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Tiếng anh chuyên ngành kế toán bài 6
Unit 6: Money and banking MONEY AND BANKING In this unit, we are going to learn language and knowledge related to money, banks and banking services Trong học học ngôn ngữ kiến thức tiền tệ, ngân hàng dịch vụ ngân hàng UNIT OBJECTIVES - MỤC TIÊU • Provide students with the language and knowledge related to money and banking, and the services provided by banks Cung cấp cho sinh viên vốn ngôn ngữ kiến thức liên quan đến tiền tệ ngân hàng, đời ngân hàng với số dịch vụ ngân hàng cung cấp • Provide students the way to write a complaint letter Cung cấp cho sinh viên phương pháp viết thư khiếu nại • At the end of this unit, students are able to talk and write about relevant issues as introduced with basic knowledges of banking and banking services Sau kết thúc học này, sinh viên nắm kiến thức ngân hàng dịch vụ ngân hàng, nói viết vấn đề liên quan DURATION (9 periods) - THỜI LƯỢNG HỌC (9 TIẾT) 77 Unit 6: Money and banking Match the terms or expressions in column A with their definition in column B The suggested time to this exercise is 10 minutes Column A Column B Balance A A sum of money exchanged for goods or services Transaction B To move or change something suddenly Purchase C Specialized knowledge Payment D The cost of sending letters, parcels etc by mail Option E Amounts of money Free of charge F A document which lists the goods you have bought and tells you how much you must pay for them Postage G A choice or alternative Invoice H To buy Funds I A movement of money in to or out of an account 10 Interest J To place money in a bank account Switch K An advantage 12 Benefit L Without cost 13 Deposit M The amount of money in a bank account at a particular time 14 Expertise N Money paid to someone who invests money 11 Text A: Read text A exercices 2.1 and 2.2 below The suggested time for reading the text and completing the exercises is 30 minutes MONEY AND BANKING A ll values in the economic system are measured in terms of money Our goods and services are sold for money, and that money is in turn exchanged for other goods and services Coins are adequate for small transactions, while paper notes are used for general business There is additionally a wider sense of the word ‘money’, covering anything which 78 Unit 6: Money and banking is used as a means of exchange, whatever form it may take Originally, a valuable metal (gold, silver or copper) served as a constant store of value, and even today the American dollar is technically ‘backed’ by the store of gold which the US government maintains As gold has been universally regarded as a very valuable metal, national currencies were for many years judged in terms of the so-called ‘gold standard’ Nowadays, however, national currencies are considered to be as strong as the national economies which support them V aluable metal has generally been replaced by paper notes These notes are issued by governments and authorized banks, and are known as ‘legal tender’ Other arrangements such as cheques and money orders are not legal tender They perform the function of substitute money and are known as ‘instruments of credit’ Credit is offered only when creditors believe that they have a good chance of obtaining legal tender when they present such instruments at a bank or other authorized institution If a man’s assets are known to be considerable, then his credit will be good If his assets are in doubt, then it may be difficult for him to obtain large sums of credit or even to pay for goods with a cheque T he value of money is basically its value as a medium of exchange, or, as economists put it, its ‘purchasing power’ This purchasing power is dependent on supply and demand The demand for money is reckonable as the quantity needed to effect business transactions An increase in business requires an increase in the amount of money coming into general circulation But the demand for money is related not only to the quantity of business but also to the rapidity with which the business is done The supply of money, on the other hand, is the actual amount in notes and coins available for business purposes If too much money is available, its value decreases, and it does not buy as much as it did, say, five years earlier This condition is known as ‘inflation’ B anks are closely concerned with the flow of money into and out of the economy They often co-operate with governments in efforts to stabilize economies and to prevent inflation They are specialists in providing capital and allocating funds on credit Banks originated as places to which people took their valuables for safe-keeping, but today the great banks of the world have many functions in addition to acting as guardians of valuable private possessions B anks normally receive money from their customers in two distinct forms: on current account, and on deposit account With a current account, a customer can issue personal cheques No interest is paid by the bank on this type of account With a deposit account, however, the customer undertakes to leave his money in the bank for a minimum specified period of time Interest is paid on this money 79 Unit 6: Money and banking T he bank is turn lends the deposited money to