Basic ecomonic terminology: Учебно-методические рекомендации по курсу экономической терминологии на английском языке. Часть 2

ÌÈÍÈÑÒÅÐÑÒÂÎ ÎÁÐÀÇÎÂÀÍÈß ÐÎÑÑÈÉÑÊÎÉ ÔÅÄÅÐÀÖÈÈ ÂÎËÃÎÃÐÀÄÑÊÈÉ ÃÎÑÓÄÀÐÑÒÂÅÍÍÛÉ ÓÍÈÂÅÐÑÈÒÅÒ Êàôåäðà ìèðîâîé ýêîíîìèêè è ìåæäóíàðîäíûõ ýêîíîìè÷åñêèõ îòíîøåíèé

Ý.Â. Èñêðåíêî, Î.Â. Ãàéêîâà, Â.È. Òîðãàøîâ

BASIC ECONOMIC TERMINOLOGY Ó÷åáíî-ìåòîäè÷åñêèå ðåêîìåíäàöèè ïî êóðñó ýêîíîìè÷åñêîé òåðìèíîëîãèè íà àíãëèéñêîì ÿçûêå  2 ÷àñòÿõ ×àñòü 2

Âîëãîãðàä 2003

Ðåöåíçåíò êàíä. ôèëîë. íàóê, äîö. Í.À. Ñûòèíà (ÂîëÃÓ)

Ïå÷àòàåòñÿ ïî ðåøåíèþ ðåäàêöèîííî-èçäàòåëüñêîãî ñîâåòà Âîëãîãðàäñêîãî ãîñóäàðñòâåííîãî óíèâåðñèòåòà Ý.Â. Èñêðåíêî, Î.Â. Ãàéêîâà, Â.È. Òîðãàøîâ Basic ecomonic terminology: Ó÷åáíî-ìåòîäè÷åñêèå ðåêîìåíäàöèè ïî êóðñó ýêîíîìè÷åñêîé òåðìèíîëîãèè íà àíãëèéñêîì ÿçûêå:  2 ÷. — ×. 2. — Âîëãîãðàä: Èçä-âî ÂîëÃÓ, 2003. — 52 ñ.

Äàííûå ó÷åáíî-ìåòîäè÷åñêèå ðåêîìåíäàöèè ðàçðàáîòàíû â ðàìêàõ ëåêöèîííîãî êóðñà ïî ýêîíîìè÷åñêîé òåðìèíîëîãèè íà àíãëèéñêîì ÿçûêå. Ðàáîòà âêëþ÷àåò â ñåáÿ 11 ðàçäåëîâ, ñîäåðæàùèõ áàçîâóþ ýêîíîìè÷åñêóþ òåðìèíîëîãèþ è äîïîëíåííûõ óïðàæíåíèÿìè, öåëü êîòîðûõ — ïðîâåðèòü óñâîåíèå ñòóäåíòàìè òåðìèíîëîãè÷åñêîãî ìèíèìóìà. Ïðåäíàçíà÷åíû äëÿ ñòóäåíòîâ ïåðâîãî êóðñà ýêîíîìè÷åñêèõ ôàêóëüòåòîâ î÷íîé è çàî÷íîé ôîðì îáó÷åíèÿ.

© Ý.Â. Èñêðåíêî, Î.Â. Ãàéêîâà, Â.È. Òîðãàøîâ, 2003 © Èçäàòåëüñòâî Âîëãîãðàäñêîãî ãîñóäàðñòâåííîãî óíèâåðñèòåòà, 2003

ÑÎÄÅÐÆÀÍÈÅ ÏÐÅÄÈÑËÎÂÈÅ .................................................................................... 4 ÒÅÌÀ ¹ 1. MONETARY SYSTEM ......................................................... 5 ÒÅÌÀ ¹ 2. DEPOSITORY FINANCIAL INSTITUTIONS ................... 8 ÒÅÌÀ ¹ 3. SERVICES OF DEPOSITORY FINANCIAL INSTITUTIONS .......................................... 12 ÒÅÌÀ ¹ 4. NON-DEPOSITORY FINANCIAL INSTITUTIONS ...... 18 ÒÅÌÀ ¹ 5. BANKING SYSTEM ........................................................ 20 ÒÅÌÀ ¹ 6. BUDGET AND FISCAL POLICY ..................................... 24 ÒÅÌÀ ¹ 7. INVESTMENT AND SECURITIES ................................... 26 ÒÅÌÀ ¹ 8. COST OF PRODUCTION .................................................. 35 ÒÅÌÀ ¹ 9. ASSETS AND LIABILITIES .............................................. 38 ÒÅÌÀ ¹ 10. ACCOUNTING ................................................................ 41 ÒÅÌÀ ¹ 11. INCOME STATEMENT ................................................... 45 ÑÏÈÑÎÊ ËÈÒÅÐÀÒÓÐÛ .................................................................... 50

ÏÐÅÄÈÑËÎÂÈÅ Íàñòîÿùèå ó÷åáíî-ìåòîäè÷åñêèå ðåêîìåíäàöèè ðàçðàáîòàíû â ðàìêàõ ëåêöèîííîãî êóðñà ïî ýêîíîìè÷åñêîé òåðìèíîëîãèè íà àíãëèéñêîì ÿçûêå. Îíè ïðåäíàçíà÷åíû äëÿ ñòóäåíòîâ 1 êóðñà ýêîíîìè÷åñêîãî ôàêóëüòåòà ñïåöèàëüíîñòåé «Ôèíàíñû è êðåäèò», «Áóõãàëòåðñêèé ó÷åò», «Ýêîíîìè÷åñêàÿ òåîðèÿ». Öåëü íàñòîÿùèõ ó÷åáíî-ìåòîäè÷åñêèõ ðåêîìåíäàöèé — äàòü áàçèñíóþ ýêîíîìè÷åñêóþ òåðìèíîëîãèþ íà àíãëèéñêîì ÿçûêå, ïðåäñòàâëåííóþ â ðàìêàõ îñíîâíûõ ðàçäåëîâ ëåêöèîííîãî êóðñà ïî ýêîíîìè÷åñêîé òåîðèè. Äàííûå ðåêîìåíäàöèè ñîñòîÿò èç äâóõ ÷àñòåé.  ïåðâîé ÷àñòè ïðåäñòàâëåíû òàêèå òåìû, êàê «Êîíêóðåíöèÿ», «Ñïðîñ è ïðåäëîæåíèå», «Èíôëÿöèÿ» è äð. Âî âòîðóþ ÷àñòü âîøëè òåìû: «Äåíüãè», «Áàíêîâñêîå äåëî è áàíêîâñêàÿ ñèñòåìà», «Ôèíàíñîâûå ó÷ðåæäåíèÿ», «Ðûíêè öåííûõ áóìàã», «Áóõãàëòåðñêèé ó÷åò» è ìíîãèå äðóãèå. Íàñòîÿùèå ó÷åáíî-ìåòîäè÷åñêèå ðåêîìåíäàöèè ìîãóò áûòü èñïîëüçîâàíû ïðè ðàáîòå ñî ñòóäåíòàìè çàî÷íîé ôîðìû îáó÷åíèÿ, à òàêæå âñåìè æåëàþùèìè ïîëó÷èòü áàçîâûå çíàíèÿ â ñôåðå ýêîíîìè÷åñêîé òåðìèíîëîãèè íà àíãëèéñêîì ÿçûêå.

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ÒÅÌÀ ¹ 1 MONETARY SYSTEM 1. Money — anything that is generally accepted in an economy as a medium of exchange, a unit of account, a store of purchasing power, and a standard of à deferred payment. 2. Medium of exchange — money that is a convenient means of exchanging goods and services without engaging in barter, what sellers generally accept and buyers generally use to pay for a good or service. 3. Standard of value — money is a yardstick for measuring the value of all goods and services. 4. Store of wealth — money serves as a store of wealth by retaining its purchasing power over time. 5. Commodity money — money serves as both money and a commodity. 6. Face value of money — the dollar or cents value stamped on a coin. 7. Token money — coins which have a face value greater than their intrinsic value. 8. Intrinsic value — the value in the market of the metal in a coin. 9. Paper money — pieces of paper used as a medium of exchange in the U. S. — Federal Reserve notes and Treasury currency. 10. Fiat money — money that is decreed as such by the government. It is of little value as a commodity, but it maintains its value as a medium of exchange because people have faith that the issuer will stand behind the pieces of printed paper and limit their production. 11. Near-money — assets that are almost as liquid as currency and demand deposits. 12. M1 — currency, travelers’ checks, demand deposits (checking accounts) and other checkable deposits (including NOW accounts). 13. M2 — all of the components of M1 plus time deposits, money market mutual fund shares, and money market accounts. 14. M3 — a still more broadly defined money supply, a monetary aggregate consisting of M2 + large time deposits or deposits of $100,000 or more. –5–

