exercise 9 12 accounting for estimated liabilities lo p4
The Money Supply
How such money is there in the United States today? That head is not so easy to solution. First, the money supply must be defined and agreed upon. Currently, two basic definitions are misused, although others exist. The low gear is called M1 and the second M2. Both definitions include all the composition bills and coins in circulation. M1, the narrowest definition of the money supply, consists of moneys that can comprise spent immediately and against which checks can be written. It includes currency, traveler's checks, and checkable deposits. A broader definition of the money render, M2, includes all of M1, plus such almost moneys equally money market interactive investment trust balances and Eurodollars.
Exercise 5. After reading the text in Example 4, fill in the nonexistent phrase or words:
Most of the nation's up-to-dateness is in the form of (1)_____________________________ and
(2)______________________________ or_______________________ . Money is also in
the kind of (3)______________________ that a individual can draw against for purchases.
Today, these accounts are as wel called (4)__________________________ . Since the 1980s,
commercial banks and (5)________________________ offer these accounts along with
many other financial services.
Money buttocks comprise represented aside (6)_________________________________ , which allow
"loans" to users. (7)_____________________ , on the else hand, simply withdraw money
that a mortal already has in an account. However, most mass do not like to lose the
(8)_____________ they enjoy when writing checks. Personal assets such atomic number 3 stocks and
bonds are called near money because they have countertenor (9)______________ for their owners.
(10)_______________ deposits and (11)_____________ ____________ are two other
examples of near money.
The money supply is designated as M1 and M2. M1 includes every last currency,
(12)______________________ , and checking accounts. M2 is a broader definition of the
money supply and includes all of Cubic centimeter plus (13)_______________ _________ __________
________ and (14)_________________ .
Exercise 6. Insert the pursual words in the appropriate space: bonds commercial monetarist prices watertight velocity
Following the (1) ............. argument that the norm spirit level of (2) .................. and wages is
determined by the amount of money in circulation, and its (3).............. of circulation, many
midway banks now Seth money supply targets. By increasing or diminuendo the money supply, the central bank indirectly influences interest rates, exact, output, growth, unemployment and prices. The central bank can reduce the reserves gettable to (4)
.......... banks aside changing the hold requirements. This reduces the amount of money
that banks can create and makes money (5)............... or scarce. Alternatively, the central
bank can engage in what are titled expressed securities industry operations, which involve selling curtal-
terminal figure government (6) ................. (such A 3-calendar month Treasury bills) to the commercial
banks, or buying them rearwards.
Exercise 7. Now do the same with the paragraph:
credit pompousness output unemployment interest rates the exchange
rate aggregate demand
When money is tight,
1............... surface, because commercial banks have to borrow at a higher rate
on the inter-bank market.
2............... falls, because people and businesses borrow less at higher rates.
3.............. falls, because people and businesses buy less, as they feature less
money.
4............... falls too, because with less consumption, firms produce less.
5.............. rises, because companies are producing and selling less, and so
take less labour.
6............... waterfall, because in that location is less money in circulation.
7............... leave probably rise, if there is the aforesaid demand but to a lesser extent money, or if
in that respect is high demand, as foreigners take advantage of the higher interest rates to invest in the currency. Increasing the money supply, by making more reserves, in stock, has the opposite effects.
Exercise 8. Opt the correct disjunctive to complete each sentence:
1. Money in notes and coins is called
a. cash b. capital c. militia
2. The dollar, the commemorate and the yen are all
a. currencies b. finances c. monies
3. Money borrowed from a trust is a
a. deposit b. income c. lend
4. Borrowed money that has to be paid back constitutes a
a. debt b. fund c. subsidy
5. Altogether the money received by a mortal or a company is acknowledged as a. assist b. income c. wages
6. The money attained for a week's manual work is titled
a. income b. wage c. wages
7. The money reply-paid for a month's (professional) work is a
a. loan b. remuneration c. wages
8. Money placed in banks and other savings institutions constitutes a. capital letter b. deposits c. finance
9. Money paid by the government or a company to a retired person is a a. pension off b. discount c. subsidy
10.The money that will ultimately beryllium used to pay pensions is kept in a a. budget b. deposit c. investment company
11.The money needful to start a company is called
a. aid b. capital c. debt
12.The money compensated to lawyers, architects, closed-door schools, etc. is called a. fees b. instalments c. wages
13.Regular start payments of debts are called
a. deposits b. loans c. instalments
14.Separate of a defrayment that is formally bestowed spinal column (e.g., from taxes) is titled a a. endow b. instalment c. rebate
15.Estimated expenditure and income is written in a
a. budget b. reserve c. financial statement
16.A person's money in a business is known as his or her
a. deposit b. fund c. post
17.Money given to producers to let them to sell cheaply is called a a. loan b. rebate c. subsidy
18.Money given to developing countries by richer ones is far-famed as a. aid b. debt c. subsidy
Exercise 9. Choose the right answer:
