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Tiếng anh chuyên ngành kế toán bài 7
UNIT OBJECTIVES - MỤC TIÊU DURATION (6 periods) - THỜI LƯỢNG HỌC (6 TIẾT) • Provide students with the language and knowledge related to various banking activities, main types of banks and the functions of a central banks. Cung cấp cho sinh viên vốn ngôn ngữ và kiến thức liên quan đến các hoạt động chính của ngân hàng, các loại hình ngân hàng chủ yếu và các chức năng cơ bản của ngân hàng trung ương. • Provide students with the way to write a basuness plan. Cung cấp cho sinh viên phương pháp viết một bản kế hoạch kinh doanh. • At the end of this unit, students will be able to talk and write about the activities and functions of central banks and other types of banks as well as to make a persuasive business plan. Kết thúc bài học này, học sinh có thể nói và viết về các hoạt động và chức năng của ngân hàng trung ương và các loại ngân hàng khác cũng như phương thức viết một bản kế hoạch kinh doanh thuyết phục để được nhận vốn vay từ ngân hàng. In this unit, we are going to learn the language and knowledge related to variousbanking activities, main types of banks and the functions of a central bank. Trong bài học này, chúng ta sẽ học về ngôn ngữ và kiến thức liên quan tới các hoạt động của ngân hàng, các loại hình ngân hàng cơ bản và chức năng của ngân hàng trung ương. 91 THE CENTRAL BANKS AND OTHER TYPES OF BANKS Unit 7: The central banks and other types of banks Match the terms or expressions in column A with their definition in column B. The suggested time to do this exercise is 10 minutes. Column A Column B 1 The person to whom a cheque is written. A Bank charges 2 Money provided by a bank to a customer, for an agreed purpose. B Bank draft 3 A bank which offers a full range of services to individuals and companies. C Base rate 4 A type of bank with a strong local or regional identity, mainly used by small, private investors, who get interest on their deposits. D Clearance 5 An instruction from one bank to another bank asking it to make a payment to a supplier. E Commercial bank 6 An agreement that an account can remain in debit up to a certain amount for an agreed time period. F Loan 7 The time taken from when a cheque is presented to a bank to when the receiving account is credited. G Overdraft 8 Fees charged by a bank for services provided. H Payee 9 An instruction from a customer to a bank to make a regular payment to a creditor. Instructions to alter the dates or the payments must come from the customer. I Savings bank 10 A computer printout sent by a bank to a customer, showing recent activity on his/her account. J Standing order 11 The lowest level of interest that a bank charges for lending money. K Statement 92 Unit 7: The central banks and other types of banks Text A: Read text A below and do exercises 2.1 and 2.2 below. The suggested time for reading the text and completing the exercises is 30 minutes. TYPES OF BANKS A bank is a financial institution whose primary activity is to act as a payment agent for customers and to borrow and lend money. However, the definition of a bank varies from country to country. Banks act as payment agents by conducting checking or current accounts for customers, paying cheques drawn by customers on the bank, and collecting cheques deposited to customers' current accounts. Banks also enable customer payments via other payment methods such as telegraphic transfer, EFTPOS, and ATM. Banks borrow money by accepting funds deposited on current account, accepting term deposits and by issuing debt securities such as banknotes and bonds. Banks lend money by making advances to customers on current account, by making installment loans, and by investing in marketable debt securities and other forms of lending. Banks provide almost all payment services, and a bank account is considered indispensable by most businesses, individuals and governments. M any other financial activities were added over time. For example banks are important players in financial markets and offer financial services such as investment funds. In some countries such as Germany, banks are the primary owners of industrial corporations while in other countries such as the United States banks are prohibited from owning non-financial companies. In France "Bancas- surance" is highly present, as most banks offer insurance services (and now real estate services) to their clients. Banks' activities can be divided into retail banking, dealing directly with individuals and small businesses; business banking, providing services to mid-market business; corporate banking, directed at large business entities; private banking, providing wealth management services to High Net Worth Individuals and families; and investment banking, relating to activities on the financial markets. Most banks are profit-making, private enterprises. However, some are owned by government, or are non-profits. The most common type of retail banks is a commercial bank. “Commercial bank” is the term used for a normal bank to distinguish it from an investment bank. After the Great Depression in the US in the 1930s, the U.S. Congress required that commercial banks only engage in banking activities, whereas investment banks were limited to capital market activities. Since the two no longer have to be under separate ownership, some use the term "commercial bank" to refer to a bank or a division of a bank that mostly deals with deposits and loans from corporations or large businesses. 