15. Federal Reserve notes — paper money issued by and the debts of the Federal Reserve bank. 16. Bank notes — were pieces of paper promising to pay a specific amount of money to the bearer in gold. 17. Currency — the coins and paper that make up the cash in a society. 18. Currency exchange — buying or selling foreign currencies. 19. Rate of exchange — the price at which a particular currency sells in terms of other currencies. 20. Hard currency — any national currency widely accepted in payment in international markets. 21. Currency depreciation (devaluation) — the reduction of the value of a nation’s currency relative to the currencies of other countries. 22. Currency appreciation — a rise in the price of one currency relative to another. 23. Currency basket — a set of national currencies which is used for determining an exchange rate of the national and international currency. 24. Currency intervention — purposeful sale out/purchase operations of foreign currency for limiting the dynamics of national currency exchange rate by definite bounds of its rise or fall. 25. Gold standard — an agreement by countries to fix the price of their currencies in terms of gold. 26. Purchasing power — the value of money; describes the quantity and quality of goods and services one can buy with the money. 27. Money supply — the narrowly defined money supply (M1) consists of coins, paper currency, plus all demand or checking deposits; the broadly defined supply (M2) includes all items in M1 plus certain liquid assets or near-moneys — savings deposits, money market funds and the like. 28. International Monetary Fund (IMF) — an international bank that makes short-term loans to countries experiencing balanceof-payment deficits Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) ñðåäñòâî ñáåðåæåíèÿ; 2) ñðåäñòâî îáìåíà; 3) äåíåæíûé çíàê; 4) íîìèíàëüíàÿ ñòîèìîñòü äåíåã; 5) äåéñòâèòåëü–6–

íàÿ ñòîèìîñòü; 6) áàíêíîòà; 7) áóìàæíûå äåíüãè; 8) âàëþòà (äåíåæíîå îáðàùåíèå); 9) êóðñ èíîñòðàííîé âàëþòû; 10) ñâîáîäíîêîíâåðòèðóåìàÿ âàëþòà; 11) äåâàëüâàöèÿ; 12) ðåâàëüâàöèÿ âàëþòû; 13) ïîêóïàòåëüíàÿ ñïîñîáíîñòü; 14) äåíåæíàÿ ìàññà. Çàäàíèå ¹ 2. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. Anything that people generally accept as payment for goods and services. 2. A means of payment whose value or purchasing power greatly exceeds its cost of production. 3. Goods with industrial or consumption uses which also serve as a medium of exchange. 4. Banknotes and coins issued by the federal government. 5. The function of money to be accepted as payment for products, services, and resources. Çàäàíèå ¹ 3. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: rate services money

exchange property prices

a store of wealth economy employment

The quantity of _____ in an economy is central to determining the state of that _____: — it affects the level of _____, the _____ of economic growth and the level of _____. It is a medium of _____ that people will accept for their goods or _____ and a unit of account for prices or debts. In addition, it can be used like _____ or precious metals — as _____ _____that people can save for future purchases.

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ÒÅÌÀ ¹ 2 DEPOSITORY FINANCIAL INSTITUTIONS 1. Financial institution — an institution whose role is to provide for the creation, use, and flow of money. 2. Commercial bank — a privately owned, profit-seeking depository financial institution that serves its customers by accepting deposits that can be withdrawn on demand, by accepting savings deposits, and by making loans. 3. Depository institution — a financial institution that is authorized to accept deposits that are withdrawable by check. 4. Savings and loan association (S&L) — a depository institution that accepts deposits from the general public and lends funds mainly for mortgages on homes and other real estate. 5. Savings bank — a depository institution that accepts deposits mostly from small savers, pays them interest and invests the funds mainly in real estate mortgages and government securities. 6. Credit union — an association of persons who are employed at the same firm or are members of the same labor union which sells shares to (accepts deposits from) its members and makes loans to them. 7. Mutual savings banks — depository financial institutions that are owned by their depositors and that, like S&Ls, use their savings deposits mainly to make housing loans. 8. Thrift institutions — financial institutions that make longterm loans primarily to households. 9. Commercial finance company — a financial institution that makes loans to firms using accounts, receivables, inventories, or equi pment as collateral. 10. Sales financial company — a financial institution that specializes in financing installment purchases by consumers and firms. 11. Consumer (or personal) finance company — a financial institution that makes personal loans to consumers but not to businesses. 12. Financial services company — a financial institution that offers a range of services that once could be had only by going to several financial institutions. –8–

13. Finance company — a firm that does not take deposits but does lend money to individuals and/or businesses at rates higher than those demanded by banks. 14. Trust services — the management of an individual’s investments, payments, and/or estate by a department of a commercial bank in return for a fee. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) êîììåð÷åñêèé áàíê; 2) ôèíàíñîâîå ó÷ðåæäåíèå; 3) êîìïàíèÿ ôèíàíñîâûõ óñëóã; 4) ñáåðåãàòåëüíîå ó÷ðåæäåíèå; 5) âçàèìíî-ñáåðåãàòåëüíûé áàíê; 6) êðåäèòíûé ñîþç; 7) ñáåðåãàòåëüíûé áàíê; 8) ññóäîñáåðåãàòåëüíàÿ àññîöèàöèÿ; 9) äåïîçèòíîå ó÷ðåæäåíèå. Çàäàíèå ¹ 2. Äëÿ ðóññêîÿçû÷íûõ òåðìèíîâ â êîëîíêå À íàéäèòå ñîîòâåòñòâóþùèå èì àíãëîÿçû÷íûå îïðåäåëåíèÿ â êîëîíêå B.

A 1. Ñâîáîäíîêîíâåðòèðóåìàÿ âàëþòà. 2. Áóìàæíûå äåíüãè. 3. Äåíüãè. 4. Ôèíàíñîâîå ó÷ðåæäåíèå. 5. Äåâàëüâàöèÿ. 6. Äåíåæíûé çíàê. 7. Ññóäîñáåðåãàòåëüíàÿ àññîöèàöèÿ. 8. Êîììåð÷åñêèé áàíê. 9. Ðåâàëüâàöèÿ. 10. Êóðñ èíîñòðàííîé âàëþòû. 11. Áàíêíîòû. 12. Âàëþòà. 13. Ïîêóïàòåëüíàÿ ñïîñîáíîñòü. 14. Ñáåðåãàòåëüíûé áàíê. 15. Äåïîçèòíîå ó÷ðåæäåíèå.

B a) A rise in the price of one currency relative to another. b) It describes the quantity and quality of goods and services one can buy with the money. –9–

c) A privately owned, profit-seeking depository financial institution that serves its customers by accepting deposits that can be withdrawn on demand, by accepting savings deposits, and by making loans. d) An institution whose role is to provide for the creation, use, and flow of money. e) Buying or selling foreign currencies. f) Any national currency widely accepted in payment in international markets. g) The reduction of the value of a nation’s currency relative to the currencies of other countries. h) The coins and paper that make up the cash in a society. i) Anything that is generally accepted in an economy as a medium of exchange, a unit of account, a store of purchasing power, and a standard of deferred payment. j) Pieces of paper used as a medium of exchange. k) Coins which have a face value greater than their intrinsic value. l) Pieces of paper promising to pay a specific amount of money to the bearer in gold. m) A depository institution that accepts deposits from the general public and lends funds mainly for mortgages on homes and other real estate. n) A depository institution that accepts deposits mostly from small savers, pays them interest and invests the funds mainly in real estate mortgages and government securities. o) A financial institution that is authorized to accept deposits that are withdrawable by check. Çàäàíèå ¹ 3. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. Commercial banks and other financial institutions that obtain funds by accepting deposits from the public. 2. An association of persons who are employed at the same firm or are members of the same labor union which accepts deposits from its members and makes loans to them. 3. For-profit institutions that accept deposits in the form of checking savings accounts and use them to lend money to businesses and individuals.

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4. A company that accepts deposits and makes housing loans. 5. A depository institution that accepts deposits primarily from small individual savers and lends primarily to individuals to finance the purchases of residences. Çàäàíèå ¹ 4. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: demand seller currency to pay

to convert economy banks

foreign goods financial

The central bank and the national economy Since no modern _____ is self-contained, central _____ must give considerable attention to trading and _____ relationshi ps with other countries. If _____ are bought abroad, there is a _____ for _____ currency _____ for them. Alternatively, if goods are sold abroad, foreign currency is acquired that the _____ ordinarily wishes _____ into the home _____.

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ÒÅÌÀ ¹ 3 SERVICES OF DEPOSITORY FINANCIAL INSTITUTIONS À. Types of cards, checks and accounts 1. Debit card — a plastic card that, when used, immediately reduces the balance in the user’s bank account. 2. Credit cards — provide a temporary loan to their users by allowing them to purchase items and pay for them later. 3. Checkable deposit — any deposit in a commercial bank or thrift institution against which a check may be written; it includes demand deposits, and NOW, or ATS accounts. 4. Check — a written order for a bank or other financial institution to pay a stated sum of money to the business or person indicated on the face of the check. 5. Open check — a check payable on presentation by the holder in cash. 6. Closed (crossed) check — a check that can only be paid into the bank account of the person presenting it for payment. 7. Traveller’s checks — checks issued by large financial institutions and sold through depository institutions such as banks and credit unions. 8. Certified check — a check certified by a bank to be cashable. 9. Cashier’s check — a check of the bank written by the bank’s cashier. 10. ATS account — a deposit that can be automatically remitted to a savings account. 11. Noncheckable savings account — a savings account against which a check may not be written, a savings account which is not a NOW, or ATS. 12. Negotiable order of withdrawal (NOW) account — an interest-bearing checking account offered by commercial banks, savings banks, and savings and loan associations. 13. Money market account — an account at a financial institution that pays interest rates comparable to those paid by money market mutual funds and that permits the depositor to write a limited number of checks against the account. – 12 –

