Методические указания и задания на контрольные работы для студентов заочного отделения по специальности 38. 02. 06 Финансы 2 курс
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ACCOUNTANCY IN A FREE-MARKET ECONOMY In a free-market environment, accounting provides a means for transmitting information about the performance of enterprises to those with an interest in it. The basic functions of accounting in a market economy are to measure economic activity of an enterprise and its profit, to show changes in its financial position and ensure that a fair report of the economic status and performance is made available to all those concerned. These functions are performed at two different levels. The accountants in the US communicate financial information to many people. What users need financial information? One branch of accounting, called managerial accounting, provides information that manager's use in making decisions within the firm. Other accountants prepare financial reports for outside users. This branch of accounting is known QS financial accounting. American accounting standards and objectives of financial statements fully meet the users' needs for useful information. The following basic principles ensure the provision of such information in the manner the market requires. First of all, accounts must be prepared on a going-concern basis. It means accounting is based on the assumption that the business will continue to operate. Besides, accounts must reflect the economic substance of the situation rather than simply its legal form. Other characteristics that make information useful for the users are relevance, timeliness, prudence, reliability, materiality, consistency and comparability. Though these concepts are recognized internationally, users of information often fail to get a true and fair view of business operations. In the present conditions, there is need to work harder to harmonize national accounting systems so as to make it easier for users to assess financial information, particularly taking into account growth of transnational corporations and increasing interdependence of financial markets. At a bank Mr. Creed: Good morning. What can I do for you, sir? Mr. Milton: Good morning. My name's Milton. I've got a small account in your bank, but I need some money. What I have in my deposit account is not enough. Mr. Creed: What's the balance of your account at the moment? Mr. Milton: About 3 thousand dollars. But I need 5 thousand to make a down payment for a car I'm going to buy. I've had a car accident - not through my fault - but my car's been completely written off. I need a car for my job. Mr. Creed: And what's your profession? Mr. Milton: I'm a salesman in a firm of electric home appliances. I have to travel around my sales, area, and I have to visit local salesmen. I'm planning to buy a car in installments. My question is this: can the bank give me a loan to cover the down payment? Mr. Creed: And was the last one your own car? Mr. Milton: Yes, I'd just finished paying for it. Mr. Creed: And isn't your employer prepared to help you in this particular case? Mr. Milton: Maybe he would be ... but I'd prefer to avoid asking him. Mr. Creed: How much is the car you plan to buy? Mr. Milton: 15 thousand dollars. Now I have to give a down payment of 5 thousand. Mr. Creed: And how must you pay the balance? Mr. Milton: In monthly installments of 500 dollars. Mr. Creed: How would you pay back the 5 thousand dollars to the bank? Mr. Milton: Monthly ... at the rate of, say, 250 dollars a month. I could probably manage larger payments in a few months. At the moment, however, things are a bit tight. Mr. Creed: Well, I'm afraid we wouldn't be able to give you a personal loan of this type. Nevertheless, we have an affiliated firm called Finloan who deal with matters like this. They can organize a loan against a monthly deduction from your salary. Mr. Milton: That's fine. I had hoped to do it directly with you, but I'll go to Finloan. Mr. Creed: We could probably have given you an overdraft of 2 thousand dollars since your salary is, as I see, paid regularly into your account. Alternatively we might have given you a short-term loan for 2-3 months. However, Finloan would be more appropriate and Mr. Wilkinson, the direc tor of Finloan, can help you. You can mention our talk. Mr. Milton: Well, thank you ... Good morning. Mr. Creed: Good morning, sir.
