- •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
III. Match what statements are true and what are false. Results write to the table:
Finance is an economic instrument of distribution and redistribution of the gross internal product and national income.
The essence of finance is shown in its functions.
One of the most important sign of the finance is the equality in rights of the state and the economic entities.
Money is the material base of the finance.
Finance and money have identical substance.
Finance is the expression of the distribution sphere of the economic relations.
The structure of the state budget practically didn’t change over many centuries.
The role of finance is growing on the macrolevel on the modern stage of the development.
Table
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1 |
2 |
3 |
4 |
5 |
6 |
7 |
8 |
True |
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False |
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IV. Fill the tables:
a)
b)
Unit 2
Fiscal management
I. READING
1. Stress the first syllable:
target, decade, complex, measure, mechanism, federalism, allocate, incidence, fiscal, notion, swollen
2. Stress the second syllable:
ensure, pursue, adopt, sustained, exacerbate, attainment, productive, arrangement, to administer
3. Stress the third syllable:
institutional, geographical, unsustainable
4. Read the text:
Financial policy. Fiscal sphere
Financial policy is a very complex notion covering measures aimed at working out basic concepts, major guidelines, goals and objectives, as well as at creating an adequate financial mechanism and at directing financial activities of a country. Financial policy is based on strategic guidelines which set long-term and medium-term prospects for using financial resources and ensure attainment of major economic targets and solution of goals in the social sphere. At the same time a country pursuing its financial policy sets current goals and objectives connected with mobilization and effective utilization of resources and development of productive forces.
Over the past two decades financial problems have exacerbated the world over. Public debts have reached unsustainable levels in a growing number of industrial countries. This development and its results – higher interest rates, lower investment, and slower growth in living standards – have stimulated efforts by policymakers to find solutions to swollen budget deficits.
Central to these solutions is fiscal policy. Fiscal policy is the policy adopted by a government for raising revenue to meet expenditure.
For countries that now face unsustainable fiscal deficits, financial stabilization represents a top priority.
The answer to financial stabilization lies in the effectiveness of fiscal management – the principles, institutional arrangements, information flows, and techniques that govern the budget process and define fiscal relation between levels of government.
Most western nations operate some degree of fiscal federalism, which is the system of taxation and public expenditure in which revenue-raising powers and control over expenditure are vested in various levels of government1 within a nation, ranging from the national government to the smallest unit of local government.
A system of multilevel finance may be justified in term of allocative efficiency on the grounds that while some public goods, such as national defence, confer benefits on the nation as a whole, the benefits of other goods, such as refuse collection, are more limited in geographical incidence. It is argued that2 by making decisions concerning the provision and financing of the latter type of goods at the level of local rather than national governments, the best or optimal level of provision is more likely to be achieved.3
Since the onset of the reforms Ukraine has been in the process of creative a new system of taxation and rules to administer taxes and to distribute those taxes and expenditure responsibilities among levels of government.
NOTES:
1Are vested in various levels of government – є переданими різним рівням влади
2It is argued that… – Стверджують, що…
3…is likely to be achieved – …скоріш за все, буде досягнуто
Vocabulary list:
fiscal management – управління державним бюджетом
fiscal sphere – бюджетно-податкова сфера
notion – поняття
major guidelines – основні напрямки
long-term – довгостроковий
medium-term – середньостроковий
attainment – досягнення
current – поточний
productive forces – виробничі сили
exacerbate – погіршувати(сь)
public debt – державний борг
unsustainable – постійний, той, що важко ліквідується
swollen – роздутий
fiscal policy – бюджетно-податкова політика
fiscal deficit – дефіцит бюджету
fiscal relations – бюджетні відносини
fiscal federalism – бюджетний федералізм
revenue-raising powers – повноваження по збору податків
multilevel – багаторівневий
justify – виправдовувати
public goods – суспільний товар
refuse collection – збирання сміття
incidence – сфера охоплення
create – створювати
to administer taxes – адмініструвати податки
II. VOCABULARY EXERCISES
Ex.1. Find equivalents:
complex notion
major guidelines
economic targets
utilization
public debt
fiscal deficit
fiscal policy
fiscal relations
fiscal federalism
to ensure attainment
to be justified
incidence
забезпечувати досягнення;
використання
бюджетний федералізм
економічні показники
державний борг
основні напрями
дефіцит бюджету
сфера дії
складне поняття
бюджетні відносини
бути виправданим
бюджетно-податкова політика
Ex.2. Enter correct correspondences in English or in Ukrainian:
-
multilevel finance
мобілізація
стабілізація
current goals
бюджетний процес
unsustainable
фінансові ресурси
revenue-raising powers
середньостроковий
управління державним бюджетом
to administer taxes
Ex.3. Find English equivalents for the following Ukrainian phrases:
заходи, направлені на детальну розробку; створити відповідний фінансовий механізм; управляти фінансовою діяльністю; забезпечити досягнення основних економічних показників; ефективне використання ресурсів; проблеми загострились; політика, прийнята урядом; роздутий бюджетний дефіцит; рівень, який важко ліквідувати; фінансова стабілізація; управління державним бюджетом; інформаційні потоки; повноваження по збору податків; контроль за витратами.
