Екзаменаційний білет №18

THE TERM MONEY IN ECONOMICS

When we talk about money we do not only mean cash (notes and coins), we also mean cheques, credit-cards, debit cards and cash cards, certificates of deposit; bonds and shares.

Sometimes in a shop they ask you: 'How do you want to pay?' You can answer: "Cash/ By cheque/ By credit card". In a bank you usually have a current account, which is one where you pay in your salary and then withdraw money to pay your everyday bills. The bank sends you a regular bank statement telling you how much money is in your account. You may also have a savings account where you deposit any extra money that you have and only take money out when you want to spend it on something special. You usually try to avoid having an overdraft or you end up paying a lot of interest. If your account is overdrawn, you can be said to be in the red (as opposed to in the black or in credit).

Sometimes the bank may lend you money - this is called a bank loan. If the bank (or building society) lends you money to buy a house, that money is called a mortgage.

When you buy (or, more formally, purchase) something in a shop, you usually pay for it outright but sometimes you buy on credit. Sometimes you may be offered a discount or a reduction on something you buy at a shop. This means that you get, say, J10 off perhaps because you are a student. You are often offered a discount if you buy in bulk. It is not usual to haggle about prices in a British shop, as it is in, say, a Turkish market. If you want to return something which you have bought to a shop, you may be given a refund, i.e. your money will be returned, provided you have a receipt.

The money that you pay for services, e.g. to a school or a lawyer, is usually called a fee or fees; the money paid for a journey is a fare.

If you buy something that you feel was very good value, it's a bargain. If you feel that it is definitely not worth what you paid for it, then you can call it a rip-off (very colloquial).

Екзаменаційний білет №19

BUDGET

A budget is an important concept in microeconomics. It means a planning, control and reporting system that estimates future costs and revenues based on projected operating levels. It provides some spending levels and profit estimation, and allows review and corrective action. In other terms, a budget is an organizational plan stated in monetary terms. A budget can provide guidelines for managing future investments and expenses.

You can also define your own budget categories and add them to some or all of the budgets you create. "Rent" is an example of an expense category. "Salary" is a typical income category.

The purpose of budgeting is to provide a forecast of revenues and expenditures i.e. construct a model of how our business might perform financially speaking if certain strategies, events and plans are carried out. And also enable the actual financial operation of the business to be measured against the forecast. So the state has its budget, a company has its budget and we also have our family budget. Let's study some kinds of budget.

Business Start-up Budget. Initial process of calculating your small business start-up costs list everything you will need to purchase including both tangible assets (for example, equipment, inventory) and services (for example, insurance), working capital.

Corporate Budget. The budget of a company is compiled annually. A finished budget usually requires considerable effort and can be seen as a financial plan for the new fiscal year. If the actual numbers delivered through the fiscal year turn out to be close to the budget, this will demonstrate that the company understands their business and has been successfully driving it in the direction they had planned. On the other hand, if the actuals diverge wildly from the budget, this sends out an 'out of control' signal and the share price could suffer as a result.

State (Government) Budget. The budget of a government is a summary or plan of the intended revenues and expenditures of that government. In the United States, the federal budget is prepared by the Office of Management and Budget, and submitted to Congress for consideration. Invariably, Congress makes many and substantial changes. In the UK the budget is prepared by the Chancellor of the Exchequer, the second most important member of the government, and must be passed by Parliament. Parliament seldom makes changes to the budget. Personal or family budget. In a personal or family budget all sources of income (inflows) are identified and expenses (outflows) are planned with the intent of matching outflows to inflows (making ends meet.) In consumer theory, the equation restricting an individual or household to spend no more than its total resources is often called the budget constraint.