14. Money market deposit accounts — that part of the M2 money supply consisting of investments in government-insured bank funds that are invested in short-term, low-risk financial securities. 15. Demand deposits — are accounts on which depositors can write checks to obtain their deposits at any time. 16. Time deposit — money placed in a financial institution that remains there (on deposit) for a period of time while earning interest. 17. Certificate of deposit (CD) — a time deposit in a financial institution that is made for a certain period of time at a fixed rate of interest. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) áåññðî÷íûé âêëàä; 2) äåïîçèòíûé ñåðòèôèêàò; 3) ñðî÷íûé âêëàä; 4) äåïîçèòíûé ñ÷åò äåíåæíîãî ðûíêà; 5) äåáåòíàÿ êàðòà; 6) ÷åêîâûé âêëàä; 7) êðåäèòíàÿ êàðòà; 8) îòêðûòûé ÷åê; 9) äîðîæíûé ÷åê; 10) àâòîìàòè÷åñêèé ñ÷åò òðàíñôåðòíûõ óñëóã; 11) ñ÷åò ÍÀÓ. Çàäàíèå ¹ 2. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. Different forms of insured savings accounts offered by depository financial institutions. 2. Interest-bearing checking accounts offered by depository institutions. 3. It allows customers access to their accounts through electronic funds transfer systems (EFTSs) — computerized networks that transfer funds from one party to another. 4. A document stating that the bank will pay the depositor a guaranteed interest rate for money left on deposit for a specified period of time. 5. An order instructing a bank to pay a given sum to a specified person or firm. 6. Funds deposited in bank accounts that can be withdrawn at any time and against which checks can be written. Çàäàíèå ¹ 3. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: supply suppliers

money banks

middlemen

Commercial banks are at the centre of most _____ markets, as both _____ and users of funds, and – 13 – in many markets a few large

commercial banks serve also as _____. These _____ have a unique place because it is their role to furnish an important part of the money _____.

B. Banking services 1. Electronic funds transfer system (EFTS) — a means of performing financial transactions through a computer terminal or telephone hookup. 2. Automated teller machine (ATM) — a system that allows customers to effect deposits, withdrawals, and funds transfers at any time by using a specially encoded access card and an electronic device instead of human tellers. 3. Liquidity — the ease with which an asset can be exchanged for money without a significant loss of value. 4. Secured loan — a loan protected by a pledge from borrowers to forfeit to lenders something of value if the loans are not repaid. 5. Unsecured loan — a short-term loan in which the borrower is not required to put up collateral. 6. Collateral — real or personal property that a firm or individual owns and that is pledged as security for a loan. 7. Line of credit — a standing agreement between a bank and a firm in which the bank specifies the maximum amount it will make available to the borrower for a short-term unsecured loan. 8. Revolving credit agreement — a guaranteed line of credit. 9. Mortgages — long-term loans specifically for the purchase of real estate. 10. Letter of credit — a document in which the bank guarantees one party (such as a seller) that payment will be made if certain conditions are met (such as delivery of merchandise); letters of credit are common when goods are bought or sold abroad; there is a fee for providing this letter of credit. 11. Safe custody — a service offered by most commercial banks when they accept deeds, documents, jewelry and other items of property for storage in safe custody on behalf of customers. 12. Trusts — the provision of safekeeping and management of funds for individuals or institutions such as pension funds. The bank’s job is to administer the money entrusted to it wisely and for the benefit of the owner; the bank receives a fee for managing these funds. – 14 –

13. Brokerage — buying and selling stocks and bonds for their clients. 14. Consulting — giving advice to other businesses; assistance provided especially to firms involved in corporate merger takeovers. 15. Draft — an order to pay a sum of money that is written by the drawer (the person who is to receive the money). 16. Bank draft — a check drawn on a particular bank and obtained from that bank by a debtor for the payment of a debt where the creditor will not accept the debtor’s personal check or the debtor does not have a bank account. 17. Bank overdraft — enables customers to overdraw within agreed limits and at any time (to take more money out of a bank account than it contains). 18. Bill of exchange — a written order, signed by the person giving it, requiring to pay a certain sum of money to another person on demand or at a fixed time. 19. Sight draft — a bill of exchange payable at sight, i.e. payable when presented irrespective of when it was drawn. 20. Banker’s acceptance — a written promise by a bank, issued on behalf of a buyer, to pay a designated firm a certain amount by a particular date. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) ýëåêòðîííàÿ ñèñòåìà ïåðåâîäà ôîíäîâ; 2) áàíêîìàò; 3) ëèêâèäíîñòü; 4) âåêñåëü íà ïðåäúÿâèòåëÿ; 5) áàíêîâñêèé àêöåïò; 6) îáåñïå÷åííûé êðåäèò; 7) çàëîã (îáåñïå÷åíèå); 8) íåîáåñïå÷åííûé çàåì; 9) ïëàòåæíîå ïîðó÷åíèå; 10) òðàòòà, âûñòàâëåííàÿ áàíêîì íà äðóãîé áàíê; 11) ïåðåâîäíûé âåêñåëü; 12) êðåäèòíûé ëèìèò; 13) ñîãëàøåíèå î âîçîáíîâëåíèè êðåäèòà; 14) çàêëàäíàÿ; 15) àêêðåäèòèâ; 16) ìàêëåðñòâî; 17) êîíñàëòèíã. Çàäàíèå ¹ 2. Äëÿ ðóññêîÿçû÷íûõ òåðìèíîâ â êîëîíêå À íàéäèòå ñîîòâåòñòâóþùèå èì àíãëîÿçû÷íûå îïðåäåëåíèÿ â êîëîíêå B.

A 1. Êîíñàëòèíã. 2. Áàíêîâñêèé àêöåïò. 3. Ýëåêòðîííàÿ ñèñòåìà ïåðåâîäà ôîíäîâ. 4. Ëèêâèäíîñòü. – 15 –

5. Ìàêëåðñòâî. 6. Òðàòòà. 7. Ïåðåâîäíûé âåêñåëü. 8. Îáåñïå÷åííûé êðåäèò. 9. Íåîáåñïå÷åííûé çàåì. 10. Âåêñåëü íà ïðåäúÿâèòåëÿ. 11. Çàëîã. 12. Çàêëàäíàÿ.

B a) A written order, signed by the person giving it, requiring to pay a certain sum of money to another person on demand or at a fixed time. b) A bill payable when presented irrespective of when it was drawn. c) A written promise by a bank, issued on behalf of a buyer, to pay a designated firm a certain amount by a particular date. d) An order to pay a sum of money that is written by the drawer. e) A short-term loan in which the borrower is not required to put up collateral. f) A loan protected by a pledge from borrowers to forfeit to lenders something of value if the loans are not repaid. g) The ease with which an asset can be exchanged for money without a significant loss of value. h) A means of performing financial transactions through a computer terminal or telephone hookup. i) Long-term loans specifically for the purchase of real estate. j) Assistance provided especially to firms involved in corporate merger takeovers. k) Buying and selling stocks and bonds for clients. l) Real or personal property that a firm or individual owns and that is pledged as security for a loan. Çàäàíèå ¹ 3. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. A short-term loan in which the borrower is required to put up collateral. 2. Any asset that a lender has the right to seize in the event of non-payment of a loan. – 16 –

3. A written promise by a bank, issued on behalf of a buyer, to pay a designated firm a certain amount of money if specified conditions are met. 4. A loan that is approved before the money is actually needed. 5. The use of computer technology to transfer funds into, out of, within, and among financial institutions. Çàäàíèå ¹ 4. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: checks bank

account deposit

borrower loan

An increase in deposits may arise in two ways. When a _____ makes a _____, it may transfer the sum to a current _____, thus directly creating a new _____; or it may arrange a line of credit for the _____ upon which he will be permitted to draw _____, which, when deposited by third parties, likewise create new deposits.

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ÒÅÌÀ ¹ 4 NON-DEPOSITORY FINANCIAL INSTITUTIONS 1. Pension fund — money put aside under a pension plan set up by employers or labour unions to provide for the systematic payment of benefits to retired employees. 2. Life insurance company — an insurance company that in return for payment of a premium pays a cash benefit to a surviving person or firm (the beneficiary) upon the death of the insured person. 3. Money market mutual fund — a pool of funds invested in U. S. Treasury bills, commercial paper (corporations’ short-term debt instruments), or «jumbo» ($100,000 or more) CD. 4. Investment company — a financial institution that pools funds from individual investors to create a portfolio of assets that may include stocks, bonds, or money market securities. 5. Mutual funds — investments companies that pool investors’ funds to buy stocks, bonds, and other securities. 6. Insurance company — a company to which most businesses or individuals transfer the risk. Insurance companies issue policies that specify the terms and conditions under which certain risks are covered. 7. Finance companies — non-banking companies in the business of making loans to individuals, businesses, or both. 8. Money market funds — institutions that pool contributions from a large number of investors who wish to put their money into a variety of short-term securities and loans. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) èíâåñòèöèîííûé ôîíä äåíåæíîãî ðûíêà; 2) ôèíàíñîâàÿ êîìïàíèÿ; 3) ïåíñèîííûé ôîíä; 4) îáùåñòâî ïî ñòðàõîâàíèþ æèçíè; 5) èíâåñòèöèîííûé ôîíä îòêðûòîãî òèïà; 6) èíâåñòèöèîííàÿ êîìïàíèÿ; 7) ñòðàõîâàÿ êîìïàíèÿ; 8) âçàèìíûé ôîíä. Çàäàíèå ¹ 2. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. A pool of funds managed to provide retirement income for its members. – 18 –

2. A firm that does not take deposits but does lend money to individuals and/or businesses at rates higher than those demanded by banks. 3. Any company that pools the resources of many investors and uses those funds to purchase various types of securities, depending on the fund’s investment objectives. 4. Companies that pool the resources of many investors and use the funds to purchase short-term, low-risk financial securities. Çàäàíèå ¹ 3. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: loans institutions securities

funds corporate beneficiaries

mortgages premiums money

Life insurance companies and pension _____ are examples of contractual saving institutions. These _____ create assets that represent contractual relationshi ps with buyers.Under life insurance companies some of the money from _____ is loaned to individuals, firms, and nonbusiness organizations or is invested. Buyers of life insurance «save» _____ with their insurance firms. They or their _____ get the money back later. In pensions funds pension fund managers invest the funds in _____ stocks and bonds, government _____, and commercial property _____. They also make _____ to businesses.