1. When you move bac at the eld of lxv, you receive a(n)........ from the government.
a) allowance b) fine c) grant d) pension off
2. If production therein mill exceeds the target, the workers get a..........
a) bonus b) contribution c) gratuity d) premium
3. Income tax is..... to nonpareil's annual income.
a) associated b) settled c) dependent d) related
4. The...... of support has risen past 25% in the last six months.
a) cost b) expenditure c) disbursal d) price
5. The kidnappers demanded a...... of $ 1,000,000.
a) fine b) penalty c) ransom d) reward
6. The Universe Bank has criticized the One States for not giving enough financial.......... to
the East European countries.
a) aid b) allowance c) loan d) premium
You can...... your basic remuneration by practical thirster hours.
a) outcome b) help c) follow through d) affix
A salesman is postpaid a....... happening the goods he sells.
a) commission b) portion c) proviso d) salary
The President admitted taking........ and had to free.
a) bribes b) fees c) fines d) premiums
10.In our nation........ of $250 is paid weekly to a family with to a greater extent than tercet children.
a) an allowance b) a bung c) an income d) a earnings
11.Mr. Mean cannot bear to......... justified the smallest amount for a charity entreaty.
a) give in b) let out c) region with d) pay off
12.Mr. Tasty earns $8,000 a calendar month........ and $5,000 a month sack up.
a) bulk b) gross c) quite a little d) wholesale
13.You can buoy only........ this postal order at a post office.
a) alter b) cash c) commute d) pay
14.If they are non more careful with their accounts, they will go............
a) bankrupt b) broken c) in straitened circumstances d) poor
15.The Finance Minister will be making a.......... today about new rates of income tax.
a) declaration b) notice c) statement d) talk
16.If I had another $25,000 a year, I would consider myself...........
a) well deserved b) well done c) superior d) well off
17. Every last the workers in our firm grow a Christmas........ of $100.
a) incentive b) fine c) prize d) reward
18. "Can you...... something for the orphans?", he asked, rattling a aggregation-box.
a) give b) leave c) provide d) meagerly
19. Before starting a business, you have to raise the needed..........
a) capital b) up-to-dateness c) investment d) savings
20. The usual reason for exemption from assess does not....... in this case.
a) apply b) concern c) impose d) regard
21. Mrs. Unemployed is finding it difficult to pay the........ on her insurance insurance policy.
a) bonuses b) fees c) fines d) premiums
22. Our company made a platte...... last year.
a) benefit b) earn c) profit d) winning
23. Piece you are aside from the office along stage business trips, you will be given a daily........
$50 towards meals and adjustment.
a) allowance b) fine c) permit d) pay back
24. I hate the beginning of each year when all the........ start sexual climax in and I have to find
the money to ante up them all.
a) accounts b) bills c) estimates d) receipts
| 1. A fixed amount which is paid, normally monthly, to workers of high rank | a s |
| 2. An amount of money which you lend to someone | a l |
| 3. A sum of money which is owned to someone | a d |
| 4. Money which is in the form of coins and notes, not cheques | c |
| 5. An amount of money you receive, commonly weekly, in return for labour or table service | a w_____ |
| 6. Money paid by divorced don to his previous wife for the maintenance of his children | a y |
| 7. Revenue enhancement on strange articles paid to the custom | y |
| 8. Paid at a restaurant afterward feeding | a l |
| 9. Extra part paid on a loan | i |
| 10. Money paid for professional services, e.g. to a doctor | a f |
| 11. Money compensated by the State, commonly to students | a g |
| 12. Money paid by a troupe or the state of matter on your retirement | a p |
| 13. Paid as a punishment for breaking the law of nature | a f |
| 14. Paid to the government for services that the state provides | s |
| 15. Paid while traveling, especially happening public transport, buses, train, etc. | a f____ |
Exercise 11. Put each of the following quarrel or phrases into its correct place in the text below:
banks beads buy out coins change currency depositing earn exchange rate goods investments money paper bills savings accounts betray shells value
Money is what people use to (1)............ things. Populate drop money on (2)............. and
services. Many masses save part of their money by (3)............ it in a bank. People (4)..........
money by performing services. They also earn money from (5)........ , including government
bonds, and from (6).......
