unit 7

nullUnit 7 FinanceUnit 7 Financehttp://www.dutpgz.cn世纪商务英语综合教程 III大连理工大学电子音像出版社MarketingMarketinghttp://www.dutpgz.cn Finance studies and addresses the ways in which individuals, businesses, and organizations raise, allocate, and use monetary resources over time, taking into account the risks entailed in their projects. The term finance may thus incorporate any of the following: The study of money and other assets; The management and control of those assets; Profiling and managing project risks; As a verb, “to finance” is to provide funds for business.ContentsContentshttp://www.dutpgz.cnLead-inLead-inLead-inText AText BReal Life PracticePractical Writinghttp://www.dutpgz.cnLead-inLead-in1 Listening Two students are talking about monthly expenses. Listen to the conversation and choose the best answer for each question.http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing1. What is the man’s problem? A. He has no job. B. He lacks money. C. He has no income. 2. What is the relationship between the two speakers? A. Friends. B. Mother and son. C. Brother and sister. 3. Which sentence can best describe Dave’s current situation? A. He has a great job and has enough money. B. He has a decent job, but he’s looking for a new one. C. He is in debt and is trying to borrow some money.1√2√3√Lead-inLead-in1 Listening Two students are talking about monthly expenses. Listen to the conversation and choose the best answer for each question.http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing4. How would you describe Dave’s apartment? A. A small place with a nice view of the city. B. A big apartment that includes cable TV. C. A cheap apartment outside of the downtown area. 5. Why does Dave spend so much on food? A. He hires a cook. B. He often eats at restaurants. C. He buys foods that can be prepared at home. 6. How much does Dave spend on entertainment? A. Around $700. B. About $400. C. About $500.4√5√6√Lead-inLead-in1 Listening Two students are talking about monthly expenses. Listen to the conversation and choose the best answer for each question.http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing7. What does Nancy suggest Dave do to reduce expenses? A. He should stop using the credit card. B. He should move back home. C. He should stop spending money on entertainment. 8. Why does Nancy ask Dave to pay her $50? A. Because Dave owes her $50. B. Because her financial advice is worth $50. C. Because Dave owes her $30, and her financial advice is worth $20.7√8√Lead-in Lead-in Dave: Hi, Nancy, could I borrow a few bucks until payday? I’m a little short of cash. Nancy: Uh, yeah, I guess, but I’m also short myself, and you still owe me $30 from last week. And dad and your friend Ron said you borrowed money from them this past week. Dave: Oh, yeah. Nancy: How are things going anyway, Dave? Dave: Well, not very well. To be frank, I’m really in the hole, and I can’t seem to make ends meet these days. Nancy: What do you mean? I thought you got a great job recently, so you must have enough money. Dave: Well, I do have a job, but I’ve used my credit cards to pay off a lot of things recently, but now, I can’t seem to pay the money off. Nancy: Uh, do you have a budget? I mean, how do you keep track of your income and expenses? Tape ScriptLead-in Lead-in Dave: Well, when my money runs out, I come to you, of course. Nancy: Oh, great. Dave: No, but I guess I should have some financial plan. Nancy: Well, let me see if I can help you. How much money do you spend on your apartment? Dave： Uh, I pay $850 on rent for the apartment downtown... not including cable TV. But the place has a very nice view of the city. Nancy: Uh, $850! Why are you paying so high a rent for such a small place when you could find a cheaper one somewhere outside of the downtown area? Dave: Yeah, I guess. Nancy: Okay. How much money do you spend on food a month? Dave: Hmmm. I’m not really sure. I think I spend around $700. Tape ScriptLead-in Lead-in Nancy: $700?! Dave: Well, I go out to eat at least five times a week, so those expenses add up. I just don’t like eating alone, and I cannot cook as you do. Nancy: Well, I can understand that, but perhaps you should buy some microwaveable foods you could prepare at home. Dave: Well, I guess I could. Nancy: And entertainment? Dave: Well, I spend a few dollars here and there on football and movie tickets, a concert or two, and ballroom dance lessons. Nancy: Uh, exactly how much do you spend on all of these? Just a “few” dollars? Dave: Well, oh... about $400 or so. Nancy: Or so? No wonder you’re having money problems. You can’t just blow your money on things like that! And what about transportation? Tape ScriptLead-in Lead-in Dave: Oh, I commute to work every day in my new sports car, but I got a great deal, and my monthly payments are only $500. Come outside and take a look. We can go for a drive! Nancy: No, I’ve heard enough. You’ve got to reduce your spending, or you’ll end up broke. I suggest you get rid of your credit cards, move to a cheaper apartment, cut back on your entertainment expenses, and sell your car. Take buses from now on. Dave: Sell my car?! I can’t date without a car. What am I going to say? “Uh, could