Money and banking – maturitní otázka z angličtiny

 

Otázka: Money and banking

Jazyk: Angličtina

Přidal(a): Barunka

 

 

 

 

 

  • Banks are institution that deal with money and provide other financial services.
  • Banks buy and sell money for profit.
  •  profit = difference between the interest on loans and the interest paid on deposit and money from providing banks services
  • money
    • anything generally accepted as a means of paying for goods and services
    • a measure of value so the value of the ticket is stated in crowns
    • serves as a store of value – unlike many goods, it will keep

 

Forms of money

  • currency – bank notes and coins
  • demand deposits – money in current or savings  accounts
  • term deposits – that restrict withdrawals to a specific time
  • securities – shares, bonds, bills of exchange, cheques, certificates of deposits
  • payment cards

 

The banking system

  • central banks
    • issues currency
    • buys and sells government securities
    • keep foreign currency and gold reserves
    • supervises and regulates commercial banks
    • represents our country abroad
    • is responsible for monetary policy
    • determines discount interest rates
    • manages state accounts
    • commercial banks
      • are profit-making businesses that accept deposits and use these money to provide, make, loans
      • they perform the following operations:
        • opening and managing current accounts, deposit accounts and foreign currency accounts
        • providing loans and mortgages
        • issuing payment cards, arranging electronic money transfers, standing payment orders, handling cheques and bills of exchange
        • exchanging foreign currency, providing information to clients

 

Types of account

  • current accounts
    • they are used for writing cheques, paying by debit card and paying bills
    • the have low interest
    • deposits accounts and savings accounts
      • long term deposits usually have higher interest than short-term deposits

Loans

  • is money lent to a borrower by a lender
  • the borrower must pay off more money – his loan plus the interest on the sum
  • in the process of making loans, banks create new money
  • there are:
    • long-term loans
    • medium-term loans
    • short-term loans

 

Mortgage

  • is a long term loan, a real property (a building) is uses as a guarantee
  • if client is unable to repay his loan, the property becomes the one of the bank

Payment cards

  • they allow their holders to withdraw cash from automated teller machines in their country as well as abroad
  • debit cards
    • holders can’t overdraw their account, they have to stay in the black
    • credit cards
      • holders can overdraw their account
      • this overdraft is agreed by the bank up to a maximum of 10 000 crowns for example

 

Trends in banking

  • internet banking
    • you have access to your account through a personal computer connected to the internet
    • mobile banking
      • client communicates with bank through a mobile phone






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