Part Ⅰ Getting ready
The functions of money as a medium of exchange and a measure of value greatly facilitate the exchange of goods and services and the specialisation of production. Without the use of money, trade would be reduced to barter, the direct exchange of one commodity for another. In a money economy, the owner of a commodity may sell it for money, thus avoiding the time and effort that would be required in a barter economy. Money may thus be regarded as a keystone of modern economic 1ife.
A The following words and phrases will appear in this unit. All of them are related to money. Listen carefully and study the definitions.
1. savings account: a bank account which earn interest
2. checking account: a bank account which usually earns little or no interest and from which money can be taken out at any time by cheque
3. cheque / check: a written order to a bank to pay a certain sum of money from one's bank account to oneself or to another person
4. bank book: a book in which a record of the money one puts into and takes out of a bank is kept
5. traveller's cheque: a cheque bought from a bank or travel agency that can be exchanged for the money of the country one is in, used by travellers abroad
6. currency: the particular type of money in use in a country
7. invoice: bill; a document issued by a seller to a buyer listing the goods or services supplied and stating the sum of money due
8. transfer: move money from one bank to another
9. credit: put money into an account
10. convert: change from one currency to another
B Here are some short conversations which take place at banks. Please listen and then supply the missing words.
1. Man: I'd like to open a ________ and a ________ account.
Woman: Our minimum deposit for a savings account is ________.
Man: What is the ________ rate?
Woman: It's ________.
Man: Do you ________ for cheques?
Woman: Each cheque that you write will cost ________.
2. Woman: I'd like to ________ some money from my savings account.
Teller: First you'll have to ________ out one of these withdrawal ________.
Woman: Oh, no. It asks for my ________ number. I forgot my ________ book.
Teller: I'm ______ you'll need that first.
3. Man: Can I ________ a cheque here?
Teller: Do you have an account ________ us?
Man: Yes, I have a ________ account here.
Teller: Please write your account ________ on the back of the ________.
Man: Is that all you ________?
Teller: Could I see one more piece of ________?
Man: Will a driver's ________ do?
Teller: Yes. That'd be ________.
4. Man: I would like to ask about taking a ________.
Loan Officer: Do you have an ________ here.
Man: Yes, I've been a ________ here for several ________.
Loan Officer: How much do you want to ________?
Man: ________ dollars.
5. Clerk: Yes?
Man: I want to cash this _______ cheque.
Clerk: Do you have your ________?
Man: Yes.
Clerk: Thank you. ________ here, please. Here you are.
Man: Thank you.
C You are going to hear some currency codes. Write the appropriate currency code next to the name of the country.
Currency code Country Currency code Country
_____________ Holland _____________ Belgium
_____________ Great Britain _____________ Australia
_____________ Italy _____________ the United Sates of America
_____________ Canada _____________ Japan
_____________ Norway _____________ Sweden
_____________ Denmark _____________ Switzerland
_____________ Germany _____________ France
_____________ Spain _____________ the People's Republic of China
Part Ⅱ Using a bank account
Transactions carried out by any individual or firm engaged in providing financial services are called banking. In the broadest sense, a bank is a financial intermediary that performs one or more of the following functions: safeguards and transfers funds, lends or facilitates lending, guarantees creditworthiness, and exchanges money. A narrow and more common definition of a bank is a financial intermediary that accepts, transfers, and most important, creates deposits.
A You are going to hear a short passage about foreign exchange. Write down every word as a dictation. It will be read three times. In the first reading, you will hear the whole passage from beginning to end. In the second reading, you will hear a pause after each sentence or just part of a sentence. During the pause, you must write down what you have just heard as quickly as possible. You can check what you have written with the third reading.
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
_____________________________________________________________
B Alex is a university freshman. It's the first time for him to go to the bank to draw some money on his own. In this section, you are going to listen to a conversation between Alex and the cashier. While you listen, suppose you are Alex, and fill in the blank cheque according to the instructions given by the bank cashier.
Part Ⅲ Making phone calls to chase late payments
Cash payment is not popular in modern society. Banks are playing an important role in today's economy. A bill of exchange is preferred by more and more people. The most common bill of exchange is the cheque. But every coin has two sides, and banks are no exception. Sometimes something unexpected will happen.
A You are going to hear several phone calls about chasing late payment of invoices. While listening for the first time, focus on the key words, add more key words if you can in the left-hand column. After the second listening, complete the summaries of the phone calls in the right-hand column with the help of the notes.
