Искренко Э.В., Гайкова О.В., Торгашов В.И. - Basic Economic Terminology (Часть 2)

МИНИСТЕРСТВО ОБРАЗОВАНИЯ РОССИЙСКОЙ ФЕДЕРАЦИИ
ВОЛГОГРАДСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ
КАФЕДРА МИРОВОЙ ЭКОНОМИКИ И МЕЖДУНАРОДНЫХ

ЭКОНОМИЧЕСКИХ ОТНОШЕНИЙ
Э.В.Искренко
О.В.Гайкова
В.И.Торгашов
BASIC ECONOMIC TERMINOLOGY
УЧЕБНО-МЕТОДИЧЕСКИЕ РЕКОМЕНДАЦИИ ПО КУРСУ

ЭКОНОМИЧЕСКОЙ ТЕРМИНОЛОГИИ
НА АНГЛИЙСКОМ ЯЗЫКЕ
(часть 2)
ВОЛГОГРАД 2003
2
Содержание
Предисловие
Тема 1. MONETARY SYSTEM
Тема 2. DEPOSITORY FINANCIAL INSTITUTIONS
Тема 3. SERVICES OF DEPOSITORY FINANCIAL INSTITUTIONS
Тема 4. NON-DEPOSITORY FINANCIAL INSTITUTIONS
Тема 5. BANKING SYSTEM
Тема 6. BUDGET AND FISCAL POLICY
Тема 7. INVESTMENT AND SECURITIES
Тема 8. THE COST OF PRODUCTION
Тема 9. ASSETS AND LIABILITIES
Тема 10. ACCOUNTING
Тема 11. INCOME STATEMENT.
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Предисловие
Настоящие учебно-методические рекомендации являются разработанным
лекционным курсом по экономической терминологии на английском языке. Они
предназначены для студентов 1 курса экономического факультета специальностей
«Финансы и кредит», «Бухгалтерский учет», «Экономическая теория».
Цель настоящих учебно-методических рекомендаций – дать базисную
экономическую терминологию на английском языке, представленную в рамках основных
разделов лекционного курса по экономической теории. Данные рекомендации состоят из
двух частей. В первой части представлены такие темы, как «Конкуренция», «Спрос и
предложение», «Инфляция» и др. Во вторую часть вошли темы: «Деньги», «Банковское
дело и банковская система», «Финансовые учреждения», «Рынки ценных бумаг»,
«Бухгалтерский учет» и многие другие.
Настоящие учебно-методические рекомендации могут быть использованы при
работе со студентами заочной формы обучения, а также всеми желающими получить
базовые знания в сфере экономической терминологии на английском языке.
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ЧАСТЬ 2
Для специальности «Финансы и кредит»
Тема № 13 THE MONETARY SYSTEM
1. Money - anything that is generally accepted in an economy as a medium of exchange, a
unit of account, a store of purchasing power, and a standard for deferred payment.
2. Medium of exchange - money that is a convenient means of exchanging goods and
services without engaging in barter, what sellers generally accept and buyers generally use to pay
for a good or service.
3. Standard of value - money is a yardstick for measuring the value of all goods and services.
4. Store of wealth - money serves as a store of wealth by retaining its purchasing power over
time.
5. Commodity money - money serves as both money and a commodity.
6. Face value of money - the dollar or cents value stamped on a coin.
7. Token money - coins which have a face value greater than their intrinsic value.
8. Intrinsic value - the value in the market of the metal in a coin.
9. Paper money - pieces of paper used as a medium of exchange in the U.S. - Federal Reserve
notes and Treasury currency.
10. Fiat Money - money that is decreed as such by the government. It is of little value as a
commodity, but it maintains its value as a medium of exchange because people have faith that the
issuer will stand behind the pieces of printed paper and limit their production.
11. Near-money - assets that are almost as liquid as currency and demand deposits.
12. M1 - currency, travelers’ checks, demand deposits (checking accounts) and other checkable
deposits (including NOW accounts).
13. M2 - all of the components of M1 plus time deposits, money market mutual fund shares,
and money market accounts.
14. M3 - a still more broadly defined money supply, a monetary aggregate consisting of M2 +
large time deposits or deposits of $100,000 or more.
15. Federal Reserve notes - paper money issued by and the debts of the Federal Reserve bank.
16. Bank notes - were pieces of paper promising to pay a specific amount of money to the
bearer in gold.
17. Currency - the coins and paper that make up the cash in a society.
18. Currency exchange - buying or selling foreign currencies.
19. Rate of exchange - the price at which a particular currency sells in terms of other
currencies.
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20. Hard currency - any national currency widely accepted in payment in international
markets.
21. Currency depreciation (devaluation) - the reduction of the value of a nation's currency
relative to the currencies of other countries.
22. Currency appreciation - a rise in the price of one currency relative to another.
23. Currency basket - a set of national currencies which is used for determining an exchange
rate of national and international currency.
24. Currency intervention - purposeful sale out purchase operations of foreign currency for
limiting the dynamics of national currency exchange rate by definite bounds of its rise or fall.
25. Gold standard - an agreement by countries to fix the price of their currencies in terms of
gold.
26. Purchasing power - the value of money; describes the quantity and quality of goods and
services one can buy with the money.
27. Money supply - the narrowly defined money supply (M1) consists of coins, paper
currency, plus all demand or checking deposits; the broadly defined supply (M2) includes all
items in M1 plus certain liquid assets or near-moneys -- savings deposits, money market funds and
the like.
28. International Monetary Fund (IMF) - an international bank that makes short-term loans to
countries experiencing balance-of-payment deficits
Задание № 1. Дайте англоязычные эквиваленты следующим русскоязычным терминам.
1. средство сбережения; 2. средство обмена; 3. денежный знак; 4. номинальная стоимость
денег; 5. действительная стоимость; 6. банкнота; 7. бумажные деньги; 8. валюта (денежное
обращение); 9. курс иностранной валюты; 10. свободно конвертируемая валюта; 11.
девальвация; 12. ревальвация валюты; 13. покупательная способность; 14. денежная масса.
Задание № 2. Прочитайте определения и укажите термины, соответствующие им.
1. Anything that people generally accept as payment for goods and services. (money)
2. A means of payment whose value or purchasing power greatly exceeds its cost of
production. (token money)
3. Goods with industrial or consumption uses which also serve as a medium of exchange.
(commodity money)
4. Banknotes and coins issued by the federal government. (currency)
5. The function of money to be accepted as payment for products, services, and resources.
(medium of exchange)
Задание № 3. Заполните пропуски в тексте соответствующими терминами.
rate exchange a store of wealth services
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property economy money prices employment
The quantity of money in an economy is central to determining the state of that economy -- it
affects the level of prices, the rate of economic growth and the level of employment. It is a
medium of exchange that people will accept for their goods or services and a unit of account for
prices or debts. In addition, it can be used like property or precious metals -- as a store of wealth
that people can save for future purchases.
ТЕМА № 14 DEPOSITORY FINANCIAL INSTITUTIONS

