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BAB 8

VOCABULARY PRACTICE

1. The Federal Reserve board influences the volume of activity on the ..c..
a. Board of governors b. Rediscount rate c. Stock exchange

2. The board of governors can buy or sell United states Government ..b..
a. Reserve requirements b. Securities c. Liabilities

3. ..b.. of the twelve federal reserve banks are uniform
a. Bonds b. Policies c. Advances

4. When margin requirements are set on the stock exchange , the ...a.. of stocks and bonds bought with loans is affected.
a. Market price b. Advances c. Open market operations

5. Federal reserve banks are involved in the purchase and sale of ..a..
a. Bill of exchange b. Rediscount c. Ratios of holdings



THE FEDERAL RESERVE SYSTEM

The federal reserve system of the United States performs many of the functions of the central bank of other countries. The territory of the United states is divided into twelve federal reserve districts, each one of which has a federal reserve bank in a mojor city. Policies of these twelve banks are uniform , however, because they are set by the board of governors of the federal reserve system.
It is precisely this federal reserve board that carries out operations similar to those that are the responbility of central banks in europe, latin america and elsewhere. For instance, member banks are told by the federal reserve board ehat current reserve requirements are that is, the mandatory cash ratio of holdings to liabilities . federal reserve banks may extend credit to member banks through advances or rediscounts. The rediscounting rate is set by each of the individual member banks. The board is also empowered to counduct certain open market operations that can affect the money supply of the United States. For instance, the Board can buy or sell United States Government securities thus increasing or descreasing the amount of money in circulation. Other open market interventions of the federal reserve banks include the purchase and sale of investments such as bankers acceptances and bills of exchange.
The federal reserve board can also influence the volume of activity on the stock exchanges by setting margin requirements for the purchase of securities. In other words, the federal reserve board can set the percentage of the market price of securities that a buyer must pay when buying stocks or bonds with a loan. Margin requirements thus limit the amount of credit that purchasers of securities may be given to finance their investment activity. By raising or lowering margin requirements , the federal reserve board may limit or expand the volume of stock purchases.

COMPREHENSION CHECK
A.

1. there are twelve federal reserve banks in the United states

2. the board of governors of each federal reserve banks sets its own policies

3. the actions of the federal reserve system affect the amount of money in circulation in the United States

4. federal reserve banks are not empowered to buy and sell investments.

5. margin requirements set by the federal reserve board limit the amount of credit available to purchasers of stocks and bonds

B.

1. How many federal reserve banks are there in the united states?
There are twelve Federal Reserve Banks in the United States

2. who sets the policies of these banks?
The policies of these banks set by the Board of Governors of the Federal Reserve System

3. how do federal reserve banks extend credit to member banks?
Federal Reserve Banks extend credit to member banks through advances or rediscounts

4. How does the board of governors influence the money supply of the United states?
The Board of Governors influence the money supply of the United states by conducting certain open market operatons.

5. What can the board of governors do with United states goverment securities?
The Board of Governors can buy or sell United states goverment securities

6. what can federal reserve banks buy and sell?
The Federal Reserve Banks can buy and sell investments such as Bankers acceptances and Bill of Exchange

7. How does the federal reserve board influence the volume of activity on the stock exchange?
The Federal Reserve Board influence the volume of activity on the stock exchange by setting margin requirements for the purchase of securities.

8. What do margin requirements limit?
Margin requirements limit the amount of credit that purchasers of securities may be given to finance their investment activity.

9. What are reserve requirements?
Reserve requirements is percentage of total deposits that a bank keeps in cash

10. which institution performs the functions of the United states federal reserve system in your country?
Institution performs the functions of the United states federal reserve system in my country is Indonesian Bank. It’s called BI


C.
a.

1. uniform (E) a. Required
2. market price (D) b. establish
3. stock (G) c. bond
4. for public sale (H) d. Current price
5. authorize (J) e. unchanging
6. investment (I) f. Volume of activity
7. mandatory (A) g. A share of coporate capital
8. amount of buying and selling (F) h. Open market
9. set (B) i. Properly bought for profit
10. certificate of debt (C) j. empower


b.

1.Policies of the twelve federal reserve banks are the same everywhere
( Uniform)

2. A group of administrators fixes the policies
(Sets)

3.He has many properties bought for profit
(Investments)

4. The amount of money in circulation varies with the buying and selling of stocks and bonds
(Securities)

5. There has been a great amount of buying and selling on the stock exchange
( Volume of activity )



BAB 9
INTERNATIONAL BANKING FACILITIES

VOCABULARY PRACTICE

1. Investors sometimes have problems because of government ....B....
a. Access b. Regulations c. branches

2. Many United States corporations have ...A..in other countries
a. Subsidiaries b. Basis point c. ceilings

3. United states banks have tried to be ..B.. with overseas banks
a. Offshore b. Competitive c. corporate

4. 4. The New york banks plan to ..C... savings in costs to their clients
a. Advantage b. Remove c. Pass on

5. Mr. Castro will have to pay a high ...C... for his insurance policy.
a. Exchange rate b. Sovereign risk c. Premium


COMPREHENSION CHECK
A.

1. The federal reserve board is affecting the flow of overseas funds to the United States (True)
2. The IBFs will be set up outside of the United States (False)
3. the IBFs will have the problem of the United States reserve requirements (False)
4. many united States corporations have been afraid they would not have free access to their capital invested overseas (True)
5. corporations that deal a lot with Canada and Latin America will appreciate having the IBFs in New York (True)
6. The IBFs will transact business in the European investment markets (True)
7. if the IBFs save on local taxes and insurance premiums , they could share part of that saving with their corporate clients (False)
8. corporate clients could save 25 basis points on a transaction (False)
9. Directors of many large United States corporations believe that sovereign risk is greater in foreign countries than in the United States (True)
10. It is expected that about $700 billion in offshore funds may come into the United States after December 3. (False)

B.

1. What advantage will the establishment of the IBFs in the United States have?
$250 billion

2. Why has it been difficult for U.S. banks to compete with foreign banks up until now?
Because of the regulation of the USA about reserve requirements, ceilings an interest rates and insurance premiums

3. Why have many United States corporations not been enthusiastic about investing abroad?
Because access to the IBFs will be limit to foreign clients and overseas subsidiaries of U.S. corporations

4. Why is New York City a good place to locate the IBFs?
Because New York is the financial center of the U.S.

6. What is the great price advantage that New York banks may be able to offer?
To remove the regulations their limit the advantages of the overseas bank

BUILDING YOUR VOCABULARY
A

1. BRANCH (C) A. POLICY
2. HIGHEST POINT (G) B. BASIS POINT
3. INSURANCE PAPERS (A) C. SUBSIDIARY
4. RULES (H) D. EXCHANGE RATES
5. 0,1% (B) E. EURODOLLARS
6. CURRENCY PRICES (D) F. ACCESS
7. PERMISSION TO USE (F) G. CEILING
8. U.S CURRENCY IN EUROPE (E) H. REGULATIONS

B

1. New regulations will set up branches of banks that handle international investments
Subsidiary

2. There are many elements that make it difficult to counduct business abroad
Factors

3. One of the new bank rules will eliminate reserve requirements
Remove

4. Millions of U.S. dollars are held by large French corporations
Eurodollars

5. The upper limits on interest rates will be coming down
ceilings

STRUCTURE PRACTICE
A

1. You have an advantage over them
You will have an advantage over them

2. Our prices are competitive with theirs
Our prices will competitive with theirs

3. They set up a subsidiary corporation
They will set up a subsidiary corporation

4. She looks for more investors
She will look for more investors

5. I consider all the factors
I will consider all the factors

B

1. He will pass on tha savings
He won’t pass on tha savings

2. We will pay the insurance premium
We won’t pay the insurance premium

3. Reserve requirements will be removed
Reserve requirements won’t be removed

4. I will visit all the overseas branches
I won’t visit all the overseas branches

5. You will escape local taxes
You won’t escape local taxes

C

1. Did Ms. Eliot co-sign the loan yesterday?
No,She will co sign the loan tomorrow

2. Did they go to the stock exchange yesterday?
No, they are going to the stock exchange tomorrow

3. Did you (pl.) prepare the budget yesteday?
No, i will prepare the budget tomorrow

4. Did i get the call from London yesterday?
No, you will get the call from London tomorrow

5. Did we receive the rules yesterday?
No, we eill receive the rules tomorrow

D.

