Пособие по аннотированию и реферированию для студентов II курса специальности 080507 всех форм обучения Москва 2010
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UNIT V Words and Word combinations
TEXT V MONEY. FUNCTIONS OF MONEY (A Scanning Reading) Money is freely acceptable in exchange for goods. Its first function is as the medium of exchange. When we compare the value of goods we think in terms of money. In fact, money is a measure for value. This function is often referred to as a unit of account. Money also has a function as a store of wealth. If you have $ 100 in the bank you know that this is a certain value and is easily convertible into actual money. Money acts as a standard for deferred payments. Loans are made and credit is given in terms of money. Supply of Money Think about the amount of money you have at present. You will probably think of the notes and coins that you have. However, many people pay for goods by cheque. Cheques are drawn on a bank deposits and therefore since cheques are usually acceptable as money bank deposits are regarded so. Cheques are drawn on current accounts which do not normally pay interest and in some books you will see this referred to as sight accounts. (Excerpt from " Basic Economics" by Terry Price, -L., 1985). Checks The check has become the most generally used as medium of exchange in the USA. A check may be defined as a written order or sight draft on a bank for money drawn by one who has a deposit in the bank on which the check is written. Although it gives the holder the right to immediate payment in money, its chief use is to transfer credit. The only writing on a check that needs to be in the drawer's own handwriting is his signature at the bottom of the check. Banks are presumed to have knowledge of this signature of their depositors. Banks will frequently honor checks on a husband's or father's account when his signature is written by a wife or mature child and beneath it is written the name of the person writing the check "By ...". It is advisable, however, to have a separate or joint account for such persons. If a payee wishes to give his check to someone else in payment of an obligation, he should indorse it thus:" Pay to the order of Richard Roe (by) John Doe". Such a check may be sent safely through the mail without danger of lose. (An excerpt from " Principles of Money Credit and Banking" by Roy L. -N.Y., 1984). Exercises.
[kæ∫ - ‘vælju], [t∫ek - ‘kredit], [‘m٨ni - ‘k٨rənt], [‘paund - ə’kaunt], [di’pozit - di’pozitə - ‘dolə]. II. Read the text and find English equivalents to the following Russian words and word combinations: единица счета, текущий счет, наличные деньги, средство обмена, стоимость товара, накопления, расплатиться за товар чеком, давать в кредит, давать в займы. III. Read the following English word combinations and give their Russian equivalents: in exchange for goods, the medium of exchange, the value of goods, a measure of value, a unit of account, a store of wealth, to pay for goods by cheque. IV. Express it in one term and memorize the definitions:
V. Comprehension check up. 1) What are the main functions of money?
VI. Give the definitions of the following words and word combinations: Bank-note, credit, deposit, price, cost, cash, cheque, loan, note, VII. Write an annotation of the Text. VIII. Reproduce it. TEXT VI The term "credit" has been defined in a great variety of ways. Broadly defined, credit is the power to get goods in exchange by giving a promise or contract to deliver an equivalent at some future time. In short, credit is the promise to pay money for a person who buys anything with credit, really buys with money, the payment being deferred. In other words to get credit is to obtain a transfer to one's self of commodities under an obligation (variously expressed, according to different habits and circumstances) to return an equivalent amount at fixed date in the future. It is desirable to distinguish between credit and the form (credit instruments). The actual transfer of goods is the essential economic part of the credit operation; the promissory notes, drafts, bills of exchange; book entries are merely the evidences of the credit transactions which have been used to facilitate repayment. So naturally our credit system has developed that very few persons realize that our present economic life moves forward primarily on a credit basis. People make use of checks without knowing that they are using a credit instrument. They patronize banks and money lenders; buy commodities on the installment plan; purchase groceries under an agreement to pay for them at the end of the month; they have charge accounts at department stores. Indeed, credit has become so much a matter of habits that we seldom give thought to it. Although it seems clear that futurity is the distinctive factor in credit, while confidence lies at the basis of the granting of credit. The word "credit" is derived from "credete" meaning, "to have confidence". In credit transactions the merchant, the money lender must have the confidence in the ability and willingness of the buyer, borrower, and client to pay, or they must have confidence in the security, which is put up to guarantee payment. The factors that are usually investigated may be grouped in two general classes: 1) pertaining to the man, 2) pertaining to the business. The Factors Pertaining To The Man
3) Ability.
