g. Which facts do you find most surprising? Did you know any of them already? If you know some more interesting facts about money share information with your groupmates.

Ex. 12. Read the text about Personal and Public finance paying attention to the words and phrases in bold and use them to retell the text.

PERSONAL FINANCE

There are a lot of things you can do with money! First, you need to earn money or make money - both of these verbs refer to receiving money from your work.

A bank is a financial institution which deals with money transactions. There are two main types of bank accounts. They are a current (checking) account and a savings account. The current (checking) account is one where you pay in your salary and then withdraw money (make a withdrawal) to pay your everyday bills. It is your debit card – a personal card with an individual number and your signature on it. You can also use your debit card to withdraw cash from ATMs (Automated Teller Machines) as well as make online purchases and money transfers. The bank sends you a regular bank statement telling you how much money is in your account. You may also have a savings account where you deposit (make a deposit) any extra money, that you have and only take money out when you want to spend it on something special. Of course, everyone likes to spend money, but it's important not to waste/squander your money. If money is tight (meaning you have very little money), you should make a budget - a plan for how much to spend on things every month - and then you need to stick to the budget. Otherwise, you might be broke by the end of the month! Someone who is "broke" has no money available. Sometimes banks allow you to withdraw more money than what is available in your account. This is called overdraft. You usually try to avoid having an overdraft or you end up paying a lot of interest. If your account is overdrawn, you can be said to be in the red (as opposed to be in the black or in credit).

A person who is financially savvy (intelligent, perceptive, and well-informed on the subject of money) will always save money. It's a good idea to have an emergency fund of at least 3-6 months of living expenses (the amount of money you use to survive in everyday life). You can also invest money in the stock market - you could make a nice profit, but there's also the risk of losing money if the economy goes downhill (starts to get worse).

When you buy (or, more formally, purchase) something in a shop, you usually pay for it outright: (in) cash / by debit card. If you pay for something by credit card (buy on credit)

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it means you acquire the item immediately, but you pay for it at a later date.

Let's say you want to purchase an expensive item like a car. If you haven't saved up money or set aside money for the purchase, you can borrow money from the bank (the bank may lend you money) - which is also called taking out a loan (a bank loan). You will have to show the bank your good financial standing. You need to prove that you have a regular job or some other reliable source of income. If the bank considers you a trustworthy borrower, it will issue a credit card which you can use to buy things such as a car. The disadvantage of this is that you'll need to pay the money back in installments - plus interest (extra money). If you decide to buy real estate, such as a house, you can take a mortgage loan. If you fail to pay the installments, the bank may confiscate your real estate in compensation for damages.

Every country has its own special currency. Every day the rates of exchange are published and you can discover, for example, how many dollars there are currently to the pound sterling. When you travel, you'll need to change/exchange money to be able to buy things with the local currency. Make sure to change money only at official locations like banks and travel agencies - otherwise, you could be tricked into receiving counterfeit bills (false paper money that is not legally valid). The money that you pay for services, e.g. to a school or a lawyer, is usually called a fee or fees; the money paid for a journey is a fare.

Finally, you can consider donating money (giving money without receiving anything in return) to a good cause, such as preserving the environment or researching cures for diseases. Non-profit organizations are always trying to raise money (get donations) for their various projects.

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PUBLIC FINANCE

The government collects money from citizens through taxes. Income tax is the tax collected on wages and salaries. Inheritance tax is collected on what people inherit from others. Customs or excise duties have to be paid on goods imported from other countries. VAT or value added tax is a tax paid on most goods and services when they are bought or purchased. Companies pay corporation tax on their profits. If you pay too much tax, you should be given some money back, a tax rebate.

The government also sometimes pays out money to people in need, e.g. unemployment benefit (also known informally as the dole), disability allowances and student grants (to help pay for studying).

A company may sell shares to members of the public who are then said to have invested in that company. They should be paid a regular dividend on their investment, depending on the profit or loss made by the company.
Ex. 13. Match the words with their definitions.

interest, mortgage, an overdrawn account, savings account, current account, pension, disability allowance, child benefit, grant, taxes, pocket money, salary, wages, rent, fares

1. a bank account with minus money on it

2. money paid towards the cost of raising a family

3. money given by the government for education, welfare, etc.

4. an account that is used mainly for keeping money

5. money paid to people with a handicap

6. money paid to people after a certain age

7. an account that cheques are drawn on for day-to-day use

8. money chargeable on a loan

9. a loan to purchase property

10. money parents give children every week

11. part of income paid to government

12. money from work, usually monthly or annually

13. weekly or monthly payments for your room, flat or house

14. money from work, usually hourly or weekly

15. money for transport, e.g. bus, train, taxi

Ex. 14. Complete the following dialogues with the correct form of the verb phrases below.

get £ 400 a week, earn pretty good money, make a lot more, get a pay rise

1. I’ve only just got enough to get by at the moment but fortunately I … next month.

2. She wears some lovely clothes, doesn’t she? – Yes, she bought a Porsche recently, so I guess she … .

3. How’s your new job? Does it pay well? – Not too bad. I … after tax.

4. My basic wage is only £ 200 a week, but I … because I do so much overtime.
Ex. 15. Choose the best word to complete each sentence.

