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Unit 7

Finance

Unit 7

Finance

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世纪商务英语综合教程 III

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Finance studies and addresses the ways in

which individuals, businesses, and organizations

raise, allocate, and use monetary resources over

time, taking into account the risks entailed in their

projects. The term finance may thus incorporate any

of the following:

The study of money and other assets;

The management and control of those assets;

Profiling and managing project risks;

As a verb, “to finance” is to provide funds for business.


ContentsContents

Real Life Practice4

Practical Writing5

1 Text A2

Lead-in11

Text B3



Lead-inLead-in

Lead-in Text A Text B Real Life Practice Practical Writing


Listening1

Discussion2

Listening3

Comprehension4


Lead-inLead-in

1 Listening

Two students are talking about monthly expenses. Listen to the conversation

and choose the best answer for each question.



1. What is the man’s problem?

A. He has no job. B. He lacks money. C. He has no income.

2. What is the relationship between the two speakers?

A. Friends. B. Mother and son. C. Brother and sister.

3. Which sentence can best describe Dave’s current situation?

A. He has a great job and has enough money.

B. He has a decent job, but he’s looking for a new one.

C. He is in debt and is trying to borrow some money.

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2

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3

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Tape Script


Lead-inLead-in

1 Listening





4. How would you describe Dave’s apartment?

A. A small place with a nice view of the city.

B. A big apartment that includes cable TV.

C. A cheap apartment outside of the downtown area.

5. Why does Dave spend so much on food?

A. He hires a cook.

B. He often eats at restaurants.

C. He buys foods that can be prepared at home.

6. How much does Dave spend on entertainment?

A. Around $700. B. About $400. C. About $500.

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5

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6

√Tape Script


Lead-inLead-in

1 Listening





7. What does Nancy suggest Dave do to reduce expenses?

A. He should stop using the credit card.

B. He should move back home.

C. He should stop spending money on entertainment.

8. Why does Nancy ask Dave to pay her $50?

A. Because Dave owes her $50.

B. Because her financial advice is worth $50.

C. Because Dave owes her $30, and her financial advice is worth $20.

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8

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Tape Script


Lead-inLead-in

2 Discussion



What is your usual monthly expense? How about your family? Write a list of your expenses, and figure out how much money you spend on each area, and what percentage of your income pays for each.

3 ListeningDo you know what “refinance” means? Listen to the paragraph and write down the definition of the word. Give another example to explain the word. Refinance: Refinance means replacing an older loan with a new loan offering

beter terms.____________________________________________________________________________________________________________

Tape Script


Lead-inLead-in

4 Comprehension

What are the advantages of refinancing a mortgage or student loan at a lower

interest rate? Read the passage and choose the best answer for each

question.



For many homeowners, refinancing their home mortgages can provide

numerous financial benefits over the long run.

First, you can lower your monthly mortgage payments by taking

advantage of lower interest rates. This amount can be significant depending on

the market rates.

Second, refinancing your mortgage can provide you with additional funds

to finance other home improvements, like repairing the leaky roof, adding a

garage, or building a warehouse.


Lead-inLead-in

4 Comprehension



Furthermore, by refinancing, you can greatly reduce the length of your

loan. After several years into their mortgages, people often can earn more

money than when they first bought their houses, and thus, have extra money to

pay off their loans quicker.

However, for some people, refinancing their mortgages just makes sense,

providing a cushion in case of a financial crisis due to loss of employment or a

medical crisis.

Whatever you do, be sure to gather all the facts about refinancing to make

the best, and informed decision that will meet your current and future needs.


Lead-inLead-in

4 Comprehension



1. What type of loan refinancing does this passage talk about?

A. Student loan. B. Business operation. C. Home mortgage.

2. You can lower your monthly mortgage payments by ________.

A. paying off part of your loan with your savings

B. reducing your expenditures

C. securing a new loan at a lower rate

3. Refinancing your mortgage can provide you with the financial resources

to____________.

A. take out other loans

B. pay for other home improvements

C. reduce your long-term debt

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2

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Lead-inLead-in

4 Comprehension



4. Why is it sometimes possible to reduce the length of a loan?

A. Other investors can pay off the loan for you.

B. Increased income over time can help you make greater payments.

C. You can sell your property.

5. Finally, refinancing a mortgage can help relieve the financial difficulty caused

by ________.

A. economic crises

B. loss of a job

C. destruction of personal property

4

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5

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Text AText A

Reading

Comprehension

Vocabulary

Translation

Part 1

Part 2

Part 3

Part 4



Sumplementary Reading Part 5

Discussion Part 3


Text A ReadingText A Reading

Read the passage about finance and answer the following questions.

1. What activity is involved in finance?

2. How can an entity raise capital?

3. What is the main function of a bank?

4. What is a company’s capital structure?

5. What is the significance of finance for a

new enterprise?





