Lesson 3. Task 1. a)The word “FISCAL” finds its application in various fields of business activities:

Task 1. a) The word “FISCAL” finds its application in various fields of business activities:

Accounting Connected with the period of twelve months over which a government or a company prepares a full set of financial records, or part of this period

Task 2. Study the etymology of the word “FISCAL”.

Etymology:	FISCAL
Latin fiscus – “treasury”, originally “purse, basket made of twigs (in which money was kept)” → Late Latin fiscalis – “of or belonging to the state treasury” → Middle French fiscal → 1560s, “pertaining to public revenue”
The general sense of “financial” (1865, AmE) was abstracted from phrases like fiscal calendar, fiscal year.

Task 3. a) Make the difference between the following words.

  The words “fiscal” and “financial” are frequently confused. · “Fiscal” is related to government expenditures, revenues, and debt; while · “financial” refers to money in general, particularly finance, finances, or financiers, lending and banking, rather than narrowly to a treasury. For example: The government’s new fiscal policy has helped achieve price stability. The company’s financial condition has improved since the new management took over.

b) Translate into Ukrainian paying special attention to the words in italics.

1. Tokyo and New York are major financial centres. 2. The fiscal deficit is running at 7 per cent of GDP. 3. The firm has financial assets of $18,4 billion. 4. The government must impose fiscal discipline and reduce spending. 5. They offer independent financial advice on all types of mortgages. 6. More and more companies are facing a fiscal crisis. 7. It is clear that on every financial indicator the country is doing well. 8. Orders in the company’s fiscal third quarter dropped by 12%. 9. Fiscal policy is a tool of economic management by which government attempts to maintain a stable economy through its taxing. 10. Auditors have a critical role in the financial reporting process.

Task 4. a) Match the Ukrainian terms in column A with their English equivalents (column B).

A	B
1.фінансовий контроль 2.бюджетна програма 3.фіскальний податок 4.податкова поліція 5.фінансовий облік 6.фінансовий агент 7.податковий округ 8.фіскальне право 9.фіскальний чек 10.фіскальний рік	a)fiscal law; b)fiscal agent; c)revenue tax; d)taxable year; e)fiscal police; f)fiscal control; g)fiscal accounting; h)fiscal boundaries; i)fiscal programme; j)cash voucher; sales slip;

b) Look through Task 3 a) and say:

1. Which Ukrainian terms can be translated into English as “fiscal”?

2. Which equivalents does Ukrainian “фіскальний” have in English?

Task 5. Consider some meanings of “FISCAL”.

ADJECTIVE	NOUN
fiscal, more fiscal, the most fiscal	fiscal (plural fiscals )
фіскальний; казначейський; податковий; грошовий; фінансовий; бюджетний;	скарбник; збірник податків; податковий інспектор; прокурор (у деяких країнах); судовий виконавець; гербова марка;

Task 6. In the text below (Task 8) the word “YEAR” is used in different collocations. Can you explain the meaning of some of them given below?

1.government’s financial year; 2.accounting year; 3.income tax year; 4.statuatory year; 5.calendar year; 6.planning year; 7.previous year;

8.financial year; 9.current year; 10.budget year; 11.school year; 12.fiscal year; 13.tax year.

Task 7. Practice reading the following words.

1. accurate[`ækjərət] 2. align[ə`laın] 3. allow[ə`lau] 4. annual[`ænju ə l] 5. apply[ə`plaı] 6. Australia[O`streıliə] 7. budget[`bAGıt] 8. calculating[`kælkjuleıtıŋ] 9. calendar[`kæləndə] / [`kælənd^ər] 10. Canada[`kænədə] 11. China[`t∫aınə] 12. comparison[kəm`pærısən] 13. Congress[`kOŋgres] / [`kα:ŋgrəs] 14. congressional[kən`gre∫^ən ə l] 15. constitute[`kOn^tstıtju:t] 16. control[kən`trəul] / [kən`troul] 17. convenient[kən`vi:niənt] 18. Egypt[`i:Gıpt] 19. elsewhere[ֽels`weə] / [`els h wer] 20. entity[`entəti] 21. exception[ık`sep∫^ən] 22. financial[faı`næn^t∫^əl] 23. fiscal[`fısk^əl] 24. governed[`gAv^ənd] 25. government[`gAv^ənmənt] 26. hemisphere[`hemısfıə] / [`hemısfır] 27. Hong Kong[ֽhOŋ `kOŋ] / [`hα:ŋ kα:ŋ] 28. however[hau`evə] / [hau`ev^ər]

29. identical[aı`dentık^əl] 30. impoundment[ım`paundmənt] 31. income[`ınkAm] 32. Japan[Gə`pæn] 33. jurisdiction[ֽGuərıs`dık∫^ən] 34. legislation[ֽleGı`sleı∫^ən] 35. media[`mi:diə] 36. nendo[nendəo] 37. nevertheless[ֽnevəðə`les] 38. New Zeland[nju`zi:lənd] 39. notable[`nəutəb^əl] / [`noutəb^əl] 40. once[wAn^ts] 41. per[pə:] 42. period[`pıəriəd] / [`pıriəd] 43. to permit[pə`mıt] / [p^ər`mıt] 44. previous[`pri:viəs] 45. prior[`pra ı ə] 46. privatisation[ֽpraıvətaı`zeı∫^ən] 47. publicly[`pAblıkli] 48. purpose[`pə:pəs] 49. reference[`ref^ər ə n^ts] 50. require[ri`kwa ı ə] / [ri`kwaı^ər] 51. southern[`sAðən] / [`sAð^ərn] 52. statutory[`stæt∫utəri] / [`stæt∫ətO:ri] 53. taxable[`tæksəb^əl] 54. Tesco[`teskəu] / [`teskou] 55. thus[ðAs] 56. transitional[træn`zı∫^ən ə l] 57. yearly[`jıəli] / [`jırli]

Task 8. Read and translate the text.

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