World Top Ten Countries with Largest Budget

Germany Japan Saudi Arabia France China India the USA Russia Sweden United Kingdom
Country	Budget ($)
1. 2. 3. 4. 5. 6. 7. 8. 9. 10.	 291,100,000,000  44,000,000,000  40,400,000,000  34,400,000,000  27,200,000,000  25,300,000,000  21,000,000,000  17,000,000,000  15,600,000,000  15,500,000,000

7. Fill in the table.

Study should be one of the best experiences of your life, but it won't be if you're worrying about money (or wondering where the money has gone). Print this worksheet to see how your estimated expenses stand up to your estimated income for the semester. There are some blanks so you can fill in your own items.

Money Going Out	Amount	Money Coming In	Amount
Tuition Rent Food Books Phone/Internet Clothes Transportation Entertainment Personal expenses Other TOTAL		Money from savings Scholarships Grants Loans Part-time job Other TOTAL

If your total semester expenses exceed your total semester income, review your spending habits and look for areas where you can economize.

Speaking

Describe:

• The budget system of Ukraine.

• Finance and financial system in Ukraine.

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Pre-reading task:s

1. Match the two parts (a and b) to make a phrase. Translate the phrases.

A	B
1) trust 2) building 3) investment 4) depositary 5) pension 6) separate 7) governing 8) security	a) institutions  b) funds c) agencies d) companies e) bodies f) firms g) banks h) societies

2. Translate the following phrases from Text b into Ukrainian.

1) to provide financial services; 2) to be responsible for transferring funds; 3) to facilitate the flow of money; 4) to provide funds for loans; 5) consumer protection and market stability; 6) to be regulated by the government; 7) to have separate agencies for different types of institutions; 8) to involve prudential regulation; 9) key governing bodies; 10) to make loans.

3. Read the text and translate the sentences containing phrases from Ex. 1 and 2. Text b

In financial economics, a financial institution is an institution that provides financial services for its clients or members. Probably the most important financial service provided by financial institutions is acting as financial intermediaries. Most financial institutions are regulated by the government. Broadly speaking, there are three major types of financial institutions: 1. Depositary Institutions: institutions that accept and manage deposits; make loans, including banks (see Unit 2), building societies, credit unions and trust companies.

A building society is a financial institution owned by its members as a mutual organization. Building societies offer banking and related financial services, especially mortgage lending. They attract deposits by offering interest to the depositors and offer loans at higher interest rates.

A credit union is a member-owned financial cooperative, democratically controlled by its members, and operated for providing credit at competitive rates, and providing other financial services to its members. These unions are extremely useful as their members tend to be on low income and often with no bank account.

A trust company it is a company or corporation organized to exercise the functions of a trustee, but usually engaging also in other banking and financial activities. It is normally owned by one of three types of structures: an independent partnership, a bank, or a law firm, each of which specializes in being a trustee of various kinds of trusts and in managing estates. A trustee will manage investments, keep records, manage assets, pay bills (depending on the nature of the trust) medical expenses etc.

2. Contractual Institutions: insurance companies and pension funds. An insurance company offers insurance policies to the public, either by selling directly to an individual. An insurance company is usually comprised of multiple insurance agents. An insurance company can specialize in one type of insurance, such as life insurance, health insurance, or auto insurance, or offer multiple types of insurance.

Pension funds are funds established by an employer to pay retirement benefits to employees. Very often this form of saving may be the only form of saving that an individual may make. It is the remuneration that a person is entitled to when he or she has finished active work.

3. Investment Institutes: investment banks and security firms. Investment banks most often work with firms or consumers with large quantities of savings. Most investment banks offer a range of investment portfolios with varying levels of risk. A security firm is a stock broker's business. It charges a fee to act as intermediary between a buyer and a seller. Financial institutions provide service as intermediaries of financial markets. They are responsible for transferring funds from investors to companies in need of those funds. Financial institutions facilitate the flow of money through the economy. To do so, savings are brought to provide funds for loans. Financial institutions in most countries operate in a heavily regulated environment as they are critical parts of countries' economies. Regulation structures differ in each country, but typically involve prudential regulation as well as consumer protection and market stability. Some countries have one consolidated agency that regulates all financial institutions while others have separate agencies for different types of institutions such as banks, insurance companies and brokers.

Notes : to be on low income – мати низькі доходи

varying levels of risk - різні рівні ризику

to charge a fee – стягувати плату

consolidated agency – консолідоване, об’єднане представництво