BUSINESS ENGLISH 2

credit history	кредитная история
restrictions	ограничения
be aware of smth.	знать, быть в курсе
to book	покупать (билет)
to fill out	заполнять
approval	одобрение
to charge	взимать плату
repayment options	условия выплат
interest rate	процентная ставка
to set up	договориться, урегулировать (зд.)
checking account	текущий счет
available	доступный
annual	ежегодный
partial	частичный
to deduct from account	списывать со счета
to owe	быть должным кому-то
to fill out	заполнять
on time	вовремя
due	строго в соответствии с чем-то
fixed intervals	установленные сроки
amount	количество
equal	равный
to pay off	выплатить

1.why Chris needs a credit card:__________________________.

2.application procedure:_________________________________.

3.repayment options: a)_____________; b)__________________. c)__________________

4.bank employee’s recommendation:________________________.

5.annual charges: ______________________________________.

6.interest rate: _________________________________________.

4.1 Listen again, fill in the gaps, make up a similar dialogue.

Bank employee: Good morning. Can I help you?

Chris: Yes. My name is Chris Brown. I have an account here and

I’d like to __________ for a credit card.

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Bank employee: Fine. Can you give me your _________

__________ and let me check your __________ with us?

Chris: Here it is. I’ve had an account here for the last ______ years.

Bank employee: I see. Well, from what I see here, Chris, your credit

___________ is good – just one small loan that was paid back on time. Of course, you know that as a student there are some _____________

on the type of the credit card you can have.

Chris: Yes, I am aware of it. But I really need a card for _________

_________ _________ and things like that.

Bank employee: Okay, well, the first thing to do is _________

_________ this form. Then, I have to give it to the __________ for his

_________. But that shouldn’t be a problem.

Chris: Great. Now, can you explain about the different __________

__________ that are available?

Bank employee: Certainly. You can choose to make a _________

payment each month on what you owe on the card, or you can pay the balance in full each month, or you can pay a ________ __________ in equal payments at fixed intervals. Personally, I would recommend making a _______ _______ each month on what you owe.

Chris: Fine. But what about the ________ and ________ ________

on the card. I heard they can be quite high.

Bank employee: Our bank charges a fixed _________ ________ of $ _____ for using the card. If you don’t pay the minimum amount due within the given time limit, the ________ ______ here is _______ %. The most important thing is to pay off the minimum amount on time.

Chris: Okay, well let’s set it up so that the minimum amount due is

___________ __________ from my _________ account.

Bank employee: Certainly. So, if you could just fill out this…..

5. Reading. Read the text and explain the words in bold.

A Deposit Account

A deposit account is a current account, savings account, or other type of bank account, that allows money to be deposited and withdrawn by the account holder. These transactions are recorded on the bank's books. The resulting balance is recorded as a liability for the bank, and

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represents the amount owed by the bank to the customer. Some banks charge a fee for this service. Others may pay the customer interest on the funds deposited.

A deposit account held at a bank for the purpose of securely and quickly providing frequent access to funds on demand is a checking account. Because money is available on demand these accounts are also referred to as demand accounts or demand deposit accounts.

Savings accounts are accounts maintained by retail banks that pay interest but cannot be used directly as money (for example, by writing a cheque). Although savings accounts are not as convenient as checking accounts, they let customers keep liquid assets while still earning a monetary return.

A deposit account with a high rate of interest, and short notice (or no notice) required for withdrawals is money market deposit account.

A money deposit at a banking institution that cannot be withdrawn for a preset fixed 'term' or period of time is known as time deposit. When the term is over it can be withdrawn or it can be rolled over for another term. Generally speaking, the longer the term the better the yield on the money.

Vocabulary

liability – обязательство, задолженность, денежные обязательства interest – ссудный процент, проценты, доход с капитала

fund – фонды, денежные средства

deposit funds – средства на депозитных счетах access – доступ

on demand – по требованию

checking account – амер. текущий счет demand deposit account – бессрочный вклад savings account – сберегательный счет/вклад (monetary) return – оборот, доход, прибыль preset – заранее установленный

time deposit = term deposit – срочный вклад

roll over – пролонгация срока кредита путем выпуска новых долговых обязательств

yield (on the money) – доход, доходность

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6.Give Russian equivalents: bank book

to owe

to charge a fee to pay interest short notice

7.Choose words from the list to fill in the gaps, then use them to make sentences:

monetary, account, checking, liquid

1._____ holder

2._____ assets

3._____ account

4._____ return

8.Answer the questions:

1.What is a deposit account?

2.What does the resulting balance represent?

3.What is a checking account?

4.How do checking accounts differ from savings accounts?

5.What is a time deposit?

6.What happens to time deposit when the term is over?

9. Use words/phrases from the list to help you retell the text: a deposit account, be deposited, be withdrawn, a liability, charge a fee, pay interest, frequent access, checking account, savings accounts, a monetary return, a high rate of interest, time deposit, the yield on the money.

Unit 4

Inflation

1.Discuss the questions.

1.What is inflation?

2.What are some of the causes of inflation?

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3.Which countries currently have a high level of inflation?

4.Which is the current level of inflation in Russia?