customers who need capital This activity earns interest for the bank, and this interest is almost always at a higher rate than any interest which the bank pays to its depositors In this way the bank makes its main profits W e can say that the primary function of a bank today is to act as an intermediary between depositors who wish to make interest on their savings, and borrowers who wish to obtain capital The bank is a reservoir of loanable money, with streams of money flowing in and out For this reason, economists and financiers often talk of money being ‘liquid’, or of the ‘liquidity’ of money Many small sums which might not otherwise be used as capital are rendered useful simply because the bank acts as a reservoir T he system of banking rests upon a basis of trust Innumerable acts of trust build up the system of which bankers, depositors and borrowers are parts They all agree to behave in certain predictable ways in relation to each other, and in relation to the rapid fluctuations of credit and debit Consequently, business can be done and cheques can be written without any legal tender visibly changing hands Source: Tom Mc Arthur, A Rapid Course in English for students of Economics, Oxford University Press, 1973 2.1 Answer the following questions How are all values in the economic system measured? What backs the US dollar? How are national currencies judged nowadays? Who can issue paper notes? What name is given to arrangements like cheques? What phrase economists use for the value of money? What is inflation? In what way banks co-operate with governments? What does the customer agree to when he opens a deposit account? 10 How does the bank make its main profit? 11 Why financiers often talk of the ‘liquidity’ of money? 12 Whose trust for each other maintains the banking system? 13 What does this trust permit? 80 Unit 6: Money and banking 2.2 According to text A, which of the following sentences are true (T) or false (F) Correct the false information Questions T/F The US dollar is a constant store of value Instruments of credit are accepted because they can be converted easily into substitute money The purchasing power of money depends upon supply and demand The demand for money is related to the rapidity with which business is done You can earn interest on a current account Banks lend money to depositors who need capital The main profits of a bank come from lending money at a fixed rate of interest Money is described as ‘liquid’ because it is compared to flowing water Legal tender must change hangs when we business and we must see it change Read text B and exercises 2.3, 2.4, 2.5 The suggested time for reading the text and completing the exercises is 40 minutes HOME AND OFFICE BANKING SYSTEM order a statement or a cheque book and for business users, our special Cash Management ay bills before breakfast Service enables you to see what invest over lunch and your cleared balances are, up to check balances at bedtime days ahead HOBS is the essential banking service for busy people It allows All these services can be easily you to carry out transactions accessed using our compact from your home or office when integral keyboard and screen it suits you You can check the which can be purchased for a balances of all your accounts single payment of only £95, with Bank of Scotland whether with an option of spreading the they are business accounts or cost over ten months However, personal accounts; view your the unit will be supplied free of last 600 transactions on-screen; charge to customers who untransfer between your ac- dertake to keep a minimum counts; pay regular bills and credit balance of £500 in their even keep a record of them; Current Account for at least The banking service for busy people P two years As the unit only takes up approximately the same space as an A4 sheet of paper, it can easily be accommodated on a desk or table Alternatively, HOBS can be linked to your PC In addition, no matter where you live in the UK you can access HOBS for the cost of a local telephone call 81 Unit 6: Money and banking Settle bills when it suits you R egular bills and accounts can be paid by electronic transfer without writing cheques, saving you time and postage And our Bank charge for an electronic payment is much less than for a cheque HOBS even has a memory, which allows you to instruct payment of regular household accounts or invoices up to 30 days in advance, freeing your money to work for you You can pay invoices, utility bills and many others Because the transaction is made on the day you want it, you can keep the funds earning interest until the very last moment High interest daily T he special high interest HOBS Investment Account is designed for busy people who want to make the most of their money It allows you to organize your finances so that you can earn high interest without locking your money away At the touch of a button, you can switch funds from your current account into your HOBS Investment Account Interest is calculated daily, so you always get the benefit of a healthy balance, even on funds banking hours! Now you can organize your personal finances before you set off for work and keep tighter control of your business bank accounts from your office at any time