The Factors Pertaining To the Business
The so-called basis or tests for measuring the debtor's willingness and ability are popularly known as the four "c's" of credit: character, capacity, capital and collateral. Character pertains more to the inherent personal qualities of the particular individual in private credit. Personal habits are of vital importance in the case of the individual credit rating. In the nation, character is seen in its qualities of educational standards, industrial skills, and scientific standing. In the case of either the individual or the government, character includes the attitude toward obligations in the past. The latter can be found in the history of the payment or nonpayment of its past debts. Capacity is a factor that directly influences the ability of the debtor to meet his credit obligations, and therefore, it determines the business risk involved in the granting of credit. In the individual capacity is the result of such personal qualities as energy, ambition, shrewdness, together with general education, technical knowledge and executive ability which make for success in business. In the case of an entire people, capacity is represented to high standards of literacy, and in the ability to develop soundly the financial, commercial and manufacturing activities of the nation. Capital is similar to capacity in that it is concerned with the ability rather then the will of the debtor to pay. Collateral is security that the creditor is willing to accept from the borrower as a basis for a grant or extension of credit. It might be a mortgage on a real estate, or commercial paper, or any type of acceptable property. Thus a person may be without character or capacity and yet be able to secure credit if he put up a sufficient amount of acceptable collateral. Kinds of credit classified Credit can be classified as long-term and short-term credit, and as secured and unsecured credit. Generally speaking, however, three standards by which credit is most generally classified are 1) According to the nature of the borrower:
2) According to nature of the lender:
3) According to the use in which funds are put:
(An excerpt from " Principles Of Money Credit And Banking" by Roy L. -N.Y., 1934) Exercises
ADDITIONAL READING Read the excerpt given below and find the definition of the term "political economy". TEXT I SUBJECT MATTER AND METHOD (A Scanning Reading) Political economy, in the widest sense, is the science of laws governing the production and exchange of the material means of subsistence in human society. Production and exchange are two different functions. Production may occur without exchange, but exchange can not occur without production. Each of these two social functions is subject to the action of special external influences which to a great extent are peculiar to it and this reason each has, also to a great extent, its own special laws. But on the other hand, they constantly determine and influence each other to such an extent that they might be termed the abscissa, and ordinate of the economic curve. The conditions under which men produce and exchange vary from country to country, and within each country again from generation to generation. Political economy, therefore, can not be the same for all countries and for all historical epochs. Political economy is, therefore, essentially a historical science. It must first investigate the special laws of each individual stage in the evolution of production and exchange and only when it has completed this investigation it will be able to establish the few general laws which hold for production and exchange in general. The mode of production and exchange in a definite historical society, and the historical conditions which have given birth to this society, determine the mode of distribution of its products. (An excerpt from "Anti-During" by Engels F., M.,1953). Read the excerpt given below and find information concerning the value of pound sterling, shilling, pence, dollar and cent. TEXT II MONEY English Money (A Scanning Reading). The British system of money is rather difficult. The Bank of England issues silver and copper coins, the bank-notes, gold coins, which were formerly issued, are not in circulation now. Pound sterling, shillings and pence are used in England. The copper coins are the penny (1 d) twelve of which make a shilling, the halfpenny1/2 d) [heipni] and the farthing (1/4 d) . The silver coins are the shilling (1 s; 1/-) twenty of which make a pound, the two- shilling piece (2 s; 2/-), the half-crown (2 s, 6 d; 2/6) worth two shilling sixpence, the sixpence (6 d) and the three penny piece (3 d). A new three penny piece has recently been coined. It is made of a mixture of copper and brass, and it is not round like the other coins, but twelve-sided. The pound sterling (£) is generally met in the form of the pound note which can be changed for two ten-shilling notes. In addition to the £’s notes there are also bank notes of £5, £10, £20 and of larger denominations. |
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