you meet me downtown at the bus stop at 7:00?” Come on! Nancy: And you need to create a budget for yourself and stick to it, and start with paying off your bills, starting with me. You owe me $50. Dave: Fifty dollars! Wait, I only borrowed $30 from you last week. How did you come up with $50? Nancy: Financial consulting fees. My advice is worth at least $20! Tape ScriptLead-inLead-in2 Discussionhttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical WritingWhat is your usual monthly expense? How about your family? Write a list of your expenses, and figure out how much money you spend on each area, and what percentage of your income pays for each. 3 ListeningDo you know what “refinance” means? Listen to the paragraph and write down the definition of the word. Give another example to explain the word. Refinance: Refinance means replacing an older loan with a new loan offering beter terms.______________________________________________________ ______________________________________________________Lead-in Lead-in Refinance means replacing an older loan with a new loan offering better terms. For example, Michael owes $100,000 at 12% interest on a loan with 15 years left, borrowed 10 years ago. Current interest rates for 15year loans are 6%. Michael can refinance and reduce his payment from $1,200 per month to $844 per month. Tape ScriptLead-inLead-in4 ComprehensionWhat are the advantages of refinancing a mortgage or student loan at a lower interest rate? Read the passage and choose the best answer for each question. http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing For many homeowners, refinancing their home mortgages can provide numerous financial benefits over the long run. First, you can lower your monthly mortgage payments by taking advantage of lower interest rates. This amount can be significant depending on the market rates. Second, refinancing your mortgage can provide you with additional funds to finance other home improvements, like repairing the leaky roof, adding a garage, or building a warehouse. Lead-inLead-in4 Comprehensionhttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing Furthermore, by refinancing, you can greatly reduce the length of your loan. After several years into their mortgages, people often can earn more money than when they first bought their houses, and thus, have extra money to pay off their loans quicker. However, for some people, refinancing their mortgages just makes sense, providing a cushion in case of a financial crisis due to loss of employment or a medical crisis. Whatever you do, be sure to gather all the facts about refinancing to make the best, and informed decision that will meet your current and future needs. Lead-inLead-in4 Comprehensionhttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing1. What type of loan refinancing does this passage talk about? A. Student loan. B. Business operation. C. Home mortgage. 2. You can lower your monthly mortgage payments by ________. A. paying off part of your loan with your savings B. reducing your expenditures C. securing a new loan at a lower rate 3. Refinancing your mortgage can provide you with the financial resources to____________. A. take out other loans B. pay for other home improvements C. reduce your long-term debt1√2√3√Lead-inLead-in4 Comprehensionhttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing4. Why is it sometimes possible to reduce the length of a loan? A. Other investors can pay off the loan for you. B. Increased income over time can help you make greater payments. C. You can sell your property. 5. Finally, refinancing a mortgage can help relieve the financial difficulty caused by ________. A. economic crises B. loss of a job C. destruction of personal property4√5√Text AText A Reading Comprehension Vocabulary Translation Part 1 Part 2 Part 3 Part 4http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing Sumplementary Reading Part 5 Discussion Part 3Text A ReadingText A ReadingRead the passage about finance and answer the following questions.1. What activity is involved in finance? 2. How can an entity raise capital? 3. What is the main function of a bank? 4. What is a company’s capital structure? 5. What is the significance of finance for a new enterprise? http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical WritingText A ReadingText A ReadingNew Words and Expressions entity [5entIti] n. 实体 affair [E5feE] n. 事务,事件 expenditure [Ik5spendItFE] n. 支出,花费 equity [5ekwIti] n. (公司偿付债务后的)财产净值 claim [kleIm] n. 所有权 equity claim n. 权益要求权 intermediary [7IntE5mi:diEri] n. 中介,媒介 bond [b?nd] n. 债券 pocket [5p?kIt] v. 捞取(钱财) aggregate [5A^rI^eIt] v. 聚集,集合 deposit [dI5p?zIt] n. 存款;保证金 compensator [5k?mpEnseItE] n. 补偿者 pay back偿还(借款) investor [In5vestE] n. 投资者 ownership [5EJnEFIp] n. 所有权,物主身份 net [net] a. 净余的,纯粹的 liability [7laIE5bIlIti] n. 债务,负债 balance [5bAlEns] n. 结余,余额 balance sheet n. 资产负债表 equity financing n. 股权融资 debt financing n. 债务融资 liquid asset n. 流动资产http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical WritingText A ReadingText A ReadingFinancehttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing 1 The activity of finance is the application of a set of techniques that individuals and organizations (entities) use to manage their financial , particularly the differences between income and expenditure and the risks of their investments. affairsaffair n. 1)［pl.