- •«Финансовый университет
- •Предисловие
- •Reading
- •2. Scanning
- •The tax reform experiment in transitional countries
- •The current structure of tax systems
- •Summing up: performance, lessons, and recommendations
- •3. Understanding main points.Answer the following questions:
- •4. Understanding details. Find facts to support or refute the following statements:
- •5. Summarizing
- •Diversity of tax systems
- •2. Meaning
- •1. The tax on wages and salaries (and business profits in the us)iscalled … .In Britain the tax on business is called corporation tax.
- •5. Render the following text into English: Сущность налоговой системы, принципы и функции налогов
- •Section c Practice I
- •Practice II
- •Taxation policy in the european union
- •Over to you
- •Reading
- •I. Skimming
- •II. Scanning
- •Insurance: Сoncept
- •Insurability
- •Legal considerations
- •III. Understanding main points. Answer the following questions and do the assignments:
- •IV. Understanding details. Support or refute the following statements:
- •V. Summarizing.
- •Section b
- •Indemnification
- •2. Meaning
- •World Insurance Companies
- •124 Kew Gardens Road, London sw2 5hb
- •3. Collocations
- •4. Translate the word combinations given in brackets. Carry on with the general topic.
- •5. RenderintoEnglish.
- •Section c Practice I
- •IdentifyingandMeasuringExposures
- •Developing and implementing a risk management program
- •Practice II
- •Insurance, capital and economic stability
- •Practice III
- •Insurance, savings and risk spreading over time
- •Overtoyou:
- •Part II
- •Vocabulary list:
- •International trade is a substitute for the international mobility ofresources.
- •International Trade Agreements
- •Некоторые итоги мировой торговли последних десятилетий XX века и ожидаемые тенденции ее развития
- •Over to you:
- •Vocabulary list:
- •In what way is the entrepreneur’s capital export realized?
- •In what way are investments differentiated depending upon their verification (control)?
- •Портфельныеипрямыеинвестиции
- •Over to you:
- •Unit III The Economic Situation Text 1
- •Vocabulary list:
- •Конъюнктурные исследования
- •Over to you:
- •Vocabulary list:
- •In what way can we determine liquidity positions of the country?
- •Международная валютная ликвидность
- •Overtoyou:
- •The list of literature
- •Заключение
- •Contents
Vocabulary list:
capital market, bond market — рыноккапитала
to deal in, to trade — торговать
assets — активы
securities — ценныебумаги
shares — акции— stocks (US)
liability commitments — долговыеобязательства
capitalexport (exportofcapital) — вывоз капитала за границу, экспорт капитала
capital surplus (surplus of capital) — избытоккапитала
costs of production — издержкипроизводства
loan capital — ссудныйкапитал
international borrowing (issues) — международныезаймы
lending — предоставлениекредитов
entrepreneur’s capital — предпринимательскийкапитал
secured loan — обеспеченныйзаем
unsecured loan — необеспеченныйзаем
interest-bearing loan (loan at interest) — заемподпроценты, процентныйзаем
interest-free loan (loan without interest) — беспроцентныйзаем
insurance — страхование
hire-purchasecompanies — компании, покупающие в рассрочку
pawnbroker— ростовщик, ссужающий деньги под залог
overdraft— овердрафт (форма краткосрочного кредита, осуществляемая списанием средств по счету клиента сверх остатка на нем)
bank advance — банковскийаванс
promissory note — долговоеобязательство, вексель
mortgage loan (loan on pawn) (loan on mortgage) — заемподзалог, ипотечныйзаем
collateral security (loan on collateral) — обеспеченныйзаем
in (by) instalments — в рассрочку
“hard core” — профилирующий, основной
portfolioinvestments — портфельные инвестиции (ценные бумаги)
Ex 1.Work with a partner and discuss these comprehension questions on Text 1.
1.What is meant by the international flow of capital?
2.Is there one or several causes of the capital export?
3.Is the capital export a foreign trade expansion of the developed countries to the developing countries?
4.Can relative capital surplus in the national market serve as one of the causes of the capital export?
5.Can we consider capital migration as a strive for getting a free access to the sources of raw materials abroad and approaching the consumers?
6.Can we regard the difference of costs of production in different nations as the cause of capital migration?
7.Are there any differences as to the character of the exported capital?
8.In what way is the export of loan capital realized?
9.Is the term for accommodating loans of any significance?
10.What kinds of loans do we distinguish according to their terms?
11.What is implied by the term “loan”? What is a bank loan?
12.What kind of lending operations do the commercial banks perform in Europe?
13.Is it true that until about twenty-five years ago the bulk of bank advances were in the form of overdrafts (which are repayable on demand)?
14.What is the current practice of lending by the European commercial banks?
15.What do you known about the forms of export of entrepreneur’s capital?
16.What kinds of investments depending upon the verification of entrepreneur’s capital do you know?
17.What is the principle difference between loan capital and entrepreneur’s capital?
18.Do we distinguish export of capital in accordance with the form of ownership?
Ex 2.Find the English equivalents in Text 1.
вывоз (экспорт) капитала за рубеж
коммерческиебанки, корпорации, специализированныеучреждения
избытоккапиталананациональномрынке
различие издержек производства в разных странах
свободныйдоступ к источникамсырья
мировойуровеньпрямыхиностранныхинвестиций
кредиторы и заемщики
заем обеспеченный/необеспеченный
банковские авансы
привлекать долгосрочные депозиты (вклады)
вывоз предпринимательского капитала
строительство зарубежных предприятий (филиалов)
прямые и портфельные инвестиции
инвестор получает процент при выдаче ссуды
государственный (национальный) вывоз капитала
частный экспорт капитала в виде ссуд
Ex 3. Explain in English the meanings of the following words and expressions.
relative, absolute capital surplus
foreign trade expansion
the difference in costs of production
loan capital
entrepreneur’s capital
interest-profit
Ex 4. Check the comprehension of the text choosing the answer which, you think, is correct.
At the beginning of the 1990s the world surplus of capital was estimated at 180—200 billion dollars. What are the participants of the world capital market?
International charity organizations, the International Red Cross, ecological organizations.
Commercial banks, corporations, specialized institutions.
Intermediate firms, auditing firms, investment advisory firms.
What is the main purpose of the capital export?
Receiving an entrepreneur’s profit or an interest.
Charity and humanistic purposes.
Protection of the environment.
The capital export by the pattern of using it may be characterized as:
Lending loans and credits to private owners for purchasing real (immovable) estate — houses, country houses, etc.
Lending loans for entertainment and the environment recovery.
Loan capital, entrepreneur’s capital, international borrowing (issues), bank deposits.