1. Financial institution - an institution whose role is to provide for the creation, use, and flow
of money.
2. Commercial bank - a privately owned, profit-seeking depository financial institution that
serves its customers by accepting deposits that can be withdrawn on demand, by accepting savings
deposits, and by making loans.
3. Depository institution - a financial institution that is authorized to accept deposits that are
withdrawable by check.
4. Savings and loan association (S&L) - a depository institution that accepts deposits from the
general public and lends funds mainly for mortgages on homes and other real estate.
5. Savings bank - a depository institution that accepts deposits mostly from small savers, pays
them interest and invests the funds mainly in real estate mortgages and government securities.
6. Credit union - an association of persons who are employed at the same firm or are
members of the same labor union which sells shares to (accepts deposits from) its members and
makes loans to them.
7. Mutual savings banks - depository financial institutions that are owned by their depositors
and that, like S&Ls, use their savings deposits mainly to make housing loans.
8. Thrift institutions - financial institutions that make long-term loans primarily to
households.
9. Commercial finance company - a financial institution that makes loans to firms using
accounts, receivables, inventories, or equipment as collateral.
10. Sales financial company - a financial institution that specializes in financing installment
purchases by consumers and firms.
11. Consumer (or personal) finance company - a financial institution that makes personal loans
to consumers but not to businesses.
12. Financial services company - a financial institution that offers a range or services that once
could be had only by going to several financial institutions.
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13. Finance company - a firm that does not take deposits but does lend money to individuals
and/or businesses at rates higher than those demanded by banks.
14. Trust services - the management of an individual’s investments, payments, and/or estate by
a department of a commercial bank in return for a fee.
1. коммерческий банк; 2. финансовое учреждение; 3. компания финансовых услуг; 4.
сберегательное учреждение; 5. взаимно-сберегательный банк; 6. кредитный союз; 7.
сберегательный банк; 8. ссудо-сберегательная ассоциация; 9. депозитное учреждение.
Задание № 2. Для русскоязычных терминов в колонке А найдите соответствующие им
англоязычные определения в колонке B.
A.
1. Свободно-конвертируемая валюта;
2. Бумажные деньги;
3. Деньги;
4. Финансовое учреждение;
5. Девальвация;
6. Денежный знак;
7. Ссудо-сберегательная ассоциация;
8. Коммерческий банк;
9. Ревальвация;
10. Курс иностранной валюты;
11. Банкноты;
12. Валюта;
13. Покупательная способность;
14. Сберегательный банк;
15. Депозитное учреждение
B.
1. A rise in the price of one currency relative to another;
2. It describes the quantity and quality of goods and services one can buy with the money;
3. A privately owned, profit-seeking depository financial institution that serves its customers
by accepting deposits that can be withdrawn on demand, by accepting savings deposits, and by
making loans;
4. An institution whose role is to provide for the creation, use, and flow of money;
5. Buying or selling foreign currencies;
6. Any national currency widely accepted in payment in international markets;
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7. The reduction of the value of a nation's currency relative to the currencies of other
countries;
8. The coins and paper that make up the cash in a society;
9. Anything that is generally accepted in an economy as a medium of exchange, a unit of
account, a store of purchasing power, and a standard for deferred payment;
10. Pieces of paper used as a medium of exchange;
11. Coins which have a face value greater than their intrinsic value;
12. Pieces of paper promising to pay a specific amount of money to the bearer in gold;
13. A depository institution that accepts deposits from the general public and lends funds
mainly for mortgages on homes and other real estate;
14. A depository institution that accepts deposits mostly from small savers, pays them interest
and invests the funds mainly in real estate mortgages and government securities;
15. A financial institution that is authorized to accept deposits that are withdrawable by check.
1. Commercial banks and other financial institutions that obtain funds by accepting deposits
from the public. (depository institutions)
2. An association of persons who are employed at the same firm or are members of the same
labor union which accepts deposits from its members and makes loans to them. (credit union)
3. For-profit institutions that accept deposits in the form of checking savings accounts and
use them to lend money to businesses and individuals. (commercial banks)
4. A company that accepts deposits and makes housing loans. (mutual savings bank)
5. A depository institution that accepts deposits primarily from small individual savers and
lends primarily to individuals to finance the purchases of residences. (savings and loan
association)
demand to convert foreign seller economy
goods currency banks financial to pay
The central bank and the national economy.

Since no modern economy is self-contained, central banks must give considerable attention to
trading and financial relationships with other countries. If goods are bought abroad, there is a
demand for foreign currency to pay for them. Alternatively, if goods are sold abroad, foreign
currency is acquired that the seller ordinarily wishes to convert into the home currency.
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ТЕМА № 15 SERVICES OF DEPOSITORY FINANCIAL INSTITUTIONS

А. Types of Cards, checks and accounts
1. Debit card - a plastic card that, when used, immediately reduces the balance in the user’s
bank account.
2. Credit cards - provide a temporary loan to their users by allowing them to purchase items
and pay for them later.
3. Checkable deposit - any deposit in a commercial bank or thrift institution against which a
check may be written; it includes demand deposits, and NOW, or ATS accounts.
4. Check - a written order for a bank or other financial institution to pay a stated sum of
money to the business or person indicated on the face of the check.
5. Open check - a check payable on presentation by the holder in cash.
6. Closed (crossed) check - a check that can only be paid into the bank account of the person
presenting it for payment.
7. Traveller's checks - checks issued by large financial institutions and sold through
depository institutions such as banks and credit unions.
8. Certified check - a check certified by a bank to be cashable.
9. Cashier’s check – a check on the bank written by the bank’s cashier.
10. ATS account - a deposit that can be automatically remitted to a savings account.
11. Noncheckable savings account - a savings account against which a check may not be
written, a savings account which is not a NOW, or ATS.
12. Negotiable order of withdrawal (NOW) account - an interest-bearing checking account
offered by commercial banks, savings banks, and savings and loan associations.
13. Money market account - an account at a financial institution that pays interest rates
comparable to those paid by money market mutual funds and that permits the depositor to write a
limited number of checks against the account.
14. Money market deposit accounts - that part of the M2 money supply consisting of
investments in government-insured bank funds that are invested in short-term, low-risk financial
securities.
15. Demand deposits - are accounts on which depositors can write checks to obtain their
deposits at any time.
16. Time deposit - money placed in a financial institution that remains there (on deposit) for a
period of time while earning interest.
17. Certificate of deposit (CD) - a time deposit in a financial institution that is made for a
certain period of time at a fixed rate of interest.
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1. бессрочный вклад; 2. депозитный сертификат; 3. срочный вклад; 4. депозитный счет
денежного рынка; 5. дебетная карта; 6. чековый вклад; 7. кредитная карта; 8. открытый чек;
9. дорожный чек; 10. автоматический счет трансфертных услуг; 11. счет НАУ.
1. Different forms of insured savings accounts offered by depository financial institutions.
(time deposits)
2. Interest-bearing checking accounts offered by depository institutions. (checkable deposits)
3. It allows customers access to their accounts through electronic funds transfer systems
(EFTSs) - computerized networks that transfer funds from one party to another. (debit cards)
4. A document stating that the bank will pay the depositor a guaranteed interest rate for
money left on deposit for a specified period of time. (certificate of deposit)
5. An order instructing a bank to pay a given sum to a specified person or firm. (check)
6. Funds deposited in bank accounts that can be withdrawn at any time and against which
checks can be drawn. (demand deposits)
supply money middlemen suppliers banks
Commercial banks are at the centre of most money markets, as both suppliers and users of funds,
and in many markets a few large commercial banks serve also as middlemen. These banks have a
unique place because it is their role to furnish an important part of the money supply.
B. Banking services
1. Electronic funds transfer system (EFTS) - a means of performing financial transactions
through a computer terminal or telephone hookup.
2. Automated teller machine (ATM) – a system that allows customers to effect deposits,
withdrawals, and funds transfers at any time by using a specially encoded access card and an
electronic device instead of a human tellers.
3. Liquidity - the ease with which an asset can be exchanged for money without a significant
loss of value.
4. Secured loan – a loan protected by a pledge from borrowers to forfeit to lenders something
of value if the loans are not repaid.
5. Unsecured loan - a short-term loan in which the borrower is not required to put up
collateral.
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6. Collateral - real or personal property that a firm or individual owns and that is pledged as
security for a loan.
7. Line of credit - a standing agreement between a bank and a firm in which the bank
specifies the maximum amount it will make available to the borrower for a short-term
unsecured loan
8. Revolving credit agreement - a guaranteed line of credit.
9. Mortgages - long-term loans specifically for the purchase of real estate.
10. Letter of credit - a document in which the bank guarantees one party (such as a seller) that
payment will be made if certain conditions are met (such as delivery of merchandise); letters of
credit are common when goods are bought or sold abroad; there is a fee for providing this letter
of credit.
11. Safe custody - a service offered by most commercial banks when they accept deeds,
documents, jewelry and other items of property for storage in safe custody on behalf of
customers.
12. Trusts - the provision of safekeeping and management of funds for individuals or
institutions such as pension funds. The bank's job is to administer the money entrusted to it
wisely and for the benefit of the owner; the bank receives a fee for managing these funds.
13. Brokerage - buying and selling stocks and bonds for their clients.
14. Consulting - giving advice to other businesses; assistance provided especially to firms
involved in corporate merger takeovers.
15. Draft - an order to pay a sum of money that is written by the drawer (the person who is to
receive the money).
16. Bank draft - a check drawn on a particular bank and obtained from that bank by a debtor
for the payment of a debt where the creditor will not accept the debtor's personal check or the
debtor does not have a bank account.
17. Bank overdraft - enables customers to overdraw within agreed limits and at any time (to
take more money out of a bank account than it contains).
18. Bill of exchange - a written order, signed by the person giving it, requiring to pay a certain
sum of money to another person on demand or at a fixed time.
19. Sight draft - a bill of exchange payable at sight, i.e. payable when presented irrespective of
when it was drawn.
20. Banker’s acceptance - a written promise by a bank, issued on behalf of a buyer, to pay a
designated firm a certain amount by a particular date.
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1. электронная система перевода фондов; 2. банкомат; 3. ликвидность; 4. вексель на

