Choose the word or word combination to match the definition. 1. An accountant who has passed examinations required by the state licensing officials. A) government accountant b) private accountant c)
1. An accountant who has passed examinations required by the state licensing officials.
| a) government accountant | b) private accountant |
| c) certified public accountant |
2. A plan of expected income and expenditure for a particular period of time.
| a) budget | b) business plan | c) forecast |
3. The total of separate budgets from different departments within a company.
| a) budget account | b) master budget | c) bargain |
4. The people who control a company.
| a) associates | b) assistants | c) management |
5. The period used by companies and governments for accounting and tax purposes.
| a) control device | b) fiscal year | c) accounting period |
6. A detailed inspection of the accounts of an organization by a professionally trained person.
| a) analysis | b) evaluation | c) audit |
7. A report showing profit and loss for a business or institution.
| a) creative accounting | b) financial statement |
| c) standard operating procedure |
8. The books, files or computer records where a company's accounts are kept.
| a) books | b) box files | c) recorded delivery |
9. An audit carried out by a person not employed by the company.
| a) interim audit | b) internal audit | c) external audit |
10. An aim or target.
| a) observation | b) objective | c) obligation |
11. A statement about what one thinks will happen in the future.
| a) forger | b) forfeit | c) forecast |
12. The amount of work to be done.
| a) work permit | b) work load | c) work release |
13. A specialized branch of accounting that deals with government agencies.
| a) creative accounting | b) governmental accounting |
| c) current cost accounting |
14. The recording of all money received into and paid out of a company in a book or on a computer file.
| a) bookkeeping | b) auditing | c) accounting |
15. Dismissing a worker for a period of time.
| a) mployment | b) e lay-off | c) sack |
16. The person appointed by the court to close a company and dispose of its assets.
| a) employer | b) creditor | c) liquidator |
17. A person or an organization that you owe money to.
| a) receiver | b) creditor | c) administrator |
18. To be unable to pay your debts.
| a) instalment | b) inefficient | c) insolvent |
19. To become bankrupt.
| a) go too far | b) go bust | c) rescue |
20. A reduction in the amount or quality of something.
| a) decline | b) growth | c) prosperity |
Unit VI money and banking
Lesson 1
Text: Money and its Functions
Grammar: Progress Test IV (Modal Verbs)
Terms to remember:
| crime | ™ | злочин; злодіяння |
| whale | ™ | кит |
| beads | ™ | намисто; буси |
| coin | ™ | монета |
| paper bills | ™ | паперові банкноти |
| value | ™ | ціна, вартість; цінність |
| trust (v) | ™ | довіряти |
| medium of exchange | ™ | засіб обміну |
| measure of value | ™ | мірило вартості |
| yardstick | ™ | мірило; мірка; критерій |
| bookkeeping | ™ | бухгалтерія; рахівництво |
| store of value | ™ | засіб заощадження |
| retain (v) | ™ | зберігати; утримувати |
| accumulate (v) | ™ | накопичувати |
Money and its Functions
In songs and popular language “money” stands for many things. It’s a symbol of success, it’s a source of crime, and it makes the world go round.
Along with the Market, Manpower and Material, Money is the last of the big M's that make business function. It is in the centre of any business activity.
Money is anything used by a society to purchase goods, services or resources. Different groups of people have used all sorts of objects as money – whale’s teeth, stones, beads, gold and silver, for example. Today, the most commonly used objects are metal coins, paper bills,checks and plastic money.
For money to have value, it must perform certain functions, it must be easy to use, and it must be trusted.
Money has three main functions in any society:
Serves as a Medium of Exchange. Money, the medium of exchange, is used in one half of almost all exchange. Workers exchange labour services for money. People buy and sell goods in exchange for money.
Serves as a Measure of Value. Money serves as a measure of value because the prices of all products and resources are stated in terms of money. Money is used as a yardstick for all bookkeeping, budgeting and management.
Represents a Store of Value. Money is a store of value because it may be held and spent later. It is a means for retaining and accumulating wealth.
Exercises in Word Study
Ex.1. Form adjectives from the following nouns:
symbol, success, crime, money, difference, value, product, wealth.