Tiếng anh chuyên ngành kế toán bài 6 (tr77 90)

Tiếng anh chuyên ngành kế toán bài 6

MONEY AND BANKING

UNIT OBJECTIVES - MỤC TIÊU

DURATION (9 periods) - THỜI LƯỢNG HỌC (9 TIẾT)

• Provide students with the language and knowledge related to money and banking, and the services provided by banks

Cung cấp cho sinh viên vốn ngôn ngữ và kiến thức liên quan đến tiền tệ và ngân hàng, sự ra đời của ngân hàng cùng với một số dịch vụ của ngân hàng cung cấp

• Provide students the way to write a complaint letter

Cung cấp cho sinh viên phương pháp viết một bức thư khiếu nại.

• At the end of this unit, students are able to talk and write about relevant issues as introduced with basic knowledges of banking and banking services

Sau khi kết thúc bài học này, sinh viên sẽ nắm được những kiến thức cơ bản về ngân hàng và các dịch vụ ngân hàng, có thể nói và viết về các vấn đề liên quan

In this unit, we are going to learn language and knowledge related to money, banks and banking services

Trong bài học này chúng ta sẽ học ngôn ngữ và kiến thức

cơ bản về tiền tệ, ngân hàng và các dịch vụ ngân hàng.

Match the terms or expressions in column A with their definition in column B The suggested time to do this exercise is 10 minutes.

Text A: Read text A do exercices 2.1 and 2.2 below The suggested time for reading the text and completing the exercises is 30 minutes

MONEY AND BANKING

A ll values in the economic system are measured in terms of money Our goods

and services are sold for money, and that money is in turn exchanged for other goods and services Coins are adequate for small transactions, while paper notes are used for general business There is additionally a wider sense of the word ‘money’, covering anything which

4 Payment D The cost of sending letters, parcels etc by mail

6 Free of charge F A document which lists the goods you have bought and

tells you how much you must pay for them

13 Deposit M The amount of money in a bank account at a particular

time

is used as a means of exchange, whatever form it may take.

Originally, a valuable metal (gold, silver or copper) served

as a constant store of value, and even today the American

dollar is technically ‘backed’ by the store of gold which

the US government maintains As gold has been universally

regarded as a very valuable metal, national currencies were

for many years judged in terms of the so-called ‘gold standard’

Nowadays, however, national currencies are considered to

be as strong as the national economies which support them

V aluable metal has generally been replaced by paper notes These notes are issued by

governments and authorized banks, and are known as ‘legal tender’ Other arrangements such as cheques and money orders are not legal tender They perform the function of substitute money and are known as ‘instruments of credit’ Credit is offered only when creditors believe that they have a good chance of obtaining legal tender when they present such instruments at a bank or other authorized institution If a man’s assets are known to be considerable, then his credit will be good If his assets are in doubt, then it may be difficult for him to obtain large sums of credit or even to pay for goods with a cheque

T he value of money is basically its value as a medium

of exchange, or, as economists put it, its ‘purchasing power’ This purchasing power is dependent on supply and demand The demand for money is reckonable as the quantity needed to effect business transactions An increase

in business requires an increase in the amount of money coming into general circulation But the demand for money

is related not only to the quantity of business but also to the rapidity with which the business

is done The supply of money, on the other hand, is the actual amount in notes and coins available for business purposes If too much money is available, its value decreases, and it does not buy as much as it did, say, five years earlier This condition is known as ‘inflation’

B anks are closely concerned with the flow of money into and out of the economy

They often co-operate with governments in efforts to stabilize economies and to prevent inflation They are specialists in providing capital and allocating funds on credit Banks originated as places to which people took their valuables for safe-keeping, but today the great banks of the world have many functions in addition to acting as guardians of valuable private possessions