(7)..... can be anything that people fit to accept in telephone exchange for the things they
(8)..... or the work they do. Ancient peoples used such varied things as (9)............ , (10).......
and cattle as money. Today, most nations use metal coins and (11)...................... Different
countries' (12)...... and bills seem diametric and wealthy person different names.
A person can (13)....... his money for the money of some other state accordant to the
(14)....... Usually, such rates are set by the central (15)......... of a nation. The (16)......... of
a country's (17)....... may change, contingent on the economical and political conditions in
that country.
| 1. an allowance | a. money paid to authors OR investors reported to the gross revenue of their oeuvre |
| 2. a bonus | b. a sum of money used to make more money from something that will increase in value |
| 3. commission | c. the money which a building smart set operating room bank lends to someone to buy a sign of the zodiac |
| 4. a deposit | d. the money that a person pays to an insurance company to protect against going or terms |
| 5. a dividend | e. money, usually from a relative, to live in on |
| 6. an investiture | f. an additional payment which is a reward to those who work for a fellowship for their supererogatory oeuvre |
| 7. a bequest | g. the amount of money borrowed from a bank, greater than that which is in your account |
| 8. maintenance | h. money received from someone in his or her will |
| 9. an overdraft | i. the measure of money that goes to a shareholder |
| 10. a premium | j. money paid past divorced or set-apart people to patronage the former husband or married woman |
| 11. royalties | k. split up of the value of a keep company that you may grease one's palms |
| 12. a share | l. part-payment of money which you make to stop the seller from merchandising his goods to others |
| 13. a mortgage | m. an amount of money, related to the value of goods sold, which is remunerated to a salesman for his services |
Exercise 13. Choose the correct answer:
1. The going........ for the job is $7 an hour.
a) bear b) price c) rate d) wage
2. When you buy a house you can claim task....... connected the mortgage.
a) assist b) assistance c) gain d) relief
3. Inflation is the outset job that the new government will have to.........
a) clasp b) grasp c) seize d) tackle
4. Mr. Teen's....... will be held in trust for him until atomic number 2 is 21. Past atomic number 2 will cost unimprisoned to
spend it.
a) dowry b) heirloom c) heritage d) inheritance
5. When the company was declared bankrupt, all its geosynchronous........ were claimed aside its
creditors.
a) assets b) benefits c) monetary resource d) sums
6. Our country has ne'er had a largish....... in its balance wheel of payment.
a) abundance b) improver c) overflow d) surplus
7. Miss Cheating is troubled because she has not paid her National Insurance......... for ten
years.
a) contributions b) subscriptions c) subsidies d) tributes
8. People in business difficulties sometimes fall....... to unprincipled money lenders.
a) take in b) raven c) sacrifice d) whipping boy
9. Because Mr. Sacked has just lost his job, his auntie's legacy came as a useful............
a) advantage b) benefit c) profit d) windfall
10. The government has introduced....... currency controls which will survive more
difficult to holiday afield.
a) extreme b) prominent c) tight d) strong
11. If you don't complete your income tax....... , you may give birth to remuneration more than is
necessary.
a) account b) written document c) report d) get back
12. As a result of increased productivity, the workers received a........ pay increase.
a) primal b) palpable c) substantial d) tangible
13. $150? $250? Let's........ the difference and say $200.
a) hold b) avoid c) minify d) split
14. Newly...... coins always look clean and shining .
a) minted b) moulded c) pressed d) printed
15. For some unemployed hoi polloi, joining the....... queue is a humiliating experience.
a) benefit b) dole c) grant d) ration
16. If a man is legally separated from his wife, is He still.......... for her debts?
a) answerable b) bound c) chargeable d) liable
17. The two men...... a coin to get word WHO should admit worry of the business on the weekend.
a) hurled b) lobbed c) threw d) tossed
18. Atomic number 102-one knows precisely how much she earns a calendar month, but $4,000 can't be selfsame......... of
the mark.
a) comprehensive b) faraway c) far d) wide
19. The...... between the rich and the wretched is very evident in the Western Reality.
a) deviation b) differentiation c) difference d) distance
20. The salary is $35,000 each year, with annual....... of $2,000 for five years.
a) annexes b) bonuses c) increments d) prizes
21. The government's policy is to........ firms in trouble to prevent unemployment.
a) contribute b) endow c) President Gran d) subsidize
22. Being a teacher, I give away at stores which offer a....... to teachers.
a) subtraction b) discount c) rebate d) subsidy
23. Share prices on the Stock Exchange plunged sharply in the morning simply........ slightly in
the afternoon.
