English for finance and banking (workbook)

HANOI FINANCE AND BANKING UNIVERSITY Foreign languages department ***** ENGLISH FOR FINANCE AND BANKING Workbook Hanoi, 2022 By Hoang Thi Xuan Hong... 1 INTRODUCTION English for Fi

HANOI FINANCE AND BANKING UNIVERSITY

Foreign languages department

*****

ENGLISH FOR FINANCE AND BANKING

Workbook

Hanoi, 2022

By Hoang Thi Xuan Hong

1

INTRODUCTION

English for Finance and Banking workbook is primarily intended for advanced English major who wish to increase their knowledge of finance and banking It aims to:

1 Introduce students of English some basic concepts of Finance and Banking

2 Review different language points in finance and banking context

3 Enrich students’ finance and banking terms

4 Develop students’ ability to read about finance and banking

5 Stimulate students’ interest in finance and banking and therefore encourage them to learn more about the subject

English for finance and banking workbook is designed as supplementary material consisting

of about 40 useful exercises for practice The exercise link mostly to each unit in the course book English for Finance and Banking by Rosemary Richey Each exercise serves as an introduction to one particular topic of language point and mostly takes the form of a short reading text

English for Finance and Banking is suitable for short courses It is convenient to use It should, therefore, be of interest and value to both teachers and students of English

2

CONTENTS

Page

UNIT 1: PERSONAL FINANCE ……… 03

UNIT 2: JOBS IN BANKING ……… 08

UNIT 3: BANKING PRODUCTS AND SERVICE … ……… 14

UNIT 4: BANKING TRANSACTIONS ……… ………… 19

UNIT 5: INVESTMENT ……… ………… 23

UNIT 6: A CAREER IN ACCOUNTANCY ……… 30

UNIT 7: AN ACCOUNTANT’S LIFE ……… 35

UNIT 8: THE ECONOMY ……….………… 39

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Unit 1 – PERSONAL FINANCE

INCREASE BANKING AND FINANCE TERM

Money – the basics

1 In the USA, “quarters” (25 cents) and “dimes) (10 cents) are types of………

2 In the United Kingdom, “a tenner” means a ten pound………

3 The US dollar, the Yen and the Euro are types of………

4 Hundred dollar bills and twenty pound notes are…………

5 2,000,000 Swiss francs is a large ……….of money

6 I need to……… some Euros into Australian dollars

7 My friend……… a hundred pound from me

8 I ……… a hundred pounds to my friend When she can, she’ll pay me………

9 I buy a lottery ticket every week, but I never……… anything

10 Most dentists………at least £30,000 a year

11 …………are paid to employees weekly …………are paid to employees monthly

12 In business, you have to ………money to make money

13 A: Do you have a bank………?

B: Yes I bank with the Bank of Scotland

14 In my opinion, eating in expensive restaurants is a ……….of money

C Choose the correct answer

1 Spain now uses the euro Pesetas are no longer ………

a good money b legal money c legal tender

2 I bought a TV which doesn’t work I’ll take it back to the shop to get………

a my money returned b a refund c a repayment

3 In a shop, to get a refund, you usually have to show the ………

4 I’m paying for my new car in 36 monthly ………

5 I earn a lot of money, but I have a lot of …………

6 Famous paintings are usually sold by ………

7 In an auction, the item is sold to the person who makes the highest ………

8 In Japan, the US dollar is………

a foreign money b strange money c a foreign currency

9 In Britain, it’s not usual to discuss your personal …………

a money b finances c money arrangements

10 You can………… a house and ………a car

a hire/ rent b hire/ hire c rent/ rent or hire

11 Here’s the fifty dollars I………

12 The best things in life are…………

a free b not for sale c not bought and sold

5

Write one word or phrase that best keeps the meaning of the word or phrase in italics

1 It is illegal to buy guns here

2 Operation is due to begin by 2001

3 The course will not start until June

4 Could you give me more information about the job?

5 Their plan to sign the agreement was unsuccessful

6 The bank was in a position to buy only $100m

7 An extra charge will be made for overweight luggage

8 The director refused to answer the reporter’s questions

9 The artist lent his collection of paintings to the art gallery

10 They’ve planned to increase production by 20% next year

11 Her job is not well-paid, in addition, it is too far from her house

12 The government tried hard to close down the dollar black market

13 The export turnover is expected to amount to VND318b in 1998 14 The accountant explained all the ins and outs of the situation to the boss 15 Self-employed people pay their taxes at the end of the fiscal year 16 What will happen when Vietnam obtains most-favored-nation (MFN) status? 17 Growing foreign investment has led to an increasing demand for skilled labour 18 After much decay, the plan to open the capital market has been brought into effect 19 The establishment of the joint venture is due to take place by first quarter of this year 20 One joint-venture project was cancelled after the foreign partner requested to stop the project Your answer

