Financial assets may be classified according to their liquidity, the protection they offer against

Inflation (indexation) or changes in exchange rates and the risk of default. Some financial assets

Are income-certain (for example, gilt-edged securities), while some are not (for example, ordinary

Shares). Some assets are capital-certain, for example, a fixed-interest security which is redeemable

At par, but ordinary shares are subject to a price risk.

3. Real assets are tangible assets such as land, buildings or equipment.

Commentary and Notes to Text 14.7.1.4

Current assets (liquid assets) — ликвидные, текущие активы, оборотный капитал

Fixed assets — основные активы, основной капитал

Intangible assets (intangible property, intangibles) — нематериальные активы

Financial assets — финансовые активы

Tangible assets — материальные активы, реальный основной капитал

Is redeemable at par — выкупается по номиналу

14.7.1.5. Read the text “The Balanced Budget” and explain in English the importance of the

Balanced budget multiplier.

A situation where the government’s planned expenditure equals its expected income is a balanced

Budget. In public finance it refers to a situation where current income from taxation and

Other receipts of central government are sufficient to meet payments for goods and services, transfer

Payments and debt interest. The UK budget is often in deficit (does not balance) on both current