Контрольная работа №4 Вариант 1

Задание 1. Выберите один из четырёх терминов, который соответствует приведённому определению

A _________________ is a form of credit agreement whereby a bank advances to the borrower a certain sum of money for a specified period of time.

a) money market b) bank loan

c) retail bank d) special privilege

Задание 2. Определите значение наречного местоимения

A correspondent bank is one which carries deposit balance for another bank located in another city or country.

a) тот, который b) один из тех

c) какой-нибудь d) некоторый

Задание 3. Вопрос страноведческого характера

What bank in the UK has a number of special privileges, particularly with regard to issue of notes?

a) National Provincial Bank b) Westminster Bank

c) retail bank d) Bank of England

Задание 4. Дополните диалог подходящей по ситуации репликой

A- Reservations, may I help you?

B- Yes, please. What do you have available for next week, from the 20th to the 25th?

A-_________________________.

B- Yes, I would like to make a reservation for a single room.

a) Do you have a room service? b) I’d like a non-stop flight.

c) Will this be for yourself? d) Do you have any luggage?

Задание 5. Укажите номер абзаца, содержащего следующую информацию

a) Fundamental to all financial markets

b) The money market equilibrium

c) The opportunity cost of holding money

d) When are interest-bearing assets profitable?

MONEY MARKET

1. The money market comprises the demand for money and the money supply. The equilibrium in the money market is such a state of balance when the demand for money from households and businesses is satisfied by the quantity of the money supplied. The equilibrium in the money market is reached by changing bond prices. People can hold their wealth in various forms - money, bonds, equities, and property. For simplicity we assume that there are only two assets: money, the medium of exchange that pays no interest, and bonds, which we use to stand for all other interest-bearing assets that are not directly a means of payment.

2. As people earn income, they add to their wealth. As they spend, they deplete their wealth. How should people divide their wealth at any instant between money and bonds to gain the best profits possible and not to incur losses? There is an obvious cost of holding money. The opportunity cost of holding money is the interest one would have gained if he had held bonds. It naturally follows that people will hold money rather than bonds only if there is a benefit to offset this cost, only if holding money is more profitable than holding bonds. It may happen only when interest rates on bonds are too low to make it profitable to hold bonds.

3. Suppose, the money market is in equilibrium when the interest rate on interest-bearing assets is 6% and the amount of money demanded is $200 mln. Now suppose the interest rate goes down, say, to 4%. In this case interest-bearing assets are no longer profitable as they can't earn a sufficient return. Hence the demand for money will rise and will lead to a temporary lack of money in the money market. If they lack money, households and businesses are likely to sell bonds they possess for cash. That will cause an increase in the bond supply, which lowers bond prices and raises interest rates on interest-bearing assets.

4. With a higher interest rate the amount of money people are willing to have in hand will decrease again. Consequently, the money supply will adjust to a current demand to reflect a new higher interest rate. The increase in the money supply creates its temporary surplus, which results in the demand for bonds and bond prices going up. The interest rate falls thus restoring balance in the money market, but at a new lower interest rate. Fundamental to all financial markets is the idea of earning a return on money. Money has to work for its owner.

Задание 6. Определите последовательность частей представленного документа

1) 2) 3) 4)

a)	Mr P. Barker Purchasing Manager Softchain Ltd 77 Brigham Street Liverpool Ll34AT 10 April 2008 Your ref: AE/677 Dear Mr. Baker
b)	I am enclosing a copy of our most recent catalogue details of our product range, together with list price. I hope that the information will be of interest to you, and look forward to discussing orders in the near future. Yours sincerely Alice·Everett Marketing Manager Encl. Compact catalogue, trade price list
c)	COMPACT SYSTEMS 96 Rosewall Drive, Southtown, S03 4BT tel: 0927-423845 telex: 69364
d)	Thank you for your letter of 5 April 2008 in which you asked details of our range of business applications programs. Because of the low price of our software we do not offer a quantity discount; however, if you can give me an indication of the quantity involved, I would be happy to discuss terms further with you. Normally, we would be happy to offer you a 20 p.c. trade discount off net list prices, as requested in your letter, and to accept your terms of payment.