Revision Units 12-13

Exercise1. In each set of words, one word is odd. What is this word?

1. buy purchase get take

2. ancient old classical immemorial

3. gather collect obtain assemble

4. location post position place

5. free unrestricted unoccupied unlimited

6. influence effect affect act upon

7. prevail dominate rule obey

8. competition contrast rivalry emulation

9. perfect ideal clear flawless

10. accept anticipate consent agree

Exercise 2. Which terms in the box are defined in sentences below?

market free market competitive

perfect market monopoly legal monopoly

commodity market natural monopoly state monopoly

1. A capitalist economic system where prices are allowed to fluctuate solely according to supply and demand.

2. Organized traders' exchange in which standardized, graded products are bought and sold.

3. A market in which rival sellers are trying to gain extra business at one another's expense and thus are forced both to be as efficient as possible and to hold their prices down as much as possible.

4. A company which the government has granted exclusive rights to offer a particular service in a specific region. In return, the company agrees to have its policies and prices regulated.

5. Economic situation in which only a single seller or producer supplies a commodity or a service.

6. An industry where the fixed cost of the capital goods is so high that it is not profitable for a second firm to enter and compete.

7. Economic situation when there is large number of buyers and sellers who are free to enter and exit the market and have complete information on the prices being asked and offered in other parts of the market.

8. A government agency is the sole provider of a particular good or service and competition is prohibited by law.

9. The opportunity to buy and sell goods and services.

Exercise 3. Synonyms

Match each verb in column A with a verb in column B that has similar meanings.

A B

1. gather a. function

2. buy b. be based

3. wish c. consider

4. contact d. come together

5. create e. differentiate

6. distinguish f. scrutinize

7. operate g. get in touch

8. examine h. establish

9. regard i. loan

10. require j. consent

11. receive k. get

12. lend l. want

13. rest upon m. purchase

14. agree n. need

Exercise 4. Are you good with money?

a. Fill in the gaps with the correct preposition from the box.

for on in with by for

How to be good with money.

1. Don’t spend money _____ things you don’t need.

2. Don’t invest _____ risky stocks and shares.

3. Don’t pay _____ everything by credit card.

4. Save money _____ shopping in hypermarkets.

5. Shop around _____ low prices.

6. Be careful _____ your money. Find the lowest prices!

Add at least 3 suggestions of your own.

b. Fill in the table using the words from the box.

launder credit card invest stocks and shares

earn borrow counterfeit lend

change make coin save

exchange note currency raise

donate token bill spend

Forms of money credit card

MONEY

What we can do with money launder

c. Complete some of the questions with the words from the table.

1. Pay all your credit card b_____ immediately.

2. I_____ over 30% in a pension.

3. Give or l_____ money to friends and family.

4. S_____ over 50% of the money in a bank.

5. Buy s_____ and sh_____ of Microsoft.

6. E_____ dollars for euros.

7. S_____ a lot of money on a Mazzeratty.

8. Buy ancient c_____.

9. S_____ all the money on design clothes and jewellery.

10. D_____ 50% to a charity working in Africa.

11. Travel around the world for three months.

You win $1.000.000 in the lottery. How do you plan to spend money? Choose three of the above.

d. Read the information below to find out if you are good or bad with money.

• If you choose 1, 2, 4, 5, 6, 8 you are a person who is very careful with money.

• If you choose 7, 9 and 11 you are probably not good with money and may like to spend too much too quickly! Perhaps you need to be more careful/

• If you choose 3 and 10 you are probably a very generous person.

• Most people probably choose a balance of the above – to spend a little, save a little and give a little. In our opinion, balance is the most sensible option!

Exercise 5. Crossword: Money Matters.

Read the given definitions and fill in the crossword puzzle.

Across

4. money paid to workers by the hour or week

6. money returned to you after you pay too much

7. money paid as charges on the money you borrow

9. money paid for professional services

Down

1. money paid to workers for a month's or year's work

2. money paid to older people who no longer work

3. money paid for the place to live

5. money paid for a trip by bus, train or plane

6. money in coins and bills, not credit cards

8. money paid to the government

Exercise 6. Collocations

a) Match each verb on the left with a noun on the right to form common partnerships. Use each word once only.

take work

contact place

accept credit

provide a wage

offer activities

corner the capital

restrict money

undertake people

receive the price

issue the market

b) Use some of the word combinations in suitable form to complete the following sentences.