New Words and Expressions entity [] n. 实体 affair [] n. 事务 , 事件expenditure [] n. 支出 , 花费equity [] n. ( 公司偿付债务后的 ) 财产净值claim [] n. 所有权 equity claim n. 权益要求权intermediary [] n. 中介 , 媒介 bond [] n. 债券pocket [] v. 捞取 ( 钱财 ) aggregate [] v. 聚集 , 集合deposit [] n. 存款 ; 保证金 compensator [] n. 补偿者pay back 偿还 ( 借款 ) investor [] n. 投资者ownership [] n. 所有权 , 物主身份 net [] a. 净余的 , 纯粹的liability [] n. 债务 , 负债 balance [] n. 结余 , 余额balance sheet n. 资产负债表 equity financing n. 股权融资debt financing n. 债务融资 liquid asset n. 流动资产





Finance



1 The activity of finance is the application of a set of

techniques that individuals and organizations (entities)

use to manage their financial , particularly the

differences between income and expenditure and the

risks of their investments.

affairs

affair n. 1) ［ pl. ］ things connected with one’s personal life, financial situation etc His financial affairs are in bad condition.

2) ［ pl. ］ public or political events and activities No country can interfering in other country’s internal affairs.

3) ［ C ］ an event or set of related events, especially one that is impressive or shocking The whole affair was a disaster.





2 An entity whose income exceeds its expenditure can lend or invest the excess

income.

The lender can find a borrower, a financial

intermediary, such as a bank, or buy bonds in the bond market.

Finance

On the other hand, an entity whose income is less than its

expenditure can raise capital by borrowing or selling equity claims, decreasing

its expenses, or increasing its income.

本句主句是 entity...can raise capital ； whose 引导定语从句，修饰 entity ；介宾短语by... 做方式状语；现在分词短语 borrowing or selling..., decreasing..., increasing... 并列做介词 by 的宾语。

The lender

receives interest, the borrower pays a higher interest than the lender receives,

and the financial intermediary pockets the difference.

此句由三个并列句构成。pocket vt. 1) to get a large amount of money, win a prize etc, especially in a way that seems very easy or slightly dishonest ● Johnston pocketed $2,500 in prize money.

2) to put something into your pocket ● He carefully pocketed his change.





3 A bank aggregates the activities of many borrowers and lenders. A bank

accepts from lenders, on which it pays the interest. The bank then

lends these deposits to borrowers. Banks allow borrowers and lenders of

different sizes to coordinate their activities.

Finance

deposits

deposit 1) n. an amount of money that is paid into a bank account ●To open an account, you need to make a minimum deposit of $500. antonym: withdrawal2) n. a sum of money which is given in advance as part of a total payment for something ● The shop assistant says if I leave $10 as a deposit, they’ll keep the dress for me. ● We paid a deposit of $10,000 on the house, and paid the balance four weeks later.3) vt. to put something valuable, especially money, in a bank or safe ● You are advised to deposit your valuables in the hotel safe.





Finance

Banks are thus compensators of money flow in space since they allow different

lenders and borrowers to meet, and in time, since every borrower, in theory, will

eventually pay back.

in space since… 和 in time, since... 在结构上是并列的，做状语；插入语 in theory 意思是“理论上来说”。

4 A specific example of corporate finance is the sale of stock by a company to

institutional investors like investment banks, who in turn generally sell it to the

public. The stock gives whoever owns it part ownership in that company. If you

buy one share of XYZ Inc., and they have 100 shares available, you are 1/100

owner of that company.

句中谓语 gives 带双宾语；间接宾语是 whoever ，直接宾语是 part ownership ； part

此处是形容词。part a. not full or complete; partial

●He is the part owner of the business.





You own 1/100 of the net difference between assets and liabilities on the balance

sheet.

. Equity

financing mixed with the sale of bonds or any other debt financing is called the

company’s capital structure.

Finance

Of course, in return for the stock, the company receives cash, which it

uses to expand its business in a process called “equity financing

which 引导非限制性定语从句，其中 which 在从句中做宾语， it 指代 company 。





5 Finance is used by individuals (personal finance),

by governments (public finance), by businesses

(corporate finance), etc, as well as by a wide variety

of organizations including schools and non-profit

organizations. In general, the goals of each of the

above activities are achieved through the use of appropriate financial instruments,

with consideration to their institutional settings.

Finance





Finance

6 Finance is one of the most important aspects of

business management. Without proper financial

planning, a new enterprise cannot even start, let alone

be successful. As money is the single most powerful

liquid asset, managing money is essential to ensure a

secure future, both for an individual as well as an

organization.


Text A ComprehensionText A Comprehension

Decide whether the following statements are True or False.



1. An organization whose expenses exceed its income can invest the excess

capital to generate more income.