93 Unit 7: The central banks and other types of banks I n Europe, savings banks take their roots in the 19th or sometimes even 18th century. Their original objective was to provide easily accessible savings products to all strata of the population. In some countries, savings banks were created on public initiative, while in others socially committed individuals created foundations to put in place the necessary infrastructure. Nowadays, European savings banks have kept their focus on retail banking: payments, savings products, credits and insurances for individuals or small and medium-sized enterprises. Apart from this retail focus, they also differ from commercial banks by their broadly decentralised distribution network, providing local and regional outreach and by their socially responsible approach to business and society. J nvestment banks "underwrite" (guarantee the sale of) stock and bond issues, trade for their own accounts, make markets, and advise corporations on capital markets activities such as mergers and acquisitions. Merchant banks were traditionally banks which engaged in trade financing. The modern definition, however, refers to banks which provide capital to firms in the form of shares rather than loans. Universal banks, more commonly known as a financial services company, engage in several of these activities. In Europe and Asia, big banks are very diversified groups that, among other services, also distribute insurance, hence the term bancassurance is the term used to describe the sale of insurance products in a bank. The word is a combination of "banque or bank" and "assurance" signifying that both banking and insurance are provided by the same corporate entity. Central banks are normally government owned banks, often charged with quasi-regulatory responsibilities, e.g. supervising commercial banks, or controlling the cash interest rate. They generally provide liquidity to the banking system and act as lender of last resort in event of a crisis. Source: http://en.wikipedia.org/wiki/Bank, retrieved on 15 December, 2009. Answer the following questions 1. What is the definition of a bank? 2. How do banks act as ‘payment agents’? 3. How do banks borrow? 4. In Germany, banks are the primary owners of what? 5. What are the main types of activities of banks? 6. When did the Great Depression happen? 7. What is the original purpose of a savings bank? 8. What is the meaning of ‘underwriting stock and bond issues’? 9. What is the term ‘bancassurance’? 10. In the event of a crisis, what do central banks do? 2.1 94 Unit 7: The central banks and other types of banks According to text A, which of the following sentences are true (T) or false (F). Correct the false information Text B: Read text B and do exercise 2.3, 2.4 below. The suggested time for reading the text and completing the exercises is 30 minutes. THE CENTRAL BANK The central bank T he central bank has been described as "the lender of last resort", which means that it is responsible for providing its economy with funds when commercial banks cannot cover a supply shortage. However, the primary goal of central banks is to provide their countries' currencies with price stability by controlling inflation. A central bank also acts as the regulatory authority of a country's monetary policy and is the sole provider and printer of notes and coins in circulation. Time has proven that the central bank can best function in these capacities by remaining independent from government fiscal policy and therefore uninfluenced by the political concerns of any regime. Today the central bank is government owned but separate from the country's ministry of finance. Although the central bank is frequently termed the "government's bank" because it handles the buying and selling of government bonds and other instruments, political Questions T/F 1. The definition of a bank is the same in every country. 2. Many people and businesses think that a bank account is not necessary. 3. In the US, and some other countries, banks are prohibited from owning non-financial companies. 4. Banks provide corporate banking services to every company. 5. Investment banking relates to banks’ activities on the financial market. 6. A commercial bank and an investment bank always have to be under separate owners. 7. The modern European savings banks only focus on providing savings products to individuals and enterprises. 8. The modern merchant banks provide capital to firms. 9. In Europe and Asia, big universal banks are very diversified, they engage in many types of activities. 10. Central banks act as lender of last resort when a crisis occurs. 