Unit XIII. In the rich man’s world

Vocabulary

1. bill – счет; банкнота

2. banknote/ note - банкнота

3. coin - монета

4. cash - наличные

5. currency - деньги, валюта

6. hard currency - твердая валюта

7. exchange rate - курс обмена (валют)

8. value - ценность

9. cost - стоимость

10. price - цена

11. pay - плата, оплата

12. income - доход

13. fee - гонорар, вознаграждение

14. wages - зарплата (обычно наличными, за ручной или механический труд) .

15. salary - зарплата (обычно за квалифицированный труд профессионалов, получается чаще всего в банке)

16. rent - арендная или квартирная плата

17. expense - трата

18. to earn - зарабатывать

19. loan - заем

20. to save - экономить, сберегать

21. to borrow - занять

22. to store up - накапливать, запасать

23. to charge - назначать/брать деньги за услугу

24. to lend - дать взаймы

25. to waste - тратить на пустяки

26. tax - налог

24. taxation - 1. Система налогообложения. 2. Деньги, полученные от сбора налогов

25. to evade paying taxes - уклоняться от уплаты налогов

26. tax evasion - уклонение от уплаты налогов

27. to avoid (paying) taxes - не платить налоги (на законном основании)

28. duty /tax free - не подлежащий налогообложению

29. savings bank - сберегательный банк

30. deposit [di'pozit] - вклад (в банк), депозит, задаток, залог

31. depositor - вкладчик

32. account - счет (в банке)

33. to draw out (money) - снять деньги со счета в банке

34. counterfeit / bogus money - поддельные, фальшивые деньги

35. teller - кассир в банке

36. interest rate - процентная ставка

37. share - акция

38. share holder - акционер

39. stock(s) - облигации, ценные бумаги

40. stock exchange - биржа

41. inflation - инфляция

42. insurance - страховка

43. profit - выгода, прибыль

44. tip, to tip - чаевые, давать чаевые

45. fine, to fine - штраф, штрафовать

46. debt [det] - долг

47. change-мелочь, сдача

Ex. 1. Read and translate the following text. Tell what the functions of money are.

MONEY

Money has various uses in the modern world: it is a measure of the value of goods and services, a means of exchanging such goods and services, and a way to store up buying (purchasing) power so that one can use it later.

As a measure of value it's of the very greatest use. If I work in an office, how can my employer know what to pay me for my services if there is no generally recognized measure of value? He may decide to pay me a certain number of loaves of bread each week, but then I shall have to exchange some of these loaves for other things that I need: and how am I to know how many loaves of bread I should give for a pair of shoes or for the rent of my house? Money gives us a very-useful means of measuring such relative values.

Money is also of great use as a means of exchanging goods and services. If, for example, I'm a shoe-maker, it will not be at all convenient to me always to exchange the shoes I make for other goods or services. A doctor may want to buy a pair of shoes from me, but I may not need medical care. Without money a tax-collector would come back to his office with an extraordinary collection of objects.

Considered as a means of storing up purchasing power, money has good and bad points. It can more easily be kept a long time than such things as food, which rots, or buildings, which slowly fall to pieces, or machines, which rust. It takes up very little space, and if you put it in a bank, it is as safe as anything in the world can be.

But modern money has serious disadvantages as means of storing up buying power. In the old days, when money was in the form of gold and silver coins, the metal in each was really worth the amount stamped on the coin. But the paper in modern paper money and even the metal in most modern coins are worth very much less than the amount written on them. As a result, the buying power of modern money can change very greatly in a short time.

Answer the questions.

1. What are the uses of money? 2. Which of them is the most important for you? 3. What was the advantage of old money over modern money? 4. What do you think is the strong point of modern money? 5. What things were used to pay for goods before coins were introduced? 6. What are the ways of saving money nowadays? Which of them is the best, to your mind? 7. What influences the purchasing power? 8. Is the system of exchanging goods for goods employed now? If yes, when and why?

Ex. 2. Connect the two parts of the sentences.

E.g.: To exchange money is to take one kind of money and give another.

To exchange money is to get money as salary or wages To invest money is to buy something as a customer

To spend money is to live economically when one wants to buy something expensive

To rise money is to put money into shares or business

To earn money is to store up a large sum of money

To make money is to give it in exchange for goods and services

To loan money is to take one kind of money and give another

To save money is to grow rich, to acquire wealth

To borrow money is to give money at an interest (in the bank)

To owe money is to take money with a promise to pay it back in future

To accumulate money is to give it to somebody for a period of time

To lend money is to take money for goods or services

to donate money is to give it to a good cause

To pay money is to collect it in-somebody's favor

To waste money is to spend it on something which is not worth it

To charge money is to become a debtor and owe money to the lender

Ex. 3. Translate some word combinations connected with money affairs.