1. i’ll send you the policy
I am going to send you the policy

2. they’ll permit banks to establish IBFs.
They are going to permit banks to establish IBFs.

3. She’ll do alot of business in Canada
She is going to do alot of business in Canada

4. You’ll draw up a will
You are going to draw up a will

5. We’ll pay in monthly installments
We are going to pay in monthly installments

E.

1. You have to make an overseas call, don’t you?
Yes, shall I make now

2. we have to cash a check, don’t we?
Yes, shall we cash now

3. you have to open a charge account, don’t you?
Yes, shall I open now

4. we have to compute the interest , don’t we?
Yes, shall we compute now

5. you have to speak with the manager , don’t you?
Yes, shall I speak now


BUILDING SENTENCES
A

1. There’s a six hour difference in time
There’s a six hour time difference

2. We’ll pay the premiums on the insurance
We’ll pay the insurance premiums

3. The officials of the corporation established the policy
Corporation officials established the policy

4. What is the current rate for the eurodollar?
What is the current eurodollar rate?

5. The board will remove the ceilings on interest rates
The board will remove interest rates ceilings

6. The world of investment is very competitive
Investment world is very competitive

C.

1. I (.am..) going to (.invest..) very competitive

2. They (.are..) going to (.offer..) an advantage

3. The administrator (..is..) going to (..pass on...) new rules

4. we (.are....) going to (..attract..)offshore funds.

5. you (.are....) going to (.transact..) business in New York

6. Prices (.are...) going to (..play...) an important role

7. it (.is....) going to (......) incovenient for us.


BAB 10
THE INTERNATIONAL MONETARY FUND

VOCABULARY PRACTICE

1. Those countries need ..C.. financing to establish their programs of indusrialization
a. Outstanding b. Weakening c. Additional

2. The managing director ...C.. that the loan will be repaid in five years
a. Projects b. Imposes c. Persuades

3. Bankers worry that the IMF is lowering its ..A....
a. Standards b. Gross national product c.basic goods

4. Several countries have had to ..B... their currency recently
a. Borrow b. Devalue c. Increase

5. Because of high payments for oil, many oil poor nations face big ..B.. in their budgets
a. Volumes b. Deficits c. Conditionality

COMPREHENSION CHECK
A

1. Bankers are worried that the IMFs conditionality is too demanding (true)

2. The IMF supplies most of the funds needed by its developing member nations who are oil poor (true)

3. IMF member countries get additional financing if they have successful programs of economic reform (true)

4. More than half of the IMF’s outstanding loans are countries with gross national products of less than $700 per person. (true)

5. The IMF granted Zaire a $1 000.000.000 loan in June of 1981 only after it devalued its currency by 40% (true)


B

1. essential/commercial banks/confidence/IMF
It is essential that the commercial banks maintain their confidence in the programs of the IMF

2. share/debt/industrial countries/fell/49%/9%
The share of IMF debt held by industrial countriesfell from 49% to 9%

3. bankers/suspicious/conditionality/weakening
Bankers, however, are now suspicious that IMF conditionality is weakening

4. countries/borrow/six times/basic shares/fund
They don’t like new IMF policies that allow countries to borrow up to six times their basic shares in the fund

5. conditionality/changes/economic policy/imposed/IMF
Conditionality means changes in economic policy that the IMF imposes on borrowing nations before granting them a loan


C

1. what will the commercial banks be financing during 1981 and 1982?
most of the projected $182 billion deficit of those developing nations that don’t have their own oil.

2. How can IMF member countries get additional financing?
By having successful programs of economic reform

3. What does the IMF impose on borrowing nations before granting them a loan?
Because changes in economic policy ,IMF imposes on borrowing nations before granting them a loan with persuade borrowers to adopt corrective programs in order to make it more probable that a debt will be repaid, but traditionality

4. What are the developments at the IMF that bankers are worried about?
• They don’t like new IMF policies that allow countries to borrow up to six times their basic shares in the fund
• They are not pleased that loan commitments have been ektended from one year to three
• The share of IMF debt held by industrial countries fell from 49% to 9% while the share of outstanding loans to oil poor developing countries has risen from 51% to 91%
• 53% of the fund’s outstanding loans are to nations with gross national products of less than $700 per capita

5. What are some of the conditions on loans to member countries that the IMF imposed during 1981?
Before Uganda was given a $182 million credit in June, it had to raise its gasoline prices and the prices of basic goods. The prices of basic goods had been fixed at low levels by the Ugandan government. Zaire had to devalue its currency by 40 % before being granted $1 billion in the same month. And jamaica had to make important economic changes before getting a $619 million loan in April.

BUILDING YOUR VOCABULARY
A

1. Increase (E) a. Shortage of money
2. Oil (H) b. portion
3. More (i) c. strict
4. Share (B) d. funds
5. Requirements (G) e. raise
6. Without oil (J) f. That improves
7. Corrective (F) g. terms
8. Deficit (A) h. petroleum
9. Money (D) i. additional
10. Demanding (C) j. Oil poor


B

1. We’re trying to plan how much money we’ll need (policy)

2. They new regulations are less strict (demanding)

3. The government needs IMF financing for its programs of economic change (reform)

4. The poorest countries can’t meet their financial liabilities (loan commitment)

5. Bankers worry that IMF conditionality is becoming less strong (Weaken)

6. They need more capital for economic reform (addtional)

7. Some nations have a successful system for producing and ditributing wealth (economy)

8. Many of the essential products are vert expensive in poor countries (basic goods)

STRUCTURE PRACTICE
A

1. Conditionality will be strict
Conditionality will be more strict

2. Credit standards are low now
Credit standards are lower now

3. The country’s corrective program was important
The country’s corrective program was more important

4. They sold their basic goods competitively
They sold their basic goods more competitively

5. She read the will suspicously
She read the will be more suspicously

B

1. Were the prices on the stock market worse yesterday?
Yes, they were the worst ever

2. Were the terms of the loan more severe that year?
Yes, they were the most ever

3. Was he more worried about the devaluation yesterday?
Yes, he was the most ever

4. Did the administrators speak less confidently?
Yes, they were the least ever

5. Was the gross national product lower this year?
Yes, it is the lowest ever

C.