Summary
Call 1
Paul Smythe _________ Mr. Martinez from __________ in the _______ about their _________. It was sent to Mr. Martinez on _________, but the __________ hadn't been ___________ even after more than _________ months Mr. Martinez promised to it and he would __________ Mr. Smythe in the_________.
Summary
Call 2
__________ called back ____________ in the afternoon and told him that the reason why the ________ couldn't be _________ is because Mr. Symthe's ____________ were ___________. Actually it was ___________ who made a mistake. He mistook ________ for ___________. So Mr. Martinez promised to ____________ the amount to the ___________ the ___________ day ___________ the bank opened.
Summary
Call 3
Mr. Smythe telephoned the __________ of the __________ to ___________ whether a ___________ had been ___________ from ___________. The account number was ___________ and the account name was dress was ______________, and the address was ___________. The ___________ was received on ___________ and the actual amount was __________. But Mr. Smythe was expecting a __________ figure of __________. So that's how it is. The money was transferred in ___________, so it had to be _________ into ________, and the bank charged __________ for the conversion.
B Now try this: listen to some more authentic versions of the phone calls.
Part Ⅳ More about the topic: E-money--Money of the Future?
The most important types of money are commodity money, credit money, and fiat money. The value of commodity money is about equal to the value of the material contained in it. Credit money is paper backed by promises by either a government or a bank, to pay the equivalent value in the standard monetary metal. Paper money that is not redeemable in any other type of money and the value of which is fixed merely by government edict is known as fiat money. But do you know what money will look like in the future?
The following short passage is about the latest money: electronic-money or e-money. Supply the missing words while listening.
Just _______: no ______ in your pants, no _____ in your wallet. To buy a coke, you simply ______ a card into the vending machine. You put __________ the same card to ________ a bus, _____ your laundry, or ________ a newspaper. You ________ value to the card by inserting it in an Automatic Teller Machine.
Such are the ________ cards scientists are developing. Some scientists call them chip cards. Some others call them ___________ purses, or simply e-money--money of the future.
A smart card goes a step _________ the magnetic card we use today. It is like a ________ disk or almost a tiny ________. It is a ________ device. Scientists intend such smart cards to ________ cash in our wallets.
Why cards instead of cash or cheque? Convenience, ________, and cost. Money _____ money. ________ it, accounting for it, and __________ it is expensive--whether the money in the form of _____, cheques, or ____________. Money wears out, cheques must be handled and _______. Credit cards must be manufactured. The amounts of transactions must be verified by phone.
Today's bills are problematic for ________ machines. Where a ________ coin is acceptable, a ______ coin will be _______. Modern vending machines ________ dollar ________, but remember, only perfectly ________ dollar bills, without ________ corners or wrinkled ________.
And one of the most important benefits of smart cards is that the card's ________ be verified and changed without going through a _______ system such as a ________ card has to. That will finally ________ smart cards ________ the favour of all users and in effect become the money of the ________, sooner than we ________.
part Ⅴ Memory test: Judy's Weekly Spending
Any medium of exchange that is widely accepted in payment for goods and services and in settlement of debts is money. Money also serves as a standard of value for measuring the relative worth of different goods and services. The number of units of money required to buy a commodity is the price of the commodity.
You are going to hear Judy describing what she spent money on last week (preferably only one time). Pay close attention to the prices, and add up in your mind how much money she spent. The monologue is followed by some questions . Listen and write down the brief answers as quickly as possible according to the notes you have taken while listening.
Part Ⅵ Reminder of key points in this unit
Verb & Verb Phrase Noun & Noun Phrase Other
Part Ⅰ charge savings account minimum
withdraw checking account appropriate
fill out deposit
cash interest rate
take out check / cheque
sign withdrawal form
withdrawal form
bank book
identification
driver's license
loan
customer
traveller's cheque
currency code
Part Ⅱ make out top right-hand corner on the left/right-
draw out amount hand side
bottom right-hand corner afterwards
signature in letters / numbers
right underneath
only
Part Ⅲ ring about invoice exactly
raise payment royal
follow bank detail manana
check account enquiry
get back to transfer
contact account name
look forward to partners
hear from estate
look into credit
transfer round figure
sort out credit charge screen
convert Spanish pesetas
conversion
Part Ⅳ insert e-money smart
pull out pant electronic
board vending machine magnetic
add value to laundry problematic
go a step beyond Automatic Teller Machine acceptable
intend chip perfectly
replace computer disk folded
handle memory device wrinkled
account for convenience in effect
wear out transaction
verify benefit
reject complex
win the favour of
Part Ⅴ supermarket a bit up from
petrol a couple of
pub from time to time
luxury not bad
