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5.1
Money and finance
VOCABULARY
Money expressions
1
How do you interpret this
quotation?
‘
Money often costs too
much
.’
Ralph Waldo Emerson, Essayist
2
Complete these
flow charts. Use the words in the box.
do
invest
save
earn
withdraw
owe
bet
repay
invoiced
do
lend
0
earn
mone
y
→
be paid for your
wor
k
→
spend money
1 borrow money
→
________
mone
y
→
pay back
money
2 _______
mone
y
→
charge
interes
t
→
make a
profit
3 order
goods
→
be _______
for the goods
→
pay for the goods
4 _______ money on a
horse
→
win
mone
y
→
collect
your winnings
5 _______
money in shares
→
earn
interes
t
→
buy more shares
6 go to the bank
→
________ some
mone
y
→
spend the
money
7 put your car up for
sal
e
→
receive an
offe
r
→
_______ a deal
8
find a car you want to buy
→
negotiate a
discount
→
________ money
9 _______
business
→
make a profit
→
reinvest the profit
10 be short of
money
→
take out a
loa
n
→
_______ the
loan
3
What
’
s the
difference between the following?
1
win
money and
earn
money
2
lend
and
borrow
money
3
spend
and
waste
money
4
costs
and is
worth
￡
300
SPEAKING
A bank loan
4
Work with a partner. Take the roles of
bank manager and
loan applicant and act
out the conversation. Look at the
notes
and plan what you are going to say.
Bank manager
You
must
decide
if
you
are
able
to
lend
the money
to the applicant. Find out:
﹒
about his / her financial
situation
(salary,
other
income,
saving,
main
outgoings, other
debts).
﹒
what the
loan is for.
Be prepared to give
details of interest
rates,
terms of the loan, security
needed, etc.
LISTENING
Loan applicant
You need to borrow some money. Be
prepared to
say:
﹒
what you
want to buy, how much
money you need and for how
long.
﹒
what your
financial situation is
(salary,
other
income,
saving,
main
outgoings, other
debts).
Also
find out about the interest rates
and other terms of the
loan.
A culture of
debt
5
Discuss these questions.
1 Is it easy to
get credit in
your country,
for example, to
buy a house, a car, a
new TV?
2
Is
consumer
confidence
high
at
the
moment?
Why?
/
Why not?
Exam
Success
3
What
is
people
’
s
general
attitude
to
borrowing
in
your
country?
Your answer will be
exact
word-for-word
6
You will hear part of a
lecture given by an economist to
phrases from the
a
group of bankers and economists. In it she
describes
listening text. They
the impact of Alan
Greenspan
’
s economic policy
on
must be spelt
the US and
global economies. A friend who
can
’
t attend
correctly
has
asked
you
to
take
some
notes.
Before
listening
predict the kind of words that will go
in each space.
7
Listen and complete the notes below.
Use up to three
words in each space.
Business
MAGAZINE
THE
LEGACY OF ALAN GREENSPAN
The background
1 Alan Greenspan changed
people
’
s attitudes to
________________.
2 People have been
against borrowing money since _____________.
3 Now young people take out loans to
pay their way through_________.
4 For
many homeowners it
’
s normal
to have a second _________.
The current lending market
5 Credit is easy and
interest rates are_________.
6 Banks
often lend money _________.
7 In some
states it
’
s possible to get
a Mortgagee with no ________.
Reasons for this policy
8 As long as people are
spending,_________.
9 In Germany, in
times of uncertainly people tend to _________.
The future
10 In 2005 American personal debt
was_________________.
11 Some people
say we are sitting on _____________.
12
Asset values will not continue to rise
______________.
8
Do you think a
policy of borrow and spend helps the economy? Or
do you think sooner or later there will
be a debt crisis?
9
Explain the
following financial terms from the text.
1 to remortgage your home
2 to make a down-payment
3 asset values will crash
4 to be in negative equity
5 64 trillion dollars
GRAMMAR
Expression of comparison
1
Underline the
expressions of comparison and the adverbs /
prepositions that go with them.
0
Warsaw is much
cheaper than Oslo.
1 I find the train more comfortable
than the bus.
2 Wal-mart is
the biggest food retailer in the USA.
3
It
’
s not as expensive as you
think.
4 The two articles present the same
arguments as each other.
5 Hungarian is a different
language to German.
6 Australian food is
similar to New Zealand
’
s.
7
It took me less time than I thought it world.
8
The average American consumes twice as much energy
as the
average European.
2
What word(s) could you add to the
statements in exercise 1 to show that the
difference (or similarity) is big? Use
these words to help you (sometimes there
is more than one possibility)
much
far
by far
over
very
exactly
nearly
completely
0 Warsaw is cheaper than Oslo.
Warsaw is much
cheaper than Oslo.
3
Make comparisons (differences and
similarities) between the following.
1 you and
another member of your family (father, mother,
brother, sister, etc)
2 two cities you know well
3 two employers or teachers you have
had
4 your own country and
another country you have visited
5
two companies you have worked for or colleges you
have attend
4
Read this article about
energy consumption in the USA.
Write
one word to
fill each gap.
Energy consumption in the
USA
Although
the
USA
has
only
5%
of
the
world
’
s
population,
it
is
(0)
the
largest
consumer
of
energy
(1)
______
far,
consuming
26%.
This
is
(2)
_______
so
surprising as it is also the
world
’
s largest
industrialized economy. However, the
USA does waste more energy
(3)
________ other nation:
gas-guzzling cars which
consume
(4)
_______ more fuel than
the average European or Asian car; planes
which
endlessly
criss-cross
the
country.
Indeed
28%
of
the
USA
’
s
energy
is
consumed by transportation and
(5)
_______ all this
transport uses oil for fuel.
The
standard for car fuel consumption in America today
is
(6)
_______ the same
as
it
was
twenty
years
ago-27.5
miles
per
gallon.
(7)
________
last,
however,
there are moves by
the government to control this consumption.
Politicians are
beginning to realize
that, of all the players in the equation, it is
consumers who
have the
(8)
________ leverage, not
the oil supplier.
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