Pay day, tax collector, wage packet/pay envelope, wage slave, income tax, wage freeze, direct/indirect taxation, wage rise, credit policy, local currency, pre-tax profit, non-profit making organization, insurance policy, market value, value-added tax, 5-dollar bill, costly business, price tag, to cheat on taxes, to pay (in) cash, to pay by check, pay phone, wage earner, traveling expenses, to earn one's living, service charge, tax-free job, to live at some place rent-free.

Ex. 4. Translate the sentences, paying attention to the active words and their derivatives.

I can't pay now: please bill me for it later. 2. I've been pricing VCRs in the London shops. 3. They made a profit of $600 on the deal (сделка). 4. The bank pays interest of 9% on savings. 5. The bill is payable now. 6. He is no longer on their payroll. 7. Don't expend all your energy on such a useless job. 8. She spared no expense to make wedding a success. 9. He had his book printed at his own expense. 10. What are your take-home earnings? 11. It's wasteful to throw it away. 12. How much interest do they charge on loans? 13. This year the company paid the dividend of 50 p per share. 14. He told his stockbroker to sell his shares in the company. 15. Legal non-payment of tax is called "tax avoidance", illegal non-payment is "tax evasion". 16. Cash arriving in large volume always came early in the morning, having been transferred earlier still from the Federal Reserve. 17. In the credit policy unit, an assistant loan inspector, whose authority was limited to a mere 50 thousand dollars, worked at an unimpressive desk alongside others in a large open office. 18. Edwina was aware of Eastin's other hobby, one which had proved useful to the bank - the study and collection of currencies and coin. 19. The first recorded instance of inflation was during the 13-th century when the Mongol emperor was unable to pay his soldiers in coin, so used a wood printing block to produce military money. 20. The trick, for any branch bank manager, was never to run short of cash, but not to hold too much. 21. He was the treasurer of the city's largest department store and needed a three million dollar short term loan to cover a cash deficit resulting from costlier-than-usual purchases of Christmas merchandise. 22. Plentiful supplies of crisp new bills were being recorded, then distributed to tellers.

Ex. 5. Work in pairs. Let your partner answer the questions (Mind the active vocabulary!).

Do you happen to know what are the interest rates in the banks of Vladivostok? 2. Should everyone pay the same tax? 3. Must men and women have equal salaries? 4. Do you usually read for profit or for pleasure? 5. Do you live within your income? 6. Who is a wage earner in your family? 7. Do you ever lend money? 8. Do you sometimes waste your money on silly things? 9. Do you keep you money in the savings bank? 10. What do you think of the tax laws in our country? 11. Do you invest your money in stocks and shares? 12 Is your flat insured against fire? 13. Can you name any non-profit making organization?

Ex. 6. Translate from Russian into English using the active vocabulary.

А) курс обмена валют, бумажные деньги, поддельный паспорт, уклоняться от уплаты подоходного налога, стодолларовая купюра, скрывать доход, платить наличными, платить чеком, счет за телефон, уклоняться от уплаты налогов, открыть счет в банке быть выгодным, зарабатывать на жизнь, высокая цена акций.

Б) 1. Как я могу заплатить то, что я должен, если я не мог найти работу? 2. Половина ее зарплаты уходит в налоги. 3. Когда их дом сгорел, они получили страховку 10,000 долларов. 4. У меня нет с собой наличных денег. 5. Все ее деньги - в акциях и облигациях. 6. Если банк закрыт, ты можешь "обналичить" чек на почте. 7. Я всегда ценил твою дружбу. 8. Магазин не берет деньги за доставку. 9. Он одолжил у своего друга машину на несколько дней. 10. Твоя шуба дорого выглядит. 11. Компания послала ее в Париж и оплатила все расходы. 12. Он получает хорошую зарплату. 13. Расходы правительства на образование повышаются 14. Ты уже оплатила телефонный счет? 15. Продажа дома дорогостоящее дело. 16. Половина нашего дохода уходит на арендную плату. 17. Британским преподавателям в Китае платили в местной валюте. 18. Она была оштрафована за уклонение от налогов.

Ex. 7. Make up short conversations around the following phrases.

1. Your assistance has been invaluable.

2. You may deposit your valuables in the hotel safe.

3. Let's toss a coin to decide who will do it.

4. This is the payment I got for my trouble!

5. Could I have a bill, please?

6. It's a waste of my valuable time!

7. Can you lend me $100 till tomorrow?

Ex. 8. Read the text.