предъявителя; 5. банковский акцепт; 6. обеспеченный кредит; 7. залог (обеспечение); 8.
необеспеченный заем; 9. платежное поручение; 10. тратта, выставленная банком на другой
банк; 11. переводной вексель; 12. кредитный лимит; 13. соглашение о возобновлении
кредита; 14. закладная; 15. аккредитив; 16. маклерство; 17. консалтинг.
A.
1. Консалтинг
2. Банковский акцепт
3. Электронная система перевода фондов
4. Ликвидность
5. Маклерство
6. Тратта
7. Переводной вексель
8. Обеспеченный кредит
9. Необеспеченный заем
10. Вексель на предъявителя
11. Залог
12. Закладная
B.
A. A written order, signed by the person giving it, requiring to pay a certain sum of
money to another person on demand or at a fixed time.
B. A bill payable when presented irrespective of when it was drawn.
C. A written promise by a bank, issued on behalf of a buyer, to pay a designated firm a
certain amount by a particular date.
D. An order to pay a sum of money that is written by the drawer
E. A short-term loan in which the borrower is not required to put up collateral
F. A loan protected by a pledge from borrowers to forfeit to lenders something of
value if the loans are not repaid.
G. The ease with which an asset can be exchanged for money without a significant
loss of value.
H. A means of performing financial transactions through a computer terminal or
telephone hookup.
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Long-term loans specifically for the purchase of real estate

I. Assistance provided especially to firms involved in corporate merger takeovers.
J. Buying and selling stocks and bonds for their clients.
K. Real or personal property that a firm or individual owns and that is pledged as
security for a loan.
1. A short-term loan in which the borrower is required to put up collateral. (secured loan)
2. Any asset that a lender has the right to seize in the event of non-payment of a loan.
(collateral)
3. A written promise by a bank, issued on behalf of a buyer, to pay a designated firm a certain
amount of money if specified conditions are met. (letter of credit)
4. A loan that is approved before the money is actually needed. (line of credit)
5. The use of computer technology to transfer funds into, out of, within, and among financial
institutions. (EFTS)
checks account borrower bank deposit loan
An increase in deposits may arise in two ways. When a bank makes a loan, it may transfer the sum
to a current account, thus directly creating a new deposit; or it may arrange a line of credit for the
borrower upon which he will be permitted to draw checks, which, when deposited by third parties,
likewise create new deposits.
ТЕМА № 16 NON-DEPOSITORY FINANCIAL INSTITUTIONS.

1. Pension fund - money put aside under a pension plan set up by employers or labour
unions to provide for the systematic payment of benefits to retired employees.
2. Life insurance company - an insurance company that in return for payment of a
premium pays a cash benefit to a surviving person or firm (the beneficiary) upon the death of
the insured person.
3. Money market mutual fund - a pool of funds invested in U.S. Treasury bills,
commercial paper (corporations’ short-term debt instruments), or «jumbo» ($100,000 or more)
CD.
4. Investment company - a financial institution that pools funds from individual investors
to create a portfolio of assets that may include stocks, bonds, or money market securities.
5. Mutual funds - investments companies that pool investors' funds to buy stocks, bonds,
and other securities.
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6. Insurance company - a company to which most businesses or individuals transfer the

risk. Insurance companies issue policies that specify the terms and conditions under which
certain risks are covered.
7. Finance companies - non-banking companies in the business of making loans to
individuals, businesses, or both.
8. Money market funds -- institutions that pool contributions from a large number of
investors who wish to put their money into a variety of short-term securities and loans.
1. инвестиционный фонд денежного рынка; 2. финансовая компания; 3. пенсионный фонд;
4. общество по страхованию жизни; 5. инвестиционный фонд открытого типа; 6.
инвестиционная компания; 7. страховая компания; 8. взаимный фонд.
1. A pool of funds managed to provide retirement income or its members. (pension fund)
1. A firm that does not take deposits but does lend money to individuals and/or businesses at
rates higher than those demanded by banks. (finance company)
2. Any company that pools the resources of many investors and uses those funds to purchase
various types of securities, depending on the fund’s investment objectives. (mutual fund)
3. Companies that pool the resources of many investors and use the funds to purchase short-
term, low-risk financial securities. (money-market mutual fund)
Loans funds mortgages institutions corporate premiums
securities beneficiaries money
Life insurance companies and pension funds are examples of contractual saving institutions. These
institutions create assets that represent contractual relationships with buyers. Under life insurance
companies some of the money from premiums is loaned to individuals, firms, and nonbusiness
organizations or is invested. Buyers of life insurance “save” money with their insurance firms.
They or their beneficiaries get the money back later. In pensions funds pension fund managers
invest the funds in corporate stocks and bonds, government securities, and commercial property
mortgages. They also make loans to businesses.
ТЕМА № 17 BANKING SYSTEM.