ВАРИАНТ 7 My plans for the future When you are about to leave school you understand that the time to choose your future profession has соmе. It's not an easy task to make the right choice. I have known for a long time that leaving school is the beginning of my independent life, the beginning of a far more serious examination of my abilities and character. I've asked myself a lot of times what I want to be when I leave school. A few years ago it was difficult for me to give a definite answer. As the years passed I changed my mind a lot of times about which science or field of industry to specialize in. It was diffi cult to make up my mind and choose one of the hundreds of jobs to which I might be better suited. Of course there are some factors you must consider when you choose your future profession. First of all, it must be interesting for you, because I'm sure that an exciting job is a component of happiness in life. Then, you must consider the problem of earning a living. The most fascinating job will bring no satisfaction if you starve or can't make both ends meet. And there is another very up-to-date problem - the problem of unemployment. So, you must choose a profession that will give you the opportunity of getting a good job in future. One more factor to be considered is stress. Stress is the mental strain which we feel when we have to cope with difficult, unpleasant or dangerous situations. And so, when we choose a profession we must take into account the health hazard. Some jobs involve a lot of stress because of the nature of the work. A construction worker, for example, working on a new building high above the ground, is in constant danger. Other jobs are much more relaxing. It's hard to imagine a gardener suffering from serious stress. All these factors have to be taken into account when choosing a future profession. But in spite of all this, there are people who choose harmful and stressful professions because, as a rule, they are better paid. A must for a well-paid job today is the knowledge of a foreign language. Several years ago, good knowledge of a foreign language allowed you to become a specialist - a translator or interpreter. But times have changed. Nowadays the knowledge of a foreign language is just a precious addition to a profession. And it's better if you know two or more foreign languages and a computer, as well. Then you have a very good chance of getting a good job with reasonable wages. After graduating school I'd like to continue my education in the (institute), and study economics. It's very interesting to study economics today because Russia is in a state of transition to a market economy. Economics as a science attracts me because it allows us to under stand the rules society is governed by. I'd like to know how banks are arranged and function, and also what inflation and deflation are, how international trade is arranged and how the rate of exchange is determined, what demand and supply are and what gives rise to economic crises. Many subjects are studied at the economics department and among them are microeconomics and macroeconomics, fiscal policy and credit, the money market and international trade. Deposit and savings accounts Many bank customers prefer having deposit accounts for which they get a higher interest as compared with current accounts. The main difference between the two types of accounts is that in the case of the deposit ac count the holder can withdraw cash only at a certain notice. In the United Kingdom the Banking Act 1987 specifies the protection of depositors. 75% of their deposits is protected if the bank should get into difficulties. The maximum protected sterling deposit is 20,000 Pounds Sterling. This means that the maximum amount depositors can get back from a bank is 15,000 Pounds Sterling. Foreign currency deposits are excluded. There are a few types of savings accounts in the practice of English banks. They are instant savings accounts, regular savings accounts, tax exempt special savings accounts and others. Instant savings accounts provide instant access but no cheque book. As to ATM cards they are often available on this type of account. Regular savings accounts require the customer to de posit a fixed or minimum sum regularly. In return, the interest rate is higher than with instant savings accounts. Only one or two withdrawals a year are permitted in the case of a regular savings account. But not all banks offer this product. Every Englishman over 18 can have a tax exempt special savings account (TESSA) and only one. Interest on the account is free of income tax. The account must stay open for five years. The maximum sum in a TESSA is 9,000 Pounds Sterling which can be accumulated by regular savings of up to 150 Pounds Sterling a month for five years or by investing a lump sum at the begin ning of each year. The maximum lump sum is 3,000 Pounds Sterling at the beginning of the first year, 1,800 Pounds Sterling for each of the next three years and a final 600 Pounds Sterling at the start of the last year. Withdrawals of interest are permitted, but these are subject to deduction of income tax at the basic rate. Withdrawals of capital may result in the complete loss of the. tax exemption. Each bank quotes the interest paid on its TESSA and states if it is to be credited monthly, quarterly or annually. Customers can transfer their TESSA to whichever bank is paying the most at tractive interest rate. Personal loans In England personal loans were introduced in 1958 by the Midland Bank and are now sold by all retail banks. There is a minimum amount for the loan, usually 500 Pounds Sterling, although at present Barclays still has 300 Pounds Sterling as its minimum personal loan. Borrowers wanting less are referred to the bank's credit , card operation where most cardholders have limits of at least 500 Pounds Sterling. The maximum amount of a personal loan is, by convention, 10,000 Pounds Sterling at present. Personal loans can be granted for a wide range of purposes, such as a car double glazing, a new kitchen, a small boat and even a holiday. There are a number of important features of personal loans. They are: 1. No security is taken. 2. The loans are granted at a fixed rate of interest, which is calculated on the original amount of the loan. 3. They require equal monthly repayments which help the family budget. 4. They mean free life assurance. If the borrower dies, the loan is cancelled. Thus they are not usually granted to people over 65 years old. Besides banks grant other types of loans to personal customers, such as: 1. Term loans, which can be used to buy an item, for example a boat. They require a certain security, e.g., a life policy or stocks and shares. 2. Home improvement loans, which would be for construction work, such as a two-story extension. And a certain security is required too. 3. Home loans or mortgages, which enable owners to buy the house in which they live. 4. Educational loans, to pay the fees for private education of the customers' children each term. В). 1. Я спешил в техникум, когда я встретил ее.
