- •Contents
- •Передмова
- •Financial system
- •Finance and financial system
- •II. Vocabulary exercises
- •Revenue sources and revenue-sharing arrangements in Ukraine:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs:
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •A) Supply the prepositions where necessary.
- •Budgetary policy
- •2. Read the text and name the facts from the text which are new to you: Treasury
- •3.Read the text and say what you know about the budget process in Ukraine:
- •III. Match what statements are true and what are false. Results write to the table:
- •Fiscal management
- •Financial policy. Fiscal sphere
- •A. Dialogue
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •2.Express your attitude to the following:
- •3.Prepare a short talk on the following:
- •A) Supply the articles where necessary.
- •Financial Policy
- •A) Supply the articles where necessary.
- •Fiscal Policy in the uk
- •A) Fill each gap with a suitable word from the box.
- •A) Read and discuss the texts.
- •Write down five questions about each text.
- •A) Read and discuss the texts.
- •Say what you know about the use of multiyear budgeting and budget classification in Ukraine. Types of Budget Classification
- •A) Read the article quickly and underline the parts about the challenge the transition economies face and the constraints affecting the ability of the governments to meet the challenge.
- •I. Fill in each space with the appropriate words from a, b or c:
- •Taxation
- •What are taxes?
- •Column a
- •Tax system in Ukraine
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Taxation in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •B. Communicative situations
- •4. Make a short essay on the following:
- •A) Supply the articles where necessary.
- •A) Supply prepositions where necessary.
- •What Is an Excise Duty?
- •Open the brackets putting the verbs in the correct form: Tax Reform in Developing Countries
- •Read the text below carefully and underline the parts of it giving basic ideas about the desired features of a tax system. Tax System Design
- •I. Mark the correct answers on the following questions:
- •II.Fill the tables:
- •III. Match what statements are true and what are false. Results write to the table:
- •Central banking system
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: Banking system in Ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •Credit Policy
- •A) Supply the prepositions where necessary.
- •3.A) Open the brackets, putting the verbs in the correct form.
- •The Bank of England
- •Fill each gap with a suitable word from the box. Sum up the text in 5-7 sentences. Present your summary in class.
- •Us Activities of Foreign Banking Organizations
- •A) Read and discuss the text.
- •Is Monetary Policy Needed?
- •A) Read and discuss the text.
- •Payment Systems
- •I. For each word or sentence choose the correct definition:
- •II.Match what statements are true and what are false. Results write to the table:
- •Banking system
- •Commercial banks
- •6To transact stock and share business – укладати угоди із цінними паперами
- •Column b
- •A. Dialogue
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •Make a short essay on the following:
- •1. A) Supply the articles where necessary.
- •2. A) Supply the articles where necessary.
- •Bank Accounts
- •3.A) Supply the prepositions where necessary.
- •The Nature of Banking
- •4. A) Open the brackets putting the verbs in the correct form.
- •5.Look through the text and name the facts which are new to you.
- •Choose the word which best completes each sentence:
- •II.Match what statements are true and what are false. Results write to the table:
- •International monetary system
- •International monetary institutions
- •A. Dialogue
- •Imf’s support for ukrainian reforms
- •1. Read and translate the dialogue in pairs:
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Make up a dialogue on the following:
- •B. Communicative situations
- •A) Supply the articles where necessary.
- •International Monetary Fund
- •2.A) Supply the prepositions where necessary.
- •Your Partner ebrd
- •3. A) Fill each gap with a suitable word from the box.
- •Imbalances pur World Bank – International Bank for Reconstruction and Development (ibrd)
- •Match what statements are true and what are false. Results write to the table:
- •II. Fill the tables:
- •Foreign exchange market. Global financial markets
- •Trading in the foreign exchange market
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: cornerstone of the global financial market
- •Vocabulary
- •2.Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •Communicative situations
- •Global Financial Markets
- •2. A) Fill each gap with a suitable word from the box.
- •The Eurocurrency Market
- •3.Read the text quickly to find the types of most widely used swaps: Foreign Exchange Swaps
- •4. Read the text quickly to find answers to the following questions:
- •Foreign Exchange Options
- •Choose the correct answer:
- •Match what statements are true and what are false. Results write to the table:
- •Financial markets. The stock market
- •Stock markets
- •A. Dialogue
- •The corporate securities market in ukraine
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out.
- •B. Communicative situations
- •2.A) Supply the prepositions where necessary.
- •Equity Market
- •3.A) Open the brackets putting the verbs in the correct form.
- •4. A) Fill each gap with a suitable word from the box below.
- •The New York Stock Exchange
- •5. A) Read the text below quickly and name organizations involved in the issues.