2. The financial intermediary earns income by receiving the difference between

the interest got from the lenders and the interest paid to the borrowers.

3. Banks make it possible for the borrowers and the lenders to coordinate their

financial activities.

4. Who owns the stock of a company owns part of the ownership of

thecompany.

5. When a company is in need of cash for expansion of business, it may raise

capital by buying stock.

6. Financial instruments are applied by individuals, governments, or businesses

to manage their financial affairs.

7. Financial management is crucial to a company’s future development.

T（）

T（）

T（）

T（）

F（）

F（）

F（）


Text A VocabularyText A Vocabulary

Part 1 Match the expressions on the left with the explanations on the right.



1. entity A. an amount of money still owed after some payment

has been made

2. expenditure B. the money that a company or person has, and the

property they can exchange for money

3. deposit C. soemthing that exists as a single and complete unit

4. liquid asset D. to put different amounts, pieces of information, etc

together to form a group or a total

5. investor E. total amount of money that a government,

organization, or person spends during a particular

period of time





Part 1 Match the expressions on the left with the explanations on the right.

6. balance F. someone who gives money to a company, business,

or bank in order to get a profit

7. balance sheet G. an amount of money that is paid into a bank account

8. liability H. to get a large amount of money, win a prize, etc,

especially in a way that seems very easy or slightly

dishonest

9. aggregate I. a statement that shows the value of a company’s

assets(items of positive value) and its debts

10. pocket J. legal responsibility for something, especially for

paying money that is owed, or for damage or injury

Answer 1. C 2. E 3. G 4. B 5. F 6. A 7. I 8. J 9. D 10. H



1. The first external source of finance is , which includes loans

from banks and bonds purchased by bondholders.

2. The on your account is US$ 5.

3. The court ruled there was no to pay any refund.

4. I’d like to make a into my savings account.



Part 2 Complete the sentences with the following expressions. Change the form where necessary.

bond balance deposit expendituredebt liability equity balance sheet

debt _________

balance ____________

liability ____________

deposit ____________



5. The government’s annual on arms has been reduced.

6. In finance, a is a debt security, in which the authorized issuer

owes the holders a debt and is obliged to repay the principal and interest.

7. The price of home is increasing.

8. A summarizes an organization or individual’s assets,

equity and liabilities at a specific point in time.



Part 2 Complete the sentences with the following expressions. Change the form where necessary.

bond balance deposit expendituredebt liability equity balance sheet

bond _________

balance sheet ________________

expenditure _____________

equity ___________



1. Shareholders want to see a better return on their _______.

A. income B. finance C. investment D. expenditure

2. We’ve put $20,000 _______ into the business, but we’re unlikely to see any

return for a few years.

A. capital B. expense C. interest D. difference

3. Most _______ pay 7% interest.

A. investors B. compensators C. borrowers D. lenders

4. Socialist policy favors public _______ of the coal industry.

A. entity B. liability C. intermediary D. ownership



Part 3 Choose the best expression to complete each sentence.

1

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2

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3

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4

√





5. The company reported a _______ loss of $56 million last year.

A. profit B. balance C. general D. net

6. We ask for one month’s rent in advance, plus a(n) _______ of $500.

A. deposit B. investment C. capital D. claim

7. We should be able to pay _______ the debt within two years.

A. out B. off C. back D. for

8. We’re paying _______ the loan over 15 years.

A. out B. off C. back D. for

Part 3 Choose the best expression to complete each sentence.

5

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6

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7

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8

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Text A TranslationText A Translation

Part 1 Translate the following terms into Chinese



1. equity claim

2. financial intermediary

3. bond market

4. money flow

5. institutional investor

6. investment bank

7. part ownership

8. net difference

权益要求权 ___________________

金融中介 ___________________

证券市场 ___________________

货币流 ___________________

机构投资者 ___________________

投资银行 ___________________

部分所有权 ___________________

净差额 ___________________



Part 1 Translate the following terms into Chinese



9. balance sheet

10. equity financing

11. debt financing

12. capital structure

13. non-profit organization

14. institutional setting

15. liquid asset

资产负债表 ___________________

股权融资 ___________________

债务融资 ___________________

资本结构 ___________________

非盈利机构 ___________________

机构设置 ___________________

流动资产___________________



Part 2 Read the introduction to the US stock market and translate it into Chinese.



The stocks are listed and traded on stock exchanges where corporations or mutual

organizations specialized in the business of bringing buyers and sellers of stocks and

securities together. The stock market in the United States includes the trading of all

securities listed on the NYSE, the NASDAQ, the Amex, as well as on the many regional

exchanges, the OTCBB, and Pink Sheets.

The stock market is one of the most important sources for companies to raise money.

This allows businesses to go public, or raise additional capital for expansion.

