Unit 7 Money matters 7.1 Financial Terms vocabulary Add the missing words to the following sentences. Banks ……. your account when you use a Euro-check abroad. Few companies pay their shareholders a regular ……. ……. Can result if you have no more income to pay all your debts. Our customers get reminders on ……. payments. People with large incomes or ……. Can always get credit from a bank. Banks ……. Very high rates of interests on credit loans. Suppliers expect their ……. To be paid promptly. A firm’s costs include wages, interests and also ……. Although we have paid our bills regularly, we still have some outstanding……. We hope to increase our profits for this ……. Year. Our profits are very small despites a large ……. The increase in ……. Will not change price policy. Every year a company must allow for ……. In the value of its machines and buildings. 7.2 Numbers and figures Speaking &listening First you should read out each set of numbers and words below. On the recording you will someone reading out each set of numbers and words in the way in which they are spoken in English. Listen to the recording and compare it with your own reading. Around ￡250 worth of the shares on offer You can apply for 100 shares at a cost of no more than ￡150. Sterling showed a 5 point gain at $1.3985. 58*72cm 44.5 *17cm @DM98 per 100 26.8%, 47.2%, 29.9% About ￡3.66 which works out at 19.5% per annum 31/4 * 2 1/4 $2.2 bn a year, 1,700 465,283 10.75% Invoice No. R312O/SCK Invoice No. 007059 Tel.No. 0044 533 125697 B. Now you will hear someone reading out the report below. Write down the numbers in the gaps as you hear them. Profit before tax ______was ahead by ______ on turnover of _______, up by _____. We must allow for the _____ review of chemists’ labor and overhead costs, as well as the net impact of currency fluctuations. Adjusting for these, profits were ahead by _____ on turnover up by _______. Retail division turnover at ____ increased by ______, and profits at _______ were up by _____. UK sales and profits increased by _______ and _______ respectively, before property disposal surpluses. Industrial Division achieved sales of ______, an increase of ______, with profits of ______, ahead by _________. At comparative exchange rates these increases become _______and ______respectively. The UK retail sales increased by ______from an unchanged sales area. 7.3 The Co-operative Bank Reading Read this article and fill each gap below with one word. The COOPERATIVE BANK Do you object to countries that deny People their Human rights? Help cut off the money supply from oppressive regimes Countries that deny their citizens human rights have to get their money from somewhere if they are to survive. But deprive them of the ability to borrow, attract international investment or process cash and they simple cannot function. Because the hard fact is that money really does make the world go round. And stopping the money from getting to these types of countries can help exert pressure for change. Which is why the co-operative Bank has taken a stand. We now refuse to invest in such regimes. With thee Co-operative Bank you know you won’t be supporting them The co-operative Bank believes a financial institution should not do more than simply express concern about such countries. We believe we should actively support those involves in combating these unacceptable regimes. Which is why our Ethical Policy clearly states that we will not invest in any country that oppresses, tortures or takes away human rights, nor will we finance the manufacture of weapons for such regimes. And that’s why all our customers know their money is not used to back them. Who we are ____ and what we stand for The co-operative bank has always stood for socially responsible values it was first formed in the early days of co-operation back in the 11870’s. Our Ethical policy was formally announced in 1992, but this was simply following our Bank’s traditional outlook and values first established over 100 years ago. In addition to refusing investment in oppressive regimes, it also makes clear: We will not finance companies that needlessly damage the environment We will not invest in businesses involved in animal experimentation for cosmetic purposes We will not support any organization involved in blood sports or companies using exploitative factory farming methods We will not provide financial services to tobacco product manufacturers. We will not use our finances to speculate against the pound. We will actively seek out individuals, commercial enterprises and non-commercial organizations who have a complementary ethical stance. Where your bank can really make a difference Switching your current account to be the cooperative bank is simple. And it won’t just give you the security of knowing exactly where your money goes. It will give us the support to challenge many accepted---but unacceptable----financial practices for the first time and exert a real pressure for change. Time to stand up and be counted The co-operative Bank believes it’s time to take a stand. We’re making our ethical stance clear. We’re making our principles plain. If you would like to do the same, simply return this request form or phone us on 0800 828 000 find out what you could gain by banking with us. Governments which can’t get money will not __________. The co-operative Bank will not _________ in countries with oppressive governments. The bank intends to _________ people who oppose such governments. The bank was founded in the ________, but its new ethical policy wasn’t made public until _________. The bank refuses to invest ion companies that share its _________. The bank tries to invest in companies that share its _________. The bank’s funds are not used to ________ against the pound. When you put your money in _____ banks you don’t know ________ your money is going. 