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ÒÅÌÀ ¹ 5 BANKING SYSTEM 1. Federal Reserve System (Fed) — the central bank and monetary authority of the U. S., created by the Federal Reserve Act of 1913, which consists of 12 regional banks, but key policy decisions are made by the Board of Governors in Washington. 2. Federal Reserve bank — is any of the 12 banks chartered by the U. S. government to control the money supply and perform other functions. 3. Central bank — a bank for banks. America’s central bank is the Federal Reserve System. 4. National banks — commercial banks that are chartered by the federal government. 5. State banks — commercial banks that are chartered by state governments. 6. World Bank (International bank for reconstruction and development) — a specialized agency of the United Nations whose purpose is to finance development and consult on the economic development issues. 7. Discount rate — the interest rate charged to banks for borrowing from the Federal Reserve System. 8. Reserve requirements — the portion of demand deposits that banks must keep as cash in the vault or as deposits with a Federal reserve bank. 9. Open market operations — the purchase and sales of the U. S. government securities by the Federal Reserve banks intended to change the economy’s supply and demand. 10. The required reserve (legal reserve) — the specified minimum percentage of its deposit liabilities which member bank must keep on deposit at the Federal Reserve bank in its district or in vault cash. 11. The required reserve ratio — the proportion of deposits that a depository institution must hold in the form of reserves. 12. Excess reserves — the amount by which a member bank’s actual reserve exceeds its required reserve; actual reserve minus required reserve. 13. Credit — immediate purchasing power that is exchanged for a promise to repay it, with or without interest, at a later date. – 20 –

14. Creditor — a person or organization to whom money is owed. 15. Interest — payment for using someone else’s money (from the debtor’s perspectives); income derived from allowing someone else to use one’s capital (from the creditor’s perspective). 16. Interest rate (interest) — the price of borrowing money or the price received for lending money, expressed as a percentage. 17. Simple interest — a fixed rate on a stated sum; the same amount is paid or accumulated each year irrespective of the amount borrowed. 18. Compound interest — the interest that is calculated each year on capital plus interest already accumulated. 19. Bank loan — a fixed amount lent by a bank to a customer for an agreed time and on specified terms. 20. Short-term financing — money that will be used for a period of one year or less and then repaid. 21. Long-term financing — money that will be used for longer than one year. 22. Vault cash — the currency a bank has in its safes (vault) and cash drawers. 23. A bank’s balance sheet — a statement of the assets, liabilities, and net worth of the bank. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) öåíòðàëüíûé áàíê; 2) ôåäåðàëüíàÿ ðåçåðâíàÿ ñèñòåìà; 3) ôåäåðàëüíûé ðåçåðâíûé áàíê; 4) ìåæäóíàðîäíûé áàíê; 5) ó÷åòíàÿ ñòàâêà; 6) áàíê øòàòà; 7) ãîñóäàðñòâåííûé áàíê; 8) ðåçåðâíûå òðåáîâàíèÿ; 9) îïåðàöèè íà îòêðûòîì ðûíêå; 10) äîëãîñðî÷íîå ôèíàíñèðîâàíèå; 11) êðàòêîñðî÷íîå ôèíàíñèðîâàíèå; 12) îáÿçàòåëüíûé ðåçåðâ; 13) ïðîöåíòû; 14) ïðîöåíòíàÿ ñòàâêà; 15) èçáûòî÷íûå ðåçåðâû; 16) ïðîñòûå ïðîöåíòû; 17) ñëîæíûå ïðîöåíòû; 18) áàíêîâñêàÿ ññóäà; 19) äåíåæíàÿ íàëè÷íîñòü. Çàäàíèå ¹ 2. Äëÿ ðóññêîÿçû÷íûõ òåðìèíîâ â êîëîíêå À íàéäèòå ñîîòâåòñòâóþùèå èì àíãëîÿçû÷íûå îïðåäåëåíèÿ â êîëîíêå B.

A 1. Ïðîöåíòíàÿ ñòàâêà. 2. Ãîñóäàðñòâåííûé áàíê. – 21 –

3. Ðåçåðâíûå òðåáîâàíèÿ. 4. Áàíêîâñêàÿ ññóäà. 5. Ôåäåðàëüíàÿ ðåçåðâíàÿ ñèñòåìà. 6. Ó÷åòíàÿ ñòàâêà. 7. Èçáûòî÷íûå ðåçåðâû. 8. Îáÿçàòåëüíûå ðåçåðâû. 9. Áàíê øòàòà. 10. Êîýôôèöèåíò îáÿçàòåëüíûõ ðåçåðâîâ. 11. Ìåæäóíàðîäíûé áàíê. 12. Îïåðàöèè íà îòêðûòîì ðûíêå.

B a) A fixed amount lent by a bank to a customer for an agreed time and on specified terms. b) The specified minimum percentage of its deposit liabilities which member bank must keep on deposit at the Federal Reserve bank in its district or in vault cash. c) A specialized agency of the United Nations whose purpose is to finance development and consult on the economic development issues. d) The price of borrowing money or the price received for lending money, expressed as a percentage. e) The purchase and sales of the U. S. government securities by the Federal Reserve banks intended to change the economy’s supply and demand. f) Commercial banks that are chartered by state governments. g) The amount by which a member bank’s actual reserve exceeds its required reserve; actual reserve minus required reserve. h) The portion of demand deposits that banks must keep as cash in the vault or as deposits with a Federal Reserve bank. i) Commercial banks that are chartered by the federal government. j) The proportion of deposits that a depository institution must hold in the form of reserves. k) The interest rate charged to banks for borrowing from the Federal Reserve System. l) The central bank and monetary authority of the U. S.

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Çàäàíèå ¹ 3. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. The items of value that a firm owns. 2. The price paid for the use of money. 3. A commercial bank that is chartered by an individual state but not by the federal government. 4. Interest rate charged by a central bank for loans of reserve funds to commercial banks and other financial intermediaries. 5. The central bank of the United States. 6. Any funds in excess of the current reserve requirement and not lent by a bank. 7. A commercial bank that is chartered by the federal government and thus is a part of the Federal Reserve System. 8. The percentage of its deposits that a bank must retain, either in its own vault or on deposit with its Federal Reserve district bank. Çàäàíèå ¹ 4. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: cash sales market

assets reserves

securities commercial banks

Open-market operations The way in which open-market operations influence the _____ reserves and, through them, the general liquidity of the _____ _____ is essentially simple. If the central bank buys _____ in the open _____, the cash it offers in exchange adds to the _____ of the banks; if the central bank sells securities in the open market, the cash necessary to pay for them is either withdrawn from the banks’ reserves or obtained by diminishing holdings of other _____ (with the possibility of capital losses in consequence of these _____).

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ÒÅÌÀ ¹ 6 BUDGET AND FISCAL POLICY 1. Budget — a financial statement that projects income and/or expenditures over a specified future period of time. 2. Fiscal policy — the government spending and taxation decisions (the government’s program with respect to the purchase of goods and services and spending on transfer payments, and the amount and type of taxes). 3. Fiscal year (FY) — the twelve-month period used for accounting purposes; begins October 1 for federal government. 4. Balanced budget — the government spending is equal to its income. 5. Balanced budget multi plier — states that an increase in government spending accompanied by an equal increase in taxes results in an increase in aggregate demand. 6. Budget deficit — the excess of government spending over its income. 7. Budget surplus — the excess of government income over its spending. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) áþäæåòíûé äåôèöèò; 2) áþäæåòíûé ïðîôèöèò; 3) áþäæåò; 4) áþäæåòíûé ãîä; 5) ôèíàíñîâî-áþäæåòíàÿ ïîëèòèêà; 6) ñáàëàíñèðîâàííûé áþäæåò; 7) ìóëüòèïëèêàòîð ñáàëàíñèðîâàííîãî áþäæåòà. Çàäàíèå ¹ 2. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: capital budget stabilization

spending taxation

deficit borrowing

Government borrowing Although most of the resources required for public _____ are raised each year through _____, it is rare for any modern _____ – 24 –

to balance in any one year. For a variety of reasons, ranging from a desire to accelerate _____ spending to a policy of economic _____, governments may choose to raise some of their resources by _____ rather than taxation. Most countries today run an annual budget _____, and the deficits have tended to increase in size.