股票是在股票交易所上市和交易的，股票交易所是一家公司或互助组织，专门为股票及证券的买卖双方提供交易设施。美国的股票市场包括所有在纽约证券交易所、纳斯达克和美国证券交易所上市的证券交易，也包括在地区交易所上市的证券，例如柜台电子报价系统和粉纸市场。股票市场是公司融资的最重要来源之一。它允许公司上市或为扩大规模而获得更多资金。

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________

_______________________________________________________________________


Text A Supplementary ReadingText A Supplementary Reading

Read the following passage and fill in each blank with an appropriate word from the box.



loans bonds finance market funds

repay resell interest interest

In the case of a company, managerial finance or corporate 1

is the task of providing the 2 for the corporations’ activities. It

generally involves balancing risks and profitability. Long-term funds would be

provided by ownership equity and long-term credit, often in the form of

3 . These decisions lead to the company’s capital structure.

Short-term funding or working capital is mostly provided by banks extending a

line of credit.

finance __________

funds ____________

bonds ____________


Text A Supplementary ReadingText A Supplementary Reading



Read the following passage and fill in each blank with an appropriate word from the box.

loans bonds finance market funds

repay resell interest interest

On the bond 4 , borrowers package their debts in the form of

bonds. The borrower receives the money it borrows by selling the bond, which

includes a promise to 5 the value of the bond with interest. The

purchaser of a bond can 6 the bond, so the actual recipient of

7 payments can change over time. Bonds allow lenders to recoup

the value of their 8 by simply selling the bonds.

market __________

repay __________

interest ___________

resell __________

loans ____________


Text A DiscussionText A Discussion



Finance is a tough question for everyone. Did you ever meet with this kind of issue? Were you, somehow, short of money once? Look at the following pictures and discuss with your partner, what financial difficulties you might face and how you plan to solve them.


Text B Text B

Reading

Comprehension

Vocabulary

Translation

Part 1

Part 2

Part 3

Part 4




Text B ReadingText B Reading



New Words and Expressions

crisis [] n. 危机 overcome [] v. 战胜 , 克服assessment [] n. 评估 fixed [] a. 固定的mortgage [] n. 抵押贷款 premium [] n. 保险费recreation [] n. 消遣 , 娱乐insignificant [] a. 无关紧要的 cheque [] n. 支票store card n. ( 零售店 ) 联名信用卡 repayment [] n. 偿还的款项overdraft [] n. 透支 , 透支之款项 considerably [] ad. 相当地opt ] v. (~ for) 选择 debit [] n. ( 账户中 ) 款项的减少 ; 借记credit rating n. 信用等级 arrears [] n. 欠款term [] n. 期限 , 期间 spare [] a. 多余的 , 备用的



1 Everyone has to face a financial crisis some time in his/her life. Whether the

crisis is caused by personal or family illness, the loss of a job, or overspending,

it can seem overwhelming. But often, it can be overcome. Your financial

situation doesn’t have to go from bad to worse.

2 Have you considered preparing a budget? The first step toward taking control

of your financial situation, is to do a realistic assessment of how much money

you earn and how much money you spend. Start by listing your income from all

sources.



How to Avoid Money Problems



Then, list your “fixed” expenses — those that are the same each month —

like mortgage payments or rent, car payments, and insurance premiums.




此句是祈使句； that vary 是定语从句，修饰 expenses 。recreation n. an activity that you do for pleasure or amusement ●His only recreations are drinking beer and watching football.

synonym: hobby, pastime, leisureNote: recreation 和 entertainment 都可以翻译为“娱乐”，但二词的侧重点不同。 recreation 强调的是自身的放松和消遣 , 如去游泳，健身等； entertainment则是侧重别人的款待、表演等使你得到娱乐。entertainment n. ［ U, C ］ things such as films, television, performances etc that are intended to amuse or interest people ● The town provides a wide choice of entertainment.

Next, list the expenses that vary, like entertainment, recreation, and clothing.



The goal is to make sure you can make ends meet on the

basics: housing, food, health care, insurance, and education. The public libraries

and bookstores have information about budgeting and money management

techniques.




现在分词 writing...expenses 做主语； even...insignificant 是插入语，对 expenses 做进一步说明； track..., identify..., prioritize... 是并列的动词不定式短语，做 way 的后置定语。

3 Writing down all your expenses, even those that seem insignificant, is a

helpful way to track your spending patterns, identify necessary expenses, and

prioritize the rest.