1. Federal Reserve System (Fed) - the central bank and monetary authority of the U.S.,
created by the Federal Reserve Act of 1913, which consists of 12 regional banks, but key policy
decisions are made by the Board of Governors in Washington.
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2. Federal Reserve Bank - is any of the 12 banks chartered by the U.S. government to control
the money supply and perform other functions.
3. Central Bank - a bank for banks. America's central bank is the Federal Reserve System.
4. National banks - commercial banks that are chartered by the federal government.
5. State banks - commercial banks that are chartered by state governments.
6. World Bank (International bank for reconstruction and development) - a specialized
agency of the United Nations whose purpose is to finance development and consult on the
economic development issues.
7. Discount rate - the interest rate charged to banks for borrowing from the Federal Reserve
System.
8. Reserve requirements - the portion of demand deposits that banks must keep as cash in the
vault or as deposits with a Federal Reserve Bank.
9. Open market operations - the purchase and sales of the U.S. government securities by the
Federal Reserve Banks intended to change the economy’s supply and demand.
10. The required reserve (legal reserve) - the specified minimum percentage of its deposit
liabilities which member bank must keep on deposit at the Federal Reserve bank in its district
or in vault cash.
11. The required reserve ratio - the proportion of deposits that a depository institution must
hold in the form of reserves.
12. Excess reserves – the amount by which a member bank actually reserve exceeds its
required reserve; actual reserve minus required reserve.
13. Credit – immediate purchasing power that is exchanged for a promise to repay it, with or
without interest, at a later date.
14. Creditor – a person or organization to whom money is owed.
15. Interest – payment for using someone else’s money (from the debtor’s perspectives);
income derived from allowing someone else to use one’s capital (from the creditor’s
perspective).
16. Interest rate (interest) – the price of borrowing money or the price received for lending
money, expressed as a percentage.
17. Simple interest – a fixed rate on a stated sum; the same amount is paid or accumulated
each year irrespective of the amount borrowed.
18. Compound interest – the interest that is calculated each year on capital plus interest already
accumulated.
19. Bank loan – a fixed amount lent by a bank to a customer for an agreed time and on
specified terms. .
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20. Short-term financing – money that will be used for a period of one year or less and then
repaid.
21. Long-term financing – money that will be used for longer than one year.
22. Vault cash – the currency a bank has in its safes (vault) and cash drawers.
23. A bank’s balance sheet - a statement of the assets, liabilities, and net worth of the bank.
1. центральный банк; 2. федеральная резервная система; 3. федеральный резервный банк; 4.
международный банк; 5. учетная ставка; 6. банк штата; 7. государственный банк; 8.
резервные требования; 9. операции на открытом рынке; 10. долгосрочное финансирование;
11. краткосрочное финансирование; 12. обязательный резерв; 13. проценты; 14. процентная
ставка; 15. избыточные резервы; 16. простые проценты; 17. сложные проценты; 18.
банковская ссуда; 19. денежная наличность.
A.
1. Процентная ставка
2. Государственный банк
3. Резервные требования
4. Банковская ссуда
5. Федеральная резервная система
6. Учетная ставка
7. Избыточные резервы
8. Обязательные резервы
9. Банк штата
10. Коэффициент обязательных резервов
11. Международный банк
12. Операции на открытом рынке
B.
A. a fixed amount lent by a bank to a customer for an agreed time and on specified terms. .
B. the specified minimum percentage of its deposit liabilities which member bank must keep
on deposit at the Federal Reserve bank in its district or in vault cash.
C. a specialized agency of the United Nations whose purpose is to finance development and
consult on the economic development issues.
D. the price of borrowing money or the price received for lending money, expressed as a
percentage.
17
E. the purchase and sales of the U.S. government securities by the Federal Reserve Banks
intended to change the economy’s supply and demand.
F. commercial banks that are chartered by state governments
G. the amount by which a member bank actually reserve exceeds its required reserve; actual
reserve minus required reserve.
H. the portion of demand deposits that banks must keep as cash in the vault or as deposits with
a Federal Reserve Bank.
I. commercial banks that are chartered by the federal government
J. the proportion of deposits that a depository institution must hold in the form of reserves.
K. the interest rate charged to banks for borrowing from the Federal Reserve System.
L. the central bank and monetary authority of the U.S
1. The items of value that a firm owns. (assets)
2. The price paid for the use of money. (interest rate)
3. A commercial bank that is chartered by an individual state but not by the deferral
government. (state bank)
4. Interest rate charged by a central bank for loans of reserve funds to commercial banks and
other financial intermediaries. (discount rate)
5. The central bank of the United States. (The Federal Reserve System)
6. Any funds in excess of the current reserve requirement and not lent by a bank. (excess
reserves)
7. A commercial bank that is chartered by the federal government and thus is a part of the
Federal Reserve System. (national bank)
8. The percentage of its deposits that a bank must retain, either in its own vault or on deposit
with its Federal Reserve district bank. (reserve requirement)
cash assets securities sales reserves commercial banks
market
Open-market operations.
The way in which open-market operations influence the cash reserves and, through them, the
general liquidity of the commercial banks is essentially simple. If the central bank buys securities
in the open market, the cash it offers in exchange adds to the reserves of the banks; if the central
bank sells securities in the open market, the cash necessary to pay for them is either withdrawn
from the banks' reserves or obtained by diminishing holdings of other assets (with the possibility
of capital losses in consequence of these sales).
18
ТЕМА № 18 BUDGET AND FISCAL POLICY.

1. Budget - a financial statement that projects income and/or expenditures over a specified
future period of time.
2. Fiscal policy - the government spending and taxation decisions (the government's program
with respect to the purchase of goods and services and spending on transfer payments, and
the amount and type of taxes).
3. Fiscal year (FY) - the twelve-month period used for accounting purposes; begins October 1
for federal government.
4. Balanced budget - the government spending is equal to its income.
5. Balanced budget multiplier - states that an increase in government spending accompanied
by an equal increase in taxes results in an increase in aggregate demand.
6. Budget deficit - the excess of government spending over its income.
7. Budget surplus - the excess of government income over its spending
1. бюджетный дефицит; 2. бюджетный профицит; 3. бюджет; 4. бюджетный год; 5.
финансово-бюджетная политика; 6. сбалансированный бюджет; 7. мультипликатор
сбалансированного бюджета.
capital spending deficit budget taxation borrowing
stabilization
Government borrowing
Although most of the resources required for public spending are raised each year through taxation,
it is rare for any modern budget to balance in any one year. For a variety of reasons, ranging from
a desire to accelerate capital spending to a policy of economic stabilization, governments may
choose to raise some of their resources by borrowing rather than taxation. Most countries today
run an annual budget deficit, and the deficits have tended to increase in size.
ТЕМА № 19 INVESTMENT AND SECURITIES.

A. Types of securities markets and its members
1. Securities - stocks and bonds (which present a secured-asset-based claim on the part of
investors) that can be bought and sold.
2. Securities market - the millions of people and organizations that buy stocks and bonds and the
securities intermediaries who bring buyers and sellers together.
19
3. Primary market - a market in which an investor purchases financial securities (via an