- •The New Issue Market
- •I. Choose the correct answer:
- •II.Match what statements are true and what are false. Results write to the table:
- •III.Fill the tables:
- •Financial markets. The bond market
- •Trading in the bond market
- •A. Dialogue
- •Vocabulary
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up a dialogue on the following:
- •B. Communicative situations
- •You have an exam. The question is: “What is the difference between debt and equity market?”
- •Prepare a short talk on the following:
- •1. A) Supply the articles where necessary.
- •The Eurobond Market
- •2. A) Supply the prepositions where necessary.
- •3. A) Read the text.
- •4. A) Look through the text below to say what types of securities are described in it.
- •Us Government Securities
- •I.Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •III. Fill the tables:
- •Financial management
- •Financial function
- •Financial ratios
- •A. Dialogue
- •Ratio analysis
- •Vocabulary list:
- •Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •1. A) Supply the articles where necessary.
- •A) Read the text.
- •Corporate Governance
- •3. Read the text and say how investment risks can be reduced:
- •Investment Management
- •4. A) Supply the prepositions where necessary.
- •Financial Capital
- •5. A) Fill each gap with a suitable word from the box.
- •I. For each word or sentence choose the correct definition:
- •II. Match what statements are true and what are false. Results write to the table:
- •Accounting
- •Accounting principles and concepts
- •Book-keeping:
- •The double-entry bookkeeping:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: accountancy in a free-market economy
- •Vocabulary list:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3. Speak about the work of public accountants, private accountants, and accountants who work for units of the government and non-for-profit firms. B. Communicative situations
- •1. A) Supply the prepositions where necessary.
- •2. A) Read the text and single out the main facts and present them in a short review.
- •Read the text that follows to find the answers to the following questions:
- •Financial Statements And Their Elements
- •Balance sheet
- •Liabilities
- •Revenues
- •Expenses
- •Gains and losses
- •Choose the correct answer:
- •II. Match what statements are true and what are false. Results write to the table:
- •Auditing
- •Performing an audit
- •Audit strategy:
- •Audit risk:
- •A. Dialogue
- •1. Read and translate the dialogue in pairs: auditing in ukraine
- •Vocabulary:
- •2. Read the dialogue, translate the Ukrainian remarks into English and act it out:
- •3.Make up dialogues on the following:
- •B. Communicative situations
- •Discuss with your friends:
- •1. A) Read the texts and do the tasks that follow.
- •2.A) Supply the prepositions where necessary.
- •Auditors’ Report
- •3.A) Open the brackets putting the verbs in the correct form.
- •Misuse of Public Funds
- •4.A) Supply the articles where necessary.
- •Fill in each space with the appropriate words from a, b or c:
- •II. Which is correct:
- •III. Match what statements are true and what are false. Results write to the table:
- •IV. Fill the tables:
- •Glossary
- •Phraseology of reports and speeches coherent and generalization phrases
- •Phrases that are used in admission expressions
- •Nouns: common and possessive case
- •Count and noncount nouns
- •Some common noncount nouns
- •Using nouns as modifiers
- •The indefenite aricle
- •The definite article
- •No article
- •Personal pronouns
- •Possessive pronouns
- •Reflexive pronouns
- •Indefinite pronouns
- •Quantitive pronouns
- •Demonstrative pronouns
- •Degrees of comparison of adectives and adverbs
- •Numerals
- •The functions of the verb «to be»
- •The functions of the verb «to have»
- •The functions of the verb «to do»
- •General questions
- •Tag questions
- •Question words when
- •More questions with how
- •Modal verbs can; could to be able to
- •May; might
- •Must; be to; have to; have got to
- •Should; ought to
- •Will; would
- •Indefinite pronoun «one»
- •The pronouns «both, either and neither»
- •Senquence of tenses
- •The infinitive
- •The prepositional infinitive complex
- •The objective infinitivecomplex
- •The subjective infinitive complex
- •The participle
- •Complexes with the participle the objective participle complex
- •The subjective participle complex
- •The gerund. Forms and functions
- •The gerundal complex
- •Conditional sentenses
- •Irregular verbs
- •Reference list
2.A) Supply the prepositions where necessary.
b) Write down 3-5 questions about the text.
c) Describe the trends in the major equity markets mentioned in the text
Equity Market
In return ... the use of their funds, investors in a corporation are issued certificates, or securities. Corporate securities represent claims … the assets and future earnings of the firm. Corporate securities take the form ... either common stock or preferred stock.