In addition, computer software programs can be useful tools for developing and

maintaining a budget, balancing your book, and creating plans to save

money and pay down your debt.




cheque: ［ Br. E. ］ =check ［ Am. E ］ n. a printed piece of paper that you write

an amount of money on, sign, and use instead of money to pay for things

cheque for

●They sent me a cheque for $100.

by cheque

● Can I pay by cheque?

cash a cheque: get cash in exchange for a cheque

cheque



4 Have you considered a debt consolidation loan? Are you paying out too much

every month for your credit cards, store cards and loans? Then why not replace

them all with one, lower, convenient repayment through a consolidation loan?




allowing...giving... 现在分词短语作状语；破折号表示解释说明； and in most cases 是插入语，动词不定式短语 to manage payment...at a lower rate of interest 做后置定语修饰 way 。

Consolidation loans can give you a fresh start, allowing you to consolidate all

of your loans into one — giving you one easy way to manage payment, and

in most cases, at a lower rate of interest.



5 A carefully-managed debt consolidation loan can help in the following ways:

Cut your monthly payments.

6 You may be able to find a debt consolidation loan that

than the combined interest of your current credit cards, , store cards,

etc. Any method of borrowing that will charge less interest can cut your debt

.




work out expensive/cheap etc: be expensive or cheap

● If we go by taxi, it’s going to work out very expensive.

works out cheaper

overdraft n. the amount overdrawn, or the act of overdrawing a bank account ●He has a huge overdraft to pay off.

overdrafts

considerably ad. much or a lot ● Conditions have improved considerably over the past few years. ● The house has fallen considerably in value.

considerably



Make your payments easier.

. Many lenders will

allow you to pay by direct debit, so you won’t even have to send a cheque.

Improve your credit rating.




If 引导条件状语从句； opting for... loan 现在分词短语做主语。opt vi. to choose one thing or do one thing instead of anotheropt for ●Would you opt for an expensive luxurious car or a reasonable but practical car?

opt to do something ● Many young people are opting to go on to college.

7 If you’re in trouble because you forget to pay your bills, opting for a debt

consolidation loan will mean just one monthly payment



8 If you’re finding it hard to get credit, a debt consolidation loan can help to

slowly rebuild your credit rating. Pay your bills in full and on time, and your

credit history record will soon show an improvement.




句中 arrears 指的是之前应该按月还款却未还的款项。arrears n. ［ pl. ］ 1) money that you owe someone because you have not made regular payments at the correct time ● We’ve got 3 months arrears to pay.

rent/mortgage/tax arrears 2) be in arrears: if someone is in arrears, or if their payments are in arrears, they are late in paying something that they should pay regularly, such as rent ● Many people are in arrears with their rent.

be four weeks/three months, etc in arrears ● The rent money is two months in arrears.

After a certain period,

the arrears on your credit record should disappear and you will be able to

apply for a cheaper loan.



9 Debt consolidation loan rates are variable, depending on status. Monthly

repayments will depend on the amount borrowed and term.




secured...过去分词做后置定语，修饰 loan 。secure vt. if you secure a debt or a loan, you legally promise that if you cannot pay

back the money you have borrowed, you will give the lender goods or property of

the same value instead

●He used his house to secure the loan.

●Her bank loan is secured against/by/on her house.

10 A UK debt consolidation loan is a low cost loan secured on your UK home.



With a debt consolidation loan you can borrow from ￡ 5,000 to ￡ 75,000 and up

to 125% of your property value in some cases. It can reduce BOTH your interest

costs AND your monthly repayments, putting you back in control of your life.

11 It frees up the spare capital (or equity) in your home to repay your store cards

and other debts.

(By John Mussi. Adapted)





Text B ComprehensionText B Comprehension

Part 1 Choose the best answer for each question according to the passage.



1. To control your finance, you should first ______.

A. earn income from more sources

B. reduce your fixed expenses

C. assess your income and expenses

D. improve your financial situation

2. It can be concluded from the third paragraph that ______.

A. insignificant expenses can be neglected when making your budget

B. you need to learn some financial management techniques

C. the goal of creating a budget is to reduce your expenses on the basics

D. expenses on computer software programs should be reduced

1

√

2

√





Part 1 Choose the best answer for each question according to the passage.

3. Which of the following is NOT a function of debt consolidation loan?

A. Combine several loans into one loan.

B. Give you an easy way to pay your debts.

C. Reduce your monthly payments by offering a lower interest rate.

D. Reduce your monthly payments by reducing your credits.

4. What is the feature of the UK debt consolidation loan?

A. Low interest cost. B. Variable interest rates.

C. Easy to apply. D. Long-term.

5. What does the passage mainly talk about?

A. The significance of financial management techniques.

B. The better way of controlling your financial situation.

C. How to reduce your daily expenses.

D. How to improve your credit history records.

3

√4

√

5

√





Part 2 Complete the table according to the passage.

Causes of financial crisis

“fixed” expenses

the basics

functions of financial software programs

functions of the debt consolidation loan

personal or family illness, the loss of a job, or overspending

mortgage payments or rent, car payments, and insurance premiums

housing, food, health care, insurance, and education

software programsdeveloping and maintaining a budget, balancing your cheque book, and creating plans to save money and pay down your debt

cutting your monthly payments, making your payments easier, improving your credit rating

Answer


Text B VocabularyText B Vocabulary

Part 1 Complete the sentences with the following expressions. Change the

form where necessary.



fixed crisis spare mortgage direct debit cheque arrears overcome repayment overdraft

1. Oil companies were heavily criticized when they made large profits during the

oil of the 1970s.