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ÒÅÌÀ ¹ 7 INVESTMENT AND SECURITIES A. Types of securities markets and its members 1. Securities — stocks and bonds (which present a secured-assetbased claim on the part of investors) that can be bought and sold. 2. Securities market — the millions of people and organizations that buy stocks and bonds and the securities intermediaries who bring buyers and sellers together. 3. Primary market — a market in which an investor purchases financial securities (via an investment bank or other representative) directly from the issuer of those securities. 4. Secondary market — a market for existing financial securities that are currently traded between investors. 5. Stock exchange — the marketplace for dealing in freely transferable stocks, shares, and securities of all types — government and others. 6. Investor — traditionally someone who buys securities with the expectation of getting an income or profit over several years. 7. Broker — an individual licensed to buy and sell securities for customers in the secondary market; may also provide other financial services. 8. Stockbroker — an individual who buys or sells securities for clients. 9. Investment banker — any financial institution engaged in purchasing and reselling new stocks and bonds. 10. Investment banking firm — an organization that assists corporations in raising funds, usually by helping sell new security issues. 11. Index fund — a mutual fund that invests its money in a basket of stocks that mimics the performance of a stock market index, generally the Standard & Poor’s (S&P) 500. 12. Bull market — a stock market in which prices are rising and there is much optimism among speculators. 13. Bear market — a stock market in which prices are falling and there is much pessimism among speculators. 14. Bull — an investor who expects prices to go up. – 26 –

15. Bear — an investor who expects prices to go down. 16. Institutional investors — organizations whose investments for themselves and their clients are so large that they can influence prices on securities markets. 17. No-load fund — a mutual fund in which investors are not charged a sales commission when they buy into or sell out of the fund. 18. Load fund — a mutual fund in which investors are charged a sales commission when they buy into or sell out of the fund. 19. Over-the-counter market — a voluntary organization of dealers formed to buy and sell stock outside of the formal institutional setting of the organized stock exchanges. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) ôîíäîâûé ðûíîê; 2) ïåðâè÷íûé ðûíîê öåííûõ áóìàã; 3) âòîðè÷íûé ðûíîê öåííûõ áóìàã; 4) öåííûå áóìàãè; 5) ðûíîê öåííûõ áóìàã; 6) èíâåñòîð; 7) áðîêåð; 8) èíâåñòèöèîííûé áàíêèð; 9) áèðæåâîé ìàêëåð; 10) èíâåñòèöèîííûé áàíê; 11) ñïåêóëÿíò, èãðàþùèé íà ïîâûøåíèå; 12) ñïåêóëÿíò, èãðàþùèé íà ïîíèæåíèå; 13) ðûíîê áåç ïîñðåäíèêîâ; 14) îðãàíèçàöèè-èíâåñòîðû. Çàäàíèå ¹ 2. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. The sale and purchase of newly issued stocks and bonds by firms or governments. 2. The sale and purchase of previously issued stocks and bonds. 3. A period in which investors act on a belief that stock prices will rise. 4. A voluntary organization of individuals formed to provide an institutional setting where members can buy and sell stock for themselves and their clients in accordance with the exchange’s rules. 5. A period in which investors act on a belief that stock prices will fall. 6. A financial institution that does not accept deposits from the general public but instead helps firms sell new issues of stock and bonds.

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Çàäàíèå ¹ 3. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: market safety repayment

bonds economy prices

buyers interest commercial

Government securities, which are usually _____ that pay a fixed amount of _____ each year, have, unlike most _____ securities, a guaranteed _____ factor concerning their ultimate _____. Nevertheless, these securities are traded in the _____, and their _____ fluctuate in value depending on trends and conditions in the _____ and according to the relative balance between _____ and sellers.

B. Types of securities 1. Bond — a certificate acknowledging a debt and the amount of interest to be paid each year until repayment. 2. Coupon bond — a bond whose ownershi p is not registered by the issuing company. 3. Bond indenture — a legal document that details all the conditions relating to a bond issue. 4. Government bonds — debt issued by the federal government, including Treasury bills, Treasury notes, and Treasury bonds (such as savings bonds). 5. Munici pal bonds — long-term debt issues by state and local governments; revenues are used to finance school systems, transportation, and other social-welfare projects. 6. Secured bonds — bonds issued by borrowers who pledged assets as collateral in the event of nonpayment. 7. Corporate bond — a promise by the issuing company to pay the holder a certain amount of money on a specified date, with stated interest payments in the interim; a form of long-term debt financing. 8. Debentures — unsecured bonds. 9. Callable bond — a bond that may be paid off by the issuer prior to the maturity date. 10. Serial bonds — a bond issue in which redemption dates are staggered so that a firm pays off portions of the issues at different predetermined dates. – 28 –

11. Convertible bond — any bond that offers bondholders the option of accepting common stock instead of cash in repayment. 12. Eurobonds — bonds sold in a country other than the one in whose currency they are denominated. 13. Treasury bills — government obligations with maturities of 91 days, 182 days, or occasionally 365 days. 14. Treasury notes — government obligations with original maturities of one to seven years. 15. Treasury bonds — government obligations with original maturities of over seven years. 16. Maturity — the amount of time until a debt must be repaid. 17. Maturity date — the date on or before which a company must pay off the princi pal of a particular bond issue. 18. Par value — the face value of a bond; the amount to be repaid when the bond is due. 19. Book value — the value of a stock expressed as the total stockholders’ equity (assets minus liabilities and preferred stock) divided by the number of shares of common stock outstanding; used by accountants but of little significance to investors. 20. Market value — the price of one share of a stock at a particular time. 21. Capital gain — an increase in the market value of an asset. 22. Yield — the rate of return on a bond; the annual interest payment divided by the bond’s price. 23. Current yield — a bond’s annual dollar coupon amount dividend by the current market price. 24. Default — failure to make scheduled payments of interest or princi pal on a bond. 25. Share — a security that is a title of ownershi p for part of a corporation’s property. 26. Cumulative preferred stock — preferred stock on which dividends not paid in the past must first be paid up before the firm may pay dividends to common stockholders. 27. Dividend — a distribution of earnings to the stockholders of a corporation. 28. Stock dividend — a dividend in the form of additional stock. 29. Cash dividend — a cash payment to shareholders.

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Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) îáëèãàöèÿ íà ïðåäúÿâèòåëÿ; 2) êîíòðàêò î äîëãîâûõ îáÿçàòåëüñòâàõ; 3) ãîñóäàðñòâåííûå îáëèãàöèè; 4) ìóíèöèïàëüíûå îáëèãàöèè; 5) îáåñïå÷åííàÿ îáëèãàöèÿ; 6) äîëãîâîå îáÿçàòåëüñòâî; 7) êîíâåðòèðóåìàÿ îáëèãàöèÿ; 8) êðàòêîñðî÷íûé êàçíà÷åéñêèé âåêñåëü; 9) ñðåäíåñðî÷íàÿ êàçíà÷åéñêàÿ îáëèãàöèÿ; 10) äîëãîñðî÷íûå êàçíà÷åéñêèå îáÿçàòåëüñòâà; 11) ñðîê ïëàòåæà ïî âåêñåëþ; 12) ñðîê ïîãàøåíèÿ; 13) íîìèíàëüíàÿ ñòîèìîñòü; 14) íåòòî-êàïèòàë; 15) ïðîöåíòíûé äîõîä; 16) êàïèòàëüíàÿ ïðèáûëü; 17) òåêóùèé äîõîä; 18) êóìóëÿòèâíàÿ ïðèâèëåãèðîâàííàÿ àêöèÿ; 19) íàëè÷íûå äèâèäåíäû; 20) äèâèäåíä, îïëà÷åííûé àêöèÿìè. Çàäàíèå ¹ 2. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. A written promise that the borrower (the firm) will pay the lender, at some stated future date, a sum of money (the princi pal) and a stated rate of interest. 2. The current price of one share of a stock in the secondary securities market. 3. Profits from the sale of an asset for a higher price than that at which it was purchased. Çàäàíèå ¹ 3. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: assets dividends

payments rate

shares corporation

Preferred stock has priority with respect to _____ and, if the _____ is dissolved, to the division of _____. Dividends on preferred stock usually are paid at a fixed _____ and are often cumulated in the event the corporation finds it necessary to omit a distribution. In the latter circumstance the full deficiency must be cleared before _____ may be made on the common _____.

C. Types of selling securities 1. Portfolio decision — the choice of how (where) to hold idle funds. – 30 –

2. Speculative trading — the buying and selling of securities in the hope of profiting from near-term changes in their prices. 3. Short selling — selling borrowed shares of stock in the expectation that their price will fall before they must be replaced, so that replacement shares can be bought for less than the original shares were sold for. 4. Margin — the percentage of a stock or bond’s purchase price that must be paid in cash. 5. Initial public offering (IPO) — the first issuance (sale) to the general public of stock in a corporation. 6. Stock turnover — the total sales turnover for a stated period divided by the total average stock carried during that period. 7. Nikkei index — an index of 225 stocks traded on the Tokyo Stock Exchange. 8. Stock average (stock index) — an average of the current market prices of selected stocks. 9. Round lot — a unit of 100 shares of a particular stock. 10. Odd lot — fewer than 100 shares of a particular stock. 11. Market order — an order to a broker to buy or sell a certain security at the current market price. 12. Limit order — an order to a broker to buy a certain security only if its price is less than or equal to a given limit. 13. Stock split — the division of each outstanding share of a corporation’s stock into a greater number of shares. 14. Futures contract — an agreement to buy sell a commodity at a guaranteed price on some specified future date. 15. Option — the right to buy or sell a specified amount of stock at a specified price within a certain period of time. 16. Stock option — an option to sell a specific stock at a specific price and time in the future. 17. Call option — gives the purchaser the right to buy 100 shares of a specific stock at a specified price within specified time. 18. Put option — gives the purchaser the right to sell 100 shares of a specific stock at a specified price within a specified time. 19. Price-earnings ratio — in stock exchange listings, the current price of a stock divided by the firm’s current annual earnings per share. 20. Bid price — in over-the-counter dealings, the price at which a dealer is willing to buy a share of a specific stock. – 31 –

21. Asked price — in over-the-counter dealings, the price at which a dealer is willing to sell a share of a specific stock. 22. Doe Jones industrial average — an overall market index based on stock prices of 65 of the largest industrial, transportation and utility firms listed on the NYSE (New York Stock Exchange). Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) ïðîäàæà öåííûõ áóìàã èëè òîâàðîâ áåç ïîêðûòèÿ; 2) îïöèîí ïîêóïàòåëÿ; 3) öåíà ïðîäàâöà; 4) ñäåëêà ñ îáðàòíîé ïðåìèåé; 5) öåíà ïðåäëîæåíèÿ; 6) èçíà÷àëüíîå îòêðûòîå ïðåäëîæåíèå; 7) èíäåêñ Íèêêåé; 8) ôîíäîâûé îïöèîí; 9) ïðàâî ïîêóïàòü èëè ïðîäàâàòü öåííûå áóìàãè; 10) ôüþ÷åðñíûé êîíòðàêò; 11) äðîáëåíèå àêöèé; 12) îãðàíè÷åííûé çàêàç; 13) ïîëíûé ëîò; 14) íåïîëíûé ëîò, 15) ðûíî÷íûé îðäåð. Çàäàíèå ¹ 2. Äëÿ ðóññêîÿçû÷íûõ òåðìèíîâ â êîëîíêå À íàéäèòå ñîîòâåòñòâóþùèå èì àíãëîÿçû÷íûå îïðåäåëåíèÿ â êîëîíêå B.