ВАРИАНТ 8 EATING OUT Although the English do not eat out as much as other Europeans do, there are many kinds of restaurants in England. Some of them are traditional restaurants where a waiter serves customers, and others are self-service restaurants. There are small restaurants and cafés which are very popular and crowded, especially during the lunch-hour, but it is getting more and more expensive to have meals there. At self-service cafeterias a customer serves himself, and he can get a meal more quickly and less expensively there than in other types of restaurants. But the most popular place "for a drink and a chat" has been and still is the famous English pub with its cosy and friendly atmosphere. People go to pubs not only for some beer or whisky, but to meet their friends and they often spend the whole evening there till closing time. AT THE RESTAURANT Once after the talks Mr. Stanley invited Borisov to have dinner at the restaurant in the West End. They came into the restaurant, took their seats at a table near the window and ordered cocktails. Borisov: Mr. Stanley, I've been staying in London only for a couple of weeks and I don't know much about English meals. Stanley: Well, if you like, I can give you a general idea about that. At breakfast we usually have bacon and eggs or sausages and, of course, a cup of tea. The English lunch consists of two courses: a meat or a fish course with vegetables and dessert. At 5 o'clock in the afternoon we have tea, often with a cake. Some people have their last meal which is rather big at 7 or 8 in the evening and call it dinner, while others have a small, late evening meal which they call supper. Borisov: Thank you, Mr.Stanley, that was rather interesting. Stanley Let's study the menu now and see what's on it tonight. Waiter: Good evening, gentlemen. Are you ready to order now? Borisov: I'm afraid I don't understand the names of all dishes on the menu, Mr. Stanley. Could you help me and recommend what to take? Stanley With pleasure. H-m-m, would you like mushroom soup? Borisov: No, thank you. I seldom eat soup in the evening. Stanley: Then you can order roast-beef with fried potatoes. It's a traditional English dish and it's usually delicious. Borisov: Fine. Waiter: How about you, sir? Stanley: Well, I'm pretty hungry. I'll start with chicken soup, then I'd like a steak with green salad, and bring us a bottle of red wine, please. Waiter: Would you like to order dessert now? There is a choice of fruit or ice cream. Borisov: I prefer fruit. Stanley: So do I. What about some cheese? Borisov: No cheese for me, thank you. Stanley: I think I'll have some. And we'll finish with black coffee, if you don't mind. Borisov: That sounds nice. Stanley Thank you, gentlemen. I hope you'll enjoy yourselves. Dollars The Dollar is the standard unit of the currency in the United States of America, issued by the Federal Re serve System, or by the Bureau of Engraving and Printing for the Federal Reserve System. The Federal Reserve System, established by Congress in 1913, is the central banking system of the USA. The country is divided into twelve Federal Reserve Districts and each District has its own Federal Reserve Bank. The activities of Federal Reserve Banks are coordinated through the Federal Reserve Board in Washington, D.C. The issues are authorized by the Secretaries of the Treasury of the Federal Reserve Districts. The currency, or Dollars, is then shipped to the twelve Federal Reserve Banks and their twenty five branches. By the way, until 1935 each Federal Reserve Bank is sued its own banknotes. If you have a look at the dollar you can tell which Federal Reserve Bank authorized it. The black Federal Reserve seal will say it. The name of the Bank is printed within the seal's border. The District's letter is in the centre of the seal and it also begins the two serial numbers in the upper right and lower left. The District's number appears at four places - on each side, placed above and below the centre. The twelve Federal Reserve Banks with their corresponding numbers and letters are listed below:
The dollars are quite strong and durable but when they are worn out with handling or damage the Federal Re serve System takes them out of circulation and destroys them. Life expectancy varies with the denomination:
The US Dollars is the most counterfeited currency in the world. Along with the paper used for making currency, the design incorporates numerous security features to deter counterfeiters. The border, the portrait, the red and blue fibers, embedded in the paper, the placement of seals and serial numbers, the intaglio printing and many others are security features which are aimed at discouraging counterfeiting. But now, advancements in colour copier, laser scanner and digital printing equipment require another step to protect the currency. The US Secret Service is doing its best to root out large-scale, professional counterfeiters. New security features are constantly developed to de fend the currency. Discounts, time of delivery J: We are interested in the imports of 500 units of transistor radios, Model 208, as shown on page 31 of the catalogue. Could you supply us with the goods? T: Yes, we could, no doubt. J: Good, but I have to tell you your price is too high in comparison with the prices quoted by other sellers. Can