In 1980 the US equity market was the largest domestic equity market in the world and was three times larger than its nearest rival, the Japanese market. During 1990 there were periods when the capitalization of the Tokyo Stock Exchange was higher than the NYSE. These relative values can fluctuate quite dramatically. For example, the Tokyo Stock Exchange market capitalization fell ... 29% in the mid two quarters of 1990. The London Stock Exchange only fell by 17% ... this period. As a result, the value rankings are not stable over short periods. However, one can see the rapid rise of the Tokyo stock exchange ... the 1980s, the relative decline of US stock markets, and the slow but sure growth of London and the other European stock exchanges.
The UK has a large domestic and international equity market relative to the size of its economy. This market is the most international in terms of foreign companies listed and the extent ... foreign equities traded. In contrast, German equity markets are small relative ... the size of the economy. The UK, Canadian and the US domestic capital markets are very similar ... each other in that many domestic firms are quoted and equity is a significant form of finance. However, most of the smaller domestic capital markets can be characterized as consisting ... very few firms which are widely publicly held. Small group and family holdings predominate and new equity issues are avoided for fear ... losing control.
Words you тaу need:
common stock – звичайні акції
dramatically – різко
ranking – ранжування, класифікація
relative to – відносно
holding – володіння (акціями)
predominate – переважати
3.A) Open the brackets putting the verbs in the correct form.
b) Describe the changes on the London Stock Exchange brought about by Big Bang.
The London Stock Exchange (LSE) (to be) the principal market for the trading of equities, other corporate securities and government debt in the UK.
London equity market (to have) the third largest turnover in the world, after Tokyo and New York. Organized dealing in stocks and shares in London (to start) at the end of the 17th century, when much of it (to take) place in the coffee houses in the City of London. At the beginning of the 19th century the London Stock Exchange (to obtain) its constitution and a building of its own.
Now it is a dealership market: the great majority of customer orders (to transact) with a market maker who quotes prices it all times at which he stands ready to buy or sell. In this respect it (to differ) sharply from the more common public auction markets such as New York, Tokyo or Paris where the bulk of customer trades cross directly with each other. The market (to undergo) substantial change at the time of Big Bang in 1986, and its current structure is modelled in part on that of NASDAQ, the US over-the-counter market.
Prior to 1986, membership of the stock exchange (to restrict) to partnerships. Member firms (to be) either brokers or jobbers. Brokers were not allowed to trade on their own account: they (to act) as agents for their customers, and transacted their orders with jobbers. The commission structure was fixed. Jobbers were obliged to make a two-way market in securities, and (to deal) with brokers as principals. They were prohibited from dealing directly with customers. Dealing (to take) place on the floor of the exchange.
The changes which were instituted in the period up to October 1986 were designed to liberize the activities on the stock exchange: the rule restricting membership of the exchange to partnerships (to remove); fixed commissions were scrapped; the separation between broking and jobbing (to end); member firms became broker-dealers, free to act as agents and as principals. Those who wished to do so the opportunity (to take) to modernize the trading and quote dissemination system. A computerized system (to install) which showed the price quotes of all market in all stocks. Trades had to be reported electronically within five minutes.
The effects of Big Bang (to be) generally beneficial for customers dealing in size in liquid stocks.
The stock exchange (to be) the competent listing authority for the UK. The main requirements for having a listing in London are a 3-year-audited track record, a capitalization in excess of £700,000, at least 25 per cent of which must be in public hands, and the submission of appropriate listing particulars. In addition the company (to require) to release all necessary information for shareholders and to the public to appraise the position of the company at all times. Companies have to pay to the exchange a fee on listing and an annual fee thereafter. The stock exchange (to be) a private limited company owned by its individual members.
The London Stock Exchange increasingly (to affect) by the legislation of the European Community. This process has the aim of creating a single European securities market.
Words you may need:
dealership market – ринок, на якому працюють дилери
order – наказ
the bulk – більша частина
Big Bang – реорганізація Лондонської фондової біржі 27 жовтня 1986р.: скасування мінімальних фіксованих комісій, допуск на біржу банків та іноземних закладів, дозвіл членам біржі поєднувати функції брокера та джобера
NASDAQ = National Association of Securities Dealers Automated Quotations – автоматичні котирування Національної асоціації дилерів по цінним паперам
prior to – до, раніше
two-way market – ринок, на якому постійно котуються ціна покупця та ціна продавця
prohibit – забороняти
principal – принципал
institute – вводити, встановлювати
scrap – викидати через непотрібність
dissemination – розповсюдження (інформації, знань)
market maker – брокерська фірма, що постійно котує цінні папери
track record – інформація про діяльність фірми (банку та ін.)
capitalization – капіталізація
in excess – понад
appraise – оцінювати
fee – внесок