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Exercises

1. Answer these questions:

1. What does the notion "financial policy" mean?

  1. Do many countries face financial problems these days? What are they?

  2. What is fiscal policy?

  3. What fiscal trends have been registered in the industrial countries since the early 1970s?

  1. What does the effectiveness of fiscal management imply?

  2. What is fiscal federalism?

  3. What has been done in Ukraine so far in the field of fiscal relations?

  4. What expenditure responsibilities are practiced in Ukraine?

  5. What measures should countries facing unsustainable fiscal deficits take?

2. Find in the text English equivalents for the following Ukrainian phrases:

Заходи,які направлені на…; створити відповідний механізм; направляти діяльність; забезпечити досягнення основних економічних показників; ефективне використання ресурсів; проблеми загострилися; рівень, який держава не може більше підтримувати; роздутий бюджетний дефіцит; прийняти політику; фінансова стабілізація; керування державним бюджетом; інформаційні потоки; повноваження з збирання прибутків; контроль за витратами.

3. Find and read sentences explaining the title of the text.

4. Find in the text sentences expressing such ideas.

  1. Financial policy has versatile character.

  2. Financial policy includes major guidelines.

  3. Public debts are the main reasons of exacerbation of economical situation.

  4. Financial stabilization depends on the fiscal management.

5. Find antonyms for the words underlined.

1. Financial policy is a very complex notion covering measures aimed at working out financial questions.

a) easy b) simple c) strong d) difficult

2. Financial policy based on strategic guidelines which set long-term and medium-term prospects.

a) temporal b) short-term c) current d) terminal

3. Over the past two decades financial problems have improved the world over.

a) destroy b) break c) create d) exacerbated

4.The economic policy of Ukraine is aimed at destroying conditions for sustained economic growth.

a) developing b) creating c) justifying d) exacerbating

b) Find synonyms for the words underlined.

1. One of the aims of financial policy is to ensure attainment of major economic targets.

a) aim b) goal c) object d) solution

2. Our country sets current goals and objectives.

a) install b) place c) establish d) put

3. Over past two decades financial problems have exacerbated the world over.

a) make worse b) break c) destroy d) create

4. Fiscal federalism is the system of taxation and public expenditure in which revenue-raising powers and control over expenditures are vested in various levels of government within a nation.

a) hand over b) transfer c) give d) reproduce

6. Match the words from a) with the words from b).

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