you reduce the price? We've got competitive offers at lower prices. T: I'm afraid, I can't. It depends on the quantity you are going to order. Could you increase the order? J: Yes. I could. If we increase the order to 1,000 units will you give us a 10 percent discount? T: Oh, yes, we will. J: What is the time of delivery of the goods? T: We can deliver the goods within 3 months. J: That's a rather long period. Could you ship them earlier? T: Yes, we could expedite the delivery a little bit. If we ship the goods by the end of March will it suit you. J: Yes, of course. Thank you. T: Then let's meet tomorrow and discuss a few other problems, if you don't mind. J: Yes, fine. Terms of payment, certificate of quality, spares J: What are you your usual terms of payment? M: Our terms are cash against shipping documents in Stockholm within 3 days after presentation of the documents. As we haven't had any dealings with your company before, you would have to supply us with a bank guarantee as a security of the fulfillment of the Contract. J: I see. And what is the quality of the goods? M: You'll receive our certificate of the quality of the goods. I must tell you the technical characteristics of the machine conform to SAA.E. Standards existing in the USA. J: I get your point. And what about spare parts for the cars? M: Don't worry, please. A set of guarantee spare parts will be dispatched along with the cars free of charge. J: Thanks. Give me, please, a catalogue of spare parts and a price-list. M: Here you are. (Mr. Martin hands over the catalogue and the price-list to Mr. Jones.) J: Thank you very much. We would also like to receive from you a specification of extra spare parts recommended by the manufacturing plant for the cars. M: No doubt, we'll ask the manufacturers to work out the specification as soon as possible.
ВАРИАНТ 9 A). THE ADVENTURE OF MY AUNT My aunt was a big woman, very tall, with a strong mind and will. She was what you may call a very manly woman. My uncle was a thin, small man, very weak, with no will at all. He was no match for my aunt. From the day of their marriage he began to grow smaller and weaker. His wife's powerful mind was too much for him: it undermined his health, and very soon he fell ill. My aunt took all possible care of him; half the doctors in town visited him and prescribed medicine for him enough to cure a whole hospital. She made him take all the medicines prescribed by the doctors, but all was in vain. My uncle grew worse and worse, and one day she found him dead. My aunt was very much upset by the death of her poor dear husband. Perhaps now she was sorry that she had made him take so much medicine and felt perhaps, that he was the victim of her kindness. Anyhow, she did all that a widow could do to honour his memory. She spent very much money on her mourning dress, she wore a miniature of him about her neck as large as a small clock; and she had a full-length portrait of him always hanging in her bedroom. All the world praised her conduct. "A woman, who did so much to honour the memory of one husband, deserves soon to get another," said my aunt's friends. Some time passed, and my aunt decided to move to Derbyshire where she had a big country house. The house stood in a lonely, wild part of the country among the grey Derbyshire hills. One evening, after she had sent away her maid, she sat by her toilet-table arranging her hair. Her eyes were fixed on her own reflection and reflection of her husband's portrait in the looking-glass. Suddenly it seemed to her that in the glass she saw one of the eyes of the portrait move. It gave her a shock. She moved the candle and while moving it she overturned her workbox. Then she took the candle and began without any hurry to pick up the articles one by one from the floor. She picked up something near the door, then opened the door, looked for the moment into the corridor as if in doubt whether to go and then walked quietly out. She hurried down the stairs and ordered the servants to arm themselves with anything they could find. She herself caught a red-hot poker and, followed by her frightened servants, returned almost at once. They approached the portrait of my uncle. "Pull down that picture", cried my aunt impatiently. The picture was pulled down, and from the hiding-place behind it, they dragged out a big black-bearded fellow with a knife as long as my arm, but trembling with fear from head to foot. He confessed that he had stolen into my aunt's room to get her box of money and jewels, when all the house was asleep. My aunt did not send for the police. She ordered the servants to draw the man trough the horse-pond in order to wash away his crimes, and then to dry him well with a wooden "towel". But though my aunt was a very brave woman, this adventure was too much even for her. She often used to say "It is most unpleasant for a woman to live alone in the country." Soon after she gave her hand to the rich gentleman of neighbourhood. (by Washington Irving) Income statement, profit and loss statement The income statement, or profit and loss statement measures performance of an enterprise. The bottom line of this statement is the net result of the operations of the enterprise in the reporting period. It reveals the change during the period in the equity of the enterprise resulting from