A 1. Ôîíäîâûé îïöèîí. 2. Öåííûå áóìàãè. 3. Èíäåêñ Äîó Äæîíñà. 4. Ôîíäîâàÿ áèðæà. 5. Ôüþ÷åðñíûé êîíòðàêò. 6. Ðûíîê «áûêîâ». 7. Îãðàíè÷åííûé çàêàç. 8. Ðûíîê «ìåäâåäåé». 9. Îáëèãàöèÿ. 10. Ñðîê ïîãàøåíèÿ. 11. Ãîñóäàðñòâåííûå îáëèãàöèè. 12. Åâðîîáëèãàöèè.

B a) An order to a broker to buy a certain security only if its price is less than or equal to a given limit. b) Debt issued by the federal government, including Treasury bills, Treasury notes, and Treasury bonds (such as savings bonds). c) The marketplace for dealing in freely transferable stocks, shares, and securities of all types — government and others. – 32 –

d) A stock market in which prices are rising and there is much optimism among speculators. e) Bonds sold in a country other than the one in whose currency they are denominated. f) An agreement to buy sell a commodity at a guaranteed price on some specified future date. g) Stocks and bonds (which present a secured-asset-based claim on the part of investors) that can be bought and sold. h) A stock market in which prices are falling and there is much pessimism among speculators. i) A certificate acknowledging a debt and the amount of interest to be paid each year until repayment. j) The date on or before which a company must pay off the princi pal of a particular bond issue. k) The total sales turnover for a stated period divided by the total average stock carried during that period. l) An overall market index based on stock prices of 65 of the largest industrial, transportation and utility firms listed on the NYSE. Çàäàíèå ¹ 3. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. An agreement to purchase a specified amount of a commodity at a given price on a set date in the future. 2. The purchased right to buy or sell a stock. 3. Selling shares of stock that the person doesn’t own and borrowing the shares to send to the buyer. 4. The purchased right to buy a particular stock at a certain price until a specified date. 5. The purchased right to sell a particular stock at a certain price until a specified date. 6. A corporate action that gives shareholders more shares but does not change each person’s proportionate ownershi p in the firm. 7. A 100-share unit of a stock in trading. 8. Less than 100 shares of a stock in trading.

– 33 –

Çàäàíèå ¹ 4. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: security bankers issues

stock ratio shares

compensation price purchase

Options An option contract is an agreement enabling the holder to buy a _____ at a fixed _____ for a limited period of time. One form of option contract is the stock _____ warrant, which entitles the owner to buy _____ of common _____ at designated prices and according to a prescribed _____. Warrants are often used to enhance the salability of a senior security, and sometimes as part of the _____ paid to _____ who market new _____.

– 34 –

ÒÅÌÀ ¹ 8 COST OF PRODUCTION 1.Production function — atechnological relationshi p expressing the maximum quantity of a good attainable from different combinations of factor inputs. 2. Technical efficiency — maximum output of a good from the resources used in production. 3. Short-run — the period in which the quantity and quality of some inputs cannot be changed. 4. Marginal physical product (MPP) — the change in total output associated with one additional unit of input. 5. Total cost — the market value of all resources used to produce a good or service. 6. Fixed costs — costs of production that do not change when the rate of output is altered. 7. Variable costs — costs of production that change when the rate of output is altered. 8. Economic cost — the value of all resources used to produce a good or service. 9. Long-run — a period of time long enough for all inputs to be varied. 10. Economic profit — the difference between total revenues and total economic costs. 11. Normal profit — the opportunity cost of capital; the average rate of return. 12. Marginal cost pricing — the offer (supply) of goods at prices equal to their marginal cost. 13. Price discrimination — the sale of an identical good at different prices to different consumers by a single seller. 14. Average fixed cost (AFC) — cost determined by dividing total fixed cost by the number of units of output. 15. Average product — total output divided by the number of labourers required to produce that output. 16. Average revenue — total revenue divided by the number of units sold. 17. Average total cost (ATC) — cost determined by dividing total cost by the number of units of output. – 35 –

18. Average variable cost (AVC) — cost determined by dividing total variable cost by the number of units of output. 19. Complementary factors — factors of production, the use of which always increases (decreases) whenever the use of any one of them increases (decreases). 20. Fixed factor — factor of production that cannot be changed in the short run. 21. Opportunity cost — the opportunity cost of producing one good consists of other goods that might be produced with the same resources. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) ïðîèçâîäñòâåííàÿ ôóíêöèÿ; 2) ïîñòîÿííûé ôàêòîð; 3) îáùàÿ ñòîèìîñòü; 4) ïåðåìåííûå èçäåðæêè; 5) âçàèìîäåéñòâóþùèå ôàêòîðû; 6) ñðåäíèé ïîñòîÿííûé ôàêòîð; 7) ñðåäíèé ïðîäóêò; 8) ñðåäíÿÿ âûðó÷êà; 9) ñðåäíÿÿ îáùàÿ ñòîèìîñòü; 10) ñðåäíèå ïåðåìåííûå èçäåðæêè; 11) êðàòêîñðî÷íûé ïåðèîä; 12) äîëãîñðî÷íûé ïåðèîä. Çàäàíèå ¹ 2. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. Total cost divided by the quantity produced in a given time period. 2. A pricing strategy, generally illegal, in which a seller charges different prices to marketing intermediaries for the same product. 3. Total variable cost divided by the quantity produced in a given time period. 4. The value of the benefit forfeited by choosing one alternative over another. 5. The sum of the fixed and variable costs incurred in the production of any given quantity level. 6. Costs that vary directly with the volume or quantity produced. 7. Total fixed cost divided by the quantity produced in a given time period. Çàäàíèå ¹ 3. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: accountant manufacture cost

period average product

output operation

– 36 –

The basic princi ple in _____ finding is that the cost assigned to any object — an activity or a ____ — should represent the amount of cost that object causes. The most fully developed methods of cost finding are used to estimate the costs that have been incurred in a factory to _____ specific products. The simplest of these methods is known as process costing. In this method, the _____ first accumulates the costs of each separate production _____ or process for a specified _____ of time. The total of these costs is then restated as an _____ by dividing it by the total _____ of the process during the same period.

– 37 –

ÒÅÌÀ ¹ 9 ASSETS AND LIABILITIES 1. Assets — the items of value that a firm owns. 2. Current assets — cash and other assets that can be quickly converted into cash or that will be used in one year or less. 3. Fixed assets — assets that will be held or used for a period longer than one year. 4. Tangible assets — include land and buildings, plant and machinery, investments, debtors and cash. 5. Intangible assets — assets that do not exist physically but that have a value based on legal rights or advantages that they confer on a firm. 6. Depreciation — the process of apportioning the cost of a fixed asset over the period during which it will be used. 7. Liquidity — the ease with which an asset can be converted into cash. 8. Expenses — the costs incurred in the generation of revenue. 9. Direct expenses (costs) — expenses which can be directly associated with the cost of producing a particular article or service. 10. Overhead (indirect, operating) expenses (costs) — expenses incurred in manufacture though not directly identified with any particular item produced. 11. Prepaid expenses — assets that have been paid for in advance but not yet used. 12. Liabilities — are borrowed funds (debt) and delayed payments (such as payables and accruals) of a business. 13. Current liability — debts that will be repaid in one year or less. 14. Long-term liabilities — debts that need not be repaid for at least one year. 15. Goodwill — the value of a firm’s reputation, location, earning capacity, and other intangibles that make the business a profitable concern. 16. Accounts payable — short-term obligations that arise as a result of making credit purchases. 17. Accounts receivable — amounts that are owed to a firm by its customers. 18. Notes payable — obligations that have been secured with promissory notes. – 38 –

Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) ëèêâèäíîñòü; 2) àìîðòèçàöèÿ; 3) íåìàòåðèàëüíûå àêòèâû; 4) îñíîâíûå ñðåäñòâà; 5) îáîðîòíûå ôîíäû; 6) àêòèâû; 7) ðàñõîäû; 8) îïëà÷åííûå çàðàíåå ðàñõîäû; 9) íàêëàäíûå ðàñõîäû; 10) çàäîëæåííîñòü; 11) êðàòêîñðî÷íûå îáÿçàòåëüñòâà; 12) äîëãîñðî÷íûå îáÿçàòåëüñòâà; 13) ñ÷åòà ê îïëàòå; 14) ñ÷åòà ê ïîëó÷åíèþ; 15) äåáèòîðñêàÿ çàäîëæåííîñòü; 16) ìàòåðèàëüíûå àêòèâû. Çàäàíèå ¹ 2. Äëÿ ðóññêîÿçû÷íûõ òåðìèíîâ â êîëîíêå À íàéäèòå ñîîòâåòñòâóþùèå èì àíãëîÿçû÷íûå îïðåäåëåíèÿ â êîëîíêå B.

