Lesson 3
Task 1. a) The word “FISCAL” finds its application in various fields of business activities:
Accounting Connected with the period of twelve months over which a government or a company prepares a full set of financial records, or part of this period
Task 2. Study the etymology of the word “FISCAL”.
Etymology: |
FISCAL |
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Latin fiscus – “treasury”, originally “purse, basket made of twigs (in which money was kept)” → Late Latin fiscalis – “of or belonging to the state treasury” → Middle French fiscal → 1560s, “pertaining to public revenue” |
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The general sense of “financial” (1865, AmE) was abstracted from phrases like fiscal calendar, fiscal year. |
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Task 3. a) Make the difference between the following words.
Which word?
Fiscal vs. Financial
The words “fiscal” and “financial” are frequently confused.
For example: The government’s new fiscal policy has helped achieve price stability. The company’s financial condition has improved since the new management took over. |
b) Translate into Ukrainian paying special attention to the words in italics.
1. Tokyo and New York are major financial centres. 2. The fiscal deficit is running at 7 per cent of GDP. 3. The firm has financial assets of $18,4 billion. 4. The government must impose fiscal discipline and reduce spending. 5. They offer independent financial advice on all types of mortgages. 6. More and more companies are facing a fiscal crisis. 7. It is clear that on every financial indicator the country is doing well. 8. Orders in the company’s fiscal third quarter dropped by 12%. 9. Fiscal policy is a tool of economic management by which government attempts to maintain a stable economy through its taxing. 10. Auditors have a critical role in the financial reporting process.
Task 4. a) Match the Ukrainian terms in column A with their English equivalents (column B).
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B |
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b) Look through Task 3 a) and say:
Which Ukrainian terms can be translated into English as “fiscal”?
Which equivalents does Ukrainian “фіскальний” have in English?
Task 5. Consider some meanings of “FISCAL”.
ADJECTIVE |
NOUN |
fiscal, more fiscal, the most fiscal |
fiscal (plural fiscals) |
фіскальний; казначейський; податковий; грошовий; фінансовий; бюджетний; |
скарбник; збірник податків; податковий інспектор; прокурор (у деяких країнах); судовий виконавець; гербова марка; |
Task 6. In the text below (Task 8) the word “YEAR” is used in different collocations. Can you explain the meaning of some of them given below?
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Task 7. Practice reading the following words.
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Task 8. Read and translate the text.