throughout the day With HOBS, you can bank until o’clock in the morning during the week, and you can bank all day Saturday and Sunday until 11 pm Look ahead with HOBS O deposited overnight All instructions made before pm on any business day are carried out that day After pm, they are effective on the next business day Open 18 hours a day H OBS opens for business at am – so much for ld-fashioned banking deals with what happened yesterday HOBS tells you where you stand today and helps you plan ahead You can also call on Bank of Scotland’s expertise for advice on all aspects of finance Bank of Scotland offers all the banking services you need as an individual or as a businessman and HOBS is the seven day link to a full clearing bank service, wherever you are in the UK Source: Michael Lannon, Graham Tullis, Tonya Trappe, ‘Insights Into Business’, Longman, 1996 2.3 According to text B, which of the following sentences are true (T) or false (F) Questions HOBS can be used by both business people and private individuals You can only use HOBS if you have a personal computer £500 is the minimum required to open a HOBS account HOBS is only available to residents of Scotland Making a payment with the HOBS system is more expensive than paying by cheque HOBS can be programmed to pay your bills automatically There is more than one type of HOBS account HOBS is open everyday from a.m to a.m 82 T/F Unit 6: Money and banking 2.4 Look at the following statements about the HOBS system and put a cross (X) against those which not appear in the text If you use HOBS you will be given an identity number and a password You can make ten monthly payments to cover the cost of buying HOBS The Bank of Scotland charges customers £10 a month for using HOBS If you want to take advantage of the Cash Management Service this will cost you extra You can arrange for The Bank of Scotland to give you a personal demonstration of how HOBS works The HOBS terminal can fit into a small place 2.5 Read through the text again and make a list of the 10 advantages for the customer of using the HOBS system With HOBS the customers can: have instant access to an account ……………………………… 3.1 Listening You are now going to hear part of a lecture, divided into short sections to help you to understand it Listen to the lecture TWICE As you listen, answer the questions below Section 1 What topic is the lecturer going to introduce? ……………………………………………………… What is the point of the story? ……………………………………………………… Who were the original bankers? ……………………………………………………… Section2 Note down the first development ……………………………………………………… What is the modern word for the ‘letter’ the lecturer talks about? ……………………………………………………… Note down the second development ……………………………………………………… Section Are these statements correct or incorrect? The goldsmith did not charge the firm interest The goldsmith expected everyone to want their gold at the same time 83 Unit 6: Money and banking Section Table: Goldsmiths as Bankers ASSETS LIABILITIES (1) Old-fashioned goldsmith Gold £ 100 Deposits £100 (2) Gold lender Gold £90 + loan £10 Deposits £100 (3) Deposit lender: Step Gold £100 + loan £10 Deposits £100 (4) Gold £90 + loan £10 Deposits £100 Step Is this statement correct or incorrect? Once the goldsmith had made his loan, his liabilities were greater than his assets Section What would we call a deposit today? Is this statement correct or incorrect? Whether the loan was in gold or as a deposit made no different to the goldsmith Section Note down what the lecturer means by ‘reserves’ What is the goldsmith’s reserve ratio after making the loan? Section The lecturer says people rushed to the goldsmith to get their gold What term does he use to describe this rush? What is the result of a financial panic? 3.2 Listening Listening to the first part of the lecture again and fill ONE word in each blank bellow Now two (1) turned these goldsmiths into bankers The first was that people (2) it a lot easier to give the seller a letter than it was to (3) some gold and then physically hand it over to him This letter (4) some of the gold they had at the goldsmith’s to the seller This letter we would nowadays call a (5) And of course once these letters, or cheques, were easier to carry (6) than gold, and a lot less dangerous, people started to say that their money (7) were what they had with them plus their deposits So a system of deposits was started The second (8) ., and I’m sure you can see what’s coming, was that goldsmiths realized they had a great deal of unused gold lying in their (9) doing nothing This development was (10) of greater importance than the first 84 Unit 6: Money and banking Read the following passage and the vocabulary exercises below The suggested time for doing these exercises is 30 minutes Account opening forms On the National Bank of Mantra company account opening form the customers are asked to write whether they are sole traders, partnership or limited companies This information is necessary for the banks In the case of a sole trader, there is no formality but the bank might want a reference The form also request the same details as those found on a personal account opening form but with many additional items All this information is useful for the bank But it is supplied