investment bank or other representative) directly from the issuer of those securities.
4. Secondary market - a market for existing financial securities that are currently traded between
investors.
5. Stock exchange - the marketplace for dealing in freely transferable stocks, shares, and
securities of all types - government and others.
6. Investor - traditionally someone who buys securities with the expectation of getting an income
or profit over several years.
7. Broker - an individual licensed to buy and sell securities for customers in the secondary
market; may also provide other financial services.
8. Stockbroker - an individual who buys or sells securities for clients.
9. Investment banker - any financial institution engaged in purchasing and reselling new stocks
and bonds.
10. Investment banking firm - an organization that assists corporations in raising funds, usually by
helping sell new security issues.
11. Index fund - a mutual fund that invests its money in a basket of stocks that mimics the
performance of a stock market index, generally the Standard & Poor’s (S&P) 500.
12. Bull market - a stock market in which prices are rising and there is much optimism among
speculators.
13. Bear market - a stock market in which prices are falling and there is much pessimism among
speculators.
14. Bull - an investor who expects prices to go up.
15. Bear - an investor who expects prices to go down.
16. Institutional investors - organizations whose investments for themselves and their clients are
so large that they can influence prices on securities markets.
17. No-load fund - a mutual fund in which investors are not charged a sales commission when
they buy into or sell out of the fund.
18. Load fund - a mutual fund in which investors are charged a sales commission when they buy
into or sell out of the fund.
19. Over-the-counter market - a voluntary organization of dealers formed to buy and sell stock
outside of the formal institutional setting of the organized stock exchanges.
1. фондовый рынок; 2. первичный рынок ценных бумаг; 3. вторичный рынок ценных бумаг;
4. ценные бумаги; 5. рынок ценных бумаг; 6. инвестор; 7. брокер; 8. инвестиционный
банкир; 9. биржевой маклер; 10. инвестиционный банк; 11. спекулянт, играющий на
20
повышение; 12. спекулянт, играющий на понижение; 13. рынок без посредников; 14.
организации-инвесторы.
1. The sale and purchase of newly issued stocks and bonds by firms or governments. (primary
securities market)
2. The sale and purchase of previously issued stocks and bonds (secondary securities market)
3. A period in which investors act on a belief that stock prices will rise. (bull market)
4. A voluntary organization of individuals formed to provide an institutional setting where
members can buy and sell stock for themselves and their clients in accordance with the
exchange’s rules. (stock exchange)
5. A period in which investors act on a belief that stock prices will fall. (bear market)
6. A financial institution that does not accept deposits from the general public but instead
helps firms sell new issues of stock and bonds. (investment banker)
market bonds buyers safety economy interest repayment
prices commercial
Government securities, which are usually bonds that pay a fixed amount of interest each year,
have, unlike most commercial securities, a guaranteed safety factor concerning their ultimate
repayment. Nevertheless, these securities are traded in the market, and their prices fluctuate in
value depending on trends and conditions in the economy and according to the relative balance
between buyers and sellers.
B. Types of securities
1. Bond - a certificate acknowledging a debt and the amount of interest to be paid each year
until repayment.
2. Coupon bond - a bond whose ownership is not registered by the issuing company.
3. Bond indenture - a legal document that details all the conditions relating to a bond issue.
4. Government bonds - debt issued by the federal government, including Treasury bills,
Treasury notes, and Treasury bonds (such as savings bonds).
5. Municipal bonds - long-term debt issues by state and local governments; revenues are used
to finance school systems, transportation, and other social-welfare projects.
6. Secured bonds - bonds issued by borrowers who pledged assets as collateral in the event of
nonpayment.
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7. Corporate bond - a promise by the issuing company to pay the holder a certain amount of
money on a specified date, with stated interest payments in the interim; a form of long-term debt
financing.
8. Debentures - unsecured bonds.
9. Callable bond - a bond that may be paid off by the issuer prior to the maturity date.
10. Serial bonds - a bond issue in which redemption dates are staggered so that a firm pays off
portions of the issues at different predetermined dates.
11. Convertible bond - any bond that offers bondholders the option of accepting common stock
instead of cash in repayment.
12. Eurobonds - bonds sold in a country other than the one in whose currency they are
denominated.
13. Treasury bills - government obligations with maturities of 91 days, 182 days, or
occasionally 365 days.
14. Treasury notes - government obligations with original maturities of one to seven years.
15. Treasury bonds - government obligations with original maturities of over seven years.
16. Maturity - the amount of time until a debt must be repaid.
17. Maturity date - the date on or before which a company must pay off the principal of a
particular bond issue.
18. Par value - the face value of a bond; the amount to be repaid when the bond is due.
19. Book value - the value of a stock expressed as the total stockholders’ equity (assets minus
liabilities and preferred stock) divided by the number of shares of common stock outstanding;
used by accountants but of little significance to investors.
20. Market value - the price of one share of a stock at a particular time.
21. Capital gain - an increase in the market value of an asset.
22. Yield - the rate of return on a bond; the annual interest payment divided by the bond's
price.
23. Current yield - a bond’s annual dollar coupon amount dividend by the current market
price.
24. Default - failure to make scheduled payments of interest or principal on a bond.
25. Share - a security that is a title of ownership for part of a corporation's property.
26. Cumulative preferred stock - preferred stock on which dividends not paid in the past must
first be paid up before the firm may pay dividends to common stockholders.
27. Dividend - a distribution of earnings to the stockholders of a corporation.
28. Stock dividend - a dividend in the form of additional stock.
29. Cash dividend - a cash payment to shareholders.
22

1. облигация на предъявителя; 2. контракт о долговых обязательствах; 3. государственный
облигации; 4. муниципальные облигации; 5. обеспеченная облигация; 6. долговое
обязательство; 7. конвертируемая облигация; 8. краткосрочный казначейский вексель; 9.
среднесрочная казначейская облигация; 10. долгосрочные казначейские обязательства; 11.
срок платежа по векселю; 12. срок погашения; 13. номинальная стоимость; 14. нетто-
капитал 15. процентный доход; 16. капитальная прибыль; 17. текущий доход; 18.
кумулятивная привилегированная акция; 19. наличный дивиденд; 20. дивиденд, оплаченный
акциями.
1. A written promise that the borrower (the firm) will pay the lender, at some stated
future date, a sum of money (the principal) and a stated rate of interest. (bond)
2. The current price of one share of a stock in the secondary securities market (market
value)
3. Profits from the sale of an asset for a higher price than that at which it was
purchased. (capital gains)
Assets payments shares dividends rate corporation
Preferred stock has priority with respect to dividends and, if the corporation is dissolved, to the
division of assets. Dividends on preferred stock usually are paid at a fixed rate and are often
cumulated in the event the corporation finds it necessary to omit a distribution. In the latter
circumstance the full deficiency must be cleared before payments may be made on the common
shares.
C. Types of selling securities

1. Portfolio decision - the choice of how (where) to hold idle funds.
2. Speculative trading - the buying and selling of securities in the hope of profiting from near-
term changes in their prices.
3. Short selling – selling borrowed shares of stock in the expectation that their price will fall
before they must be replaced, so that replacement shares can be bought for less than the original
shares were sold for.
4. Margin - the percentage of a stock or bond’s purchase price that must be paid in cash.
5. Initial public offering (IPO) - the first issuance (sale) to the general public of stock in a
corporation.
23
6. Stock turnover - the total sales turnover for a stated period divided by the total average stock
carried during that period.
7. Nikkei index - an index of 225 stocks traded on the Tokyo Stock Exchange.
8. Stock average (stock index) - an average of the current market prices of selected stocks.
9. Round lot - a unit of 100 shares of a particular stock.
10. Odd lot - fewer than 100 shares of a particular stock.
11. Market order - an order to a broker to buy or sell a certain security at the current market price.
12. Limit order - an order to a broker to buy a certain security only if its price is less than or equal
to a given limit.
13. Stock split - the division of each outstanding share of a corporation's stock into a greater
number of shares.
14. Futures contract - an agreement to buy sell a commodity at a guaranteed price on some
specified future date.
15. Option - the right to buy or sell a specified amount of stock at a specified price within a certain
period of time.
16. Stock option - an option to sell a specific stock at a specific price and time in the future.
17. Call option - gives the purchaser the right to buy 100 shares of a specific stock at a specified
price within specified time.
18. Put option - gives the purchaser the right to sell 100shares of a specific stock at a specified
price within a specified time.
19. Price-earnings ratio - in stock exchange listings, the current price of a stock dividend by the
firm’s current annual earnings per share.
20. Bid price - in over-the-counter dealings, the price at which a dealer in willing to buy a share of
a specific stock.
21. Asked price - in over-the-counter dealings the price at which the dealer is willing to sell s
share of a specific stock.
22. Doe Jones industrial average - an overall market index based on stock prices of 65 of the
largest industrial, transportation and utility firms listed on the NYSE (New York Stock Exchange).
1. продажа ценных бумаг или товаров без покрытия; 2. опцион покупателя; 3. цена
продавца; 4. сделка с обратной премией; 5. цена предложения; 6. изначальное открытое
предложение; 7. индекс Никкей; 8. фондовый опцион; 9. право покупать или продавать
ценные бумаги; 10. фьючерсный контракт; 11. дробление акций; 12. ограниченный заказ; 13.
полный лот; 14. неполный лот, 15. рыночный ордер.
24