1. IMF/strict/rules/banks
IMF is more strict than rules banks

2. oil rich countries/ developed/oil poor nations
oil rich countries are more developed than oil poor nations

3. Ms. Stewart/impose/policy/successfullly/Mr.Todd
Ms. Stewart impose policy more successfullly than Mr.Todd

4. Uganda/expensive /goods/ Zaire
Uganda is better expensive than Zaire

5. Great britain/industrialized/Jamaica
Great britain is more industrialized than Jamaica

D

1. Venezuela has much petroleum, but Mexico has little petroleum

2. He did the job well, but they did it the worst

3. The director had little power, but the manager had the most power

4. The commercial bank was shorter away , but the savings bank was further

5. Your corporation has done the project well, but our company has done it the worst

6. The political problems are badly, but the taxes are worse

E

1. These bonds are valuable . Those bonds are also valuable
Those bonds are as valuable as These bonds

2. Ms. Martinet spoke well. Ms. LaRosa are also spoke well
Ms. LaRosa spoke as well as Ms. Martinet

3. Their currency is strong. Our currency is also strong
Our currency as strong as their currency

4. The IMF carried out the plan successfully. The commercial banks also carried out the plan successfully
The commercial banks carried out the plan as successful as the IMF

5. The investors are disturbed. The corporate officials are also disturbed
The corporate officials as disturb as the investors

6. These African nations are oil poor . Those Asian nations are also oil poor
Those Asian nations as oil poor as these African nations

7. The place for the meeting is incovenient. The time of the meeting is also incovenient
The time of the meeting as incovenient as the place for the meeting

BUILDING SENTENCES

B

1. I have $200,000 Eurodollars. You have $100,000 Eurodollars
I have more eurodollars than you

2. They have a deficit of $ 500. We have a deficit of $700
They have less deficit than our

3. Ecuador has oil . Saudi Arabia has more oil
Saudi arabia has more oil than Ecuador

4. This bank has 15 branches . That bank has 20 branches
That bank has more branches than this bank

5. The IMF is developing 14 new projects. The commercial banks are developing 12 new projects
The IMF new projects is more developing than the commercial banks

C

1. Adopt/programs/borrowers/corrective/sometimes
Banks are sometimes able to persuade borrowers to adopt corrective programs

2. Outstanding/countries/lnsindustrial/have/fewer
More than half of the IMF’s outstanding loans have are countries with gross national products
are fewer

3. Need/oil poor/financing/nations/more/developing
The IMF supplies of the funds more needed by its developing member nations who are oil poor than member nations with oil rich

4. Low/prices/fixed/basic/levels/goods
The prices of basic goods had been fixed at low levels by the Ugandan government

5. Currency/countries/forced/many/devalue/their
Many countries forced to devalue their currency recently

6. Contract/strict/very/terms
The terms of the contract are very strict

7. Impose/policy/IMF/changes/economic
Conditionality means changes in economic policy that the IMF imposes on borrowing nations before granting them a loan

8. Banks/powerful/IMF/more/individual
The IMF has been much more powerful than individual banks

D

1. Those african nations have .A.. commercial bank credit
a. Little b. Best

2. My terms are ...B.. severe than his terms
a. .Most b. More

3. The government will find a way to get ...B. financing
a. Farthest b. Additional

4. We don’t approve of these .A... in the voulme of lending
a. Increases b. Rise

5. She’s worried that the terms of the contract are too ..B..
a. Weakening b. Demanding

6. Although this country is ..B... it has several loan commitments
a. Oil rich b. Oil poor


BAB 11
INVESTMENT (PART 1)

VOCABULARY PRACTICE

1. The two largest utility companies just entered into a ..B..
a. Commodity b.merger c. tax shelter

2. My ..C. will advise me about seling some of my stocks
a. Legatee b.credit manager c.broker

3. Many people buy municipal bonds because they are ..B..
a. Active b.tax exempt c.taxable

4. Since the stock .A... i earn greater ..A..
a. Split/dividends b.trade/mutual funds c.future/industrial averages

5. Carol wants our brokerage firm to help her with her ..B...
a. Index b.portfolio c.profile

6. Mr. Rowinsky can’t afford to be a ..C.. investor
a. Preferred b.common c.speculatives

7. The city is selling ..A.. in order to pay off it’s debts
a. Municipal bonds b.commodities c.mutual funds

8. Mr. And Mrs. D angelo bought 20 shares of ..B... because they didin’t want a fixed rate of dividend
a. Securities b.common stock c.preferred stock

COMPREHENSION CHECK
A

1. Phil O’Brien wants to invest the legacy his aunt left him (True)

2. As a broker , Carol Levine will help Phil with his investments (False)

3. Phil and Barbara O’Brien already have an investment portfolio (True)

4. Phil studies the stock market (False)

5. Phil feels he can now take great financial risks (False)

6. Jeff Hunter knows about all aspects of the stock market (true)

7. Phil hopes to increase his dividends from stocks (True)

8. The earnings on municipal bonds are taxable (False)

9. Carol thinks Mr.Hunter’s brokerage firm handles mutual funds (True)

10. Jeff Hunter doesn’t know about buying commodities on the futures market (True)


B

1. Why do you think Phil and Barbara O’Brien may need a tax shelter?
Because they have to pay estate taxes on the inheritance

2. What do the O’Briens have in their portfolio?
Barbara own some common and preferred stocks in utilities and four other large companies

3. What does Phil watch in studying the stock market?’
Phil do study all the new stock issues and he watch the Dow Jones industrial average carefully
as it goes up or down a few points

4. Why isn’t Phil interested in speculation?
Because phil don’t think that he have enough money to be a speculative investor

5. What are some of the things that Jeff Hunter can inform Phil about?
Phil will speak with him because eh would like to increase his dividends from stocks. Maybe he’ll be able to suggest some currently active stocks that he might want to invest in. Does his firm also handle municipal bonds and mutual funds? Mr.hunter can also advise him on buying commodities on the futures market

6. What kinds of securities does Mr.Hunter’s brokerage firm handle?
Municipal bonds because the money you earn on them is tax exempt

BUILDING YOUR VOCABULARY
A

1. Uniting of companies (C) A. collection of securities
2. Brokerage firm (I) B. commodities
3. Take financial risk (F) C. merger
4. Utilities (G) D. tax shelter
5. Split (J) E. tax exempt
6. Buying stocks directly (H) F. speculate
7. Raw maerials (B) G. the gas and electric companies
8. Investment to reduce taxes (D) H. over the counter trading
9. Portfolio (A) I. company of brokers
10. Not taxable (E) J. division of a share of stock

B

1. These stocks are frequently bought and sold (active)

2. Your agent will be able to sell those securities (broker)

3. Are they going to buy more shares in the gas and water companies? (Utilities)

4. When the stock was divided. We bought more shares in the company (split)

5. The stockholders received large profits from the corporation (dividends)

6. How many units did the Dow Jones industrial average fall today? (Point)

7. New york city issued city government securities in order to finance street repairs and subway construction (municipal bonds)

8. Deborah Adams plans to take a big financial risk in the stock market this year. (speculate)

STRUCTURE PRACTICE
A

1. Do you and your husband own some shares in mutual funds?
Yes, I and my husband share some.
No, I and my husband don’t share any.