on a completely voluntary basic by customers The banks uses the account opening form to market research For example, they ask prospective account holders to say why they came to the National Bank of Mantra They ask for details of the personal assets and liabilities of the directors and the names and addresses of their accountants and solicitors and how long they have been in business This information is requested but references on the directors are sometimes required The forms are divided into four sections: 1) Details of the business, which include its address, legal status (whether it is a private limited company or a public limited company), its activities, connected companies, number of employees and how they are paid, the addresses of its solicitors, accountants and present bankers); 2) Personal details of the owners (for non-limited companies, called the proprietors, and for limited companies called the directors) as for a personal account opening form, including assets such as house ownership and liabilities such as mortgages 3) Customer requirements include what services the new business account holder wants The bank uses this opportunities to get details of property and valuables so that it can then offer to insure them The bank also asks what kind of cherub book the customer wants, the types of account and frequency of statements of account; 4) A signed declaration by the owners, who agree to be severally and jointly liable for the debts of the company This means they are responsible both as individuals and as a group for any debt to the bank when it lends the company money 4.1 Mark the following with A or L to show whether they are assets or liabilities a house a car a bank loan a mortgage an insurance policy 85 Unit 6: Money and banking 4.2 Look carefully at each paragraph of the reading passage to find words which mean the opposite of a) closing (paragraph 1) c) offer (paragraph 2) d) different e) assets f) few g) obligatory h) former i) always (paragraph 3) j) private (paragraph 3) 4.3 b) joint k) community (paragraph 7) l) borrows Read the passage about account opening forms again and then, without looking back, add nouns to the following adjectives to form noun phrases a) national b) different c) sole d) limited e) the same f) personal g) additional h) more i) prospective j) legal k) private l) public Now look back at the passage and see how many of your phrases match those in the reading passage 5.1 Based on the information in the two texts above, answer the following questions in your own words Now that you have considered the benefits that HOBS offers its customers, discuss what, in your opinion, the Bank of Scotland can gain from the introduction of its new system Are there any similar services to HOBS available in your country? Who provides them and how they operate? 5.2 Role Play Inquiring a bank loan Work in pairs (Student A and Student B) Student A and student B should look at the information for each of them to understand carefully their role before starting the role play Student A You wish to deposit £30,000 with a bank and have been advised that the Lombard Bank provides very favorable conditions to investors You have obtained a leaflet about their services, but you require further details before deciding in which account (s) to invest your money You have there fore arranged to meet a representative of the bank (Student B) who will answer any enquiries that you have Your saving requirements are as follows: You wish to set aside a sum of money for your three children, to be divided amongst them on their eighteenth birthdays Their present ages 10, 12, and 14 You wish also like to set aside an amount for use in emergencies, for example to carry out any unexpected repairs to your house, to pay medical bills etc 86 Unit 6: Money and banking Total = £30,000 Lombard Bank Information for savers and investors Note deposit for savers and investors A flexible account that offers you easy access to your funds, with deposit periods of 14 days, months and months with no maximum limit to funds deposited Fixed Deposit Accounts The ideal deposit account for those wishing to invest in the longer term with deposit periods ranging from to years Interest is fixed and guaranteed not to change during the deposit period selected Cheque Savings Account A special kind of deposit account which is particularly suitable for those customers who want their savings readily available whilst earning a good rate of interest A cherub book is supplied and provides the benefits of instant access to your funds Whatever your choice you can be assured that a Lombard deposit account will be a secure and confidential home for your money Study the above leaflet carefully and draw up a list of questions that you will need to ask The following guidelines show the sort of information you should obtain Minimum/Maximum opening deposits Interest rates Dates of interest payments Restrictions on withdrawing money Useful language: Asking for general information Could you tell me more about … I’d like some further information on … Asking for more detailed information How much interest would I earn if I opened a 3-month notice deposit account? Would I be able to withdraw funds at short notice from a