A.
1. Фондовый опцион
2. Ценные бумаги
3. Индекс Доу Джонса
4. Фондовая биржа
5. Фьючерсный контракт
6. Рынок «быков»
7. Ограниченный заказ
8. Рынок «медведей»
9. Облигация
10. Срок погашения
11. Государственные облигации
12. Еврпооблигации
B.
A. An order to a broker to buy a certain security only if its price is less than or
equal to a given limit.
B. Debt issued by the federal government, including Treasury bills, Treasury
notes, and Treasury bonds (such as savings bonds).
C. The marketplace for dealing in freely transferable stocks, shares, and
securities of all types - government and others.
D. A stock market in which prices are rising and there is much optimism
among speculators.
E. Bonds sold in a country other than the one in whose currency they are
denominated.
F. An agreement to buy sell a commodity at a guaranteed price on some
specified future date.
G. Stocks and bonds (which present a secured-asset-based claim on the part of
investors) that can be bought and sold.
H. A stock market in which prices are falling and there is much pessimism
among speculators.
I. A certificate acknowledging a debt and the amount of interest to be paid
each year until repayment.
25
J. The date on or before which a company must pay off the principal of a
particular bond issue.
K. The total sales turnover for a stated period divided by the total average
stock carried during that period.
L. An overall market index based on stock prices of 65 of the largest
industrial, transportation and utility firms listed on the NYSE
1. An agreement to purchase a specified amount of a commodity at a given price on a set date
in the future. (futures contract)
2. The purchased right to buy or sell a stock. (stock option)
3. Selling shares of stock that the person doesn’t own and borrowing the shares to send to the
buyer. (short selling)
4. The purchased right to buy a particular stock at a certain price until a specified date. (call
option)
5. The purchased right to sell a particular stock at a certain price until a specified date. (put
option)
6. A corporate action that gives shareholders more shares but does not change each person’s
proportionate ownership in the firm. (stock split)
7. A 100-share unit of stocks in trading. (round lot)
8. Less than 100 shares of a stock in trading. (odd lot)
security stock compensation bankers ratio price issues
shares purchase
Options.
An option contract is an agreement enabling the holder to buy a security at a fixed price for a
limited period of time. One form of option contract is the stock purchase warrant, which entitles
the owner to buy shares of common stock at designated prices and according to a prescribed ratio.
Warrants are often used to enhance the salability of a senior security, and sometimes as part of the
compensation paid to bankers who market new issues.
Для специальности «Бухгалтерский учет и аудит»

Тема № 20 THE COST OF PRODUCTION
1. Production function - a technological relationship expressing the maximum quantity of a
good attainable from different combinations of factor inputs.
26
2. Technical efficiency - maximum output of a good from the resources used in production.
3. Short-run - the period in which the quantity and quality of some inputs cannot be changed.
4. Marginal physical product (MPP) - the change in total output associated with one
additional unit of input.
5. Total cost - the market value of all resources used to produce a good or service.
6. Fixed costs - costs of production that do not change when the rate of output is altered.
7. Variable costs - costs of production that change when the rate of output is altered.
8. Economic cost - the value of all resources used to produce a good or service.
9. Long-run - a period of time long enough for all inputs to be varied.
10. Economic profit - the different between total revenues and total economic costs.
11.Normal profit - the opportunity cost of capital; the average rate of return.
12. Marginal cost pricing - the offer (supply) of goods at prices equal to their marginal
cost.
13. Price discrimination - the sale of an identical good at different prices to different
consumers by a single seller.
14. Average fixed cost (AFC) - cost determined by dividing total fixed cost by the
number of units of output.
15. Average product - total output divided by the number of labourers required to
produce that output.
16. Average revenue - total revenue divided by the number of units sold.
17. Average total cost (ATC) - cost determined by dividing total cost by the number of
units of output.
18. Average variable cost (AVC) - cost determined by dividing total variable cost by
the number of units of output.
19. Complementary factors - factors of production, the use of which always increases
(decreases) whenever the use of any one of them increases (decreases).
20. Fixed factor - factor of production that cannot be changed in the short run.
21. Opportunity cost - the opportunity cost of producing one good consists of other
goods that might be produced with the same resources.
1. производственная функция; 2. постоянный фактор; 3. общая стоимость; 4. переменные
издержки; 5. взаимодействующие факторы; 6. средний постоянный фактор; 7. средний
продукт; 8. средняя выручка; 9. средняя общая стоимость; 10. средние переменные
издержки; 11. краткосрочный период; 12. долгосрочный период.
27
1. Total cost divided by the quantity produced in a given time period. (average total cost
(ATC))
2. A pricing strategy, generally illegal, in which a seller charges different prices to marketing
intermediaries for the same product. (price discrimination)
3. Total variable cost divided by the quantity produced in a given time period. (average
variable cost (AVC))
4. The value of the benefit forfeited by choosing one alternative over another. (opportunity
cost)
5. The sum of the fixed and variable costs incurred in the production of any given quantity
level. (total cost)
6. Costs that vary directly with the volume or quantity produced. (variable costs)
7. Total fixed cost divided by the quantity produced in a given time period. (average fixed
cost (AFC))
accountant period output manufacture
average operation cost product
The basic principle in cost finding is that the cost assigned to any object - an activity or a product -
should represent the amount of cost that object causes. The most fully developed methods of cost
finding are used to estimate the costs that have been incurred in a factory to manufacture specific
products. The simplest of these methods is known as process costing. In this method, the
accountant first accumulates the costs of each separate production operation or process for a
specified period of time. The total of these costs is then restated as an average by dividing it by the
total output of the process during the same period.
ТЕМА № 21 ASSETS AND LIABILITIES.