1. Organisations that _____ _____ are merchant banks, investment banks and special institutions.

2. When a company _____ _____ it purchases a security or a commodity in such volume as to achieve control over its price. It’s an illegal practice.

3. Bank Indonesia Governor Burhanuddin Abdullah said that bankers should start _____ long term _____ to the country's shipbuilding and shipping companies as the monetary sector has regained its stability.

4. The Fair Trade Law _____ _____ of enterprises, such as an act by an enterprise that enters into a contract, agreement, or other forms of mutual understanding with other enterprises with whom it competes to jointly determine the prices of goods or services.

5. The Constitutional Convention of 1787 took away from the states the power to _____ _____, thus protecting creditors from inflation caused by paper currency.

Exercise 7. Change verbs in each sentence to their antonyms from the box in the suitable form to make the sentence logically correct.

adequate buy dislike interested in

build up fluctuate lend to combine

1. Acts of trust destroy the system of which bankers, depositors and borrowers are part.

2. The bank borrows the deposited money from customers who need capital.

3. Coins are unsuitable for small transactions.

4. Many governments are pleased when companies try to 'corner the market'.

5. Capital, labour and enterprise separate to make a new business successful.

6. Economists are not concerned with measuring the services which people render to each other.

7. Demanders enter the market ii order to sell goods or services.

8. In a free market, prices are stable.

Exercise 8. Answer the following questions. The first letters of each answer will make up the name of a financial term.

1. What is desire and ability to buy shown by consumers called?

2. Who obtains net profits after paying all expenses arising out of their business activities?

3. What term describes the value of money as measured by the quantity and quality of products and services it can buy?

4. What do we call a market that is freely accessible to all investors or consumers?

5. What do we call quantities of goods and services that sellers are willing to offer at various prices at a given time and place?

6. What is an undesirable situation in economy when there is a decline in the value of money, in relation to the goods and services it will buy?

7. What do we call any agreement between a vendor and a consumer for provision of a good or service?

1	2	3	4	5	6	7

Exercise 9. Phrasal Verbs

A phrasal verb consists of a verb and a preposition or adverb that modifies or changes the meaning; 'give up' is a phrasal verb that means 'stop doing' something, which is very different from 'give'.

Study the phrasal words given below and complete the sentences which follow. Use each phrasal verb once only.

use to put into service or apply for a purpose

use up to consume completely

used to a habitual way of behaving in the past

serve to be in the service

serve as to act as; to take the place of

serve out to deal or distribute

serve up to bring to table

serve with supply

take to get into one's possession

take after to resemble (eg a parent) in appearance or characteristics

take apart to separate into component parts;

take away to subtract; to carry somewhere else, remove

take back to retract, withdraw; to return to an original position

take for to consider mistakenly

take off to remove, detach

take on to undertake or begin to handle

take out to remove from within; to extract

take over to assume control, management, or responsibility

take up to lift, to raise or collect

1. Soup should be _____ __ very hot.

2. After company downsizing, he had to _____ __ extra responsibilities.

3. We _____ __ all our money to buy a new cottage.

4. Shop assistant _____ __ the items which I decided not to buy.

5. Dover _____ ___ as a key to Britain.

6. As his father died, Mark _____ __ the family business.

7. This _____ __ be the best market in town.

8. The lift _____ us __.

9. Mrs. Brown _____ ___ her father in her attitude to business.

10. Don't _____ silence __ approval.

11. No application forms have not been _____ __ yet.

12. We have to _____ __ the whole engine to find the failure.

13. I watched as he was _____ the bonds ___ of his attaché case.

14. The customer was _____ ___ all necessary goods.

15. After the meeting, Mr. Brown was _____ __ to the hotel.

Exercise 10. Complete the text using the words from the box in the necessary form.

objective reserves member system information

institution price policy operation role