À 1. Ïåðåìåííûå èçäåðæêè. 2. Ãóäâèëë. 3. Ïðîèçâîäñòâåííàÿ ôóíêöèÿ. 4. Äîëãîñðî÷íûé ïåðèîä. 5. Êðåäèòîðñêàÿ çàäîëæåííîñòü. 6. Èçäåðæêè. 7. Öåíîâàÿ äèñêðèìèíàöèÿ. 8. Àêòèâû. 9. Ëèêâèäíîñòü. 10. Ïðåäåëüíûé ôèçè÷åñêèé ïðîäóêò. 11. Êðàòêîñðî÷íûå îáÿçàòåëüñòâà. 12. Àëüòåðíàòèâíûå èçäåðæêè.

B a) The items of value that a firm owns. b) The opportunity cost of producing one good consists of other goods that might be produced with the same resources. c) The ease with which an asset can be converted into cash. d) The sale of an identical good at different prices to different consumers by a single seller. e) The change in total output associated with one additional unit of input. f) The costs incurred in the generation of revenue. g) Debts that will be repaid in one year or less. h) The value of a firm’s reputation, location, earning capacity, and other intangibles that make the business a profitable concern. – 39 –

i) A period of time long enough for all inputs to be varied. j) Costs of production that change when the rate of output is altered. k) Short-term obligations that arise as a result of making credit purchases. l) A technological relationshi p expressing the maximum quantity of a good attainable from different combinations of factor inputs. Çàäàíèå ¹ 3. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. The ease and speed with which an asset can be converted to cash; cash is said to be perfectly liquid. 2. Whatever a firm, organization, or person owns that has a dollar value. 3. Assets the firm normally expect to hold no longer than a year. 4. The process of writing off as an expense the cost of fixed assets during the period that they contribute to the earnings of the firm. 5. Assets that are held for longer than a year. 6. Assets that have no physical form or clearly defined value. 7. A debt that will be paid off within a year of the balance sheet date. 8. The amount of resources used up by a firm in the pursuit of revenues. Çàäàíèå ¹ 4. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: machinery inventory patents funds allocation

shareholder intangible current fixed

goodwill cash buildings real estate

Resource _____, the second function of corporate finance, is the investment of _____ with the intent of increasing _____ wealth over time. Two basic categories of investments are current assets and fixed assets. _____ assets include _____, _____, and accounts receivable. Examples of _____ assets are _____, _____ _____, and _____. In addition, the resource allocation function is concerned with _____ assets such as _____, _____, workers, and brand names. – 40 –

ÒÅÌÀ ¹ 10 ACCOUNTING 1. Accounting — the process of systematically collecting, analyzing, and reporting financial information. 2. Auditing — checking the accuracy of records. 3. Audit — an accountant’s examination of a company’s financial records to determine if it used proper procedures to prepare its financial reports. 4. Financial accounting — a «scorekeeping» process that is meant to keep several interested groups (inside and outside the firm) informed of the financial condition of the firm. 5. Managerial accounting — serves the firm’s managers by calling attention to problems and aiding them in planning, decision making, and controlling the firm’s operations. 6. Product cost accounting — an accounting system that allocates costs to the various products made by a firm. 7. Responsibility accounting — an accounting system for classifying costs or charging them to certain responsibility centers so as to allow the performance of such centers (and their managers) to be evaluated. 8. Bookkeeping — the accurate day-to-day recording of all the financial transactions that occur in an organization; the initial step in the accounting process. 9. Accounting cycle — the sequence of accepted procedures that accountants must follow over a specific period of time. 10. Account — an individual written record for specific assets, liabilities, owners’ equity, revenues, and expenses. 11. Transaction — a financially significant event that either increases or decreases the value of an account. 12. Debit — in bookkeeping, any transaction that increases assets or decreases liabilities or owner’s equity; always entered in the left column. 13. Credit — in bookkeeping, any transaction that decreases assets or increases liabilities or owner’s equity; always entered in the right column. 14. Basic accounting equation — a mathematical statement of the balance between what a firm owns, what it owes, and what its owners’ equity is. – 41 –

15. Profit equation — profits equal revenue minus expenses. 16. Owners’ equity — the difference between a firm’s assets and its liabilities; what would be left over for the firm’s owners if its assets were used to pay off its liabilities. 17. Accrual — the princi ple in accounting that means that afirm charges off expenses only in the accounting period (usually the calendar year) and not necessarily in the period in which the actual cash payment was made. 18. Double-entry bookkeeping — a system in which each financial transaction is recorded as two separate accounting entries to maintain the balance shown in the accounting equation. 19. General journal — a book of original entry in which typical transactions are recorded in order of their occurrence. 20. General ledger — the book in which all the accounts of a business using double-entry bookkeeping are contained. 21. Posting — the process of transferring journal entries to the general ledger. 22. Trial balance — a summary of the balances of all general ledger accounts at the end of the accounting period. 23. Balance sheet (statement of financial position) — a summary of a firm’s assets, liabilities, and owners’ equity accounts at a particular time, showing the various money amounts that enter into accounting equation. 24. Accounting software package — a set of computer programs designed for solving various problems of accounting. 25. Certified public accountant (chartered accountant in BrE) — an accountant who has fulfilled the legal requirements of his or her state of knowledge in accounting theory, practice, auditing, and law and who is licensed to sign financial reports. 26. Capital stock — the original investment of the stockholderowners. 27. Revenues — are the funds received by a business, mainly from the sales of goods and services. 28. Gross profit — the difference between net sales and cost of goods sold. 29. Sales forecast — a prediction of what sales will be over a certain period of time. 30. Profit (net income, earnings) — the difference between total revenues and total expenses. – 42 –

31. Retained earnings (surplus) — the amount that the firm has plowed back from profits over the years but has not paid out in dividends. 32. Return on sales (net profit margin) — a form of profitability ratio calculated as net income divided by net sales. 33. Profitability- the possibility and ability of a firm to produce a profit. 34. Productivity — the average level of output per unit of time per worker. 35. Efficiency — maximum output of a good from minimum resources used in production. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) ïðîèçâîäèòåëüíîñòü; 2) ðåâèçîâàíèå; 3) äîõîäíîñòü; 4) àóäèò; 5) íåðàñïðåäåëåííàÿ ïðèáûëü; 6) áóõãàëòåðñêèé ó÷åò; 7) áóõãàëòåðñêîå äåëî; 8) ïðîãíîç ñáûòà; 9) ïåðèîäè÷íîñòü ó÷åòà; 10) âàëîâàÿ ïðèáûëü; 11) ñ÷åò; 12) äîõîäíûå ñòàòüè; 13) òîðãîâàÿ îïåðàöèÿ; 14) àêöèîíåðíûé êàïèòàë; 15) äåáåò; 16) áóõãàëòåðñêèé áàëàíñ; 17) êðåäèò; 18) îïðèõîäîâàíèå; 19) ïðîáíûé áàëàíñ. Çàäàíèå ¹ 2. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. The process of measuring, interpreting, and recording data that reflect the financial condition of a firm. 2. Accounting that serves a firm’s managers by calling attention to problems and helping the managers in the areas of planning, decision making, and controlling the firm’s operations. 3. Checking the accuracy of records. 4. The amount of a firm’s assets minus the amount of its liabilities. 5. A financial statement that shows what a firm owns, what it owes, and what the owners’ equity is worth at a given point in time. 6. The amount of cash or accounts receivable a firm receives in payment from others over a period of time. 7. The profits the firm has plowed back into the firm. 8. A register of financial value. 9. A financially significant event that raises or lowers the balances in accounts. 10. A bookkeeping system in which every transaction changes the balances in at least two accounts at the same time. – 43 –

Çàäàíèå ¹ 3. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: business accountants information

accounting system records

transactions financial

_____ is commonly defined as a comprehensive _____ for collecting, analyzing, and communicating financial _____. It is the accountant’s responsibility to keep ____ of _____ transactions such as taxes, sales, incomes, and expenses. Even more important is the accountant’s analysis of how those _____ will affect a particular business. By sorting, analyzing, classifying, and recording thousands of transactions, _____ can determine how well a _____ is being managed and how financially strong it is.

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ÒÅÌÀ ¹ 11 INCOME STATEMENT 1. Income statement — a financial statement that summarizes a firm’s revenues and expenses and shows the flows that occurred during a specified accounting period. 2. Financial statement — a type of financial statement that summarizes a firm’s financial position on a particular date in terms of its assets, liabilities, and owner’s equity. 3. Gross sales — the total money amount of all goods and services sold during the accounting period. 4. Net sales — the actual money amount received by a firm for goods and services it has sold, after adjustment for returns, allowances, and discounts. 5. Cost of goods sold — the cost of the goods a firm has sold during an accounting period; is equal to beginning inventory plus net purchases less ending inventory. 6. Gross profit of sales — a firm’s net sales less the cost of goods sold. 7. Operating expenses — those costs that do not result directly from the purchase or manufacture of products a firm sells. 8. Selling expenses — costs that are related to the firm’s marketing activities. 9. General expenses — costs that are incurred in maintaining a business. 10. Value added — the value of the product sold by a firm less the value of the goods purchased and used by the firm to produce the product; is equal to the revenue used for wages, rent, interest and profits. 11. Net income — the profit earned (or the loss suffered) by a firm during an accounting period, after all expenses have been deducted from revenues. 12. Statement of cash flows — the statement that shows the movement of money into and out of an organization. 13. Financial ratio — a number that shows the fractional or percentage relationshi p between two elements of a firm’s financial statements.