2. Did they buy some preffered stock?
Yes, they buy some.
No, they didn’t buy any.

3. Will i find some good brokerage firm there?
Yes, You find some.
No, You won’t find any.

4. Did Ms. Levine know about some corporate mergers?
Yes, She know some.
No, She didn’t know any.

5. Can we sell some commodities?
Yes, you sell some.
No, You cann’t sell any.

6. Is Barbara O’Brien investing in any utility companies?
Yes, She invest some.
No, she isn’t invest any.

7. Did you get some capital?
Yes, I get some.
No, I didn’t get any.

8. Will he distribute some property?
Yes, He distribute some.
No, he won’t distribute any.

9. Were there some stock splits last month?
Yes, there some.
No, there weren’t any.

10. Can I give you some names of executors?
Yes, you give me some.
No, you cann’t give me any.

B

1. There are some over the counter trading figures
There aren’t any over the counter trading figures

2. We sometimes visit the Stock Exchange
We never visit the Stock Exchange

3. Somebody has audited these accounts
No body has audited these accounts

4. Either Mr.O’Brien or Ms. Levine will co-sign the loan
Neither Mr.O’Brien nor Ms. Levine will co-sign the loan

5. I work in that brokerage firm also
I work in that brokerage firm neither

6. Anyone can be named as their agent
Anyone cann’t be named as their agent

7. Barbara O’Brien knows about securities too
Barbara O’Brien knows about securities neither

8. You sometimes check the Dow Jones average
You never check the Dow Jones average

9. They’ll need some tax shelters
They’ll need none tax shelters

10. The McNeils have either stocks or bonds in their portfolio
The McNeils have neither stocks nor bonds in their portfolio

C

1. That bank doesn’t extend any credit
That bank does extend no credit

2. There aren’t any price indexes in today’s paper
There are no price indexes in today’s paper

3. There aren’t any fees for those services
There are no fees for those services

4. We don’t receive any dividends
We do receive no dividends

5. There isn’t any government intervention
There’s no government intervention

6. There isn’t any time to draw up a will
There ’s no time to draw up a will

7. She doesn’t have any shares in the corporation
She does have no shares in the corporation

8. I don’t know any executors
I do know no executors

9. Mr. Navarra doesn’t have any holdings in that country
Mr. Navarra does have no holdings in that country

10. The city hasn’t issued any municipal bonds.
The city has issued no municipal bonds.

D

1. Do you receive any dividends?
No, none

2. Did the board set some new policies?
No, none

3. Will they buy some utilities?
No, none

4. Did the teller have any customers?
No, none

5. Did that company issue any stocks this month?
No, none

BUILDING SENTENCES

A

1. Either/speculate/never/Phil
Phil never speculate either

2. The merger/ever/no one/ understand
No one ever understand the merger

3. Visit/sometimes/too/the stock exchange/I
I sometimes visited the stock exchange too

4. She/has/nor/a portfolio/neither/he
Neither she nor he had a portfolio

5. Clients/brokers/see/some/no
Brokers no see some clients

6. Some/there are/splits/stock
There were some stock splits

7. Dividends/investors/get/no/some
Investors no got some dividends

8. The market/always/study/we/carefully
` we always studied the market carefully


C

1. There was ..A. rise in the interest rate
a.No b.none

2. He ..A..drew up the will
a.Never b. ever

3. There isn’t .B..money held in trust for them
a.No b. any

4. ..A..we need our broker’s advice
a.sometimes b.never

5. Either Jack ..A.. Al works in a federal reserve system
a.or b.nor

6. I haven’t seen ..A.. either
a.anyone b.nobody

7. did they ..B..arrive at the meeting?
a.never b.ever

8. Ms. Wilson has 50 shares , but Ms. Wong has ..B..
a.none b. Some

9. we didn’t have ...B.. time to meet the administrators.
a.some b. Any

10. the board wanted ...B... stock splits nor mergers
a.either b. neither


BAB 12
INVESTMENTS (PART II)


VOCABULARY PRACTICE

I am going to buy these stocks because they’ve been showing a good ..A..
a. Earnings b. Growth rate c. Commission

How much was his ..B. on that painting at the auction?
a. Fluctuation b. Bid c. Bargain

We can hardly pay for the necessities of life these days with his ..C.. inflation
a. Declining b. Bullish c. Double digit

Before acquiring more collectibles , Phil wants to check their ..C..
a. Bargain b. Strategy c. Liquidity

Even dealers in gold ,coins and jewelry are being badly affected by the .A.. market
a. Bearish b. Recession c. Slowdown

COMPREHENSIVE CHECK
A.

1. Phil O’Brien already owned some stock when he consulted Jeff Hunter (True)

2. Mr.O’Brien prefered the option that requires him to watch the stock market carefully (True)

3. His broker advises Mr.O’Brien that investment strategies depend on whether the stock Market is bullish or bearish (True)

4. Mr. Hunter suggest that inflation and interest rates also affect the market (True)

5. Mr. Hunter is uncertain whether high yielding bank shares will continue to appreciate (False)

6. Data processing and high technology stocks have had a good yield recently, according to Mr. Hunter(True)

7. Mr. O’Brien has read that prices have been rising in the market lately (False)

8. Mr. Hunter doesn’t recommend investing in collectibles because they’re no longer as easy to sell as they were before (True)

9. Paintings, unlike stamps and coins , have not lost any of their liquidity (False)

10. Her broker thinks that Mrs.O’Brien should sell her gold jewelry because of the steadily rising price of gold (False)


B

1. What are the two ways to look at investing in stocks?
First, there are long term investments . you can put your money into stable companies with a relatively secure yield. Or secondly, you can concentrate on buying stocks that promise a good. , rapid growth rate and resell them at a profit.

2. What are tha factors that should be considered by someone who is developing his investment strategies?
slowdown or a recession, double digit inflation, interest rates and other things that effect the companies you invest in.

3. What kinds of stocks have been doing well lately?
Data processing and high technology stocks

4. What do bargain hunting investors who buy stocks in a bearish market have to be careful of?
they make sure that the companies they invest in can maintain their growth through difficult times

5. What are collectibles? Why aren’t they good investments nowadays?
Collectibles – item such as works of art, stamps, or coin (see below) that can be collected, especially for investment purposes
They are less in demand now and are proving rather difficult to sell

BUILDING YOUR VOCABULARY

A.
1. Slowdown (H) a. yield
2. Choice (F) b. Process of rising prices
3. Sale of bids (G) c. declining
4. Decreasing (C) d. liquidity
5. Inflation (B) e. Payment for broker’s service
6. Rate of return on investment (A) f. option
7. Commision (E) g. auction
8. Ability to be changed into cash (D) h. A decrease in economic activity

B

1. You should look into your alternatives before you invest in these stocks
option

2. Mr.Halpern is an investor who counts on prices falling in the stock market
Bargain hunters/bearish

3. This stock promises a very good percentage of increasing in value
Growth rate

4. The government is not dealing very successfully with this period of temporary economic decline and unemployment
recession

5. We’re hoping our shares in the data processing company will give us a high income
earnings

6. Cathy Caruso is an investor who buys stocks when prices rise
bullish

7. The broker told me my stamps and coins would be quite difficult to sell right now
collectibles

8. He’s selling these works of art now because he’s afraid their ability to be converted into cash will be decreasing
Liquidity

STRUCTURE PRACTICE
A and B

1. I consider several options
Should I consider several options?
Yes, you ought to consider several options

2. My wife and i invest in stocks with a pretty secure yield
Should My wife and I invest in stocks with a pretty secure yield?
Yes, you ought to invest in stocks with a pretty secure yield

3. I buy stocks in a bearish market
Should I buy stocks in a bearish market?
Yes, you ought to buy stocks in a bearish market

4. I take into account double digit inflation
Should I take into account double digit inflation?
Yes, you ought to take into account double digit inflation

5. We invest in data processing companies
Should We invest in data processing companies?
Yes, we ought to invest in data processing companies

6. I concentrate on high technology stocks
Should I concentrate on high technology stocks?
Yes, you ought to concentrate on high technology stocks

7. I look for bargain in the market
Should I look for bargain in the market?
Yes, you ought to look for bargain in the market

8. We buy collectibles
Should We buy collectibles?
Yes, we ought to buy collectibles

C.

