics all about?
- •B. Dialogue business climate in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write several paragraphs on the following:
- •Reading practice
- •Unit 2. Public finance a. Text finance and financial system
- •B. Dialogue budget organization and budget process
- •Vocabulary list
- •Exercises
- •Discussion
- •A) The Budget Message of the Mayor
- •April 27, 1995
- •In order to get prepared for participation in the class discussion of these questions, write several paragraphs on the following:
- •Reading practice
- •Unit 3. Fiscal management a. Text financial policy. Fiscal sphere
- •B. Dialogue effective fiscal policy
- •Vocabulary list
- •Exercises
- •A) Financial Policy
- •B) Fiscal Policy in the uk
- •Discussion
- •A) Multiyear Budgeting
- •B) Types of Budget Classification
- •A) Fiscal Policy in Transition Economies: a Major Challenge
- •B) On Macro- and Microeconomics
- •In order to get prepared for participation in the discussion of the questions, write a short essay on the following:
- •Reading practice
- •Transition Economies Need to Reform Social Safety Nets
- •Unit 4. Central banking. Monetary policy a. Text central banking system
- •B. Dialogue banking system in russia
- •Vocabulary list
- •Exercises
- •Us Activities of Foreign Banking Organizations
- •Discussion
- •A) Is Monetary Policy Needed?
- •B) Payment Systems
- •In order to get prepared for participation in the class discussion of the questions, write a summary of the interview in Ex. 13. Follow the plan suggested below:
- •Reading pra ctice
- •Unit 5. Banking system a. Text commercial banks
- •B. Dialogue
- •Interview With a Bank Manager
- •Vocabulary list
- •Exercises
- •B) Bank Accounts
- •B) The Nature of Banking
- •Discussion
- •A) Bank Loans and Overdrafts
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 6. Taxation a. Text what are taxes?
- •B. Dialogue taxation in russia
- •Vocabulary list
- •Exercises
- •What Is an Excise Duty?
- •Tax Reform in Developing Countries
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Unit 7. International monetary system a. Text
- •International monetary institutions
- •B. Dialogue
- •Imf's support for russian reforms
- •Vocabulary list
- •Exercises
- •International Monetary Fund
- •Your Partner ebrd
- •World Bank – International Bank for Reconstruction and Development (ibrd)
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on:
- •Reading practice
- •Unit 8. Financial markets. The bond market a. Text trading in the bond market
- •B. Dialogue the bond market
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the above questions, write a short essay on the following:
- •Reading practice
- •Unit 9. Financial markets. The stock market a. Text stocks and markets
- •B. Dialogue the corporate securities market in russia
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Bulls, Bears and Stags
- •B) Options and Short Selling
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •The New Issue Market
- •Unit 10. Investment activity a. Text
- •Investments
- •B. Dialogue
- •Investment climate
- •Vocabulary list
- •Exercises
- •Investment Companies
- •3 Food Giants Build Local Yogurt Plants
- •Discussion
- •B) Brazil Attracts Foreign Investors
- •C) Investment in the uk
- •In order to get prepared for participation in the class discussion of the questions, write a short essay on the following:
- •Reading practice
- •Investment Skill Is a Rare Commodity
- •Investment Trusts
- •Unit 11. Foreign exchange market. Global financial markets a. Text trading in the foreign exchange market
- •B. Dialogue cornerstone of the global financial market
- •Vocabulary list
- •Exercises
- •The Eurocurrency Market
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several short paragraphs about:
- •Reading practice
- •Unit 12. Financial management a. Text finance function
- •B. Text financial ratios
- •C. Dialogue ratio analysis
- •Vocabulary list
- •Exercises
- •Discussion
- •A) Corporate Governance
- •B) Investment Management
- •A) Investment Decision Making
- •B) Investment Project Appraisal
- •In order to get prepared for participation in the class discussion of these questions, write a short paragraph on the following:
- •Reading practice
- •Unit 13. Accounting a. Text accounting principles and concepts
- •B. Dialogue accountancy in a free-market economy
- •C. Dialogue public and private accountants
- •Vocabulary list
- •Exercises
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write a short paragraph, explaining:
- •Reading practice
- •Balance Sheet
- •A. Balance sheet
- •Unit 14. Auditing a. Text performing an audit
- •B. Dialogue auditing in russia
- •Vocabulary list
- •Exercises
- •Ex. 4. Say in a few words what the main text is about. Use the opening phrases from
- •Sweden.