2. Her financial problems could no longer be .

3. A decline in beer sales had left the industry with capacity.

4. They took out a ￡ 40,000 to buy the house.

5. I’m afraid I cannot meet my monthly mortgage of ￡ 330.

crisis _________

spare ___________

overcome ____________

repayments ____________

mortgagee ____________





Part 1 Complete the sentences with the following expressions. Change the

form where necessary.

6. He was ordered to pay rent of ￡ 550.

7. A(n) is a printed piece of paper that you write an amount of money

on, sign, and use instead of money to pay for things.

8. is an instruction you give your bank to pay money directly out of

your account regularly to a particular person or organization.

9. assets are buildings, equipment and land owned by a company.

10. A(n) is the amount of money you owe to a bank when you

have spent more money than you had in your account.

fixed crisis spare mortgage direct debit cheque arrears overcome repayment overdraft

arrears _________

Direct debit ___________

cheque _________

overdraft __________

Fixed _______





Part 2 Complete the sentences with the right form of the words in the

brackets.1. The insurers will need to (assessment) the flood damage.

2. He was so absorbed in the research that he had no time left for

(recreation) activities.

3. The series has aroused (considerably) interest.

4. Your mortgage will be (repayment) over 25 years.

5. Please inform us if there are any (insignificant) changes in

your plans.

6. We were (overwhelming) by the number of applications.

7. Organic farmers should be encouraged with (finance) incentives.

8. A (combine) of factors led to her decision to resign.

considerable ______________

assess _________

repaid __________

recreational _____________

financial __________

significant ____________

overwhelmed ______________

combination ____________





Part 3 The following words have more than one meanings. Choose the right

meaning for the colored word in each sentence.

premium

A. (n.) the cost of insurance, especially the amount that you pay each year

B. (n.) an additional amount of money, above a standard rate or amount

C. (a.) (prices or rates, etc) higher than usual ones

1. People are prepared to pay premium prices for quality products.

2. Consumers are prepared to pay a premium for organically grown vegetables.

Answer 1. C 2. B







mortgage

A. a legal arrangement by which you borrow money from a bank or similar

organization in order to buy a house, and pay back the money over a period

of years

B. the amount of money you borrow in the form of a mortgage

1. If you earn ￡ 20,000 per year, then you may be able to get a mortgage of

￡ 60,000.

2. We’re paying out $300 a month on our mortgage.

Answer 1. B 2. A







term

A. the conditions that are set for an agreement, contract, arrangement, etc

B. a fixed period of time during which someone does something or something

happens

C. the end of a particular period of time

1. The agreement reaches its term next year.

2. The lease runs for a term of 99 years.

3. Under the terms of the agreement, the debt would be repaid over 20 years.

Answer 1. C 2. B 3. A


Text B TranslationText B Translation

Part 1 Translate the following terms into Chinese.



1. financial crisis

2. financial situation

3. insurance premium

4. spending pattern

5. debt consolidation loan

6. cheque book

7. store card

金融危机 ___________________

财务状况 ___________________

保险费 ___________________

消费模式 ___________________

债务合并贷款 ___________________

支票簿 ___________________

( 零售店 ) 联名信用卡

___________________



Part 1 Translate the following terms into Chinese.



8. monthly payment

9. direct debit

10. credit rating

11. credit history record

12. property value

13. spare capital

月付款 ___________________

直接扣账，直接付款 ___________________

信用等级 ___________________

信用历史纪录 ___________________

财产价值 ___________________

闲置资金，游资 ___________________



Part 2 Translate the following sentences, using the expressions given in the

brackets.



1. 这个国家正面临着经济危机｡ (crisis)

2. 工资固定又无晋升机会遏制了雇员的积极性｡ (fixed)

3. 大多数人愿意买房子而不愿意租房子｡ (opt for)

4. 他们俩对生产成本的评估完全不准确｡ (assessment)

5. 我试过广东菜､湖南菜和四川菜 , 它们都颇为不同｡ (considerably)

The country now faces an economic crisis. ________________________________________________________________

Fixed wages and lack of promotion act as a disincentive to employees. ________________________________________________________________

Most people opt for buying their own homes rather than renting them. ________________________________________________________________

Both their assessments of production costs were hopelessly inaccurate.________________________________________________________________

I’ve tried Cantonese, Hunan and Sichuan food and they differ quite considerably. ____________________________________________________________________


Real Life PracticeReal Life Practice



Years of hard work brings you some savings. You gradually realize that

it’s time to make personal financial decisions. Stock? Or funds? You’ve just

got some documents on funds. Learn them carefully and try to make it clear

by answering the questions afterwards.