7.4 Prepositions Fill each gap with the correct form of the verb, adjective or noun+ preposition from the list below. Company turnover has been so good that we shall be able to invest in some new production equipment. We are one of a large number of firms which are ________ environmentally safe projects. This uncertainty about oil prices could ________ our plans for expansion. The accounts manager asked the auditors to ________ the annual figures first. Our marketing department is encouraging customers to ________ their old machines and buy replacements. If you are dealing with the French orders be sure to ________the Duchamp order over all others. In many countries the price of a car is ________ten years’ wages for a worker. Most enterprises supplied by BEC ________ their product. Our company has been ________ the same bank for 30 years now. Our overseas customers usually ________ damage or loss at sea just to be safe. 7.5 Taking a message ---numbers listening You’ll hear four people on the phone repeating or “reading back” from their notes information, especially the numbers; they have just been given on some invoices. Listen to the recording as many times as you need in order to write down the information. Listen to each section, stop the recording and fill in the relevant information in the invoice forms below. Then start the recording again. The first invoice is partly filled in for you. References 7.1 Financial terms 1. debit 2. dividend 3. bankruptcy 4. overdue 5. assets 6. charge 7. invoice 8. overheads 9. debts 10. financial 11. turnover 12. inflation 7.2 Numbers and figures B. The missing figures are underlined. Profit before tax at ￡210.4m was ahead by 10.6% on turnover of ￡2,126.1m, up by 4.6%. We must allow for the 1995 review of chemists’ labor and overhead costs, as well as the net impact of currency fluctuations. Adjusting for these, profits were ahead by 12.8% on turnover up by 7.3%. Retail Division turnover at ￡1,832m increased by 4.2%, and profits at ￡130.7m were up by 11.1%. UK sales and profits increased by 5.5% and 10.6% respectively, before property disposal surpluses. Industrial Division achieved sales of ￡409.4m, an increase of 5.7%, with profits of ￡66.6m, ahead by 3.7%. At comparative exchange rates these increases become 11% and 15.6% respectively. The UK retail sales increased by 5.5% from an unchanged sales area. 7.3 The Co-operative Bank 1. survive 2. invest 3. support 4. 1870s 1992 5. bad/harmful 6. beliefs / policy / values 7. speculate 8. other where 7.4 Prepositions 2. involved in 7. equivalent to 3. interfere with 8. have confidence in 4. have a look at 9. dealing with 5. dispose of 10. insure against 6. give priority to 7.5 Taking a message – numbers 1. Qty Description Unit Cost 26 Model 4 Phasers $14.25 Type 4/7A Invoice No. 1450468 Job Reference 287456398 Marks & Numbers HAWB 13576 Qty Description Unit Cost 250 Artemis Type 66A $58.75 plus batteries Invoice No. GR 375 Job Reference 91/754 Marks & Numbers 1 package Qty Description Unit Cost 100 Type 4479 44 x 72cm $22.35 sheets heavy paper Invoice No. 98645 Job Reference 365776 Marks & Numbers 3 packages Qty Description Unit Cost 475 Type D89 switches DM 5 Transcript 1. Can we just go through that once more, please? That was invoice number 5968. And the job reference is 177205039. And it was 26 Model 4 Phasers, type 4/7A. At a unit cost of 14 dollars and 25 cents. Good, I think I’ve got all that. Goodbye till next time. Thank you. 2. I’d just like to check that again. That’s 250 Artemis Type 66A plus batteries. At a unit cost of 58 dollars cents. And it was invoice number 1450468. And the job reference is 287456398. And, most important, of course, under the marks and number of packages heading: H-A-W-B 13576. Good, I think that’s all then. Goodbye till next time. Thank you. 3. I’d just like to check that once more, please. That’s 100 sheets of type 4479 44 by 72 centimeter heavy paper. At a unit cost of 22 dollars and 35 cents. And it’s invoice number GR 375. And the job reference is 91/754. Then under the marks and number of packages heading: 1 package. Good, I think that’s all then. Goodbye till next time. Thank you. 4. Can we just go through that once more, please? This is invoice number 98645. And the job reference is 365776. Let’s see, that was 475 Type D 89 switches. At 5 deutschmarks each. And, under the marks and number of packages heading: 3 packages. That’s it then. Right, thank a lot.