B) meet their liabilities

ВАРИАНТ № 1

I. Выберите правильный ответ, обращая внимание на видовременную форму и залог сказуемого, и переведите предложения на русский язык.

1.1. Bank-notes first … into use in Britain during the 17^th century.

a) have come

b) came

c) come

1.2. Raw materials and agricultural products … usually … in open markets,

where the influence of cost on supply is much less pronounced.

a) will … be sold

b) is … sold

c) are … sold

1.3. When the company joined the New York stock market, it … already … on

the London market for 5 years.

a) has … been

b) had … been

c) is … being

1.4. The bankers were informed that the interest on the loan … by Mr. Black a

few days ago.

a) was paid

b) is paid

c) will be paid

1.5. Benefits that the government … now among all should be given to the needy.

a) was distributing

b) will be distributing

c) is distributing

II. Выберите правильный ответ, обращая внимание на модальные глаголы и их эквиваленты. Переведите предложения на русский язык.

2.1. Next year our company … launch a sales campaign in Japan.

a) was able to

b) has to

c) will be able to

2.2. The company … waste any more time on this project.

a) shouldn’t

b) couldn’t to

c) haven’t to

2.3. You … pay all the invoices not later than 30 days from the date of issue.

a) may

b) are to

c) has to

2.4. As the firm didn’t trust the partner it … sign a contract with them.

a) weren’t allowed to

b) cannot

c) wasn’t able to

2.5. We can solve this problem at our next meeting. It isn’t urgent; we …

discuss it today.

a) needn’t

b) mustn’t

c) shouldn’t

 

III. Выпишите предложения, в которых причастие II является определением, и переведите их на русский язык.

3.1. The price is determined by the interaction of demand and supply.

3.2. Exports are goods and services sold to other countries.

3.3.Increased by inflation, prices of goods resulted in decrease of demand quantities.

3.4. In many countries economic development has led to periods of rapid population

growth.

3.5. The examining of the quality of consumer goods offered at a particular market is

of special interest to consumer groups.

 

IV. Прочитайте и устно переведите текст, затем выполните тест по тексту:

 

Introduction to Banking and Financial Markets

A commercial bank borrows money from the public, crediting them with a deposit. The deposit is a liability of the bank. It is the money owed to depos­itors. In turn the bank lends money to firms, households, or governments wishing to borrow.

Commercial banks are financial intermediaries with a government license to make loans and issue deposits, including deposits against which cheques can be written¹.

Major important banks in most countries are included in the clearing sys­tem in which debts between banks are settled by adding up all the transac­tions in a given period and paying only the net amounts needed to balance inter-bank accounts².

The balance sheet of a bank includes assets and liabilities. We begin by discussing the asset side of the balance sheet. Cash assets are notes and coins kept in their vaults and deposited with the Central Bank. The balance sheet also shows money lent out or used to pur­chase short-term interest-earning assets such as loans and bills. Bills are fi­nancial assets to be repurchased by the original borrower within a year or less. Loans refer to lending to households and firms and are to be repaid by a cer­tain date. Loans appear to be the major share of bank lending. Securities show bank purchases of interest-bearing long-term financial assets. These can be government bonds or industrial shares. Since these assets are traded daily on the Stock Exchange, these securities seem to be easy to cash whenever the bank wishes, though their price fluctuates from day to day.

We now examine the liability side of the balance sheet which includes, mainly, deposits. The two most important kinds of deposits are sure to be sight deposits and time deposits. Sight deposits can be withdrawn on sight³ whenever the depositor wishes. These are the accounts against which we write cheques, thus withdrawing money without giving the bank any warning. Therefore, most banks do not pay interest on sight deposits, or chequing accounts.

Before time deposits can be withdrawn, a minimum period of notification must be given within which banks can sell off some of their high-interest se­curities or call in some of their high-interest loans in order to have the money to pay out depositors. Therefore, banks usually pay interest on time deposits. Apart from deposits banks usually have some other liabilities as, for instance, deposits in foreign currency, cheques in the process of clearance and others.

1.to write cheques against the account — выписывать чеки против счета

2.to balance an account — уравнять, погасить счет; сбалансировать статьи
расходов

3.on sight — по предъявлении (без предварительного уведомления)

ТЕСТ ПО ТЕКСТУ

Выберите правильный ответ и переведите предложения на русский язык.

4.1. Banks borrow money from the public in order to … .

a) invest in a business

b) meet their liabilities

c) lend money to firms, households

4.2.The clearing system enables banks … .

a) to purchase interest-bearing securities

b) to settle debts between banks

c) to cover cash deficit

4.3. Bills are fi­nancial assets to be repurchased by … .

a) the borrower within a year or less

b) a creditor within a year and a half

c) insurance company within a year

4.4.Securities are traded daily on the Stock Exchange and …

a) their price is stable

b) their price fluctuates considerably

c) their price fluctuates in the afternoon

4.5. To withdraw a time deposit one must give the bank a period of notification … a) within which banks can buy some high-interest se­curities

b) within which banks can get money from government reserve

c) within which banks can sell off some of their se­curities or call in

some loans

 

TAXATION

Everyone knows that taxation is necessary in a modern state: Without it, it would not be possible to pay the soldiers and policemen who protect us, nor the workers in govern­ment offices who look after our health, our food, our water, and all the other things that we cannot do for ourselves, nor also the ministers and members of parliament who gov­ern the country for us. By means of taxation we pay for things that we need just as much as we need somewhere to live and something to eat.

But though everyone knows that taxation is necessary, different people have different ideas about how taxation should be arranged. Should each person have to pay a cer­tain amount of money to the government each year? Or should there be a tax on things that people buy and sell? If the first kind of taxation is used, should everyone pay the same tax, whether he is rich or poor? If the second kind of taxation is preferred, should everything be taxed equally?

In most countries, a direct tax on persons, which is called income tax, exists. It is arranged in such a way, that the poorest people pay nothing, and the percentage of tax grows greater as the taxpayer's income grows.

But countries with direct taxation nearly always have indirect taxation, too. Many things imported into the coun­try have to pay taxes or "duties". Of course, it is the men and women who buy these imported things in the shops who really have to pay the duties, in the form of higher prices. In some countries, too, there is a tax on things sold in the shops. If the most necessary things are taxed, a lot of money is collected, but the poor people suffer most. If un­necessary things like jewels and fur coats are taxed, less money is obtained, but the tax is fairer, as the rich pay it.

Probably this last kind of indirect tax, together with a direct tax on incomes which is low for the poor and high for the rich, is the best arrangement.