Personal financial decisions may involve paying for education, financing

durable goods such as real estate and cars, buying insurance, e.g. health and

property insurance, investing and saving for retirement.





Fidelity Money Market Funds Conservative investments have a place in every diversified portfolio. But

that doesn’t mean you have to settle for less.

These funds invest in short-term debt obligations such as US Treasury bills

and certificates of deposit. They may deliver a set, modest return with extremely

low risk. More liquid than most other types of funds, money market funds are

considered to be among the safest types of mutual fund investments.

Why Fidelity money market funds?

All Fidelity funds are no-load.

Historically higher yields than CDs or regular bank savings accounts.

Tax benefits: Some may provide state and federal tax-exempt income.

Liquidity: Buy or sell at any time.





Mutual Funds>Fidelity Tax-Free Money Market

Snapshot E-Mail this Page

No Transaction Fee

Quick Stats

Average Annual Total Returns (%)

as of 05/31/2007

YTD Return (06/13/2007) 1.49% 1 Year 3.27

7-Day Yield (06/13/2007) 3 Year 2.36

Tax Equivalent Yield 4.97% 5 year 1.74

NAV (06/13/2007) 1.00 Life 1.72

Net Assets($M) 3,439.63 Performance DetailsPerformance data shown represents past performance

and is no guarantee of future results. Current

performance may be higher or lower than that quoted.

Yield and return will vary.

NTF





Overview

Objective The fund seeks to provide as high a level of current

income, exempt from federal income taxes, as is

consistent with liquidity and stability of principal.

StrategyThe fund normally invests in municipal money market

securities,with at least 80% of its assets invested in

municipal securities whose interest is exempt from federal

income tax. The fund will normally not invest in municipal

securities whose interest is subject to federal income tax

or the federal alternative minimum tax. The fund invests in

compliance with industry-standard requirements for

money market funds for the quality- maturity- and

diversification of investments. The fund potentially invests

more than 25% of total assets in municipal securities that

finance similar types of projects.

Fund Manager - Michael R Widrig

RiskThe municipal market is volatile and can be significantly

affected by adverse tax, legislative, or political changes and

the financial condition of the issuers of municipal securities.

Interest rate increases can cause the price of a money market

security to decrease. Entities located in foreign countries can

be affected by adverse political, regulatory, market, or

economic developments in those countries. A decline in the

credit quality of an issuer or the provider of credit support

or a maturity-shortening structure for a security can cause

the price of a money market security to decrease. An

investment in the fund is not a deposit of a bank and is not

insured or guaranteed by the Federal Deposit Insurance

Corporation or any other government agency. Although the

fund seeks to preserve the value of your investment at $1.00

per share, it is possible to lose money by investing in the fund.





Fund Facts & FeaturesFund Facts Features

Fiscal Year End October Minimum Initial Investment $5,000

CUSIP 650914609 Minimum Additional Investment $500

Fund Inception 06/19/2001 Minimum Automatic Account Builder $100

Net Assets as of 05/31/2007($M) 3,439.63 Minimum Balance $2,000

Fund Number 275 Retirement Accounts No

Fund SymbolF MOXX Check Writing Yes

Check Writing Minimum $500

Direct Deposit Yes

Direct Deposit Minimum $500

Automatic Account Builder Yes

Exchange Redemptions Maximum in a year No

Simple IRA NoYou can receive a prospectus from Fidelity by mail.

Prospectus & Reports





Expenses & Fees

Expense Ratio: as of 12/31/2006 0.49%

Expense Ratio after Reductions: as of 10/31/2006

0.29%

Expense Cap: as of 06/19/2001 0.45%

Expense Cap is a limit that Fidelity has placed on the level of the expenses borne by the fund. The cap is voluntary and indicates the maximum level of expenses )with certain exceptions)that the fund would be paying at that time. The Expense Cap may be terminated or revised at any time, which may lower the fund’s yield or return.

Lipper Tax-Exempt MM Avg. Most recent data available

0.75%

*Before investing, consider the fund’s investment objectives, risks, charges and expenses. Contact Fidelity for a prospectus

containing this information. Read it carefully.





mutual funds 共同基金Tax-exempt money market funds 免税货币市场基金YTD (Year-To-Date) Return 年初至今回报Average Annual Total Returns 平均年回报率NAV (Net Asset Value) 资产净值Fiscal Year 财年CUSIP (Committee on Uniform Securities Identification Procedures) 证券统一辨识程序委员会Minimum Initial Investment 最小初始投资金额SIMPLE (Savings Incentive Match Plan for Employees) 雇员储蓄激励配套计划IRA (Individual Retirement Account) 个人退休账户Exchange Redemption 赎回Expense Cap 最高管理费

Terms





Part 1 Answer the following questions.