its operations. Revenues Revenues are inflows or enhancements of assets (or reductions of liabilities) that arise in the course of the normal activities of the enterprise. The events that result in revenues and revenues themselves are referred to by a variety of names: including sales, fees, interest, dividends, royalties and rent. Expenses Expenses are outflows or depletions of assets (or additions to liabilities) that arise in the course of the enterprise's normal activities. The events from which expenses arise themselves are referred to by a variety of names, including cost of sales, wages and depreciation. An expense is recognized when it is realized that an expenditure does not produce future economic benefits. It is also recognized when a liability is incurred without the recognition of an asset. When it is possible to do so, expenses are recognized in the income statement on the basis of direct association between expenses incurred and the earning of specific items of income. The process is commonly referred to as matching of expenses with revenues. Gains and losses Gains are increases in equity that result from transactions that are incidental to the enterprise's activities and from other transactions, events or circumstances affecting the enterprise during a period, except those that result in revenues or equity contributions. Losses are decreases in equity that result from transactions that are incidental to the enterprise's activities and from other transactions, events or circumstances affecting the enterprise during a period, except those that result in expenses or distributions of equity. Gains are normally recognized when realized. Losses are normally recognized when realized or when it becomes evident that there is an impairment in the value of the assets, or an increase in the liabilities, to which the losses relate. Personal customers Various services are offered to personal customers by banks who earn the most part of their income as banks often claim. Banks take great care of their personal cus tomers taking into account their age, wishes and per sonal requirements. If personal customers are grouped by age these are the products banks may offer:
Thus, savings are popular with young and old, lendings and savings with those between the ages of 20 and 70. Discounts, terms of payment C: Taking into consideration all your objections we've decided to reduce our increase in prices from 10 percent as I told you recently to 5 percent now. R: Thank you. We have a few problem to discuss, haven't we? C: Yes, we have. R: And first comes the problem of payment, isn't? C: Yes, it is. R: What are your usual terms of payment? C: Our terms of payment are in US Dollars against shipping documents by a letter of credit with your bank for the full value of each lot shipped under the Contract. Each of credit is to be valid for 30 days. R: When is our company to establish the letter of credit? С: We prefer you to establish the letter of credit within ' 15 days on receipt of the notification of the readiness of the goods for shipment. R: Good. These terms suit us. В). 1. Вы много путешествовали, не так ли?
ВАРИАНТ 10
Climate in the USA The USA is the fourth largest country in the world, after Russia, Canada and China. Including the states of Alaska and Hawaii, the US covers an area of 9 millions square km. I am going to tell you about the climate in the USA. The United States has many kinds of climate. The weather ranges from the warm, wet conditions of the Appalachians to the semi-desert or desert conditions in some of the western states. It varies from southern Arizona and southern Florida, where almost there is no winter at all, to the territory of Montana, North Dakota and South Dakota, where there are long, very cold and severe winters. In other words, the US has practically all the climatic zones. The main land mass of the US is in the temperate zone. The climatic conditions of the country are determined by the great mountains and the wind. West of the Rocky Mountains, running all the way from the Canadian border to Mexico, there are vast areas where almost no trees grow. In this section of the country there are deserts, which receive as little as 12-13 centimetres of rainfall a year. Yet, west of the Sierra Nevada Mountains, there are places in which 250 centimetres of rain fall annually. It is one of the wettest places in the USA. There are all kinds of differences in the climate of the US. For instance, all along the western coast, the temperature changes little between winter and summer. In some places, the average difference between July and January is as little as 10 degrees Centigrade. The climate along the northern part of this coast is similar to that of England. But in the north central part of the country the temperature difference between winter and summer is very great - 36 degrees Centigrade and even more. The coldest days of January may be - 40 degrees Centigrade, and the hottest July days may be 45 degrees. In the eastern part of the US, the difference between summer and winter is also very distinct, but not so extreme. In the south-eastern corner of the country the climate is mild and spring is like winter, but in summer the temperature may be very high. Hawaii, the 50th state, is a chain of over 100 islands, lying in the Pacific and