2. Match two halves of the sentences.

1.	Inflation can be defined as	a. as they get an annual increase in
		wages.
2.	One factor that can result in	b. an increase in government taxes
inflation is		and fees.
3.	When interest rates go up and	c. a substantial and continuing
the costs of borrowing increases		overall increase in the general
		level of prices.
4.	Most people are able to cope	e. the cost of running a business
with the average inflation of 3%		increases and inflation can result.

3 (9). Listening. Listen and complete the chart with the correct prices for February and March. Mind some new words.

to go up (down) in price	подняться (опуститься) в цене
a quart	кварта (около 1.145литра)
an18-ounce container	контейнер объемом 18 унций (1 унция
	= около 28.35 гр.)
a pound	фунт (1 фунт = около 453 гр.)
a box	коробка
a can	жестяная банка

Item

February	March	Inflation	April

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Item

February

March

Inflation

April

$1.50

milk (1 liter)

0%

yogurt (500g)

$3.05

loaf of bread

$2.00

sugar (2 kilo)

5%

apples (1 kilo)

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$2.20

teabags (100)

-12%

coffee (500g)

3.1 Now calculate the rate of inflation on each item as a percentage. Then make predictions about the cost of each item in the chart for the month of April.

4. Reading. Read the text and explain the words in bold.

Inflation

When economists talk about inflation they mean that the general level of prices is going up. Inflation means that more money will need to be paid for the same goods and services. Inflation is measured regularly, and the inflation rate is one of the most important indicators of the state an economy is in. A high inflation means trouble. If inflation goes the other way (you get more goods for your money), it is called deflation and is equally problematic. Economists generally prefer stable prices. There are also other kinds of inflation like hyperinflation and stagflation.

One sure way to create inflation is to increase the money supply too rapidly thus devaluing the currency. In this instance, price inflation is simply the flip-side of monetary deflation. This is usually what economists fear most when they see general price inflation.

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There is no one cause of inflation that everyone agrees on, but there are at least two Neo-Keynesian theories that are generally accepted: Demand-Pull inflation and Cost-Push inflation.

The Demand-Pull inflation theory can be said simply as "too much money chasing too few goods." In other words, if the will of buying goods is growing faster than amount of goods that have been made, then prices will go up. This most likely happens in economies that are growing fast.

The Cost-Push inflation theory says that when the cost of making goods (which are paid by the company) go up, they have to make prices higher to still make profit out of selling that very product. The higher costs of making goods can include things like workers' wages, taxes to be paid to the government or bigger costs of getting raw materials from other countries.

Almost everyone thinks inflation is bad. Inflation affects different people in different ways. It also depends on whether inflation is expected or not. If the inflation rate is equal to what most people are expecting (anticipated inflation), then we can adjust and the cost is not as high. For example, banks can change their interest rates and workers can negotiate contracts that include automatic wage hikes as the price level goes up.

Problems arise when there is unanticipated inflation:

Creditors lose and debtors gain if the lender does not guess inflation correctly. For those who borrow, this is similar to getting an interest-free loan.

Uncertainty about what will happen next makes corporations and consumers less likely to spend. This hurts economic output in the long run.

People living off a fixed income, such as retirees, see a decline in their purchasing power and, consequently, their standard of living.

The entire economy must absorb repricing costs ("menu costs") as price lists, labels, menus and more have to be updated.

If the inflation rate is greater than that of other countries, domestic products become less competitive.

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Vocabulary

inflation rate – темп инфляции stable – стабильный stagflation – стагфляция

to devalue – девальвировать

demand-pull inflation – инфляция, вызванная избыточным спросом на товары и услуги

cost-push inflation – инфляция, вызванная ростом издержек производства

anticipated inflation – ожидаемая инфляция to negotiate contracts – заключать контракты wage hikes – увеличение зарплаты

purchasing power – покупательная способность to reprice – пересматривать цены

5. Give Russian equivalents: indicator

to affect to absorb updated retiree decline

interest-free

6. Choose words from the list to fill in the gaps, then use them to make sentences:

wage, purchasing, stable, economic, monetary

1._____ output

2._____ hikes

3._____ deflation

4._____ prices

5._____ power

7. Correct the statements:

1. Deflation is less problematic than inflation.

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2.When the money supply decreases too rapidly, inflation is created.

3.The demand-pull inflation happens in slow growing economies.

4.Inflation does not affect pensioners.

8.Answer the questions:

1.What does inflation mean?

2.What is more problematic: inflation or deflation?

3.What are the kinds of inflation?

4.What is the demand-pull inflation?

5.What does the cost-push inflation mean?

6.What problems arise in the case of unanticipated inflation?

9.Use words/phrases from the list to help you retell the text: general level of prices, to increase the money supply, to devalue the

currency, general price inflation, the demand-pull inflation, the costpush inflation, anticipated inflation, interest rates, to negotiate contracts, unanticipated inflation.

	Unit 5
	Competition
1 (10). Listening. Listen and practice. Mind the new words.
open market		открытый рынок
competitor		конкурент
to set a price		устанавливать цену
to gain the market share		получить прирост доли рынка
to compete		конкурировать
market leader		лидер рынка
rival		конкурент
loyalty		верность, приверженность
border		граница
presence		присутствие
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