Find the words or phrases in the text which are similar in meaning to the definitions below.

1. great in buying and selling, usually of shares ______________.

2. land and buildings ______________.

3. flowed quickly ______________.

4. copied ______________.

5. ended suddenly ______________.

6. offered to a lender when you borrow money ______________.

7. unable to pay their debts ______________.

Translate the text.

TEXT 27

Read the text and do the tasks below.

THE WALL STREET CRASH

The stock market crash in the United States in 1929 was huge and it led to a severe and lasting economic crisis in the world. Many bankers and industrialists lost their money and reputations. Some went to prison and others committed suicide.

Share prices on the New York stock exchange had begun rising in 1924, and in 1928 and 1929 they rocketed to unbelievable levels. In spring 1929 there was a break in the rising prices when the Federal Reserve Bank said it might raise interest rates to slow down the boom. However, a major bank, the National City Bank, assured investors that it would continue to lend money to them at affordable rates.

Soon the market took off again. People could buy stock for 10% of its value and borrow the remaining 90%. The lending rate varied from 7% to 12%. Almost everyone was optimistic. One economist, at the peak of the boom, said that people generally agreed ‘stocks are not at present overvalued’.

It all ended on 21 October, 1929. The market opened badly and there was heavy selling. Confidence in themarket disappeared.There was a rumour that the big bankers were getting out of the market. Share prices fell dramatically and kept
on falling. The boom was over. But its consequences would last for years to come.

Find the worlds or phrases in the text which are similar in meaning to the definitions below.

1. a powerful business person controlling large companies ____________ .

2. went up very fast ____________ .

3. a change for a short period____________ .

4. became very active____________ .

5. highest point ____________ .

6. sold at too high a price____________ .

7. selling all of their shares____________ .

Choose the best answer.

If someone speculates:

a) they take a risk to make a quick profit.

b) they make a safe investment for long-term security.

What do the following numbers refer to? Make a sentence about each number.

1. 1929

2. 10

3. 12

4. 90

5. 21

Translate the text.

TEXT 28

Read the text and do exercises that follow.

CASH

Cash is a commonplace and simple method of payment. It's easy to use - customers don't need any special knowledge to pay in cash. It's ready for use any place any time - customers don't need any cashing facilities.

When you say that you will pay in cash, it means that you have the necessary amount of money in notes and coins.

Normally national currency of the country will be expected. Often major hard currencies will be accepted. Though it is against the law.

According to the law you will be obliged to change your money for the local currency when you travel overseas. The exchange rate will be displayed at the bank or bureau de change. The exchange rate is the value of the money of one country compared to that of another. A buying rate and a selling rate will be shown. Bear in mind that a commission will be taken by the bank or the bureau de change which is a percentage for the transaction.

In tourism and hospitality it's convenient to pay in cash when you owe small amounts. Cash is fine when you leave tips to porters and waiters, pay for taxis or buy gifts.

It's not convenient to pay in cash when you buy wholesale or purchase expensive goods or services. When a customer purchases a tour package at a travel agency he will be generally expected to pay by credit card.

Travellers are not recommended to have a lot of cash on them. It's not safe to carry money in cash when you travel as travellers are more often pickpocketed than residents of the country. There are lots of police records in every country when money was lost or stolen from foreigners.

Answer the questions.

1. What is understood by cash?

2. In what way is cash easy to use?

3. Why will travellers be obliged to change their money for local currency of the country they visit?

4. Where are travellers expected to change money?

5. What is the rate of exchange?

6. Why will a commission be taken when you change money?

7. When is it convenient and when is it not to pay in cash?

8. Why is it not recommended to carry a lot of money in cash?

True or false?

1. People always pay in their national currency when they travel overseas.

2. You don’t have to change your money for the local currency.

3. Banks take a commission for the transaction.

4. Travellers are recommended to have a lot of cash on them.

5. It’s quite safe to have a lot of money on you when you travel.

Translate the text.

TEXT 29

Read the text and do exercises that follow.

TRAVELLER’S CHEQUES

A traveller's cheque is a bank draft for personal use of the purchaser. It is signed by the purchaser at the time of purchase from the national bank.

Traveller's cheques are issued in major hard currencies in fixed-amount notes, e.g. a 20 US dollar note.

They also bear the name of the issuing company, e.g. Thomas Cook Traveller's Cheques.

A 1 per cent commission will be charged by the bank on sales of traveller's cheques.

Traveller's cheques are cheques which you can change for foreign local cash money at an overseas bank when you travel abroad. A commission of 1 or 2 per cent will be charged on traveller's cheques by the bank for the transaction.

Traveller's cheques are very convenient as a method of payment in tourism. They are used to pay bills in hotels, restaurants and shops.

They don't have any expiry date. Once they are bought, they are valid for an unlimited period of time. You can take them along any time you travel overseas.

With traveller's cheques you don't have to carry large amounts of cash. Traveller's cheques are very safe to carry. When the buyer signs them at the moment of buying, it means they will be protected from forgery, because he will have to countersign them in front of the staff member who will compare the two signatures before accepting them.

If they are lost or stolen, they will not be used by another person as long as they bear the signature of the buyer but nocountersignature.

When traveller's cheques are cashed, the customer will be asked to produce his or her passport for identification. Besides, all traveller's cheques are numbered and a special record or sales advice will be given to the buyer with all the traveller's cheques numbers. The buyer will be recommended not to keep the cheques and the sales advice together in one place and not to countersign them in advance. In case the cheques are lost, their numbers and amounts will be preserved. Thus, they will be refunded or replaced by the issuing company.

As travellers cheques come in different denominations, you can change both small and large amounts according to your needs.

1. Answer the question.

1. What is a traveller's cheque?

2. What kind of denominations do traveller's cheques come in? What do they bear on the front?

3. How are traveller's cheques used for payments?

4. What will commissions be charged on if you decide to use traveller's cheques?

5. In what way are traveller's cheques convenient to use?

6. What is the advantage of no expiry date on traveller's cheques?

7. Why are traveller's cheques very safe to carry? What measures are taken to protect them from forgery?

8. What willthe buyer of traveller's cheques be recommended to do and why?