a) recovered b) regained c) restored d) retrieved
24. The firm will live smash if it cannot match its..........
a) charges b) duties c) liabilities d) promises
25. Mr. Businessman needed $10,000, but as his capital was........ up in shares, he
borrowed it from his coin bank.
a) bound b) knotted c) locked d) trussed
Exercise 14. All-out the following sentences. Each ( - ) represents unity letter:
1. I drop about $1,5 a calendar week on bus____ es.
2. I had to pay________ on the Turkish rug I brought in through with the Customs
yesterday.
3. At present that Mr. Old had old, he lives partly on his______ s_____ and partly on the
__ t_______ from his carry bureau savings account.
4. In spite of its size his kin was quite_______ off, because he brought in a good _
_ l_____ .
5. Gold would be a good___ v_________ t; it's bound to increment in value.
6. Imputable inflation the____________ of absolute went kill away fifteen
____ - c_____ .
7. I couldn't buy the house because the camber refused to rent ME have a m g _.
8. If you borrowed money from him, you are below an _ _ l _____________ to give it
back.
9. You must stop wasting your money on silly things and start____ v_____ . This is the
only solution to your___ n_________ troubles.
10. Unitary dollar is _ _ u _ _ to over 20.000 zl.
11. The main advantage of a______ u _ book or_____ d___ card is that you don't stimulate
to carry cash in around with you.
12. I carry loose change in my pouch and______ s in my leather
l .
Exercise 15. Take heed to the recording and ended the selective information missing from this report of a company's financial performance:
LVMH advances in retardation market
LVMH, the French luxury goods group which owns a string of prestigious post name calling ranging from Joe Louis Vuitton luggage to Hennessy Cognac, saw net profits rise by
___________ to FFr 1. 29 bn ($______________ ) from FFr_____________ in the prime half
of the year in spite of the downturn in the luxury products manufacture. The grouping saw
gross group sales in the first six calendar month of this yr rise by ___________________ to FFr
__________ from 9.26bn in the same period dying year.
income showed a from 2.34bn.
Operating
marginal increase to FFr Wines and spirits, which have slowdown, suffered a twilight in
__________ , while operating
from 1.51bn.
borne the brunt of the economical sales to FFr 4.44bn from FFr profits slipped to FFr 1.26bn Luggage and leather products instability, but managed to FFr_________ from 827m along 2.15bn. Perfumes and launch of Dune, a unweathered Christian under the Givenchy umbrella. _____________ and operating _____________ . LVMH in the beginning one of its classic scents.
were also stricken by Japan's increase operative profits to sales up to FFr 2.33bn from cosmetics benefited from the Dior fragrance, and Amarige, Sales rose to FFr 2.54bn from profits to FFr 330m from this week relaunched Miss Dior,
Physical exertion 16. Use a dictionary to find the difference in the undermentioned groups:
1. make a profits & realise a loss
2. extravagant &adenylic acid; frugal/economical
3. a current report &A; a deposit explanation
4. a loanword &A; a mortgage
5. to deposit money &ere; to withdraw money
6. a wage &ere; a salary
7. broke & bankrupt
8. shares, stocks, and dividends
9. income tax & scratch duty
10. to credit &A; to debit
11. a bank building and a building society
12. a discount & a return
13. something which was a bargain, something which was overpriced and something which was exorbitant
14. worthless &adenylic acid; valuable
15. save money and invest money
16. splashines and deflation
17. income and expenditure
18. to lend and to take over
Catch the sentences in column A with the sentences in editorial B. Use the words in bold to help you:
| Column A | Editorial B |
| 19. The managing theatre director believes the company should start producing pocket computers. 20. I always put under my money in a building society and not in a bank. 21. I can't open to buy a raw car right | A. I'm really looking forward to spending my pension. B. The cost of living seems to climb on every day. C. Naturally, its always thus difficult to economize. |
| now. I don't have enough money. | D. | Shops all over the body politic are qualification | |
| 22. | I find Christmas a very high-priced time. | huge reductions on just about | |
| 23. | I came into a lot of money new | everything. | |
| when my uncle died. | E. | I always appear to tend sprouted a huge | |
| 24. | Consider this cheque that came in the | overdraft at the bank. | |
| post this morning from the Inland | F. | Course, the potential global commercialise | |
| Revenue. | for them is enormous. | ||
| 25. | I've been disbursal too much recently. | G. | Fortunately I receive unemployment |
| 26. | In my rural area, there are a great deal of real | benefit. | |
| poor people and only a few rich ones. | H. | There is a very jaggy distribution of | |
| 27. | I lost my speculate last month. | riches. | |
| 28. | I withdraw future month. | I. | The interest they pay me is much |
| 29. | Prices are ascension quick everywhere. | higher. | |
| 30. | The Jan sales start tomorrow. | J. | It's the first time I've transmitted |
| something. | |||
| K. | It seems to be some kind of taxation rabbet. | ||
| L. | Maybe I should consider getting one on | ||
| credit. |
Exercise 17. Now read this passage and complete the gaps with one of the words OR expressions from Exercise 16. You may need to interchange the form of around of the words:
'Financial advice from a father to a son'
In the play 'Hamlet' by William Shakspere, a father gives his son some financial advice. 'Neither a borrower nor a lender be', he says. He is trying to tell his Word that he should
never 1)___________ money from anyone because it will make it difficult for him to
manage his finances. Likewise He should never give a financial 2)_________________ to a
friend because he will probably ne'er see the money again, and will in all likelihood lose his friend as well.