fixed deposit account? How often would I be paid interest with a cherub savings account? When you have finished preparing your questions, you should meet up with student B Make notes on the answers you receive and decide how you are going to invest your money 87 Unit 6: Money and banking Student B You work for the Lombard Bank and have an appointment with a prospective client (Student A) who would like to deposit some money with your bank The bank offers three different types of account, details of which are given below Study this information and be prepared to answer Student A’s questions and to give advice about which account (s) would best suit his or her saving requirements In particular you should be ready to answer questions about the following: • Minimum/Maximum opening deposits • Interest rates • Dates of interest payments • Restrictions on withdrawing money Deposit Type of account Interest rates per annual Interest payments Min Max months 1000 - 8.75 (5.75*) every months months 1000 - 9.0 (6.0*) every months 14 days 5000 - 9.25 (6.375*) every months Notice Deposit Note: *indicates interest rates payable when the balance is less than the minimum deposit Gross Rate % p.a – interest paid annually Type of account Amount of deposit £1,000 £24,999 £25,000 £49,999 £50,000 £250,000 Fixed deposit year fixed deposit 9.00 9.125 9.25 year fixed deposit 9.00 9.125 9.25 year fixed deposit 9.25 9.375 9.50 year fixed deposit 9.25 9.375 9.50 year fixed deposit 9.25 9.375 9.50 Type of account Cheque Savings Account When the balance is £1,000 to £4,999 3.75 When the balance is £5,000 and above 88 Interest paid 6.00 Unit 6: Money and banking Note Deposit Account This account exists in three forms (3months, months and 14 days) depending on the period of notice The rates of interest payments can be made directly to the client or added to the sum in his or her notice deposit account to earn further interest Additional deposits can be made without restriction Fixed Deposit Account With this type of account funds are deposited for a fixed period of to years and earn interested at a fixed rate which is guaranteed not to change The client can choose whether the interested is paid monthly, every three months, every six months or yearly Interest can be paid directly to the client or added to the sum in the fixed term account The client is not allowed to make withdrawals before the end of the fixed period of deposit The minimum opening deposit is £1000 with a maximum limit of £250,000 Cheque Savings Account This is an account for customers who want easy and instant access to their money while continuing to earn interest Interest is paid every three months and customers are supplied with a cheque book which can be used without restriction Customers may withdraw up to £1000 in cash per day but are not allowed to become overdrawn Statements are sent every months Last month you received your bank statement and noticed that your account was overdrawn After phoning your bank, they informed you that they had mistakenly transferred £500 from your main account into your second account, instead of vice versa The bank apologized for the error and promised that there would be no overdraft charges However, you have just received your latest bank statement, on which a £30 overdraft charge appears You have phoned your bank again to complain and they have advised you to confirm your complaint in writing Write a short letter to your branch manager in which you state what your complaint is and how you want the bank to correct the mistake The address of your bank is: National Savings Bank 509 Wellington Street London SW1V 9AW Suggestion: You should organize your letter in three different parts An introduction, in which you should identify yourself and give the reason(s) for writing The main body of the letter, where you explain the problem and give a short history of how it arose A concluding paragraph, saying what action you are expecting as a result of your letter 89 Unit 6: Money and banking English terms Vietnamese equivalents A - A run on the bank (n) - Đòi rút tiền ạt ngân hàng B - Balance (n) - Số dư tài khoản - (Bank) statement (n) - Sao kê tài khoản C - Cheque book (n) - Sổ séc - Clearing bank service (n) - Dịch vụ toán D - Debit card (n) - Thẻ ghi nợ - Deposit (n) - Tiền gửi ngân hàng F - Financial panic(n) - Sự hoang mang tài G - Goldsmith (n) - Thợ vàng - Gold bullion (n) - Nén vàng, thoi vàng J - Jewellery (n) - Đồ kim hoàn I - Intermediary (n) - Trung gian R - Reserve ratio (n) - Tỷ lệ dự trữ - Reservoir (n) - Bể chứa T - To go bankrupt - Bị phá sản V - Vault (n) - Hầm/Rương/Hòm O - Overdraft (n) 90 - Vay thấu chi ... emergencies, for example to carry out any unexpected repairs to your house, to pay medical bills etc 86 Unit 6: Money and banking Total = £30,000 Lombard Bank Information for savers and investors Note... payments Min Max months 1000 - 8.75 (5.75*) every months months 1000 - 9.0 (6. 0*) every months 14 days 5000 - 9.25 (6. 375*) every months Notice Deposit Note: *indicates interest rates payable... the balance is £1,000 to £4,999 3.75 When the balance is £5,000 and above 88 Interest paid 6. 00 Unit 6: Money and banking Note Deposit Account This account exists in three forms (3months, months