2.2 95 Unit 7: The central banks and other types of banks decisions should not influence central bank operations. Of course, the nature of the relationship between the central bank and the ruling regime varies from country to country and continues to evolve with time. To ensure the stability of a country's currency, the central bank should be the regulator and authority in the banking and monetary systems. How the Bank Influences an Economy A central bank can be said to have two main kinds of functions: (1) macroeconomic when regulating inflation and price stability and (2) microeconomic when functioning as a lender of last resort. Macroeconomic Influences A s it is responsible for price stability, the central bank must regulate the level of inflation by controlling money supplies by means of monetary policy. The central bank performs open market transactions that either inject the market with liquidity or absorb extra funds, directly affecting the level of inflation. To increase the amount of money in circulation and decrease the interest rate (cost) for borrowing, the central bank can buy government bonds, bills, or other government-issued notes. This buying can, however, also lead to higher inflation. When it needs to absorb money to reduce inflation, the central bank will sell government bonds on the open market, which increases the interest rate and discourages borrowing. Open market operations are the key means by which a central bank controls inflation, money supply, and price stability. Microeconomic Influences T he establishment of central banks as lender of last resort has pushed the need for their freedom from commercial banking. A commercial bank offers funds to clients on a first come, first serve basis. If the commercial bank does not have enough liquidity to meet its clients' demands (commercial banks typically do not hold reserves equal to the needs of the entire market), the commercial bank can turn to the central bank to borrow additional funds. This provides the system with stability in an objective way; central banks cannot favor any particular commercial bank. As such, many central banks will hold commercial-bank reserves that are based on a ratio of each commercial bank's deposits. Thus, a central bank may require all commercial banks to keep, for example, a 1:10 reserve/deposit ratio. Enforcing a policy of commercial bank reserves functions as another means to control money supply in the market. Not all central banks, however, require commercial banks to deposit reserves. The United Kingdom, for example, does not have this policy while the United States does. The rate at which commercial banks and other lending facilities can borrow short-term funds from the central bank is called the discount rate (which is set by the central bank and provides a base rate for interest rates). It has been argued that, for open market transactions to become more efficient, the discount rate should keep the banks from perpetual borrowing, which would disrupt the market's money supply and the central bank's monetary policy. By borrowing too much, the commercial bank will be circulating more money in the system. Use of the discount rate can be restricted by making it unattractive when used repeatedly. Source: www.investopedia.com/printable.asp?a=/articles/03/050703.asp 96 Unit 7: The central banks and other types of banks 2.3 2.4 act fix implement issue control function influence supervise assets cash interest liquid maturity reserve 97 Read text B and complete these sentences about Central Banks using the words in the box Central Banks, such as the Bank of England, the Federal Reserve Board in the US, and the Bundesbank in Germany: 1. as banks for the government and for other banks. 2. monetary policy – either the government’s, as in Britain, or their own, if they are independent, as in Germany and the USA. 3. the money supply, measured by different aggregates such as M0, M1, M2, M3, etc. 4. the minimum interest rate. 5. as lender of last resort to commercial banks with liquidity problems. 6. coins and bank notes. 7. (floating) exchange rates by intervening in foreign exchange markets. 8. the banking system. Complete the paragraph using the words in the box Because a commercial bank can lend most of the money deposited with it to other borrowers, who in turn may lend it to another borrower, each sum of money deposited in a bank is multiplied several times. To ensure the safety of the banking system, central banks impose (1) requirements, obliging commercial banks to deposit a certain amount of money with the central bank at zero (2) . Central banks in different countries also impose different ‘prudential ratios’ on commercial banks. These are ratios between deposits and liquid (3) that are considered sufficient to meet demands for (4) . (A bank’s assets are its loans, which should, in theory, all be paid back one day, and its liabilities are the customers’ deposits, which can all be withdrawn one day.) For example, a bank’s capital ratio is between its capital and reserves on the one hand, and its total assets on the other. The reserve asset ratio is between deposits with a (5) of under two years, called ‘eligible liabilities,’ and reserve assets, which include cash and assets that are (6) – i.e. quickly convertible into cash – such as reserve deposits