6

TEST your WORD CHOICE

Choose correct answer A, B, C or D

1 I bought a TV which doesn’t work I’ll take it back to the shop to get ……

a my money returned b a refund c a repayment

2 In a shop, to get a refund, you usually have to show the………

a receipt b recipe c payment ticket

3 I’m paying for my new car in 36 monthly …………

a instalments b pieces c parts

4 I earn a lot of money, but I have a lot of…………

a payouts b expenses c paying

5 Our financial advisers give customers information about stocks and shares, bonds and other types of…………

a payments b products c investments

6 Banks …………many different jobs, from trainee cashier right up to senior account manager or investment analyst

a give b bring c offer

7 Peter lost his job three years ago when he became ill Now he’s living on

a profits b benefits c pensions

8 Accountants produce financial ………….quarterly or annually to show the financial position of a company

a statements b accounts c documents

9 New investors can join at any time because it is an………….fund

a extra-end b date-end c open-end

10 They buy food at the supermarket …………their debit cards

a by b with c in

7

Read the passage and choose the best answer A, B, or C

Bank of America Corp (BAC.N) is planning to cut about 300 jobs in its investment banking and capital markets group, as it struggles to rein in costs to make up for weak revenue growth, sources familiar with the situation said on Tuesday

The layoffs are not nearly as eye-popping as the bank's job cuts in areas like retail banking Wall Street companies have broadly been looking at cutting jobs recently

The bank, the second-largest in the United States by assets, is also assigning junior bankers

to work with broader groups of companies, the sources said That move could also lead to more layoffs, the sources said

The changes for junior bankers are part of the cost-cutting program known as "Project New BAC," which the bank launched last year, the sources said The program, named for the bank's ticker symbol, is meant to improve profits as a sluggish economy weighs on revenue growth, and new regulations boost compliance costs The bank is also trying to streamline a company that has grown increasingly bloated after decades of acquisitions

The first phase of the program is expected to cut about 30,000 jobs and $5 billion in annual expenses in consumer and technology areas over the next several years Plans for the

second phase, which covers investment banking, sales and trading, commercial banking and wealth management, are expected to be finalized in May

1 How does this article describe Bank of America's revenue growth?

2 How do these cuts compare to Bank of America's cuts in retail banking?

A They’re more severe B They are not as severe C They’re about the same

3 Why is Bank of America "bloated"?

A Because they’re losing money

B Because of the junior bankers

C Because of all the acquisitions they have made

4 By how much will the first round of layoffs cut expenses over the next couple of years?

8

Unit 2 – Jobs in banking

INCREASE BANKING AND FINANCE TERM

Business Economics Management

Marketing Commerce Microeconomics

1 ……….is the exchange of goods or services for money or other goods

2 ……….is the activity of making, buying, selling or supplying things for money

3 ……….is the trade, esp between countries

4 ……….is the control and making of decisions in a business or similar organization

5 ……….is the management of money esp public money

6 ……….is the business activity of banks

7 ……….is the theory and practice of presenting, advertising and selling things

8 ……….is the principles of the production and distribution of goods and services and the development of wealth

9 ……….is a branch of science of collecting, classifying and analyzing information shown in numbers

10 ……….is the study of the structure and behavior of the physical and natural world and society through observation and experiment

……… (4) a ‘worm’s eye; view of society’s economic relations, ……… (5) on decisions or situations ………(6) single units, whether individuals, firms or industries

L Robbin’s definition, ‘Economic is the science that ……….(7) human behavior as a relationship between ends and scarce means which have uses’, is representative of this kind of……… (8)

Macroeconomic definitions adopt a more ‘bird’s eye’ view, ………(9) on economies

as a whole and ………(10) study of power relations within society – such as the distribution of wealth – and of comparative analyses of modes of economic organization – such as capitalist and non-capitalist forms

tend adopt include study concentration x 2

give invest relate involve conclude

think x 2 define distribute

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2 Making Statements

Use the correct form of the verbs below to complete the paragraph about the economic systems Note that there are five extra verbs, which do not fit at all

meet vary satisfy produce

consist of import organize mix

increase have succeed plan x 2

centralize consume

Economic systems

Economies are (1)……… in different ways to (12)……….varying economic, political and historical demands They (3)………business enterprises, trade unions, banks and other economic institutions They (4)………to a greater or lesser degree

in (5)………community wants In this century, the overall world pattern (6)………been for greater government intervention in economies No longer is laissez – faire capitalism the characteristic pattern Economic systems today are typically

of the (7)……… capitalist model, with some government (8)……….or of the communist (9)………, with a great deal of central (10)………

