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Text 4 finance and financial system
Exercise 4.1 Study the vocabulary:
Exercise 4.2 Read and translate the text: Finance is the provision of money at the time when it is needed. It is a system of monetary relations leading to formation, distribution and use of money in the process of its turnover between economic entities. The financial system is the network of institutions through which firms, households and units of government get the funds they need and put surplus funds to work. Savers and borrowers are connected by financial intermediaries including banks, thrift institutions, insurance companies, pension funds, mutual funds, and finance companies. Finance in an economic system comprises two parts: public finance and finance of economic entities. Public finance is the provision of money (by the community through taxes) to be spent by national and local government authorities on projects of national and local benefit. It is a collective term for the financial flows and also the financial institutions of the public sector. Public finance has the following four functions: a) the provision of essential services; b) the encouragement or control of particular sectors of the economy; c) the implementation of social policy in respect of social services; d) the encouragement of the growth of the economy as a whole. The budget is an estimate of national revenue and expenditure for the ensuing fiscal year. When expenditure exceeds the revenue the budget has a deficit. In Ukraine, public finance is a sum of the budgets of all levels of subjects of the state, extra budgetary and reserve funds.
Exercise 4. 3Read the text and match the equivalents:
Exercise 4.4 Read the text and match word combinations from the text:
Exercise 4.5 Read the text and choose the right ending:
Exercise 4.6 Read the text and choose whether the statements are true or false: 1. Finance is the provision of money at the time when it is needed. 2. Finance comprises four parts. 3. Finance in an economic system which consists of public finance and finance of economic entities. 4. Public finance has four functions. 5. The essence of finance is shown in its functions. 6. The major instrument of any financial system is taxation. 7. The budget is an estimate of national revenue and expenditure for the ensuing fiscal year. 8. In a market-oriented economy the taxation is the most important tool for achieving national priority. 9. Finance and money have identical substance. 10. When the revenue exceeds expenditure the budget has a deficit
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