held by the central bank, and securities such as treasury bills. Unit 7: The central banks and other types of banks 98 Unit 7: The central banks and other types of banks Mary Ann is an economics research student, specializing in monetary policy. You will hear her outlining the functions of a central bank, and discussing whether it should be independ- ent from the government, and run by bankers, or under the control of the government. Listening 1 A. Listen to Part One of the interview TWICE, about the functions of a central bank, and fill in each gap with one phrase or expression. You have 10 minutes to complete your answer The first one is actually to implement monetary policy. There are roughly three ways to do it. First, (1) , which means limiting, upwards or downwards, the fluctuations of the interest rate. The second way to implement monetary policy is simply (2) – coins, banknotes. The third one which is a bit more modern, is those (3) , which are simply buying and selling government bonds to and from commercial banks. So that was the first main task of a central bank. The second one is (4) , I would say. [ ] Third main task, yes, (5) , I would say – make sure that the commercial banks have enough liquidities, for instance, to avoid any bank run. [ ] The fourth main task of the central bank would be to (6) , in case, actually, one of these commercial banks goes bankrupt and the investors, the people putting money in the bank, have to get back their money. B. Read the six sentences below, which also summarize central banking functions, but slightly differently, and match them up with the six expression you have written in 3.1.1. You have 5 minutes to complete your answers A. controlling the amount of banknotes in circulation B. establishing maximum and minimum lending rates, thereby controlling the credit system C. ensuring that banks have a sufficient liquidity ratio to allow customers to withdraw their deposits when they want D. intervening on foreign exchange markets, buying or selling large amounts of the national currency, to prevent major fluctuations E. lending money to a commercial bank in danger of going bankrupt F. selling government bonds to commercial banks or buying them back, in order to alter the amount of credit the banks can offer (and thereby alter the money supply). 3.1 99 Listening 2 A. Listen to Part Two of the interview TWICE and answer the following question. You have 5 minutes to complete your answer. What is Mary Ann opinion concerning central bank independence, and why? B. Now look at the following statements. Listen to the extract again, and decide whether the statements are TRUE or FALSE. Correct them if they are false. The suggested time to complete your answers is 10 minutes 1. Mary Ann says that governments tend to increase the money supply in the months before an election, which helps reduce unemployment 2. Mary says that the central bank should be the branch of the government that implements monetary policy. 3. Mary says that the central bank should be the branch of the government that implements budgetary policy. 4. Mary suggests that governments always have a budget deficit. 5. Mary says that there should be a limit to the central bank’s independence. Fill in each blank in the text with a correct word or phrase. Choose from the following list. Use each item once only. The suggested time to do this exercise is 15 minutes Banks offer many services to businesses and their customers. Here are some of the most common: Many people now have a card which enables them to (1) ……………. money form a (2) …… …. You need your card into the machine and key in your PIN (personal identification number) and the amount of money you want. If you have enough in your account, the money requested will be (3) ……………. to you up to a daily limit. Your account is automatically (4) ……………. for the amount you have drawn out. Provided you have a sound (5) …………. ou can get a credit card from a bank and other (6) ……………. To obtain goods or services, you present your card and sign a special voucher. When it receives the voucher, the credit card company pays the trader (less a Unit 7: The central banks and other types of banks 4.1 3.2 commission issued statement debited outstanding withdraw in full salaries banker’s draft (or bank draft) financial institutions credit rating credit transfer interest slip cash dispenser standing order (7) …………….) and then sends you a monthly (8) ……………. Depending on the type of card you have, you will either have to pay (9) ……………. or be able to pay part of what is owed and pay (10) ……………. on the balance left (11) ……………. If you need to make fixed payments at regular intervals, e.g. for insurance premiums, you can arrange a (12) ……………. (sometimes known as a banker’s order) so that the bank will do this for you. If you have several bills to pay, you can do this by (13) ……………. You write one cherub for the total sum involved, fill in a (14) ……………. for each bill and hand every thing to the bank cashier. The transfer system is also used by employers to pay (15) directly into employee’s bank accounts. If you are dealing with a supplier for the first time, a (16) ……………. may be used as payment. This is a cherub guarantee by a bank and therefore it is not likely to ‘bounce’ Study the information in the following bank statement Now complete the passage with the words in the box. The suggested time to do this exercise is 15 minutes. credit balance debit card payment debit transactions cheque cash account deposit 4.2 MEDWAY BANK STATEMENT OF ACCOUNT CLAPHAM HIGH STREET LONDON SW4 CURRENT ACCOUNT MS JANE SADLER 75 EBURY MEWS LONDON SW5 ACCOUNT NUMBER STATEMENT NUMBER STATEMENT DATE 02–26–56 54863472 01 1 MAR 1993 DATE DETAILS DEBITS CREDITS BALANCE 28 JAN 20 FEB 22 FEB 23 FEB 26 FEB OPENING DEPOSIT CSH CHEQUE 000001 CHQ AUTOBANK AB69301 OXFORD ST CSH WATERSTONE AND CO. DD BENNET AND SONS TR 53.25 60.00 33.50 300.00 802.20 300.00 246.75 186.75 153.25 955.45 ABBREVIATIONS: CHQ – CHEQUE, CSH – CASH, DD – DIRECT DEBIT, TR – TRANSFER 100 Unit 7: The central banks and other types of banks [...]... 10,000 euro 2,930 .76 5,861.53 11 ,72 3.05 11 ,72 3.05 29,3 07. 63 58,615.25 1 17, 230.51 1,295.05 3,2 37. 61 6, 475 .23 12,950.46 12,950.46 32, 376 .14 64 ,75 2.29 129,504. 57 1,423 .78 3,559.44 7, 118.88 14,2 37. 75 14,2 37. 75 35,594.38 71 ,188 .75 142, 377 .50 10,000 euro Annual repayment 25,000 euro 1, 172 .31 25,000 euro 50,000 euro 10,000 euro 672 .16 1,680.39 3,360 .79 6 ,72 1. 57 13,443.14 33,6 07. 85 67, 215 .71 134,431.42 802.43... 4,012.13 8,024.26 16,048.52 40,121.29 80,242.59 160,485. 17 943.93 2.359.82 4 ,71 9.65 9,439.29 18, 878 .59 47, 196.46 94,392.93 188 ,78 5.85 3% p.a Total cost Annual repayment 5% p.a Total cost Annual repayment 7% p.a Total cost 20 years Interest rate Annual repayment 3% p.a Total cost Annual repayment 5% p.a Total cost Annual repayment 7% p.a Total cost 103 Unit 7: The central banks and other types of banks Many... - Bảo lãnh phát hành chứng khoán Revision B REVISION B UNIT OBJECTIVES - MỤC TIÊU • Review the topics introduced in Unit 5, Unit 6 and Unit 7 through reading and vocabulary exercises Ôn tập các chủ đề đã được giới thiệu trong bài 5, bài 6 và bài 7 thông qua các bài đọc và từ vựng CONTENTS 1 Financial markets 1.1 Complete each sentence by writing in the gap a word formed by the verb given in brackets... Payroll ……………………………………………… 74 ,800 Leased equipment ……………………………………… 6,000 Utilities ………………………………………………… 6,000 Insurance ……………………………………………… 9,000 Rent …………………………………………………… 12,600 Logo, concept design ………………………………… 10,300 Miscellaneous …………………………………………… 3,500 Total operating expenses ……………………………… 1 57, 600 Profit before taxes ……………………………………… 93,900 Personal investment …………………………………… 70 ,000 Collateral / security:... business • Enough collateral or security to use as a guarantee 101 Unit 7: The central banks and other types of banks Business plan Product description: Full colour magazine, A4 format, 80 pages Market size: Potential - 7, 000 issues per month Competition: Fragmented; more specialist publications Sale forecast: 84,000 issues p.a @ 3 .75 euros = 315,000 euros Sales: euros Sales ……………………………………………… 315,000... Đại suy thoái (ở Mỹ) - Government bonds - Trái phiếu chính phủ H - High Net Worth individuals - Các cá nhân giàu có 105 Unit 7: The central banks and other types of banks I - Investment fund - Quỹ đầu tư - Investment banking - Nghiệp vụ ngân hàng đầu tư L - Liquidity - Khả năng thanh khoản/Tính lỏng - Lender of last resort - Người cho vay cuối cùng, người cho vay cứu cánh M - Money market - Thị trường... Marketing What sort of marketing or advertising do you intend to do? 7 Premises/Machinery/Vehicles Where do you intend to locate the business and why? What sort and size of premises will you need? What machinery/vehicles do you require? 8 Objectives What objectives do you have for the business? Short-term Medium-term Long-term 104 Unit 7: The central banks and other types of banks English terms Vietnamese... risks involved in the project that he / she presents and decide whether the person has the right profile to succeed as an entrepreneur His means that you must be convinced that he / she has: 102 Unit 7: The central banks and other types of banks • The right character • A serious commitment to the business • The capacity to manage it • Enough collateral or security to use as a guarantee Remember that...Unit 7: The central banks and other types of banks Jane Sadler opened her (1) with the Medway Bank on 28th January 1993, with a cash (2) of £300 On 15th February she wrote a (3) for £53.25 and this... bank statement on 20th February On 22nd February she took out £60 in (5) from a cashpoint m achine On the following day the bank debited her account by £33.50 for a (6) she had made using her (7) Her monthly salary was paid directly into her account and this appeared as a (8) for £802.20 on 26th February There were no further (9) on her account and she finished the month with a (10) . euro 3% p.a. Annual repayment 1,172.31 2,930.76 5,861.53 11, 723.05 Total cost 11, 723.05 29,307.63 58,615.25 117 ,230.51 5% p.a. Annual repayment 1,295.05 3,237.61. be able to pay part of what is owed and pay (10) ……………. on the balance left (11) ……………. If you need to make fixed payments at regular intervals, e.g. for