11

Bank – the basics

Open an account with Grimleys Bank, and start benefiting from our great (1) rates/ levels

of interest and (2) small/ low charges With over 3,000 (3) branches/ outlets, you’ll

never be far from us, and unlike many other (4) high street/ town centre banks, we’re

open all day on Saturdays

Grimleys customers can (5) take money/ make withdrawals from more than a million

(6) cash dispenses / money machines worldwide, and of course you’ll receive a (7)

cheque book/ book of cheques and a (8) paying card/ debit card within a few days of

opening your account

Computers-users may be interested in our e-account – all the

benefits of a regular Grimleys (9) current/ day-to-day account, with the added convenience of being able to view your (10) lists/

statement and (11) make/ do payments online

Whether you’re opening your first current account (12)

switching/ changing from another bank or simply want to take

advantage of our (13) range/ variety of savings accounts, you’ll

be glad you chose Grimleys – the bank that always (14) makes/

puts the customer first

12

TEST your WORD CHOICE

Choose the best answer A, B, C, or D to finish the following sentences

1 Employees who are ignorant ……….a very bad impression

2 My favourite sport is sailing and I want to buy an expensive new boat I need a

…………from the bank

3 He sold his art collection and made a ………15,000

4 New investors can join at any time because it is an………… fund

A open-end B accounting C investment D artificial

5 I’m self- employed, so I need a good accountant, someone who is ……… and will work quickly and well

A creative B ambitious C efficient D patient

6 Last year a litre of milk cost 60 pence; today it’s nearly 90 pence- that’s ………

A reduction B prediction C inflation D construction

7 I decide each month how much I can spend on ………- eating out, going to the cinema, that sort of thing

A investment B tax return C development D entertainment

8 I keep a ………… of all the company’s income and expenses

9 Profit is money left from a company’s income once ………….have been paid

A expenses B capital C inflation D prediction

10 The possibility that you will make a loss is …………

13

Complete each sentence below with ONE word only

1 My firm has received a lot of payments in foreign………

2 Kate lost most of her money on the stock ………

3 Excuse me What does COD mean? It means Cash on ………

4 Sorry, we don’t accept cheques You have to pay in………

5 If I had money, I would start my own ………

6 You don’t have to pay for the carriage; it is free of………

7 Unemployed persons who meet the government’s requirements can qualify for unemployment ………

8 Earnings measured in pounds are said to be nominal ………

9 Her company went bankrupt because it was incapable of paying………

10 IMF stands for International Monetary ………

11 Loss is the opposite of………

12 The value of the total annual sales of a company is………

13 If a company cannot pay the money it owes, it has to go out of………

14 When does the new long-term plan come into ……….?

15 If there is less demand for goods, and production slows down, many workers are likely to be laid off

14

Unit 3 - banking products and

service

INCREASE BANKING AND FINANCE TERM

Match the words in the box to these definition

budget salary branch manager expenses customer service adviser cashier

deposit

income

pension

investment analyst saving account

supervisor withdrawal

mortgage investment

1 A………is in charge of the employees and customers at one branch of the bank

2 The money you get from your employer What is it?

3 A……… has a team of employees and watches and checks their work

4 An……….knows a lot about the economy and investment

5 Money you pay for things like food, petrol, household bills, etc What is it?

6 A plan you make about what to buy and how much to spend

7 A……….handles customers’ problems and questions, often on the phone

8 A………… works at a bank counter and handles everyday banking

9 The money you get when you are old and don’t work What is it?

10 All the money that you get from your work and other sources

11 A bank account for investment; the bank pays interest What is it?

12 Money that banks lend people to buy property What is it?

13 Money you put into a bank account What is it?

14 Money taken out of a bank account What is it?

15 Things people put their money in to make more money

15

16

B Find the synomyms in reading passage to match with following words or phrases

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Choose the best answer A, B or C to finish the sentences