B anks normally receive money from their customers in

two distinct forms: on current account, and on deposit

account With a current account, a customer can issue

personal cheques No interest is paid by the bank on this type

of account With a deposit account, however, the customer

undertakes to leave his money in the bank for a minimum

specified period of time Interest is paid on this money

T he bank is turn lends the deposited money to customers who need capital This activity

earns interest for the bank, and this interest is almost always at a higher rate than any interest which the bank pays to its depositors In this way the bank makes its main profits

W e can say that the primary function of a bank today is to

act as an intermediary between depositors who wish to

make interest on their savings, and borrowers who wish to

obtain capital The bank is a reservoir of loanable money,

with streams of money flowing in and out For this reason,

economists and financiers often talk of money being ‘liquid’,

or of the ‘liquidity’ of money Many small sums which might

not otherwise be used as capital are rendered useful simply

because the bank acts as a reservoir

T he system of banking rests upon a basis of trust Innumerable acts of trust build up the

system of which bankers, depositors and borrowers are parts They all agree to behave in certain predictable ways in relation to each other, and in relation to the rapid fluctuations of credit and debit Consequently, business can be done and cheques can be written without any legal tender visibly changing hands

Source: Tom Mc Arthur, A Rapid Course in English for students of Economics, Oxford University Press, 1973

Answer the following questions

1 How are all values in the economic system measured?

2 What backs the US dollar?

3 How are national currencies judged nowadays?

4 Who can issue paper notes?

5 What name is given to arrangements like cheques?

6 What phrase do economists use for the value of money?

7 What is inflation?

8 In what way do banks co-operate with governments?

9 What does the customer agree to do when he opens a deposit account?

10 How does the bank make its main profit?

11 Why do financiers often talk of the ‘liquidity’ of money?

12 Whose trust for each other maintains the banking system?

13 What does this trust permit?

2.1

According to text A, which of the following sentences are true (T) or false (F) Correct the false information

Read text B and do exercises 2.3, 2.4, 2.5 The suggested time for reading the text and completing the exercises is 40 minutes

HOME AND OFFICE BANKING SYSTEM

2.2

1 The US dollar is a constant store of value

2 Instruments of credit are accepted because they can be converted easily into

substitute money

3 The purchasing power of money depends upon supply and demand

4 The demand for money is related to the rapidity with which business is done

5 You can earn interest on a current account

6 Banks lend money to depositors who need capital

7 The main profits of a bank come from lending money at a fixed rate of interest

8 Money is described as ‘liquid’ because it is compared to flowing water

9 Legal tender must change hangs when we do business and we must see it change

The banking service for busy

people

Pay bills before breakfast

invest over lunch and

check balances at bedtime

HOBS is the essential banking

service for busy people It allows

you to carry out transactions

from your home or office when

it suits you You can check the

balances of all your accounts

with Bank of Scotland whether

they are business accounts or

personal accounts; view your

last 600 transactions on-screen;

transfer between your

ac-counts; pay regular bills and

even keep a record of them;

order a statement or a cheque book and for business users, our special Cash Management Service enables you to see what your cleared balances are, up to

2 days ahead

All these services can be easily accessed using our compact integral keyboard and screen which can be purchased for a single payment of only £95, with an option of spreading the cost over ten months However, the unit will be supplied free of charge to customers who un-dertake to keep a minimum credit balance of £500 in their Current Account for at least

two years As the unit only takes

up approximately the same space

as an A4 sheet of paper, it can easily be accommodated on a desk or table Alternatively, HOBS can be linked to your

PC In addition, no matter where you live in the UK you can access HOBS for the cost

of a local telephone call

Settle bills when it suits you

Regular bills and accounts

can be paid by electronic

transfer without writing cheques,

saving you time and postage

And our Bank charge for an

electronic payment is much

less than for a cheque

HOBS even has a memory,

which allows you to instruct

payment of regular household

accounts or invoices up to 30

days in advance, freeing your

money to work for you You

can pay invoices, utility bills

and many others Because the

transaction is made on the day

you want it, you can keep the

funds earning interest until the

very last moment

High interest daily

The special high interest

HOBS Investment Account

is designed for busy people who

want to make the most of their

money It allows you to organize

your finances so that you

can earn high interest without

locking your money away

At the touch of a button, you can switch funds from your current account into your HOBS Investment Account