- •Independent Auditors' Report to the Board of Directors and Stockholders of_______Company
- •Discussion
- •In order to get prepared for participation in the class discussion of the questions, write several paragraphs on the following:
- •Reading practice
- •Banking correspondence
- •Dictionary of key words
- •Contents
Vocabulary list
A. fiscal management [fskl 'mnmnt] управление государственным бюджетом
fiscal sphere бюджетно-налоговая сфера
notion ['noun] п понятие
major guidelines [me 'adlanz] основные направления
long-term [l 't:m] adj долгосрочный
medium-term [mi:dm 't:m] adj среднесрочный
attainment ['tenmnt] п достижение (чего-л.)
current ['krnt] adj текущий
productive forces [pr dktv 'f:sz] производительные силы
exacerbate ['zsbet] v ухудшать(ся)
public debt [ рblk 'det] государственный долг
unsustainable [nss'tenbl] adj (id.) постоянный, трудно ликвидируемый
swollen ['swouln] adj раздуть
fiscal policy бюджетно-налоговая политика
fiscal deficit дефицит бюджета
fiscal relations бюджетные отношения
fiscal federalism бюджетный федерализм
revenue-raising powers ['pauz] полномочия по сбору доходов
multilevel [ mlt 'levl] adj многоуровневый
justify ['stfa] v оправдывать, (зд.) считать целесообразным
public goods общественный товар
refuse ['refju:s] collection сбор мусора
incidence ['nsdns] n (зд.)сфера охвата
create [kri 'et] v создавать
to administer [d 'mnst] taxes управлять сбором налогов
В. essence ['esns] n суть, сущность
internal balance [n t:nl 'blns] состояние внутренних расчетов
huge [hju:] adj огромный
tax elasticity [i:ls 'tst] эластичность налоговой системы
enhance [n'ha:ns, n'hns] v увеличивать, повышать
resort [r 'z:t] n обращение (за чём-л.)
to broaden [ 'br:dn] the tax base расширять налоговую базу
tax exemption [ 'zempn] освобождение от уплаты налогов
capital market рынок долгосрочного капитала
consistent [kn 'sstnt] аф'совместимый, согласующийся
creditworthiness ['kredtw:ns] и кредитоспособность
income tax подоходный налог
excise['eksaz] (tax) акцизный налог, акциз
account [ 'kaunt] for v составлять
non-tax revenue неналоговые доходы
securities [s 'kjurtz] n pl ценные бумаги
confusion [kn 'fju:n] n неразбериха
intermingling [nt 'ml] of functions (зд.) дублирование функций
streamlining [ 'stri:mlan] n (зд.) совершенствование
Exercises
Ex. 1. Answer these questions:
A. 1. What does the notion "financial policy" mean?
2. Do many countries face financial problems these days? What are they?
3. What is fiscal policy?
4. What fiscal trends have been registered in the industrial countries since the early 1970s?
5. What does the effectiveness of fiscal management imply?
6. What is fiscal federalism?
7. What has been done in Russia so far in the field of fiscal relations?
8. What expenditure responsibilities are practised in Russia?
9. What measures should countries facing unsustainable fiscal deficits take?
B. 1. Is fiscal policy a powerful tool in the hands of a government?
2. What are the major taxes in Russia these days?
3. Does the tax system provide for collection of a great number of taxes?
4. Where does non-tax revenue come from in Russia?
Ex. 2. Give derivatives of:
financial adj collect v effectiveness n
measure n shift v government n
objective n consumption n distribute v
unsustainable adj transfer n defense n
produce v
Ex. 3. Find English equivalents for the following Russian phrases from the text:
A. мероприятия, направленные на ...; создать соответствующий финансовый механизм; направлять деятельность; обеспечить достижение основных экономических показателей; эффективное использование ресурсов; проблемы обострились; уровень, который государство не может больше поддерживать; раздутый бюджетный дефицит; принять политику; финансовая стабилизация; управление государственным бюджетом; информационные потоки; полномочия по сбору доходов; контроль за расходами;
B. получать доходы, покрывающие расходы; поддерживать желаемый уровень (чего-л.); макроэкономические показатели; проблемы с внутренними/внешними расчетами; пытаться преодолеть бюджетно-налоговые проблемы; приоритеты в области расходов; укреплять (усиливать) способность; расширять налоговую базу; уменьшать число освобождений от уплаты налогов; легкоуправляемая налоговая система; бюджетный дефицит остается проблемой; сокращать расходы; поддержка частных инвестиций; внешняя кредитоспособность; доходы поступают от...; ... составляют большую часть всех доходов; приватизация.
Ex. 4. Say in a few words what the main text is about. Use the opening phrases from Ex. 4 (Unit 1).
Ex. 5. Sum up the content of the mam dialogue. Use the phrases from Ex. 5 (Unit 1). Ex. 6. Read the dialogue, translate the Russian remarks into English and act it out:
Foreigner: Is it true that the structural transformation of the Russian economy since 1992 has been accompanied by major changes in the country's fiscal picture?
Russian: Да, в бюджетно-налоговой политике произошли значительные изменения. Нам пришлось значительно сократить государственные расходы. Бюджеты субъектов федерации стали самостоятельными. Мы уделяем много внимания налоговому законодательству. Однако существует необходимость более эффективного управления государственным бюджетом.
F.: The market forces in your country emerged faster than your capacity to adjust the budget management practices to new conditions.
R.: Многие другие страны оказывались в сходной ситуации. Россия – федеративное государство. Нам также приходится решать различные вопросы, связанные с бюджетным федерализмом.
F.: Speaking about fiscal federalism, I think that neither the federal government nor the regional administrations are content with the present pattern of interbudgetary relations. How are you going to resolve the problems?
R.: Вы подняли очень важный вопрос. Мы пытаемся справедливо и рационально распределить обязанности и полномочия между регионами и центром. Возвращаясь к вопросу бюджетно-налоговой политики и финансовой стабилизации в целом, хочу подчеркнуть, что нам необходимо сокращать бюджетный дефицит, контролировать инфляцию, поощрять инвестиционную деятельность, эффективно использовать имеющиеся ресурсы, а также совершенствовать налоговое законодательство.
F.: Doing all this you should remember that the task of the government is to help people who are living below the poverty line, pensioners, invalids, jobless. Benefits that you are now distributing among all should be given to the needy.
Ex. 7. Work on vocabulary and grammar.
a) Study the key words for the unit in the dictionary at the back of this book:
macroeconomic performance, deficit, management, taxes, revenues, expenditure, policy, taxation, balance of payments, trade, debt;
b) Think of the verbs that are most commonly used with these nouns:
taxes, decision, budget system, burden, attention, emphasis, guidelines, target, objectives, macroeconomic performance, policy, spendings;
c) Think of the nouns that are most often used with these verbs:
to introduce, to generate, to perfect, to attain, to overcome, to utilize, to adopt, to pursue, to cut;
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 establish b) difficulties
to face efforts
to make situation
to eliminate deficit
to exacerbate priorities
to improve stability
to ensure interbudgetary relations
to design law
to enforce policy
f) Write out from the main text international words like: concept, mechanism, etc. Transcribe and read them aloud.
Ex. 8. a) Supply the articles where necessary.
b) Write down 3-5 questions about the texts.
c) Compare the problems the two countries are trying to solve.