1. 
   I lent Bill $20; he says he’ll pay / spend me back next week.
   
2. 
   Excuse me, it's none of your business how much money I get / make.
   
3. 
   Greenpeace raised / rose five million dollars to help preserve the Atlantic rainforest.
   
4. 
   How much of my income should I inherit / invest, and how much should I put into savings?
   
5. 
   I can't believe I ruined / wasted $10 on a calculator that doesn't even work!
   
6. 
   I didn't have enough savings to pay my college tuition, so I had to pick / to take out a student loan.
   
7. 
   Sometimes your employer can pay your salary by doing / making a deposit directly in your bank account.
   
8. 
   I really admire rich people who donate / sponsor a large portion of their wealth to charity.
   
9. 
   I try not to eat out at restaurants too often; I'm trying to keep / to save money.
   
10. 
    Let's exchange / replace money here at the airport so that we can get a taxi to the hotel.
    
11. 
    My son earned / won $50 for taking care of the neighbor’s dogs over the weekend.
    
12. 
    We need to give / to make a budget so that we don't end up spending more than we earn.
    

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Ex. 16. Match the halves.

1. She moved to a smaller apartment because money is	a) savvy; he has no clue where his money is going.
2. Greg inherited a	b) bills to buy some diamond jewelry.
3. I had to withdraw $500 from my emergency	c) broke and asks his friends to pay for his drinks.
4. Two men were arrested after trying to use counterfeit	d) expenses have gone down quite a bit.
5. A lot of lottery winners squander	e) fortune from his great-grandfather.
6. I moved back in with my parents, so my living	f) market, but I'd like to start investing – I need a financial advisor.
7.I know nothing about the stock	g) fund to pay for a dental treatment.
8. He's not very financially	h) all the money and end up with nothing.
9. Jonathan always says he's	i) that you borrowed last week
10. Hey, you still owe me the $5	j) tight at the moment.

Ex. 17. a. Complete the following dialogue with the words below.

cash change fill in ID sign

A: Yes. How can I help you?

B: I’d like to … some money.

A: Certainly. How much?

B: 700 euros in … .

A: Ok. Have you got any proof of … like a passport or driver’s licence?

B: No, sorry.

A: Well, in that case, I need you to … this form.

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B: Ok. Have you got a pen?

A: Can you just … here at the bottom?

B: Oh, right.

A: That’s fine. Here is your money and your receipt.

b. Practise the conversation with a partner.
Ex. 18. a. Complete the sentences with the following words.

account, a new account, a loan, banks, apply for, change, make, pay, transfer, my credit card

1. I’d like to open … .

2. I don’t have a bank … .

3. I’m thinking of changing … .

4. I’d like to take out … .

5. I need to cancel … .

6. I’d like to … a complain.

7. I’d like to … my PIN number.

8. I’d like to … some money from my account in Japan to my account here.

9. I’d like to … some money into my account.

10. I’d like to … a credit card.

b. With a partner discuss why the person wants to do these things. For example:

A: I’d like to take out a loan.

B: May be he wants to buy a car or he wants to go and study abroad for a year.

Track 4. Ex. 19. a. Listen to two people talking, and answer the questions.

1. What is Isabel doing?

2. Does she say it is easy or difficult?

3. Does Primo like the idea?

b. Listen again. Choose the most suitable answer.

1. Isabel is

a) writing out a cheque, b) writing an email c) paying bills through the Internet.

2. How does Primo feel about what she is doing?

a) Surprised. b) Uninterested. c) Enthusiastic.

3. Isabel says this system

a) saves you money. b) is good for the environment. c) is complicated.

4. Primo worries about

a) security. b) expense. c) wasting time.

5. Isabel agrees that

a) it's expensive. b) there are some risks. c) it is difficult.

6. When he goes to pay bills in Scotland, Primo sometimes finds it difficult to

a) work out the money. b) understand the cashier's accent. c) remember his ID number.

7. Isabel says her way

a) wastes money. b) is slower, c) saves time.

8. Finally, Primo

a) thinks it's a good idea. b) is uncertain. c) doesn’t like the idea.

c. What is your attitude to paying online? What do you pay for online? How often?
Ex. 20. Complete the sentences with the most suitable word(s) below.

loan interest credit card to do it attention paid bill back

1. 
   Sinead didn't have much cash, so she paid for the meal by ... .
   
2. 
   Ann spent much money last month and couldn't afford to pay the electricity … .
   
3. 
   Can I borrow €5O? I promise I'll pay you ... .
   
4. 
   Our TV needed repairing and we paid the technician £65 ... .
   
5. 
   The sales manager talked for an hour at the meeting, but few people paid much … .
   
6. 
   I've spent all my wages and I'll have to wait another two weeks until I get… .
   
7. 
   I don't want to ask the bank for a loan, as I'll have to pay a lot of … .
   
8. 
   Danil wanted to buy a new car, so he took out a ... .
   

Ex. 21. Complete the text with the words in the box.

cash cash machine cheque coins credit card currency debit card notes PIN number

In the past, when people needed 1)…, they used to go into their local bank and write out a 2) … . Now, you can go to a 3) … at any time of the day or night, type in your 4) … and get £100, in brand new £20 5) … . (Of course, if you need 6) … , you still need to go to the bank.) But who uses real money anyway these days? Most of the time, we pay by 7) … or 8) … . It's certainly the easiest way to pay when you're abroad and unfamiliar with the 9) … .

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