1. Read and translate the text in a written form. Finance is the provision of money at the time when it is needed. It is a system of monetary relations leading to formation, distribution and use of money in the process of its turnover between economic entities. The financial system is the network of institutions through which firms, households and units of government get the funds they need and put surplus funds to work. Savers and borrowers are connected by financial intermediaries including banks, thrift institutions, insurance companies, pension funds, mutual funds, and finance companies. Finance in an economic system comprises two parts: public finance and finance of economic entities. Public finance is the provision of money (by the community) through taxes to be spent by national and local government authorities on projects of national and local benefit. It is a collective term for the financial flows and also the financial institutions of the public sector. Public finance has the following four functions: a) the provision of essential services; b) the encouragement or control of particular sectors of the economy; c) the implementation of social policy in respect of social services, and d) the encouragement of the growth of economy as a whole. The major instrument of any financial system is the budget. In a market-oriented economy, the budget is the most important tool for achieving of national priorities and goals through the allocation and distribution resources, and the maintenance of a stable macroeconomic environment. The budget is an estimate of national revenue and expenditure for the ensuing fiscal year. When expenditure exceeds the revenue the budget has a deficit. Revenue and expenditure forecasting is the most fundamental step in the process of budget preparation. Adequate planning of recurrent and capital expenditure depends critically on an accurate forecast of revenue availability. The determination of the expected overall deficit in the public sector and therefore the macroeconomic impact of fiscal policy requires accurate forecast of tax collection and expenditures. In Ukraine, public finance is a sum of budgets of all levels of subjects of the state, extra-budgetary and reserve funds. Budget preparation at the state level involves a number of institutions. The Ministry of Finance (MoF) is the central coordinating institution in charge of compiling and presenting the budget, it has major inputs from ministries in various sectors of the economy and the state tax bodies.
Завдання №2 2. Answer the following questions: 1) What is finance and financial system? 2) What parts does finance comprise? 3) What functions does public finance perform? 4) What is a country's budget? 5) What does the process of budget include?
Завдання №3 3. Match the verbs from A with the nouns from В below A. to make B. funds to approve payments to provide expenditure to formulate revenue to cut deficit to cover proposal to provide for provisions to consider budget
Завдання №4 4. Who's Who in Finance? Match each job title on the left with the correct definition on the right (a-i)
1. tax inspector a) The person who is responsible for an individual bank. 2. tax consultant b) Someone who advises people on how to manage their financial affairs. 3. bank manager c) Someone who prepares an individuals (or a company's) tax return. 4. commodity trader d) The person who is responsible for the financial side of running a business. 5. accountant e) A government official who checks that you arc paying enough tax. 6. finance director f) The person who finds you the best insurance policy at the best price. 7. market analyst g) Someone who buys and sells stocks and shares for clients, and charges a commission. 8. financial advisor h) Someone who advises you or a company. 9. insurance broker i) Someone who comments on business and share prices in a particular sector of economy. 10. stockbroker j) Someone who buys and sells things in large quantities, especially food products such as tea. coffee, cereals and other raw materials.
Завдання №5 5. Supply the text with the articles where necessary. Write down 3 questions about the text. The financial heart of England is the City. It is a square mile in London on the bank of the Thames. In the centre there is the Bank of England, and the head offices and foreign departments of other English banks. It is the home of commodity, financial, and insurance markets that are all concentrated in the narrow streets, which form the financial core (серцевина) of the City. The position that the City holds is due in no small measure to the integrity of its members. The City is jealous of its honour, punctilious (пунктуальний) in fulfilling its obligations and where deals of thousands of pounds are made merely by a word, is proud to make its word its bond (зобов'язання). The population of the City is almost entirely a daytime one. Each morning about half a million people come in from north, south, east and west, and then as evening comes and business finishes they hurry home by train, bus, car or underground. Prior to 1914 this population was almost completely _____ male one, with top hat, black tail coat, black and white striped trousers, stiff (накрохмалений) fronted shirt and stiff white collar. Two wars have changed all that. There are probably as many women employed in the City as there are men these days. From the earliest times the City has been ruled by its own elected Lord Mayor and Aldermen, and lo this day a king or queen of England may not pass the bounds of the City until he or she has had permission of Lord Mayor, and then he or she comes only as a guest. Generally speaking, the City performs four financial functions: a) the City gathers in the country's savings and provides channels and machinery for their investment; b) it provides safe, speedy and convenient means of payment without the actual use of banknotes or coins; c) through the medium of the Foreign Exchange Market it makes it possible to exchange one currency for another; d) it provides the organization to finance, transport and insure foodstuffs, manufactures and raw materials on their way from producer to consumer.
Завдання №6 6. Choose the best word to complete the text. Reread the text and say what you know about the budget process in Ukraine.
1. a) proceeds b)revenues c) bonuses d) earnings 2. a) quarter b) day c) month d)year 3. a)loss b) cost c) expenditure d) experience 4. a) economic b) monetary c) credit d) budget 5. a) budgets b) programmes c) requirements d) expenses 6. a) transactions b) deals c) operations d) relations 7. a) sum b) deficit c) shortage d)lack 8. a) financial b) fiscal c) coming d) current 9. a) Treasury b) Parliament c) Queen d) Prime Minister 10 announcement b) achievement c) report d) statement
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