1. Can i buy some high yielding bank shares for you?
Yes, you may buy some those shares

2. Can i suggest some new investment strategies to you?
Yes, you may suggest some those strategies

3. Can i use a part of your earnings to buy high technology stocks?
Yes, you may use a part of those earnings

4. Can i also invest some of your earnings in data processing companies?
Yes, you may invest some of those earnings

5. Can i speculate for you on some stocks that promise a rapid growth rate?
Yes, you may speculate for you on some of those stocks

6. Can i look into collectibles for you?
Yes, you may look into those collectibles


D and E

1. They wait until interest rates fall
They may wait until interest rates fall

They might wait until interest rates fall
2. I watch the stock market very carefully

I may watch the stock market very carefully
I might watch the stock market very carefully

3. We’re facing a bullish market now
We’re may face a bullish market now

We’re might face a bullish market now
4. Mr.Chen needs some advice on investing
Mr.Chen may need some advice on investing
Mr.Chen might need some advice on investing

5. The brokers recommend high technology stocks to you
The brokers may recommend high technology stocks to you
The brokers might recommend high technology stocks to you

6. There are many bargain hunters in the market
There are may many bargain hunters in the market
There are might many bargain hunters in the market

7. Paitings prove difficult to sell
Paitings may prove difficult to sell
Paitings might prove difficult to sell

8. Bank shares offer some good possibilities
Bank may share offer some good possibilities
Bank might share offer some good possibilities


F.

1. Did Ned buy a lot of stocks?
I’m not sure. He might have bought a lot of stocks

2. Did he consult a brokerage firm?
I’m not sure. He might have consulted a brokerage firm

3. Did he study the stock market carefully?
I’m not sure. He might have studied the stock market carefully

4. Did Ned invest in stocks with a relatively secure yield?
I’m not sure. He might have invested in stocks with a relatively secure yield

5. Did he have shares in utility companies?
I’m not sure. He might have had share in utility companies

6. Did Ned look into collectibles?
I’m not sure. He might have looked into collectibles

7. Did he check the current liquidity of works of art?
I’m not sure. He might have checked the current liquidity of works of art

8. Did he consider economic factors such as inflation?
I’m not sure. He might have considered economic factors such as inflation


H.

1. Should I consider some new plans of action?
Yes, you must consider some new plans of action

2. Should I find some other options for investing?
Yes, you must find some other options for investing

3. Should I sell some stocks during this recession?
Yes, you must sell some stocks during this recession

4. Should I look for some bargain stocks?
Yes, you must look for some bargain stocks

5. Should I buy the bank shares you recommended?
Yes, you must buy the bank shares you recommended

6. Should I dispose of these stocks with declining values?
Yes, you must dispose of these stocks with declining values

7. Should I put some of my money into high technology stocks?
Yes, you must put some of my money into high technology stocks

8. Should I concentrate on stocks that promise a rapid growth rate?
Yes, you must concentrate on stocks that promise a rapid growth rate

I.

1. How much money are they losing with those stocks? (thousands of dollars)
I don’t know. they must lose thousands of dollars

2. When does the board meeting start? (around 10:30)
I don’t know. It must start around 10:30

3. How many companies do you own stock in? (19 or 20)
I don’t know. I must own 19 or 20 stock

4. Where is MR. Chan now? (with a client)
I don’t know. he must with a client

5. How old is that painting ? (250 years old)
I don’t know. It must 250 years old

6. Who is Jean Summer? (the new broker)
I don’t know. She must the new broker

7. Which of these stocks has the highest growth rate? (the data processing stocks)
I don’t know. It must highest growth rate is the data processing stocks

J.

1. We ought to follow our old investment strategies
We ought not to follow our old investment strategies

2. He should have kept only common stock
He shouldn’t have kept only common stock

3. You must sell your sculpture collection
You mustn’t sell your sculpture collection

4. Barbara might have gone to a brokerage firm
Barbara might not have gone to a brokerage firm

5. I may try to find a bargain
I may not try to find a bargain

6. Their investment strategies must depend only on falling prices
Their investment strategies must not depend only on falling prices

7. You ought to have sold your securities
You ought not to have sold your securities

8. The slowdown should be continuing
The slowdown shouldn’t be continuing

<b>BUILDING SENTENCE

B.

1. Options/ought/to other/ you /consider
You ought to consider other option

2. We/ stocks/ invest in/ high technology/ should
We should invest in high technology stocks

3. A /face/ investors/ may /market /bearish
Investors may face a bearish market

4. Might /coins/ limited/ she /find/ liquidity/ the
She might find coins the liquidity limited

5. Concentrate on /other/ he /possibilities/ must /investment
He must concentrate on possibilities other investment

6. During/ not /buy /shares/ recession /should/ i /the /
more
I shouldn’t buy the more shares during recession

7. May /a/ gold/ carol /to /sell /her/ jewelry /dealer
Carol may to sell her a gold jewelry to dealer

8. Count on /prices/ these/ rising /investors /might
Investors might count on these prices rising


C.

1. You..A.. to watch the stock market carefully
A.Ought b. Should

2. They .A.. not invest in a bullish market
A.Should b. Mightn’t

3. Those stocks ...B.. shown a good growth rate
A.May b. Must have

4. “should I try to sell my coin collection?”
“Yes, you really ..B.. sell it.”
A.Might have b. Ought to

5. “ Did Tom consider other economic factors before he bought those shares?”
“I’m not sure . He ...B...”
A.Might have b. may

6. She .A.. wait until the inflation rate drops.
A.May b. Must have

7. “Can I buy some data processing stocks for your portfolio?”
“No, you ..B...”
A.Should b. May not

8. These bids are too high. We ...A. let them go higher
A.Mustn’t b. might

9. “ you must continue that strategy.”
“you’re right . I .B....”
A.Might b. should

10. These works of art ..B. be worth half a million dollars
A.Ought b. Must


BAB 13
ELECTRONIC BANKING

VOCABULARY PRACTICE


1. You can’t withdraw the money until the check ..A..
A. Clears b. Reduces c. Retires

2. The last ..C. recorded in the passbook is deposit on September 28
A. Device b. Term c. Entry

3. The computers provide ..B.. of bank transactions
A. Technology b. Instant retrieval c. Check truncation

4. I hope the credit department ..A.. my loan application quickly
A. Processes b. Projects c. Itemizes

5. All these changes in banking procedures are..B...
A. Check safekeeping b. Far reaching c. Handling

COMPREHENSIVE CHECK

A.