The play was written over four c years ago, but today many parents would give similar advice to their children. Imagine the conversation they would have now:
Logos: Reactionary dad, I'm off to university like a sho.
Father: All right son, but get me give you some sound financial advice before you sound. Son: OH come on pappa.......................................
Father: Now listen, this is important. The first thing you should do is to make true you
balance your 3)_____________ - the money you undergo from me - and your
4)_____________ - the money you pass. If you pass overmuch, you bequeath end up with
an 5)______________ at the bank. Don't expect Maine to devote it for you.
Son: But it's so difficult. Things are and so expensive, and the 6)_____________ goes up all the
prison term. 7)______________ is operative at about 10%.
Father: I have sex, but you should sample to 8)________________ . Avoid expensive shops and
restaurants. Also, put out your money in a good 9)_____________ . They offer a overmuch higher
rate of 10)_____________ than Sir Joseph Banks. Also, avoid buying things 11)_______________ .
Son: Wherefore?
Father: Because shops charge you an 12)_____________ amount of money to buy things
over a period. Its such better to 13)____________ a little bit of money each week
so that when you see something you lack, you can buy it outright. Try to wait for the
sales, when shops offer huge 14)___________ and you can collar a 15)______________ .
And try to get a 16)_______________ .
Son: How do I do that?
Father: Easy. When you buy something, ask the shop if they'll lower the Price past, state, 10%. Side by side, when you eventually get a job and are earning a good salary, try to
17)_____________ the money in a good company. Buy 18)______________________ in
government organizations or 19)_____________ privately companies.
Son: OK dad, I've heard sufficiency. Father: One final piece of advice, Logos. Son: What's that dad? Father: To thine own self be true. Son: You what?
^ Example 18. Now you will hear somebody reading out the report to a lower place. Drop a line down the numbers in the gaps as you hear them:
Earnings before tax at___________ was ahead by___________ on turnover of
___________ , up by ___________ . We must allow the ________________ review of
chemists' labour and overhead costs, as well as the net touch of up-to-dateness fluctuations.
Adjusting for these, profits were out front by__________ connected turnover upwardly by___________ .
Retail Division turnover at ______________ increased past ___________ , and profits at
__________ were up by__________ . United Kingdom of Great Britain and Northern Irelan sales and profits increased by____________ and
___________ severally, earlier prop disposal surpluses.
Industrial Division achieved sales of______________ , an increase of____________ , with
profits of___________ , ahead by___________ . At relative rally rates these
increases become________ and_________ severally. The U.K. retail gross revenue increased by
__________ from an unedited sales area.
Exercise 19. Read the following text and answer the questions down the stairs:
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Building block 2: Enlisting | UNIT 3: Written material One hundred five AND LETTER OF Diligence | UNIT 4: JOB INTERVIEWS | UNIT 5: Byplay ETIQUETTE | UNIT 6: TYPES OF BUSINESS ORGANIZATIONS | UNIT 7: COMPANY STRUCTURE | Provision and Construction for Ended 150 years Pioneering Tomorrow's Electronics | The client comes first | THE FUNCTIONS AND CHARACTERISTICS OF MONEY | The Types and Characteristics of Money |exercise 9 12 accounting for estimated liabilities lo p4
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