1 Houses, bungalows, apartments, offices, shops and any other type of building you can own are called …………

2 The ………… are a document which proves who owns a property

a Owner’s deeds b owner’s papers c title deeds

3 In some countries you can get a mortgage for………….your annual salary

4 If a mortgage borrower ………… the instalments _

a Doesn’t pay b defaults on c fails on

5 …the mortgage lender will eventually ………the property

6 Before a property can be repossessed, the lender must apply to a court for a ………

a Repossession order b take back c repossess

7 When the lender has a repossession order, the occupants of the property can be

………

8 Generally, mortgage lenders only repossess as ………

a A desperate action b a last report c the final option

9 A mortage lender can also be called a mortagee or a ………

a Mortage provider b mortgage maker c mortgage producer

10 A mortgage borrower can also be known as a mortgagor or a ………

a Mortgage owner b mortgage possessor c mortgage holder

11 To change your mortgage agreement is to ……… your property

a Mortgage again b remortgage c unmortgage

12 A mortgage paid over 25 years is called a ……….mortgage

18

Understanding a text

Read the following text and fill in ONE word in each empty space

WHAT IS THE STOCK EXCHANGE?

A market is a place where people meet to buy and sell Most markets deal in goods that have

a practical use and are sold by producers of those (1)……… The sellers have grown more corn, tomatoes or rubber than they (2)………require The buyers need vegetables to eat, coal or oil to (3)………, or metals to supply their factories In most markets the producers, on the one (4)……… , provides a steady supply of the goods traded, and the consumers, on the other, provide a steady demand, which (5)……… the producers and the market in (6)………

The Stock Market deals with a different sort of commodity The goods on (7)……….,

in themselves, have no intrinsic use or worth Stock and share certificates merely represent value and are evidence of your stake in the company

How can the Stock Market operate to ensure that (8)……….are always shares available

to (9)……….buyers’ requirements and buyers available to meet sellers’ needs? How can there be a market at all, when the (10)………all want to buy or sell at the same time?

In Britain, this essential (11)……….used to be performed by a group of traders operating within the Market (12)………stood ready to buy or sell securities as principals at their (13)……….risk The role, (14)………by these traders, the Jobbers, constituted a unique feature of the British Market

Since the computerization an reorganization of the London Stock Exchange (the Big Bang), brokerage firms have been entrusted with the role of market makers: by standing ready to buy or sell securities, they provide the constant flow of business that is needed to match supply and (15)……….and thus ensure freedom of dealings

19

Unit 4 - bank transactions

Enrich your VOCABULARY

4 A detailed list of a ship’s cargo is called a ………

5 Another word for ship is………

6 In many cases, when goods are imported, an………has to be paid

7 Another word for import duties is………

8 A document proving that you own a congnment of goods is called a

………to the goods

9 After payment, the bank will……….the title to the goods

10 The bank took a long time to……… payment to my account

11 IF we don’t deliver on time, we’ll have to pay a delivery………

late-12 We would like to ……….payment until delivery of the shipment

13 We usually ask our customers for………

14 IF there’s a problem with the letter of credit, I suggest you contact the

6 Transfer payments are

payments made to individuals

7.Real earnings are calculated

8 Finance is the supply of

B the value of one currency in terms of another

C assistance by rich developed countries to poorer developing countries

D a twelve-month period – the accounting period covered by the government budget

E money coming in on a regular basis

F an increase in the money supply introducing a reduction in value of the currency

G goods and services sold to other countries

H earnings measured in pounds/ dollars or other kind

of currency

I money usually in large amounts for investment

J money owed

K a commodity in its final stage of production

N money to a firm, company or individual when and where it is needed

22

TEST your WORD CHOICE

Choose the correct answer A, B, C or D to finish each sentence

1 No type of investment comes with a ………….that you will make a profit Sometimes you may make a loss

2 The company is doing well, so shareholders will get a good……….this year

3 Sometimes the most ………… jobs are not those with the highest salaries Low-paid jobs that help other people are often very satisfying

4 This company offers excellent job………… We will promote you quickly and your salary will increase rapidly

5 This investment doesn’t have a fixed interest rate so the amount you earn is not………

A responsible B renewable C predictable D diversified

6 It is important to have ……… Decide where you want to be in five years’ time and how much you want to earn, then work hard to achieve these things

7 We are going to ……… a budget for this year All new equipment must come within the budget

8 Economists ……… that the price of oil will rise again next year

9 Diversification is a way of ……… risk

A spreading B stretching C broadening D opening

10 Foreign exchange ……… at airports are usually more expensive than at banks