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V. Replace the word combinations in brackets by their English equivalents. Try not to peep at the text:

  1. Ukraine is oriented to (ринкову економіку).

  2. The banking industry is undergoing (низку радикальних змін).

  3. That is why ( жодна банківська установа) can do without a financier.

  4. ( У порівнянні з) fiscal policy, monetary policy can change quickly.

  5. A financier should do everything possible (щоб запобігти) inflation and deflation.

  6. Banks, pension funds, (страхові компанії) and especially (фонди взаємодопомоги) – all these institutions need a financier (щоб працювати ефективно).

  7. A financier should know how to (вести бізнес) with international clients.

  8. The building of successful business relationships is (життєвоважлива частина) of any (справи).

  9. (Інакше кажучи), a financier should be a good (психологом).

VI. Interview your group mates about the profession of financier. The following questions will help you:

  1. Why is the profession of financier very important in our country?

  2. What does a financier deal with?

  3. What spurs a series of sweeping changes in the banking industry?

  4. Can a banking institution do without a financier?

  5. What is an essential part of national stabilization policy?

  6. What should a financier do concerning monetary policy?

  7. What institutions need a financier to work effectively?

  8. Should a financier know anything besides financial market?

  9. What helps a financier build successful business relations?

The following phrases will help the interviewee to fully disclose the topic:

To begin with… Перш за все…

In my opinion… На мою думку…

I am sure that… Я впевнена, що…

As far as I know… Наскільки мені відомо…

I cannot but agree that… Не можу не погодитись, що…

I fully agree with you here. Повністю з вами згодна.

It is not quite so! Це не зовсім так!

   Smile!

Taxes is a funny world. If you do wrong, you get fined – if you do right, you get taxed.

N.B! Think it over!

Finance is, as it were, the stomach of the country, from which all the other organs take their tone.

VIII. Read the Supplementary Text and summarize it:

In economics the word “investment” does not mean buying shares on the Stock Exchange or putting money into a savings account.

The word is used to describe the production of real capital goods. Investment takes place when capital goods are produced. Gross investment is the total output of capital goods during a giving period of time, usually one year.

But capital goods are always wearing out or becoming out of date. Some part of the total output of capital goods, therefore, will be required to replace the worn – out and outdated equipment. Depreciation describes the extent to which a stock of capital loses its value owing to wear and tear, and obsolescence (a machine is suffering from obsolescence when it can be replaced by a far more efficient machine).

Net investment is the annual increase in the total stock of capital. This will obviously be less than gross investment, because some of the new capital will be required to replace the outdated and worn – out capital. Therefore, net investment equals gross investment without depreciation.

The rate of net investment in a country is a very important item. It tells us the rate at which the country's stock of capital is increasing. Future productivity depends very much on the present rate of net investment.

Glossary

share акція

the Stock Exchange біржа

savings account банківський рахунок

real capital goods реальні товари виробничого призначення

gross investment валові капіталовкладення

to wear out зношуватись

to become out of date застарівати

wear and tear зношення

obsolescence застарівання

net investment чисті інвестиції

annual increase річний зріст

VIII. You are the participant of a student conference. Make a report to persuade the other students that your future profession is very important for the welfare of Ukraine.

Manager of Hospitality Industry