Interest is calculated daily, so you always get the benefit of a healthy balance, even on funds

deposited overnight

All instructions made before 5

pm on any business day are carried out that day After 5

pm, they are effective on the next business day

Open 18 hours a day

HOBS opens for business

at 7 am – so much for

banking hours! Now you can organize your personal finances before you set off for work and keep tighter control of your business bank accounts from your office at any time throughout the day

With HOBS, you can bank until 1 o’clock in the morning during the week, and you can bank all day Saturday and Sun-day until 11 pm

Look ahead with HOBS

deals with what hap-pened yesterday HOBS tells you where you stand today and helps you plan ahead

You can also call on Bank of Scotland’s expertise for advice

on all aspects of finance Bank of Scotland offers all the banking services you need as

an individual or as a business-man and HOBS is the seven day link to a full clearing bank service, wherever you are in the UK

2.3 According to text B, which of the following sentences are true (T) or false (F)

1 HOBS can be used by both business people and private individuals

2 You can only use HOBS if you have a personal computer

3 £500 is the minimum required to open a HOBS account

4 HOBS is only available to residents of Scotland

5 Making a payment with the HOBS system is more expensive than paying by

cheque

6 HOBS can be programmed to pay your bills automatically

7 There is more than one type of HOBS account

8 HOBS is open everyday from 7 a.m to 1 a.m

Source: Michael Lannon, Graham Tullis, Tonya Trappe, ‘Insights Into Business’, Longman, 1996.

Look at the following statements about the HOBS system and put a cross (X) against those which do not appear in the text.

1 If you use HOBS you will be given an identity number and a password

2 You can make ten monthly payments to cover the cost of buying HOBS

3 The Bank of Scotland charges customers £10 a month for using HOBS

4 If you want to take advantage of the Cash Management Service this will cost you extra

5 You can arrange for The Bank of Scotland to give you a personal demonstration of how HOBS works

6 The HOBS terminal can fit into a small place

Read through the text again and make a list of the 10 advantages for the cus-tomer of using the HOBS system

With HOBS the customers can:

1 have instant access to an account

2 ………

Listening 1

You are now going to hear part of a lecture, divided into short sections to help you to understand it Listen to the lecture TWICE As you listen, answer the questions below.

Section 1

1 What topic is the lecturer going to introduce?

………

2 What is the point of the story?

………

3 Who were the original bankers?

………

Section2

1 Note down the first development

………

2 What is the modern word for the ‘letter’ the lecturer talks about?

………

3 Note down the second development

………

Section 3

Are these statements correct or incorrect?

1 The goldsmith did not charge the firm interest

2 The goldsmith expected everyone to want their gold at the same time

2.4

2.5

3.1

Section 4

Table: Goldsmiths as Bankers

Is this statement correct or incorrect?

Once the goldsmith had made his loan, his liabilities were greater than his assets

Section 5

1 What would we call a deposit today?

2 Is this statement correct or incorrect?

Whether the loan was in gold or as a deposit made no different to the goldsmith

Section 6

1 Note down what the lecturer means by ‘reserves’

2 What is the goldsmith’s reserve ratio after making the loan?

Section 7

1 The lecturer says people rushed to the goldsmith to get their gold What term does he use

to describe this rush?

