Banking, finance and accounting

2101

Banking, finance and accounting

Edward Thomas

 Nahoru1. BANKING

Correct answers are here¹

A) Billy was surprised to find that his …………………………… …………………………… had been …………………………… with €100,000 more than he expected. His employers had made a mistake with his monthly wage.

B) Each month I …………………………… about € 2,000 into my account, but I …………………………… about the same amount

C) I want to …………………………… some money in a new business. I'll …………………………… some from my friends and some from my bank.

D) Banks …………………………… money to customers at certain rates. Sometimes they agree a borrowing limit when an account is opened called an …………………………….

E) When you are thinking of investing money in a business, pay careful attention to the balance of …………………………… against ……………………………. This tells you how healthy a company's finances are.

F) British people used to …………………………… more money than they do today - these days they are encouraged to …………………………… it all to keep the economy growing though retail sales.

G) I think it would be better to put your …………………………… in a …………………………… …………………………… rather than keeping them in an old sock under your bed!

H) My investment in this company is adding so much to the …………………………… column of my portfolio of shares that I am thinking of …………………………… from it.

Correct answers are here²

 Nahoru2. BANKING BARBARA, THE PERSONAL FINANCE AGONY AUNT...

Question: „Dear Barbara, I am a young person who wishes to open a bank account for the first time, because I'm nervous about where to keep the money I am getting for my part-time job. Please tell me what to do. I am lost!”

Answer: „Don't panic! One thing I've noticed is that young people often have very different ways of dealing with the first money they earn. When I was young, I and my friends used to earn money from little jobs like babysitting. Some of my friends couldn't wait to go shopping and 1. …………………………… all their money as soon as they had it.

Others were very disciplined and 2. …………………………… every penny they made. I like to think that I found a good approach when I opened my own 3. …………………………… …………………………… while at secondary school. (Actually, I already had a special 4. …………………………… …………………………… that my grandparents had opened for me when I was born. I put birthday and Christmas gifts from them and other relatives into this account to 5. …………………………… for special purchases, like a new computer. All or part of my baby-sitting earnings could be 6. …………………………… directly into my new account.

I really enjoyed managing my own money. Because of the bank account, I found I was more likely to 7. …………………………… a larger amount of my earnings.

If you like the idea of starting your own bank account, the first thing to do is call around to your local banks, or visit their websites. Most of them have accounts that do not charge monthly i) maintenance fees. Try to find a bank without ii) charges for iii) withdrawals you also need to decide how much you will deposit in the bank every month.

Another thing you need to look at is whether you need to keep a minimum iv) balance in the account – for example €100 to avoid maintenance fees.

If you're older, and living away from home, for example at university, you should also see if the account offers an 8. …………………………… v) facility, and if so, is it free?

While you're doing this, you can try to find an account which pays a reasonable amount of vi) interest. This can be difficult when you open a current account, as these offer very little interest. Savings accounts though may not let you access your money quickly.

When you open your account, you should make sure you receive a vii) debit card, ix) cheque book, and a book of x) paying-in slips. You will receive a xi) pin number which you will need to memorise. You can change it to something memorable, like your first pet's name, or something!

These days, you will also receive a password for an internet site where you can check your balance at any time. You can do a lot of things by internet now- depending on your bank's level of modernisation. The one thing you should make sure is that you learn the location of a few xii) cashpoints, so that you can 9. …………………………… money in cash form quite easily. Oh, and don't forget to look out for your detailed monthly xiii) statement which details all the 10. …………………………… and 11. …………………………… to and from your account, which can make interesting and important reading!

That's really all you need to know at present. Happy personal banking!”

Correct answers are here⁴

 Nahoru3. (NON-) COMMUNICATION LEAFLET