1. What advantages do Fidelity Funds have?

All Fidelity funds are no-load ； historically higher yields than CDs or regular

bank savings accounts ； tax benefits: Some may provide state and federal

tax-exempt income ； liquidity: Buy or sell at any time.

_________________________________________________________________

______________________________________________________________

______________________________________________________________

2. What do performance data represent?

Performance data shown represents past performance and is no guarantee of

future results.

_________________________________________________________________

______________________________________________________________






3. What is the objective of the Fidelity Tax-Free Money Market Fund?

The fund seeks to provide as high a level of current income, exempt from

federal income taxes, as is consistent with liquidity and stability of principal.

_________________________________________________________________

______________________________________________________________

4. How does the fund invest in securities?

The fund normally invests in municipal money market securities, with at least 80% of its assets invested in municipal securities whose interest is exempt from federal income tax. The fund will normally not invest in municipal securities whose interest is subject to federal income tax or the federal alternative minimum tax. The fund invests in compliance with industry standard requirements for money market funds for the quality, maturity, and diversification of investments. The fund potentially invests more than 25% of total assets in municipal securities that finance similar types of projects.

___________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________






5. What are the risks of investing in the fund?

The municipal market is volatile and can be significantly affected by adverse tax, legislative, or political changes and the financial condition of the issuers of municipal securities. Interest rate increases can cause the price of a money market security to decrease. Entities located in foreign countries can be affected by adverse political, regulatory, market, or economic developments in those countries. A decline in the credit quality of an issuer or the provider of credit support or a maturity-shortening structure for a security can cause the price of a money market security to decrease. An investment in the fund is not a deposit of a bank and is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other government agency. Although the fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the fund.

________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________________






6. How much money do you need at least to invest in the fund?

7. What is the expense cap?

$5,000 ______________________________________________________________

Expense Cap is a limit that Fidelity has placed on the level of the expenses

borne by the fund. The cap is voluntary and indicates the maximum level of

expenses (with certain exceptions) that the fund would be paying at that time.

The Expense Cap may be terminated or revised at any time, which may lower

the fund’s yield or return.

_________________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________

______________________________________________________________





Part 2 You have $5,000 to invest in mutual funds. What factors should you

consider when choosing a suitable and profitable fund? Can you

make more profit than the interest on a standard savings account?

Browse www.fidelity.com for further information.


Practical WritingPractical Writing

Describing Trends or Movements



Vocabulary describing economic growth and decline is one of the most

important areas for students of business English. This vocabulary is especially

needed to accurately communicate the ups and downs of business when making

a presentation using graphs and statistics. The following exercises aim to improve

your vocabulary used to describe economic activity.





Part 1 Look at the following graph and put one of the numbers next to the

words describing trends:





Part 1 Look at the following graph and put one of the numbers next to the

words describing trends:

a. ( ) bottom

b. ( ) erratic movements

c. ( ) a gradual rise

d. ( ) to level off

e. ( ) a dramatic fall

f. ( ) fluctuations

g. ( ) to reach a peak

h. ( ) to recover

i. ( ) a gradual fall

j. ( ) a plateau

k. ( ) to take a plunge

l. ( ) a steady increase

m.( ) to leap upwards

n. ( ) to soar

o. ( ) to collapse

Answera.9 b.5 c.4 d.2 e.7 f.1 g.15 h.10 I.3 j.13 k.6 l.12 m.11 n.14 o.8





Part 2 Adjectives can be used to describe the degree of change. Do you

know the corresponding adverbs?

1. A dramatic fall to fall… … … … … … …

2. An abrupt rise to rise… … … … … … …

3. A sudden decline to decline… … … … … … …

4. A moderate growth to grow… … … … … … …

5. A slight increase to increase… … … … … … …

6. A rapid drop to drop… … … … … … …

7. A gradual decline to decline… … … … … … …

8. A steady recover to recover… … … … … … …

9. A drastic growth to grow… … … … … … …

10. A constant leveling off to level off… … … … … … …

1 dramatically

2 abruptly

3 sudenly

4 moderately

5 slightly

6 rapidly

7 gradually

8 steadily

9 drastically

10 constantly





Part 3 The following graph illustrates the value of the Euro in Belgian Franc.





Part 3 The following graph illustrates the value of the Euro in Belgian Franc.

1. Fill in the blanks with correct prepositions.

a. In 1995 the value of Euro stood BEF39.

b. The Euro value rose 0.5 BEF in 1998.

c. The Euro value rose BEF39 in 1995 BEF40.7 in 1998.

d. There was a decrease BEF2.5 1988 and 1998.

2. Write a paragraph describing the graph using the vocabulary you ’ve learnt.

at ________

by________

from________ to________

between__________of________

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