1. Assets - the items of value that a firm owns.
2. Current assets - cash and other assets that can be quickly converted into cash or that will be
used in one year or less.
3. Fixed assets - assets that will be held or used for a period longer than one year.
4. Tangible assets – include land and buildings, plant and machinery, investments, debtors and
cash.
5. Intangible assets - assets that do not exist physically but that have a value based on legal
rights or advantages that they confer on a firm.
28
6. Depreciation - the process of apportioning the cost of a fixed asset over the period during
which it will be used.
7. Liquidity - the ease with which an asset can be converted into cash.
8. Expenses - the costs incurred in the generation of revenue.
9. Direct expenses (costs) - expenses which can be directly associated with the cost of
producing a particular article or service.
10. Overhead (indirect, operating) expenses (costs) - expenses incurred in manufacture though
not directly identified with any particular item produced.
11. Prepaid expenses - assets that have been paid for in advance but not yet used.
12. Liabilities - are borrowed funds (debt) and delayed payments (such as payables and
accruals) of a business.
13. Current liability - debts that will be repaid in one year or less.
14. Long-term liabilities - debts that need not be repaid for at least one year.
15. Goodwill - the value of a firm's reputation, location, earning capacity, and other intangibles
that make the business a profitable concern.
16. Accounts payable - short-term obligations that arise as a result of making credit purchases.
17. Accounts receivable - amounts that are owed to a firm by its customers.
18. Notes payable - obligations that have been secured with promissory notes.
1. ликвидность; 2. изнашивание; 3. нематериальные активы; 4. основные средства; 5.
оборотные фонды; 6. активы; 7. расходы; 8. оплаченные заранее расходы; 9. накладные
расходы; 10. задолженность; 11. краткосрочные обязательства; 12. долгосрочные
обязательства; 13. счета к оплате; 14. счета к получению; 15. дебиторская задолженность;
16. материальные активы.
А
1. Переменные издержки
2. Гудвилл
3. Производственная функция
4. Долгосрочный период
5. Кредиторская задолженность
6. Издержки
7. Ценовая дискриминация
8. Активы
29
9. Ликвидность
10. Предельный физический продукт
11. Краткосрочные обязательства
12. Альтернативная стоимость
B
A. The items of value that a firm owns.
B. The opportunity cost of producing one good consists of other goods that might be
produced with the same resources.
C. The ease with which an asset can be converted into cash.
D. the sale of an identical good at different prices to different consumers by a single seller.
E. the change in total output associated with one additional unit of input.
F. The costs incurred in the generation of revenue.
G. Debts that will be repaid in one year or less.
H. The value of a firm's reputation, location, earning capacity, and other intangibles that make
the business a profitable concern.
I. A period of time long enough for all inputs to be varied.
J. Costs of production that change when the rate of output is altered.
K. Short-term obligations that arise as a result of making credit purchases.
L. A technological relationship expressing the maximum quantity of a good attainable from
different combinations of factor inputs.
1. The ease and speed with which an asset can be converted to cash; cash is said to be
perfectly liquid. (Liquidity)
2. Whatever a firm, organization, or person owns that has a dollar value. (asset)
3. Assets the firm normally expect to hold no longer than a year. (current asset)
4. The process of writing off as an expense the cost of fixed assets during the period that they
contribute to the earnings of the firm. (depreciation)
5. Assets that is held for longer than a year. (fixed assets)
6. Assets that have no physical form or clearly defined value. (intangible assets)
7. A debt that will be paid off within a year of the balance sheet date. (current liability)
8. The amount of resources used up by a firm in the pursuit of revenues. (expenses)
machinery shareholder goodwill inventory intangible cash
patents current buildings funds fixed real estate allocation
30
Resource allocation, the second function of corporate finance, is the investment of funds with the
intent of increasing shareholder wealth over time. Two basic categories of investments are current
assets and fixed assets. Current assets include cash, inventory, and accounts receivable. Examples
of fixed assets are buildings, real estate, and machinery. In addition, the resource allocation
function is concerned with intangible assets such as goodwill, patents, workers, and brand names.
ТЕМА № 22 ACCOUNTING
1. Accounting - the process of systematically collecting, analyzing, and reporting financial
information.
2. Auditing – checking the accuracy of records
3. Audit – an accountant’s examination of a company’s financial records to determine if it
used proper procedures to prepare its financial reports.
4. Financial accounting - a "scorekeeping" process that is meant to keep several interested
groups (inside and outside the firm) informed of the financial condition of the firm.
5. Managerial accounting - serves the firm's managers by calling attention to problems and
aiding them in planning, decision making, and controlling the firm's operations.
6. Product cost accounting – an accounting system that allocates costs to the various products
made by a firm.
7. Responsibility accounting – an accounting system for classifying costs or charging them to
certain responsibility centers so as to allow the performance of such centers (and their managers)
to be evaluated.
8. Bookkeeping - the accurate day-to-day recording of all the financial transactions that occur
in an organization; the initial step in the accounting process.
9. Accounting cycle - the sequence of accepted procedures that accountants must follow over
a specific period of time.
10. Account – an individual written record for specific assets, liabilities, owners’ equity,
revenues, and expenses.
11. Transaction - a financially significant event that either increases or decreases the value of
an account.
12. Debit – in bookkeeping, any transaction that increases assets or decreases liabilities or
owner’s equity; always entered in the left column.
13. Credit – in bookkeeping, any transaction that decreases assets or increases liabilities or
owner’s equity; always entered in the right column.
14. Basic accounting equation – a mathematical statement of the balance between what a firm
owns, what it owes, and what its owners’ equity is.
31
15. Accounting (balance sheet) equation - the basis for the accounting process: Assets =
liabilities + owners' equity.
16. Profit equation - profits equal revenue minus expenses.
17. Owners' equity - the difference between a firm's assets and its liabilities; what would be left
over for the firm's owners if its assets were used to pay off its liabilities.
18. Accrual - the principle in accounting that means that a firm charges off expenses only in
the accounting period (usually the calendar year) and not necessarily in the period in which the
actual cash payment was made.
19. Double-entry bookkeeping - a system in which each financial transaction is recorded as
two separate accounting entries to maintain the balance shown in the accounting equation.
20. General journal - a book of original entry in which typical transactions are recorded in
order of their occurrence.
21. General ledger - the book in which all the accounts of a business using double-entry
bookkeeping are contained.
22. Posting - the process of transferring journal entries to the general ledger.
23. Trial balance - a summary of the balances of all general ledger accounts at the end of the
accounting period.
24. Balance sheet (statement of financial position) - a summary of a firm's assets, liabilities,
and owners' equity accounts at a particular time, showing the various money amounts that enter
into accounting equation.
25. Accounting package - a set of computer programs meant for solving various problems of
accounting.
26. Certified public accountant (chartered accountant in BrE) - an accountant who has fulfilled
the legal requirements of his or her state of knowledge in accounting theory, practice, auditing,
and law and who is licensed to sign financial reports.
27. Capital stock – the original investment of the stockholder-owners.
28. Revenues - are the funds received by a business, mainly from the sales of goods and
services.
29. Gross profit – the difference between net sales and cost of goods sold.
30. Sales forecast – a prediction of what sales will be over a certain period of time.
31. Profit (net income, earnings) - the difference between total revenues and total expenses.
32. Retained earnings (surplus) - the amount that the firm has plowed back from profits over
the years but has not paid out in dividends.
33. Return on sales (net profit margin) – a form of profitability ratio calculated as net income
divided by net sales.
32
34. Profitability- the possibility and ability of a firm to produce a profit.

35. Productivity - the average level of output per unit of time per worker.
36. Efficiency - maximum output of a good from minimum resources used in production.
1. производительность; 2. ревизование; 3. доходность; 4. аудит; 5. нераспределенная
прибыль; 6. бухгалтерский учет; 7. бухгалтерское дело; 8. прогноз сбыта; 9. периодичность
учета; 10. валовая прибыль; 11. счет; 12. доходные статьи; 13. торговая операция; 14.
акционерные капитал; 15. дебет; 16. бухгалтерский баланс; 17. кредит; 18. оприходование;
19. пробный баланс.
1. The process of measuring, interpreting, and recording data that reflect the financial
condition of a firm. (accounting)
2. Accounting that serves a firm’s managers by calling attention to problems and helping the
managers in the areas of planning, decision making, and controlling the firm’s operations.
(managerial accounting)
3. Checking the accuracy of records. (auditing)
4. The amount of a firm’s assets minus the amount of its liabilities. (owner’s equity)
5. A financial statement that shows what a firm owns, what it owes, and what the owners’
equity is worth at a given point in time. (balance sheet)
6. The amount of cash pr accounts receivable a firm receives in payment from others over a
period of time. (revenues)
7. The profits the firm has plowed back into the firm. (retained earnings)
8. A register of financial value. (account)
9. A financially significant event that raise or lower the balances in accounts. (transaction)
10. A bookkeeping system in which every transaction changes the balances in at least two
accounts at the same time. (double-entry bookkeeping)
Business accounting transactions accountants system financial
information records
Accounting is commonly defined as a comprehensive system for collecting, analyzing, and

communicating financial information. It is the accountant’s responsibility to keep records of
financial transactions such as taxes, sales, incomes, and expenses. Even more important is the
accountant’s analysis of how those transactions will affect a particular business. By sorting,
33
analyzing, classifying, and recording thousands of transactions, accountants can determine how
well a business is being managed and how financially strong it is.
ТЕМА № 23 THE INCOME STATEMENT.