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14. Liquidity ratio — a ratio used to determine if a firm can pay its current debts. Two ratios can be used to determine the liquidity position of a firm: the current ratio and the quick ratio. 15. Current ratio — a financial ratio that is computed by dividing current assets by current liabilities. 16. Acid-test (quick) ratio — a financial ratio that is calculated by subtracting inventories from current assets and dividing the total by current liabilities. 17. Net profit margin — a financial ratio that is calculated by dividing net income after taxes by net sales. 18. Return on equity — a financial ratio that is calculated by dividing net income after taxes by owners’ equity. 19. Earnings per share — a financial ratio that is calculated by dividing net income after taxes by the number of shares of common stock outstanding. 20. Working capital — the difference between current assets and current liabilities. 21. Activity ratio — a ratio that measures how effectively a company uses its resources. (One of the examples is the inventory turnover ratio.) 22. Inventory turnover ratio — an important measure of efficiency that is computed by dividing average inventory value by cost of goods sold. 23. Leverage — using borrowed funds to make purchases, thus increasing the user’s purchasing power, potential rate of return, and risk of loss. 24. Leverage ratio — a ratio that measures the equity contribution of stockholders as compared with the debt funds provided by a firm’s creditors. 25. Profitability ratio — a ratio used by management to determine if a firm’s resources are being employed in the best manner. 26. Accounts receivable turnover — a financial ratio that is calculated by dividing net sales by accounts receivable; measures the number of times a firm collects its accounts receivable in one year. 27. Debt-to-assets ratio — a financial ratio that is calculated by dividing total liabilities by total assets; indicates the extent to which the firm’s borrowing is backed by its assets. 28. Debt-to-equity ratio — a financial ratio that is calculated by dividing total liabilities by owners’ equity; compares the amount of financing provided by creditors with the amount provided by owners. – 46 –

29. Budget — the internal financial forecast of expected income and expenditure for a specific period of time. 30. Operating budget — a set of guidelines regarding the estimated income or expenses of a business unit for a specific period of time, usually a year. 31. Master budget — the operating budget for an entire company. It’s a comprehensive financial forecast for all departments and subunits of the company. Çàäàíèå ¹ 1. Äàéòå àíãëîÿçû÷íûå ýêâèâàëåíòû ñëåäóþùèì ðóññêîÿçû÷íûì òåðìèíàì: 1) îò÷åò î äâèæåíèè íàëè÷íîñòè; 2) ôèíàíñîâûé îò÷åò; 3) ñòîèìîñòü ðåàëèçîâàííûõ òîâàðîâ; 4) îáùàÿ ôèíàíñîâàÿ ñìåòà; 5) îòíîøåíèå çàäîëæåííîñòè ê ñîáñòâåííîìó êàïèòàëó; 6) êîýôôèöèåíò ðåíòàáåëüíîñòè; 7) äîëÿ çàåìíûõ ñðåäñòâ; 8) ïðèáûëü íà ñîáñòâåííûé êàïèòàë; 9) äîõîä â ðàñ÷åòå íà àêöèþ; 10) êîýôôèöèåíò ïðèáûëüíîñòè; 11) îòíîøåíèå îáîðîòíîãî êàïèòàëà ê êðàòêîñðî÷íûì îáÿçàòåëüñòâàì; 12) êîýôôèöèåíò ëèêâèäíîñòè; 13) êîýôôèöèåíò «êðèòè÷åñêîé» îöåíêè; 14) îáîðîòíûå ñðåäñòâà; 15) îïåðàòèâíàÿ ñìåòà. Çàäàíèå ¹ 2. Äëÿ ðóññêîÿçû÷íûõ òåðìèíîâ â êîëîíêå À íàéäèòå ñîîòâåòñòâóþùèå èì àíãëîÿçû÷íûå îïðåäåëåíèÿ â êîëîíêå B.

À 1. Êîýôôèöèåíò êðèòè÷åñêîé îöåíêè. 2. Óðàâíåíèå ñáàëàíñèðîâàííîñòè. 3. Äîáàâëåííàÿ ñòîèìîñòü. 4. Òîðãîâûå èçäåðæêè. 5. Íåðàñïðåäåëåííàÿ ïðèáûëü. 6. Îò÷åò î ïðèáûëÿõ è óáûòêàõ. 7. Ãëàâíàÿ áóõãàëòåðñêàÿ êíèãà. 8. Áóõãàëòåðñêèé ó÷åò. 9. Îò÷åò î äâèæåíèè äåíåæíîé íàëè÷íîñòè. 10. Ñîáñòâåííûé êàïèòàë. 11. Äîõîä â ðàñ÷åòå íà àêöèþ. 12. Ïåðèîäè÷íîñòü ó÷åòà.

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 a) A financial statement that summarizes a firm’s revenues and expenses and shows the flows that occurred during a specified accounting period. b) The amount that the firm has plowed back from profits over the years but has not paid out in dividends. c) Costs that are related to the firm’s marketing activities. d) The sequence of accepted procedures that accountants must follow over a specific period of time. e) A financial ratio that is calculated by dividing net income after taxes by the number of shares of common stock outstanding. f) The statement that shows the movement of money into and out of an organization. g) A financial ratio that is calculated by subtracting inventories from current assets and dividing the total by current liabilities. h) The difference between a firm’s assets and its liabilities; what would be left over for the firm’s owners if its assets were used to pay off its liabilities. i) The process of systematically collecting, analyzing, and reporting financial information. j) The value of the product sold by a firm less the value of the goods purchased and used by the firm to produce the product; is equal to the revenue used for wages, rent, interest and profits. k) The book in which all the accounts of a business using double-entry bookkeeping are contained. l) The basis for the accounting process: Assets = liabilities + owners’ equity. Çàäàíèå ¹ 3. Ïðî÷èòàéòå îïðåäåëåíèÿ è óêàæèòå òåðìèíû, ñîîòâåòñòâóþùèå èì. 1. A measure of liquidity that is obtained by dividing immediately cashable current assets by current liabilities. 2. A financial statement that summarizes revenues, expenses, and net profit or loss. 3. A measure of financial condition that is obtained by dividing one value on a financial statement by another value. 4. A measure of liquidity that is obtained by dividing current assets by current liabilities.

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Çàäàíèå ¹ 4. Çàïîëíèòå ïðîïóñêè â òåêñòå ñîîòâåòñòâóþùèìè òåðìèíàìè: statement expenses income

sales payment revenues

firm operations

A firm receives _____ for goods and services it provides to others. It also makes payments to employees, suppliers, and others who have contributed to its _____. A firm receives its _____ in payment from others over a period of time. They are mostly a flow of _____ from sales by the firm. Resources that a firm uses up in the pursuit of revenues are _____. Wages, rent, and utilities are commonly incurred business expenses. The income _____ is a useful tool. Anyone can tell at a glance what the _____ earned, what its main expenses were, and how earnings and expenses compared to _____.

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ÑÏÈÑÎÊ ËÈÒÅÐÀÒÓÐÛ 1. Ricky W. Griffin, Ronald J. Ebert. Business. Prentice-Hall, 1991. 2. William F. Schoell, Gary Dessler, John A. Reinecke. Business. Opening Doors. Allyn and Bacon, 1993. 3. Begg D., Fischer S., Dornbusch R. Economics. McGRAW-HILL Book Company, 1991. 4. William J. Baumol, Allan S. Blinder. Economics. Princi ples and Policy. The Dryden Press, 1998.

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Дл# заметок

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Ó÷åáíîå èçäàíèå

Èñêðåíêî Ýëëà Âëàäèìèðîâíà, Ãàéêîâà Îëüãà Âÿ÷åñëàâîâíà, Òîðãàøîâ Âèêòîð Èâàíîâè÷

BASIC ECONOMIC TERMINOLOGY Ó÷åáíî-ìåòîäè÷åñêèå ðåêîìåíäàöèè ïî êóðñó ýêîíîìè÷åñêîé òåðìèíîëîãèè íà àíãëèéñêîì ÿçûêå  2 ÷àñòÿõ ×àñòü 2

Ãëàâíûé ðåäàêòîð À.Â. Øåñòàêîâà Ðåäàêòîð Ñ.À. Àñòàõîâà Òåõíè÷åñêèé ðåäàêòîð Í.Ã. Ðîìàíîâà

Ïîäïèñàíî â ïå÷àòü 17.02.2003. Ôîðìàò 60½84/16. Áóìàãà îôñåòíàÿ. Ãàðíèòóðà Òàéìñ. Óñë. ïå÷. ë. 3,02. Ó÷.-èçä. ë. 3,25. Òèðàæ 100 ýêç. Çàêàç .

Èçäàòåëüñòâî Âîëãîãðàäñêîãî ãîñóäàðñòâåííîãî óíèâåðñèòåòà. 400062, Âîëãîãðàä, óë. 2-ÿ Ïðîäîëüíàÿ, 30. – 52 –