Choose the right answer

1. When you retire at the age of sixty-five you receive a(n)…….from

the government.

a) allowance, b) fine, c) grand, d) pension

2. Income tax is…….. to one’s annual income.

a) associated, b) based c) dependent d) related

3. The ……….of living has risen by 25% in the last six months.

a) cost b) expenditure c) expense d) price

4. The World Bank has criticised the United States for not giving

enough financial ………to the East European countries.

a) aid, b) allowance c) loan d) premium

5. A salesman is paid a………..on the goods he sales.

a) commission b) percentage c) provision d) salary

6. You can only………this postal order at a post office.

a) alter b) cash c) exchange d) pay

7. If you are not more careful with your accounts, you will go………..

a) bankrupt b) broken c) penniless d) poor

8. Before starting a business, you have to raise the necessary……….

a) capital b) currency c) investment d) savings

9. Mrs Brown is finding it difficult to pay the………on her insurance policy.

a) bonuses b) fees c) fines d) premiums

10. All the workers in our firm get a Christmas………of $100.

a) bonus b) fine c) prize d) reward

GIVE THE NAMES FOR THE DEFINED MONEY EXPRESSIONS:

1. a fixed amount which is paid, usually monthly, to workers of higher rank

a s_ _ _ _ _

2. an amount of money which is lend to someone

a l _ _ _

3. a sum of money which is owned to someone

a d _ _ _

4. money which is in the form of coins and notes, not cheques

c _ _ _

5. an amount of money you receive, usually weekly, in return for labour or service

a w _ _ _

6. money paid by divorced father to his former wife for the upkeep of his children

a _ _ _ _ _ y

7. paid at a restaurant after eating

a _ _ _ l

8. extra percentage paid on a loan

i _ _ _ _ _ _ _

9. money paid by the state, usually to students

a g -_ _ _ _

10.paid while travelling, especially on public transport, buses, trains, etc.

a f _ _ _

CHOOSE THE CORRECT ANSWER:

1. Every Friday Fred…..money out of the bank.

a) cashes b) drew c) robbed d) stole

2. The …….of the pound has fallen recently.

a) expense b) price c) value d)worth

3. In order to buy his house Mr Not-Too-Rich had to obtain a large……

from his bank.

a) capital b) debt c) finance d) loan

4. The accounts show a ……..of $500 this month.

a) decrease b) deficit c) deterioration d) devaluation

5. The bank will require three……signatures when you open an account.

a) natural b) sample c) specimen d) trial

6. Miss Thrifty phoned the bank to……how much money there was in her account.

a) check b) control c) inspect d) test

7. At this bank you can get 14% …….on your savings.

a) interest b) rate c) rent d) salary

8. I want $500-worth of French francs. What is the……rate, please?

a) currency b) exchange c) market d) money

9. I have just…….an account in this bank.

a) entered b) made c) opened d) registered

10. $1 is………to 1.6 German marks.

a) comparable b) changeable c) equivalent d) variable

A CREDIT – CARD SYSTEM

In a large, dimly lighted room with acoustic walls and ceilings to deaden sound, about fifty operators – predominantly women – are sitting at a battery of monitors with a keyboard beneath each. It is here that holders of the blue, green, and gold credit cards are given or refused credit.

When a card is presented anywhere in payment for goods or services, the place of business can accept the card without question if the amount is below an agreed limit, usually between twenty-five and fifty dollars. For a larger purchase, authorisation is needed, though it takes only seconds to obtain.

The approval procedures move at jet speed. From wherever they are, merchants and others dial directly to the credit-card processing centre of the bank. Automatically each call is routed to a free operator, whose first words are, “What is your merchant number?” as soon as the answer has been given, the operator types the figures, which appears simultaneously on the monitor. Next she asks the card number and amount of credit being sought. They are also typed and displayed.

The operator presses the key, feeding the information to a computer, which instantly signals “accepted” or “declined”. The first means that credit is good and the purchase has been approved, the second that the cardholder is delinquent and credit has been cut off. The operator informs the merchant, the computer records the transaction. On a normal day fifteen thousand calls come in.

Sometimes a monitor flashes a message from the computer – “stolen card”. In this situation an operator, speaking calmly, as trained, has to answer, “The card presented to you has been reported as stolen. If possible, detain the person presenting it and call police. Retain the card. The bank will pay you thirty dollars reward for its return.”

Storekeepers are usually pleased at the prospect to get an easy thirty dollars. For the bank it is also a good deal, since the card, left in circulation, can be used fraudulently for a much greater total amount.

But this system works well only when the bank has got the information and can program the computer. Unfortunately most of the defrauding happens before a missing card is reported. To avoid this the computer also warns the operators about excessive purchasing: when a card – holder makes ten or more purchases during a single day, the computer alerts the operator. Since an ordinary cardholder never makes more than six or eight purchases a day, a card showing more than normal use may be fraudulent, even though the owner might be unaware of its loss.

However, despite all the warning systems, a lost or stolen card, if used cautiously, is still good for twenty thousand dollars’ worth of fraudulent purchases in the week or so during which most stolen cards stayed unreported.

Moreover, there are devices used by criminals to decide whether a stolen card can be used again or if it is hot. A favourite is to pay a waiter twenty – five dollars to check a card out. He can get the answer easily by consulting a weekly confidential warning list issued by the credit card company to merchant and restaurants.