1. Marta Conway has lost her job to an automatic teller machine (True)

2. Eletronic banking reduces the amount of paperwork for tellers (True)

3. Automatic teller machines operate during banking hours only (False)

4. Customers must have code numbers to operate the automatic teller machine (True)

5. Electronic funds transfer make it possible for payor to pay bills without writing checks. (True)

6. The customer’s check are stored on microfilm in the system known as check safekeeping (True)

7. Check truncation is designed to speed up the check clearing process (True)

8. Check truncation eliminate the delay and expense of mailing checks from one bank to another (True)


B.
1. How is technology changing banking procedures?
By using electronic funds transfer

2. How have tellers been affected by electronic banking?
With using electronic banking, tellers can write each new entry in a customer’s passbook by computers, and by computer tellers can do all that at the press of a button

3. How do automatic teller machines benefit customers? How do they operate?
• Customers have access to their accounts at anytime of day or night, 365 days a year
• customers can use their plastic cards and code numbers to deposit, withdraw, or transfer money from one account to another even when the bank is closed

4. In the electronic funds transfer procedure, what funds can be deposited and how are they deposited?
• Social security, wages, salaries and stock dividends
• It can be automatically deposited into an account by using EFT procedures, payor notifies the bank electronically to transfer the appropriate sum from his account the payee’s account.

5. How do check safekeeping and check truncation differ?
Both procedures are designed to reduce the amount of paperwork for banks. Check safekeeping operates between the bank and its customers. Check truncation operates among banks

BUILDING YOUR VOCABULARY

A.

1. Person who writes a check (G) a.figure used to work an automatic teller
2. Using computers (I) b.storage
3. Keeping in a safe place (B) c. word
4. Bill (F) d. Payment for work
5. Processing expenses (H) e. retire
6. Itemize (J) f. Note demanding payment
7. Code number (A) g. payor
8. Salary (D) h. Handling costs
9. Stop working (E) i. electronically
10. Term (C) j. Make a list

B.

1. Banking today is so much easier now that electronic devices to record transactions are used
Electronic funds transfer

2. The boss pays his workers money each week
salary

3. When we retire money from the government pensions program
Social security

4. Technology has greatly lessened the teller’s paperwork
reduce

5. The customer’s check are stored on microfilm in this procedure of electronic check storage
Check safekeeping

6. The teller can’t read the signature of the person who wrote the check
payor

7. Check clearing procedures are made easier because of this electronic check processing system
Check truncation

8. The bank makes a list of all the checks that I write each month on my monthly statement
itemize

STRUCTURE PRACTICE

A.

1. The tellers have less paperwork
The tellers would have less paperwork

2. Computers make entries in customer’s passbooks
Computers would make entries in customer’s passbooks

3. Each transaction is recorded electronically
Each transaction would recorded electronically

4. The computer provides instant retrieval
The computer would provide instant retrieval

5. With the automatic teller machines, the customers have access to their accounts 24 hours a day
With the automatic teller machines, the customers would have access to their accounts 24 hours a day

6. The electronic funds transfer devices make it possible for funds to be deposited automatically
The electronic funds transfer devices would make it possible for funds to be deposited automatically

7. We store the customer’s check on microfilm in check safekeeping
We would store the customer’s check on microfilm in check safekeeping

8. Check truncation speeds up the check clearing process
Check truncation would speed up the check clearing process

9. We reduce handling costs
We would reduce handling costs

10. We pass on savings to our customers
We would pass on savings to our customers

B.

1. The tellers don’t write entries in passbooks by hand anymore
The tellers wouldn’t write entries in passbooks by hand anymore

2. All transactions are recorded electronically
All transactions would recorded electronically

3. I check the records in the computer
Iwould check the records in the computer

4. We lose our jobs to the automatic teller machines
We would lose our jobs to the automatic teller machines

5. Lois saves paperwork
Lois would save paperwork

6. Steven loses his job
Steven would lose his job

7. We don’t receive a raise in salary
We wouldn’t receive a raise in salary

8. We need less space with the storage of records on microfilm
We would need less space with the storage of records on microfilm

9. You don’t wait long for checks to clear
You wouldn’t wait long for checks to clear

10. We see far reaching changes in banking
We would see far reaching changes in banking

C.

1. If we can afford the electronic devices, we’ll buy it
If we could afford the electronic devices, we’d buy it

2. If Mr. Adams can retire this year , he’ll move to california
If Mr. Adams could retire this year , he’d move to california

3. If you can remember your code number , you’ll be able to use the automatic teller
If you could remember your code number , you’d be able to use the automatic teller

4. If they can speed up the process , I’ll get my loan by December
If they could speed up the process , I’d get my loan by December

5. She won’t be able to pay the bill if she can’t find it
She would’t be able to pay the bill if she couldn’t find it

6. If i can itemize the entries, I’ll have very organized records
If i could itemize the entries, I’d have very organized records

7. The bank will reduce its costs if it can introduce technological advances
The bank would reduce its costs if it could introduce technological advances

8. Bank procedures will take less time if the employees can operate the new machines
Bank procedures would take less time if the employees could operate the new machines

D.

1. If the tellers used computers, their work would finish with easy

2. If there were automatic teller machines ,It would be useful for customer’s transaction

3. If the bank introduced electronic funds transfer procedures, payor would notifies the bank electronically to transfer the appropriate sum from his account in the payee’s account

4. If the EFT system were combined with the telephone,the changes in banking would be really far reaching

5. If the bank had increasing handling costs, it would be passed on to the customers

6. If check safekeeping were instituted in banks, it would reduce the amount of paperwork for banks

7. If the customer’s checks were stored on microfilm,it would rather than returning them to him or her every month

8. If all banks participated in the electronic revolution, we would see some very exciting changes in the future

E.

1. Would they use electronic funds transfer procedures?
No, They wouldn’t

2. Would she retire this year?
No, She wouldn’t

3. Would that employer pay higher wages?
No, It wouldn’t

4. Would the payor have to wait for the check to clear?
No, It wouldn’t

5. Would you be able to tell me what this term means?
No, I wouldn’t

6. Would I reduce my paperwork?
No, you wouldn’t

7. Would we know how to operate the automatic teller machines?
No, we wouldn’t

8. Would the deposits be recorded electronically?
No, it wouldn’t

F.

1. He’d reduce his paperwork if he had a computer
He would have reduce his paperwork if he had a computer

2. They’d retire if they could get social security
They would have retire if they could get social security

3. Angela would use the automatic teller machine if she could find her plastic card
Angela would have use the automatic teller machine if she could find her plastic card

4. We’d pay our bills by phone if our bank instituted those electronic systems
We would have pay our bills by phone if our bank instituted those electronic systems

5. I wouldn’t be short of money each month if I earned a higher salary
I wouldn’t have be short of money each month if I earned a higher salary

6. You’d spend the money in the trust fund if you needed it
You would have spend the money in the trust fund if you needed it

G.

1. What would you do if you lost your job?
I’d work in other companies

2. What would you have done of you had lost our checkbooks?
I would have found it

3. What would you do if the bank you worked in introduce all new electronic devices?
I’d learn to use it

4. What would you have done if the computer had broken down?
I would have repaired it

5. What would you do if you forgot your code number for the ATM?
I’d reset last code number to get new code number

6. What would you have done if your Social Security benefits hadn’t been deposited automatically into your account?
I would have complained it

BUILDING SENTENCES

B.

1. We ..B.. like to earn a higher salary
a. Could b. would

2. The tellers ..A.. save paperwork. If they used computers
a. Could b. Can

3. I would use the automatic teller machine if I ..B.. remember my code number
a. Would b. Could

4. ..A... you like to speed up these procedures?
a. Wouldn’t b. Couldn’t

5. If I ..A. bought an electronic device, I would have reduced my costs
a. Had b. Could

6. She ..A... understand why the check hadn’t cleared
a. Couldn’t b.hasn’t

7. ...B. I see my itemize statement of deposits and withdrawals, please?
a. Would b. Could

8. Mr. Nicholas would have retired from his job if he ..B.. been 65 years old
a. Would b. had

C.