1. Income statement - a financial statement that summarizes a firm's revenues and expenses
and shows the flows that occurred during a specified accounting period.
2. Financial statement – a type of financial statement that summarizes a firm’s financial
position on a particular date in terms of its assets, liabilities, and owner’s equity.
3. Gross sales - the total money amount of all goods and services sold during the accounting
period.
4. Net sales - the actual money amount received by a firm for goods and services it has sold,
after adjustment for returns, allowances, and discounts.
5. Cost of goods sold - the cost of the goods a firm has sold during an accounting period;
equal to beginning inventory plus net purchases less ending inventory
6. Gross profit of sales - a firm's net sales less the cost of goods sold.
7. Operating expenses - those costs that do not result directly from the purchase or
manufacture of products a firm sells.
8. Selling expenses - costs that are related to the firm's marketing activities.
9. General expenses - costs that are incurred in maintaining a business.
10. Value added - the value of the product sold by a firm less the value of the goods purchased
and used by the firm to produce the product; is equal to the revenue used for wages, rent,
interest and profits
11. Net income - the profit earned (or the loss suffered) by a firm during an accounting period,
after all expenses have been deducted from revenues.
12. Statement of cash flows - the statement that shows the movement of money into and out of
an organization.
13. Financial ratio - a number that shows the fractional or percentage relationship between two
elements of a firm's financial statements.
14. Liquidity ratio - a ratio used to determine if a firm can pay its current debts. Two ratios can
be used to determine the liquidity position of a firm: the current ratio and the quick ratio.
15. Current ratio - a financial ratio that is computed by dividing current assets by current
liabilities.
16. Acid-test (quick) ratio - a financial ratio that is calculated by subtracting inventories from
current assets and dividing the total by current liabilities.
34
17. Net profit margin - a financial ratio that is calculated by dividing net income after taxes by
net sales.
18. Return on equity - a financial ratio that is calculated by dividing net income after taxes by
owners' equity.
19. Earnings per share - a financial ratio that is calculated by dividing net income after taxes by
the number of shares of common stock outstanding.
20. Working capital - the difference between current assets and current liabilities.
21. Activity ratio - a ratio that measures how effectively a company uses its resources. (One of
the examples is the inventory turnover ratio.)
22. Inventory turnover ratio - an important measure of efficiency that is computed by dividing
average inventory value into cost of goods sold.
23. Leverage – using borrowed funds to make purchases, thus increasing the user’s purchasing
power, potential rate of return, and risk of loss.
24. Leverage ratio - a ratio that measures the equity contribution of stockholders as compared
with the debt funds provided by a firm's creditors.
25. Profitability ratio - a ratio used by management to determine if the firm's resources are
being employed in the best manner.
26. Accounts receivable turnover - a financial ratio that is calculated by dividing net sales by
accounts receivable; measures the number of times a firm collects its accounts receivable in one
year.
27. Debt-to-assets ratio - a financial ratio that is calculated by dividing total liabilities by total
assets; indicates the extent to which the firm's borrowing is backed by its assets.
28. Debt-to-equity ratio - a financial ratio that is calculated by dividing total liabilities by
owners' equity; compares the amount of financing provided by creditors with the amount
provided by owners.
29. Budget - the internal financial forecast of expected income and expenditure for a specific
period of time.
30. Operating budget - a set of guidelines regarding the estimated income or expenses of a
business unit for a specific period of time, usually a year.
31. Master budget - the operating budget for an entire company. It's a comprehensive financial
forecast for all departments and sub-units of the company.
1. отчет о движении наличности; 2. финансовый отчет; 3. стоимость реализованных
товаров; 4. общая финансовая смета; 5. отношение задолженности к собственному
капиталу; 6. коэффициент рентабельности; 7. доля заемных средств; 8. прибыль на
35
собственный капитал; 9. доход в расчете на акцию; 10. коэффициент прибыльности; 11.

отношение оборотного капитала к краткосрочным обязательствам; 12. коэффициент
ликвидности; 13. коэффициент "критической" оценки; 14. оборотные средства; 15.
оперативная смета.
А
1. Коэффициент критической оценки
2. Уравнение сбалансированности
3. Добавленная стоимость
4. Торговые издержки
5. Нераспределенная прибыль
6. Отчет о прибылях и убытках
7. Главная бухгалтерская книга
8. Бухгалтерский учет
9. Отчет о движении денежной наличности
10. Собственный капитал
11. Доход в расчете на акцию
12. Цикл счета
В
A. A financial statement that summarizes a firm's revenues and expenses and shows the flows
that occurred during a specified accounting period.
B. The amount that the firm has plowed back from profits over the years but has not paid out
in dividends.
C. Costs that are related to the firm's marketing activities.
D. The sequence of accepted procedures that accountants must follow over a specific period
of time.
E. A financial ratio that is calculated by dividing net income after taxes by the number of
shares of common stock outstanding.
F. The statement that shows the movement of money into and out of an organization.
G. A financial ratio that is calculated by subtracting inventories from current assets and
dividing the total by current liabilities.
H. The difference between a firm's assets and its liabilities; what would be left over for the
firm's owners if its assets were used to pay off its liabilities.
I. The process of systematically collecting, analyzing, and reporting financial information.
36
J. The value of the product sold by a firm less the value of the goods purchased and used by
the firm to produce the product; is equal to the revenue used for wages, rent, interest and
profits.
K. The book in which all the accounts of a business using double-entry bookkeeping are
contained.
L. The basis for the accounting process: Assets = liabilities + owners' equity.
1. A measure of liquidity that is obtained by dividing immediately cashable current assets by
current liabilities. (quick ratio)
2. A financial statement that summarizes revenues, expenses, and net profit or loss. (income
statement)
3. A measure of financial condition that is obtained by dividing one value on a financial
statement by another value. (financial ratio)
4. A measure of liquidity that is obtained by dividing current assets by current liabilities.
(current ratio)
Statement sales firm expenses payment operations income revenues
A firm receives payment for goods and services it provides to others. It also makes payments to
employees, suppliers, and others who have contributed to its operations. A firm receives its
revenues in payment from others over a period of time. They are mostly a flow of income from
sales by the firm. Resources that a firm uses up in the pursuit of revenues are expenses. Wages,
rent, and utilities are commonly incurred business expenses. The income statement is a useful tool.
Anyone can tell at a glance what the firm earned, what its main expenses were, and how earnings
and expenses compared to sales.

Искренко Э.В., Гайкова О.В., Торгашов В.И. - Basic Economic Terminology (Часть 2)

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МИНИСТЕРСТВО ОБРАЗОВАНИЯ РОССИЙСКОЙ ФЕДЕРАЦИИ

ВОЛГОГРАДСКИЙ ГОСУДАРСТВЕННЫЙ УНИВЕРСИТЕТ

КАФЕДРА МИРОВОЙ ЭКОНОМИКИ И МЕЖДУНАРОДНЫХ

BASIC ECONOMIC TERMINOLOGY

УЧЕБНО-МЕТОДИЧЕСКИЕ РЕКОМЕНДАЦИИ ПО КУРСУ

property economy money prices employment

ТЕМА № 14 DEPOSITORY FINANCIAL INSTITUTIONS

The central bank and the national economy.

ТЕМА № 15 SERVICES OF DEPOSITORY FINANCIAL INSTITUTIONS

Задание № 1. Дайте англоязычные эквиваленты следующим русскоязычным терминам.

1. электронная система перевода фондов; 2. банкомат; 3. ликвидность; 4. вексель на

Long-term loans specifically for the purchase of real estate

ТЕМА № 16 NON-DEPOSITORY FINANCIAL INSTITUTIONS.

6. Insurance company - a company to which most businesses or individuals transfer the

ТЕМА № 17 BANKING SYSTEM.

ТЕМА № 18 BUDGET AND FISCAL POLICY.

ТЕМА № 19 INVESTMENT AND SECURITIES.

3. Primary market - a market in which an investor purchases financial securities (via an

Задание № 1. Дайте англоязычные эквиваленты следующим русскоязычным терминам.

C. Types of selling securities

Задание № 2. Для русскоязычных терминов в колонке А найдите соответствующие им

Для специальности «Бухгалтерский учет и аудит»

ТЕМА № 21 ASSETS AND LIABILITIES.

34. Profitability- the possibility and ability of a firm to produce a profit.

Accounting is commonly defined as a comprehensive system for collecting, analyzing, and

ТЕМА № 23 THE INCOME STATEMENT.

собственный капитал; 9. доход в расчете на акцию; 10. коэффициент прибыльности; 11.

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