2 What is the result of a financial panic?

Listening 2

Listening to the first part of the lecture again and fill ONE word in each blank bellow

3.2

ASSETS LIABILITIES

(1) Old-fashioned goldsmith

(2) Gold lender

(3) Deposit lender: Step 1

Gold £ 100 Gold £90 + loan £10 Gold £100 + loan £10 Gold £90 + loan £10

Deposits £100 Deposits £100 Deposits £100 Deposits £100

Now two (1) turned these goldsmiths into bankers The first was that people (2) it a lot easier to give the seller a letter than it was to (3) some gold and then physically hand it over to him This letter (4) some of the gold they had at the goldsmith’s to the seller This letter we would nowadays call a (5) And of course

once these letters, or cheques, were easier to carry (6) than gold, and a lot less dangerous, people started to say that their money (7) were what they had with them plus their deposits So a system of deposits was started The second (8) , and I’m sure you can see what’s coming, was that goldsmiths realized they had a great deal of unused gold lying in their (9) doing nothing

This development was (10) of greater importance than the first

Read the following passage and do the vocabulary exercises below The sug-gested time for doing these exercises is 30 minutes

Account opening forms

On the National Bank of Mantra company account opening form the customers are asked to write whether they are sole traders, partnership or limited companies This information is necessary for the banks In the case of a sole trader, there is no formality but the bank might want a reference

The form also request the same details as those found on a personal account opening form but with many additional items All this information is useful for the bank But it is supplied on

a completely voluntary basic by customers

The banks uses the account opening form to do market

research For example, they ask prospective account holders

to say why they came to the National Bank of Mantra They

ask for details of the personal assets and liabilities of the

directors and the names and addresses of their accountants

and solicitors and how long they have been in business This

information is requested but references on the directors are

sometimes required

The forms are divided into four sections:

1) Details of the business, which include its address, legal status (whether it is a private limited company or a public limited company), its activities, connected companies, number of employees and how they are paid, the addresses of its solicitors, accountants and present bankers);

2) Personal details of the owners (for non-limited companies, called the proprietors, and for limited companies called the directors) as for a personal account opening form, including assets such as house ownership and liabilities such as mortgages

3) Customer requirements include what services the new business account holder wants The bank uses this opportunities to get details of property and valuables so that it can then offer to insure them The bank also asks what kind of cherub book the customer wants, the types of account and frequency of statements of account;

4) A signed declaration by the owners, who agree to be severally and jointly liable for the debts of the company This means they are responsible both as individuals and as a group for any debt to the bank when it lends the company money

Mark the following with A or L to show whether they are assets or liabilities

1 a house

2 a car

3 a bank loan

4 a mortgage

5 an insurance policy

Look carefully at each paragraph of the reading passage to find words which mean the opposite of

j) private (paragraph 3) k) community (paragraph 7) l) borrows

Read the passage about account opening forms again and then, without looking back, add nouns to the following adjectives to form noun phrases

a) national b) different c) sole d) limited e) the same f) personal g) additional h) more i) prospective j) legal k) private l) public Now look back at the passage and see how many of your phrases match those in the reading passage

Based on the information in the two texts above, answer the following questions

in your own words

1 Now that you have considered the benefits that HOBS offers its customers, discuss what,

in your opinion, the Bank of Scotland can gain from the introduction of its new system

2 Are there any similar services to HOBS available in your country? Who provides them and how do they operate?

Role Play

Inquiring a bank loan

Work in pairs (Student A and Student B) Student A and student B should look at the information for each of them to understand carefully their role before starting the role play

Student A

You wish to deposit £30,000 with a bank and have been

advised that the Lombard Bank provides very favorable

conditions to investors You have obtained a leaflet about their

services, but you require further details before deciding in

which account (s) to invest your money You have there fore

arranged to meet a representative of the bank (Student B)

who will answer any enquiries that you have Your saving

requirements are as follows:

You wish to set aside a sum of money for your three children,

to be divided amongst them on their eighteenth birthdays Their present ages 10, 12, and 14 You wish also like to set aside an amount for use in emergencies, for example to carry out any unexpected repairs to your house, to pay medical bills etc

4.2

4.3

5.1

5.2