stretching from southeast to northwest for 2,575 kilometres. Although this state is located in tropical zone, its climate is favourable, because of the ocean currents that pass its shores and the winds that blow across the land from the northeast. The temperature usually remains close to the annual average of 24 degrees Centigrade. The situation in Alaska is different. In those parts of the state which lie above the Arctic Circle, Alaska still is a land of icebergs and polar bears. Ice masses lie buried in the earth, which is permanently frozen land to a depth of 90 or more meters. From early May until early August, the midnight sun never sets on this flat, treeless region, but the sun cannot melt the icy soil more than two thirds of a meter down. The Japan Current of the Pacific warms Alaska, and the Arctic cools it. The temperature may drop as low as - 43 degrees Centigrade in some places, and may drop to 30 degrees in others. In the north, in any given year, more than 11 meters of snow may fall. A deal Foreign exchange dealing transactions are really buying and selling bank deposits expressed in foreign curren cies. Besides this market includes all the small cheques, bills and drafts involved in international trade. Although the deposits in home and foreign currencies appear in the balance sheet of the bank, the actual trans actions do not In London such transactions can amount to many mil lions of pounds a day for a bank, when the sterling equivalents are calculated and, for London as a whole, the total can be as high as 90 bn pounds sterling a day! In London banks deal with each other using a broker who charges a small fee for putting buyer and seller in touch. Brokers also participate in rate finding process. All this serves to explore the intentions of major market participants. International deals are usually done between banks di rectly by telephone or telex. Here is a short telephone talk .specimen between two bank dealers: A. - Good morning. Vneshbank on the market. B. - Good morning. BankAmerica is ready on the market. A. - How are things with you? B. - Everything is O.K. And how are you doing? A. - Fine. Thank you. I hope we shall do good business today. B. - Likewise. And what's you offer? A. - We would like to place a deposit with your bank. Is it possible to do? B. - Why, certainly. For what term, in what currency and of what amount is it? A. - 100, 000, 000 American dollars for a month. B. -1 can offer you 325 per cent then. Do you accept it? A. - Yes, it suits me all right. B. - Thus we agree to open the deposit on 1 February and close it on 1 March at the rate of 325 per cent. A. - Please credit the deposit interest to our account with Credit Lionnais, New York. We would like to have the deposit automatically renewed with capitalization. This is our requirement. B. - Agreed. Business's done. Thank you. Good-bye. A. - Thank you. Bye-bye. Then the dealer usually fills out the purchase voucher which will contain the following information sold to: Bank America amount: 100,000,000.00 at rate: 325 per cent value: 1.3.95. to be paid to: their account with us proceeds: 325,000,000.00 to be paid to: our account with Credit Lionnais, New York The purchase vouchers are then transferred by a SWIFT message to the other bank involved in the business. English pounds sterling The English Pound Sterling is the standard unit of the currency of Great Britain. Pounds sterling are issued by the Bank of England, which is the central bank of the United Kingdom founded in 1694. The Bank of England started to issue English banknotes in 1921 after it took over the issue of notes from the Treasury. The Bank of England is a bank of issue and it is the only bank in the United Kingdom with the right to issue notes. Though some Scottish banks and some banks in Northern Ireland also have the privilege of issuing banknotes. But the extent of these issues is strictly limited. The Bank of England consists of two separate departments: the Issue Department and the Banking Department. The Issue Department concerns itself solely with the note issue. In the past the Bank of England could issue notes with out restriction provided they were backed by gold or silver. They bore the inscription "I promise to pay the bearer on demand the sum of..." which meant the banknotes were convertible into gold. But in 1931 En glish banknotes became inconvertible though they still bear the same inscription. Now all the note issue is fiduciary, they are not backed by gold or silver, they are based on faith. "Fides" is the Latin word for "faith". The issue of banknotes is backed only by Government securities. Thus they are fiduciary issues. In other words English banknotes are token money. The fiduciary issue is limited and any changes in its volume require the assent of Parliament. Temporary increases take place in the fiduciary issue every Christ mas and again in the summer when there is an increased demand for cash. At the present time the Bank of England issues banknotes of four denominations: 5, 10, 20 and 50 Pounds. In fact they are promissory notes of the Government. They are all legal tender which means that they must be ac cepted if they are tendered, or offered, in payment for something.
1. Мы пошли к церкви, где похоронен Шекспир.
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