1. Far reaching /changes/come/technology
Technology would come to changes in banking with really far reaching

2. Customer’s /checks /stored /microfilm
Customer’s checks would be stored on microfilm

3. Check truncation /operate /banks
Check truncation would operates among banks

4. Electronic devices /speed up/ check clearing procedures
check clearing procedurs would be speeded up by Electronic devices

5. Bank /send /electronic message /bank
The bank would send an electronic message to the other bank that the check is drawn against

6. They/ institute /check safekeeping
they would be instituted check safekeeping

7. Wages /deposited /automatically/ account
By using EFT procedures, wages would be automatically deposited into an account

8. Bank /transfer/ funds/ payee’s/ account
payor would notify the bank electronically to transfer funds from his account the payee’s account.

9. Transactions /recorded/ electronically
By using EFT, transactions would be recorded electronically

10. Teller /write /entry/ passbook
Teller would write new entry in the customer’s passbook with use computer.


BAB 14
DEVALUATION

VOCABULARY PRACTICE

1. Inflation rate reached a....C... high in September
a. reserve b.expansion c.record

2. Frenchmen will be paying more for goods ..B... from Holland and Germany
a.Triggered b.impoted c.realigned

3. The goverment feels that there has been too much monetary expansion , so they’re trying to ...A... it
a. restrict b. bolster c.export

4. The european Monetary System advises that currencies not be allowed to .B...
a.Increase b.float c.support

5. There has been a sudden ..B.. from the country
a.Balance of trade b.flight of capital c.public sector

6. The country enjoyed a higher ..A.. before the devaluation of its currecny
a.Standard of living b.foreign trade c.gold standard

7. This ..C... produces goods in France and the United States
a.Foreign exchange market b.european Monetary System c.multinational corporation

8. Those countries hope to correct their negative balance of trade by..A.. more goods
a.Exporting b.supporting c. Importing


COMPREHENSIVE CHECK

A.

1. People at the foreign exchange office probably want to buy German Marks or Dutch guilders (True)

2. Realignment of European currencies in unnecessary since the Common Market came into being (false)

3. The standard of living in common market countries is more or less the same (false)

4. The devaluation will make it possible for the French to buy German import at lower prices (false)

5. Multinational corporations that acquire dollars or marks hope for an upward revaluation of these strong currencies (True)

6. The European Monetary System limits the margin of fluctuation in exchange rates among European nations (True)

7. According to the EMS , allowing the value of a currecy to be determined by supply and demand can have bad effect on the economy (True)

8. France has not attemped to control the flight of capital to other countries (false)

9. The french goverment hopes to reduce unemployment through the creation of jobs in goverment and public corporations (True)

10. The european currency realignment will certainly widen the differential in the rates of inflation among the participating nations (false)

B.

1. What is the purpose of the European Monetary System and who are its members?
To limits the margin of fluctuation in exchange rates among European nations

2. Why is it necessary to realign European currencies?
since the establishment of the common Market, economic conditions would be similar in all countries

3. What will be the effects of the devaluation of the European currencies to foreign trade?
make it easier for france and italy to export to germany by making their products less expensive. It will also be more difficult for frenchmen and italians to buy imported goods after the devaluation since the price of german and dutch imports will rise

4. What are freely floating currencies?
determined by supply and demand to allow the value of a currency to be freely

5. What are the ways in which the French government can bolster franc?
To keep interest rates at a record high of over 20 % to prevent the flight of capital to other countries

BUILDING YOUR VOCABULARY

A.

1. Public sector (H) a. level of material life
2. Put into motion (D) b.restrict
3. Support (E) c.lack of jobs for workers
4. Fuel (J) d.trigger
5. Limit (B) e. bolster
6. Value (I) f.adjust
7. Standard of living (A) g.monetary expansion
8. Realign (F) h.government and public corporations
9. Unemployment (C) i.worth
10. Increase in money supply (G) j.energy

B.

1. Many European countries have had to consider a change in the value of their currecies
Revaluation

2. The experts recommend an adjustment of the exchange rates
realignment

3. The goverment is trying to control monetary expansion
restrict

4. Spain will have to sell more of its goods and services abroad
Foreign trade

5. Government policies should be established to support the guilder
bolster

6. The influence of speculators on the exchange rates set off the devaluation of the German mark
Speculative pressure

7. The prices of dutch goods brought to and sold in Italy will rise
import

8. Many of the companies that produce their goods in more than one country have exchanged their holdings in weak currencies for strong ones
Multinational corporation

STRUCTURE PRACTICE

A.

1. These are the European currencies . They were devalued
These are the European currencies that devalued

2. The year was 1981 . The government realigned the exchange rates that year
The year was 1981 when the exchange rates that year the government realigned

3. There are several big investors. They head multinational corporations
There are several big investors who head multinational corporations

4. Here’s the street . The foreign exchange office is here
Here’s the street where The foreign exchange office is here

5. We met the workers. Their unemploymnet rate is very high
We met the workers whose unemploymnet rate is very high

6. I read the new policies . they should improve the standard of living
I read the new policies that should improve the standard of living

7. Do you know some of the officials? They work for the government
Do you know some of the officials? who work for the government

8. These are the nations . their exports are greater than their imports
These are the nations that exports are greater than their imports

9. The banker was concerned about the interest rates. They were limiting the flight of capital
The banker was concerned about the interest rates that were limiting the flight of capital

10. Come with me to the office. The most recent records are kept there
Come with me to the office that records are kept there

B.

1. This is the foreign exchange office ... we went (where)

2. It was Tuesday..... we went there (when)

3. It was my friend Clette .... suggested we go (who)

4. It was Collete .... had heard the rumor about the devaluation of the franc (who)

5. There were many people waiting in line ...... pupose in coming was to buy marks or guilders (whose)

6. We brought thousands of francs .... we wanted to exchange(which)

7. It was those rumors .... made so many people anxious to exchange their francs.(which)

8. It was 2 p.m. ..... an official finally called us over (when)

9. It was at window number 4 .... we exchanged our francs for marks (where)

C.

1. There are goods. We wanted to export these goods
There are goods we wanted to export

2. They spent the reserves . they had the reserves
They spent the reserves they had

3. We’re worried about the unemployment . we have unemployment in our country
We’re worried about the unemployment we have in our country

4. We want to return to the gold standard. We used to have the gold standard
We want to return to the gold standard we used to have

5. Here’s the energy report . the committee prepared the energy report
Here’s the energy report the committee prepared

6. We must find a way to pay for the imports. We need the imports
We must find a way to pay for the imports we need

7. Here’s the multinational corporation . she bought stock in the multinational corporation
Here’s the multinational corporation she bought stock in

8. Do you know the broker ? I consulted the broker
Do you know the broker ? I consulted

9. These are the currencies . speculators are buying the currencies
These are the currencies speculators are buying

10. This is the policy. The european Monetary System follows this policy
This is the policy the european Monetary System follows

D

1. This is the data. You asked for it
This is the data you asked for
This is the data that for you asked

2. These are the companies. We invested in them
These are the companies we invested in
These are the companies in where we invested

3. There are the board members. I’ll be meeting with them
There are the board members I’ll be meeting with
There are the board members with who I’ll be meeting

4. This is the plan . she talked about it
This is the plan she talked about
This is the plan about that she talked

5. Here are the figures. They’ve been looking for them
Here are the figures they’ve been looking for
Here are the figures for who they’ve been looking

6. This is the problem . I looked into it
This is the problem I looked into
This is the problem into that I looked

7. Here are the German marks. He exchanged the pesetas for them
Here are the German marks he exchanged the pesetas for
Here are the German marks.for that he exchanged the pesetas

8. They have the book. We listed all the entries in it
They have the book we listed all the entries in
They have the book in that We listed all the entries

E.

