Banking Services

Modern banks offer many services to businesses as well as to individual customers. The service menu, of banks does not remain unchanged as new services are constantly being introduced Here are some of the most widely used banking facilities:

A credit card enables the holder to buy goods and repay the Credit card issuer at a later date.

A loan is an amount of money borrowed from the bank which must be repaid at a fixed rate of interest

A mortgage is a loan to buy property. _;,

An overdraft is a loan made by a bank to a customer so he/she may take out more money than is actually ma bank account.

As well as offering credit facilities, banks provide services to allow customers to make payments:

Direct debit is a system of paying bills, etc. by having money automatically transferred from a bank

A standing order is an arrangement with a bank to pay a certain amount to another person or organization at regular intervals.

Most banks offer a foreign exchange service - the facility to change money from one currency to another.

In recent years banks have diversified, and now offer such 5ervices as insurance, investment advice and home-banking (telephone and

Internets facilities.

Accounting

Accounting is a system for collecting, analyzing and communicating financial information. Bookkeeping is just one phase of accounting - the recording of accounting-transactions.

Accounting may be public, private and -governmental. Certified public accountants (CPA) offer their services to the public and receive fee.

Private accountants are employees of individual businesses. They are responsible for preparing the financial statements.

(Government accountants are employed by governmental agencies. They are responsible for monitoring the receipt and payment of funds.

Private and government accountant work on a salary basis.

Budget is financial operating plan for an organization for a fixed

periods The accounting period for budget is usually either the calendar year or the fiscal year. The fiscal year, is any arbitrarily chosen twelve -month period that does not correspond to the calendar year.

Auditing is an accounting function that involves the review and evaluation of financial records of a company, it is done by auditors, These reviews are called audits.

Outside /external audits are a normal and regular part of business practice. In addition many corporations maintain a continuous internal audit by their own accounting departments.

The auditor-ensures that financial information is accurate, adequate and-accessible.

Economics

Text 1 What Economics is all about?

Economics is about, economizing, that is "making the most of what we have’.

The reason that we face economic problems individually and as a nation is that none of us can have all that we want. Economic problems face you, me, your friends, the nation, and the world.

Economic problem-solving relates to you as an individual who must decide how to earn income and how to spend it. It relates to you as an individual who must Vote for political candidates who decide how much of your income to tax and how to spend tax revenues. Finally it relates to your country and how much it buys from and sells to the rest of the work! For the community as a whole, economics means using the people's skills' and energies, the land, the buildings, the machinery and the other economic resources so as to obtain the highest possible standards of living .We study, economics because the economic system that we have to determine our political, social, religious, and personal environment.

Economists study the effects of those human activities which are grouped under three broad Readings: production, exchange and consumption .

The basic objective of all economic activity is to achieve the highest possible level of present consumption of goods and services.

Choice, therefore, is the essence of economic decision making. the choice process both at the level of the household and at that of the business firm

The study of the behavior of households and business firms is only one part of economic analysis, however The other part is concerned with the study of the behavior of economic aggregates -macroeconomics

A major concern of macroeconomics is the influence of the government and the Central Bank on aggregate demand through implementation of Fiscal policy and Monetary policy, respectively.