Ex.4. Fill in the blanks with prepositions, pronouns or conjunctions if necessary:
Financial policy is based … strategic guidelines … set long-term … medium-term prospects … using financial resources … ensure attainment … major economic targets … solution … goals … the social sphere.
A country pursuing its financial policy sets current goals … objectives connected … mobilization … effective utilization … resources … development … productive forces.
Fiscal policy is the policy adopted … a government … raising revenue … meet expenditure.
The answer to financial stabilization lies … the effectiveness … fiscal management – the principles, institutional arrangements, information flows, … techniques that govern the budget process … define fiscal relation between levels … government.
Most western nations operate some degree … fiscal federalism, … is the system of taxation … public expenditure … which revenue-raising powers … control over expenditure are vested … various levels … government within a nation.
Since the onset of the reforms Ukraine has been … the process … creative a new system … taxation … rules to administer taxes … to distribute those taxes … expenditure responsibilities … levels … government.
Ex.5. Complete the following sentences:
Financial policy is … covering measures aimed …, as well as … .
Financial policy is based on … which … for using … .
A country pursuing its financial policy … connected with … .
Fiscal policy is … adopted by … for raising … .
A system of multilevel finance may be justified in … that … .
Since the onset of the reforms Ukraine … .
Ex.6. Match each term in Column A with its definition in Column B:
Column A
Fiscal year;
Revenue;
Balance of Payments;
Deficit;
Budget;
Fiscal policy
Column B
the period used by companies and governments for accounting and tax
purposes;
money received from the sale of goods and services;
the difference between the amount of money coming into a country
from the goods and services it exports, and the amount of money
going for the goods and services it imports;
the amount by which expenditure is greater than income over a
particular period;
a plan of income and expenditure for a particular period of time;
the use of government spending to influence macroeconomic
conditions.
Ex.7. Answer the following questions:
What does the notion “financial policy mean”?
What is financial policy based on?
Do many countries face financial problems these days? What are they?
What is fiscal policy?
What fiscal trends have been registered in the industrial countries since the early 1970’s?
What does the effectiveness of fiscal management imply?
What is fiscal federalism?
What has been done in Ukraine so far in the field of fiscal relations?
What expenditure responsibilities are practiced in Ukraine?
What measures should countries facing unsustainable fiscal deficits take?
Ex.8. Translate into English:
Фінансова політика спрямована на розробку основних концепцій, на створення відповідного фінансового механізму і управління фінансовою діяльністю країни.
Фінансова політика базується на стратегічних напрямках, що встановлюють довго- та середньострокові перспективи використання фінансових ресурсів.
Фінансова політика гарантує досягнення головних економічних показників та вирішення проблеми у соціальній сфері.
Фінансова політика також визначає поточні цілі та завдання, спрямовані на мобілізацію та ефективне використання ресурсів і розвиток виробничих сил.
Фінансова політика – це політика, що приймається урядом для підвищення доходів держави для того, щоб покривати витрати.
Фінансовий менеджмент – це технології, які управляють бюджетним процесом і визначають фінансові відносини між рівнями влади.
Фінансовий федералізм – це система оподаткування і державних витрат, в якій повноваження щодо збору доходів передані різним рівням влади.
В Україні створюється нова система оподаткування та правил адміністрування податків, розподілу податків і відповідальність за витрати між рівнями влади.
Ex.9. Write several paragraphs on the following using given words and word combinations:
financial policy:
a complex notion; basic concepts; to create; financial mechanism; to direct; a country; strategic guidelines; long-term and medium-term prospects; to use; financial resources; major economic targets; solutions of goals.
fiscal management:
principles; arrangements; information flows; to govern; budget process; to define fiscal relations; levels of government.
fiscal federalism:
the system of taxation; public expenditure; revenue-raising powers; control over; levels of government.
a system of multilevel finance:
to be justified; allocative efficiency; public goods; national defence; to confer benefits; refuse collection; to be limited
iii. ORAL Practice