1. To build up the country’s reserves is essential
It’s essential to build up the country’s reserves

2. To support the lira is important
It’s important to support the lira

3. To allow the currencies to float is unwise
It’s unwise to allow the currencies to float is unwise

4. To control the flight of capital is difficult
It’s difficult to control the flight of capital

5. To go back to the gold standard is useful
It’s useful to go back to the gold standard is useful

6. To work for the government is demanding
It’s demanding to work for the government

7. To raise the standard of living takes time
It’s time To raise the standard of living take

8. To fight unemployment is necessary
It’s necessary to fight unemployment

9. To study the energy problem is practical
It’s practical to study the energy problem

10. To realign European currencies is serious.
It’s serious to realign European currencies

F.

1. It would be useful to buy more imported goods (for you)
It would be useful for you to buy more imported goods

2. It would be hard to pay the oil bill (for them)
It would be hard for them to pay the oil bill

3. It would be easy to exchange the francs for dollars (for her)
It would be easy for her to exchange the francs for dollars

4. It would be good to work in the public sector (for him)
It would be good for him to work in the public sector

5. It would be better to improve the balance of trade (for us)
It would be better for us to improve the balance of trade

6. It would be preferable to check the value of the guilder (for you)
It would be preferable for you to check the value of the guilder

7. It would be difficult to lessen the differential in interest rates (for them)
It would be difficult for them to lessen the differential in interest rates

8. It would be bad to believe the rumors about the devaluation (for him)
It would be bad for him to believe the rumors about the devaluation

BUILDING SENTENSES

B.
1. These are the imported goods ....A.. i was telling you about.
a.That b.who

2. Do you know the foreign exchange office ...A.. we bought the marks?
a.Where b.Which

3. Here’s a list of the countries ...B... currencies are being devalued
a.Which b.whose

4. It’s difficult for the government ..A... monetary expansion
a.To restrict b.restrict

5. The day ..B.they announced the devaluation there were long lines at the foreign exchange office
a.Where b.when

6. There are many Italians ...B.. can no longer afford Dutch imports
a.Whose b.who

7. The rise in interest rates is something ..A... must be controlled
a.Which b. who

8. It would be necessary ...A.. to work in the public sector
a.For them b.to them

9. This is the multinational corporation ..A.. he did business
a.With which b.with that

10. Here are the marks ..A... we exchanged the kroners for
a.(no word needed) b.who

11. Germany is one of the European nations ..A... balance of trade is positive
a.Whose b.(no word needed)

12. It was in February .B.... inflation reached its peak
a.Which b.when

C.

1. These are the goods that sell to export to other countries

2. Holland is the country where frenchmen will be paying more for goods imported

3. Did you speak to the officials who work for the government?

4. It’s important for you to support the lira

5. This is the foreign exchange office which produces goods in France and the United States

6. It would be impossible for me to create a devaluation

7. Here are the workers whose unemploymnet rate is very high

8. It’s wise for the Common Market to restrict monetary expansion



Tugas Materi tentang Stock Exchange

ISM Non-Manufacturing Index, Factory Orders Fall Slightly
Published: Monday, 5 Dec 2011 | 10:22 AM ET
By: Reuters with AP

Economic data released on Monday showed that U.S. service companies, which employ 90 percent of the U.S. workforce, expanded at slower pace in November, and new orders for U.S. factory orders fell in October, suggesting a possible softening in the manufacturing sector.
The Institute for Supply Management said that its index of service sector activity dropped to 52 from 52.9 in October, as employment fell sharply. Any reading above 50 indicates expansion.
The trade group of purchasing managers surveys a range of businesses from restaurants to hotels to financial services firms.
Business activity and orders rose. But measure of employment dropped.
New orders for U.S. factory goods fell in October for the second straight month, suggesting a possible softening in the manufacturing sector, which has supported the economic recovery.
The Commerce Department said on Monday orders for manufactured goods decreased 0.4 percent after a 0.1 percent drop in September.
Economists had forecast orders would fall 0.3 percent after a previously reported 0.3 percent increase in September.
The report showed orders excluding transportation rose 0.2 percent.
Orders for transportation equipment dipped 5.1 percent in October as demand for civilian aircraft dropped 16.8 percent. Orders for motor vehicle and parts rose 2.3 percent.
The department said orders for durable goods, manufactured products expected to last three years or more, fell 0.5 percent, a smaller decline than initially estimated. Durable goods orders excluding transportation were up a revised 1.1 percent, stronger than the initial report in November. Orders for non-defense capital goods excluding aircraft fell 0.8 percent, a more modest decline than originally reported.

Translate: (English to Indonesian)

Indeks ISM Non-Manufaktur, Pesanan Pabrik agak menurun
Diterbitkan : Senin, 5 Desember 2011 jam 10:22
Oleh : Reuters dengan AP

Data ekonomi yang dirilis pada hari Senin, menunjukkan bahwa perusahaan jasa AS, yang mempekerjakan 90% tenaga kerja AS, diperluas dengan lambat pada bulan November, dan pesanan baru untuk pesanan pabrik U.S. turun pada bulan Oktober, ini menunjukkan kemungkinan kelemahan dalam sektor manufaktur.
Lembaga Manajemen Penawaran mengatakan bahwa indeks aktifitas sektor jasa turun dari 52,9 menjadi 52 pada bulan Oktober, sehingga pekerjaan menurun tajam. Setiap diatas 50 menunjukkan perluasan.
Manajer pembelian kelompok perdagangan memeriksa berbagai bisnis mulai dari restoran sampai ke hotel untuk perusahaan jasa keuangan
Aktivitas bisnis dan pemesanan meningkat. Namun tingkat pekerjaan menurun.
Pesanan baru untuk barang-barang pabrik U.S turun pada bulan oktober selama dua bulan berturut-turut, menunjukkan kemungkinan kelemahan dalam sektor manufaktur, yang telah mendukung dalam pemulihan ekonomi
Departemen perdagangan mengatakan pada hari senin pesanan untuk barang-barang manufaktur menurun 0,4 % setelah penurunan 0,1 % pada bulan Sepetember.
Ekonom telah memperkirakan bahwa pesanan akan turun 0,3 % setelah kenaikan 0,3% yang dilaporkan sebelumnya pada bulan September.
Laporan ini menunjukkan pesanan-pesanan , termasuk transportasi yang naik 0,2 %
Pesanan untuk peralatan transportasi turun 5,1% pada bulan Oktober karena permintaan untuk pesawat sipil turun 16,8%. Pesanan untuk kendaraan bermotor dan suku cadangnya naik 2,3 %
Departemen itu mengatakan bahwa pesanan untuk barang tahan lama , turun 0,5 %, dimana produksinya diperkirakan berlangsung tiga tahun atau lebih, penurunan lebih kecil dari yang diperkirakan. Pesanan barang tahan lama termasuk transportasi naik 1,1 % setelah direvisi, lebih baik daripada laporan awal pada bulan november. Pesanan untuk barang non pertahanan tidak termasuk pesawat turun 0,8%, penurunan lebih rendah daripada yang dilaporkan.