Task 1. Complete the text with the words in the box. Task 4. Choose the correct variant

LESSON 9

Task 4. Choose the correct variant.

Letter 2.

Dear Sirs,

We have pleasure in informing you that tenders (1) design works and construction of the Millenium Dome will be held next month.

If you wish (2) in the tender, please, send (3) information on the projects, constructed with your assistance.

Will you, (4), note that the bidding (5) is set for 20 th June 2002.

The tender documents will be sent to you on receiving your (6).

a. us relevant

b. favourable reply

c. to participate

d. deadline

e. for carrying out

f. please

1. E-commerce has encouraged a new generation of … to set up new companies.

a) workers

b) engineers

c) businessmen

d) entrepreneurs

2. Increased counterfeiting affects the brand owners future ….

a) balancing

b) potential

c) finance

d) profitability

3. … we learn the rules … is to write our tests.

a) The more, the easier

b) The most, the easiest

c) Most, easiest

d) More, easier

4. I can’t rely on my cousin. He always … all the documents.

a) loses

b) is losing

c) lost

d) was losing

5. The president says the Parliament ….

a) had been dissolved

b) are dissolved

c) was being dissolved

d) has been dissolved

6. She told me she … come later.

a) will come

b) comes

c) would come

d) came

7. Candidates … leave the room during the exam.

a) needn’t

b) could

c) couldn’t

d) may not

8. If he relaxed more, he … not be so stressed.

a) will

b) would

c) was

d) were

9. If we want this meeting finished soon, we … to hurry.

a) have to

b) had to

c) will have to

d) won’t have to

10. The corporation … by his grandfather was sold last week.

a) founded

b) to found

c) founding

d) found

1. return	5. demand	9. unique	13. fraction	17.intermediaries
2. rates	6. loans	10. functions	14. liabilities	18. earn
3. payments	7. source	11. equal	15. borrowers	19. reserve
4. zero	8. issue	12. withdraw	16. interest	20. depositors

Banking sector.

Banks perform two crucial (1). First, they receive funds from (2) and, in

(3), provide these depositors with a checkable (4) of funds or with interest (5). Second, they use the funds that they receive from depositors to make loans to (6); that is they serve as (7) in the bor­rowing and lending process.

When banks receive deposits, they do not keep all of these deposits on hand because they know that depositors will not (8) all of these deposits at once. Instead, banks keep only a (9) of the deposits that they receive. The deposits that banks keep on hand are known as the banks' reserves. When depositors (10) deposits, they are paid out of the banks' reserves. The (11) re­quirement is the fraction of deposits set aside for withdrawal purposes. The reserve requirements is determined by the nation's bank authority, a government agency known as the central bank. The central bank is

(12) in that it is the only bank that can (13) currency. Deposits that banks are nor required to set aside as reserves can be lent to borrowers, in the form of (14). Banks (15) profitsby borrowing funds from depositors at (16) or low rates of (17) and using these funds to make loans at higher (18) of interest.

The balance sheet summarizes the bank's assets and (19). Assets are valuable items that the bank owns and consist primarily of the bank's reserves and loans. Li­abilities are valuable items that the bank owes to others and consist primarily of the bank's deposit liabilities to its depositors. A banking firm's assets must always

(20) its liabilities.

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