Profession:

You are a ballet-dancer. You earn about $1500 a month.

Housing:

You own your own house, but you have mortgage of $40,000. Your monthly mortgage is $330 a month.

Car:

You own a car. It is worth about $17000

Credit Cards:

You have a VISA. You owe about $1000 on your VISA

Debts:

You don’t have any debts.

Instructions:

Visit your bank and:

(1)Open an account.

(2)Apply for a new credit card.

Profession:

You are a footballer. You earn about $2500 a month.

Housing:

You rent an apartment for $1000 a month.

Car:

You own a car. It is worth about $25000.

Credit Cards:

You have a MasterCard. You owe about $6000 on you MasterCard.

Debts:

You don’t have any debts.

Instructions:

Visit your bank and:

3. Open an account.

4. Apply for a mortgage to buy a house.

Profession:

You are a bodybuilder. You earn about $2000 a month.

Housing:

You own your own house, but you have mortgage of $100,000. Your monthly mortgage is $1000 a month.

Car:

You own a car. It is worth about $10000

Credit Cards:

Sberbank. You owe about $200 on you credit card.

Debts:

You still owe $5000 in Casino.

Instructions:

Visit your bank and:

(1) Open an account.

(2) Apply for a loan to open your own Sport Club.

Profession:

You are a top-model. You earn about $1700 a month.

Housing:

You rent an apartment. Your monthly rent is $500.

Car:

You own a car. It is worth about $50,000.

Credit Cards:

You don’t have a credit card.

Debts:

You don’t have any debts.

Instructions:

Visit your bank and:

5. Open an account.

6. Apply for a credit card.

Profession:

You are a struggling actor. You earn about $900 for a performance.

Housing:

You owe a house, but you have mortgage of $120,000.

Your monthly rent is $2000.

Car:

You don’t own a car.

Credit Cards:

You don’t have a credit card.

Debts:

You have debts for your house – $100,000.

Instructions:

Visit your bank and:

1. Apply for a loan to buy a car

2. Apply for a loan for a dentist’s service.

3. Apply for a new mortgage to redecorate your house.

13. Read and translate the text, then do the tasks after it: Canadian Payments System

Although a wide variety of payment media are available in Canada today, the largest number of payments is still settled by the hand-to-hand exchange of currency – coin and Bank of Canada notes. In terms of the value of all transactions, however, cheques and other drawn on transferable held at banks and near-banks are the most important payment media.

Central to Canadian payment system are institutional arrangements for the clearing and settlement of money transfers between financial institutions. Such arrangements are necessary because during each business day deposit-taking institutions accept thousands of cheques and other payment orders, each representing a cash claim. Clearing refers to the process of settling these claims against each other in a manner that reduces the number of settlements that have to be made and thereby increases the efficiency of the clearing process.

In 1980 the federal government established the Canadian Payments Association (CPA) as a regulated public purpose organization to establish and operate a national clearing and settlements system and to plan the evolution of the national payment system.

Today individuals frequently make payments with plastic credit cards instead of with currency and, particularly, cheques. When credit card holders use their cards to pay for purchases, the card-issuing institution guarantees the payee payment and at the same time extends a loan at prearranged terms to the card user. Credit cards are not money, but, like cheques, are a means for transferring money, typically from an individual’s deposit account to those of sellers of goods and services.

Although the Canadian payment system is still largely paper based, electronic funds transfer systems are increasingly replacing the use of paper. Many companies as well as governments offer direct deposit or pre-authorized debits services whereby customers pre-authorize companies to debit their accounts automatically for money owed each billing period and to pay their salaries directly by crediting their accounts.

A growing number of individuals conduct their day-to-day banking transactions using Automated Teller Machines (ATM). ATMs allow individuals to withdraw cash, make deposits, transfer funds between accounts, and inquire about their account balances. In 1991, almost 12,000 ATMs were used throughout the country.

Businesses use electronic transfer systems for cash concentration. Large companies with many offices or stores move funds, typically overnight, electronically from scattered accounts into one account. This allows them to economize on their cash balances and to earn higher interest on them.