］ things connected with one’s personal life, financial situation etc  His financial affairs are in bad condition. 2)［pl.］ public or political events and activities  No country can interfering in other country’s internal affairs. 3)［C］ an event or set of related events, especially one that is impressive or shocking  The whole affair was a disaster.Text A ReadingText A Readinghttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing 2 An entity whose income exceeds its expenditure can lend or invest the excess income. The lender can find a borrower, a financial intermediary, such as a bank, or buy bonds in the bond market. Finance On the other hand, an entity whose income is less than its expenditure can raise capital by borrowing or selling equity claims, decreasing its expenses, or increasing its income.本句主句是entity...can raise capital；whose引导定语从句，修饰entity；介宾短语by...做方式状语；现在分词短语borrowing or selling..., decreasing..., increasing...并列做介词by的宾语。 The lender receives interest, the borrower pays a higher interest than the lender receives, and the financial intermediary pockets the difference. 此句由三个并列句构成。 pocket vt. 1) to get a large amount of money, win a prize etc, especially in a way that seems very easy or slightly dishonest  ●Johnston pocketed $2,500 in prize money. 2) to put something into your pocket  ● He carefully pocketed his change.Text A ReadingText A Readinghttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing 3 A bank aggregates the activities of many borrowers and lenders. A bank accepts from lenders, on which it pays the interest. The bank then lends these deposits to borrowers. Banks allow borrowers and lenders of different sizes to coordinate their activities. Financedeposits deposit 1) n. an amount of money that is paid into a bank account ●To open an account, you need to make a minimum deposit of $500. antonym: withdrawal 2) n. a sum of money which is given in advance as part of a total payment for something ● The shop assistant says if I leave $10 as a deposit, they’ll keep the dress for me. ● We paid a deposit of $10,000 on the house, and paid the balance four weeks later. 3) vt. to put something valuable, especially money, in a bank or safe ● You are advised to deposit your valuables in the hotel safe.Text A ReadingText A Readinghttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing FinanceBanks are thus compensators of money flow in space since they allow different lenders and borrowers to meet, and in time, since every borrower, in theory, will eventually pay back.in space since…和in time, since...在结构上是并列的，做状语；插入语in theory 意思是“理论上来说”。4 A specific example of corporate finance is the sale of stock by a company to institutional investors like investment banks, who in turn generally sell it to the public. The stock gives whoever owns it part ownership in that company. If you buy one share of XYZ Inc., and they have 100 shares available, you are 1/100 owner of that company. 句中谓语gives带双宾语；间接宾语是whoever，直接宾语是part ownership；part此处是形容词。 part a. not full or complete; partial  ●He is the part owner of the business. Text A ReadingText A Readinghttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing You own 1/100 of the net difference between assets and liabilities on the balance sheet. . Equity financing mixed with the sale of bonds or any other debt financing is called the company’s capital structure.Finance Of course, in return for the stock, the company receives cash, which it uses to expand its business in a process called “equity financingwhich引导非限制性定语从句，其中which在从句中做宾语，it指代company。Text A ReadingText A Readinghttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing5 Finance is used by individuals (personal finance), by governments (public finance), by businesses (corporate finance), etc, as well as by a wide variety of organizations including schools and non-profit organizations. In general, the goals of each of the above activities are achieved through the use of appropriate financial instruments, with consideration to their institutional settings.FinanceText A ReadingText A Readinghttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical WritingFinance 6 Finance is one of the most important aspects of business management. Without proper financial planning, a new enterprise cannot even start, let alone be successful. As money is the single most powerful liquid asset, managing money is essential to ensure a secure future, both for an individual as well as an organization.Text A TranslationText A Translation1 理财活动是个人或组织（实体）为管理他们的财务而应用的一系列技巧，尤其是管理收入与支出的差额以及投资的风险。 2 如果一个实体的收入大于支出，那么它就可以将盈余的收入出借或投资。相反，如果一个实体的收入小于支出，那么它可以通过借款、出售权益要求权、削减开支或增加收入来增加资金。贷方可以找到借方，即金融中介，如银行，或在证券市场购买股票或债券。贷方获得利息，借方付的利息比贷方要高，这样金融中介就能赚取差价。 3 银行汇集了众多借方和贷方的活动。银行获得贷方的存款并付利息给贷方。银行再将这些存款借给借方。银行使规模不同的借方和贷方能够协调他们的活动。 理财Text A TranslationText A Translation因此，银行是现金流的补偿者——在空间上，银行允许不同的贷方和借方会面；在时间上，每个借款者，从理论上来说，最终都会还清借款。 4 一个具体公司理财的例子就是一家公司向机构投资者，如投资银行，销售股票，该机构投资者再向公众销售。股票所有者拥有该公司的部分所有权。如果某公司总共有100股股票，你买了一股，那么你就拥有该公司1/100的所有权。你拥有资产负债表上资产和债务净差额的1/100。当然，作为股票的交换，公司获得现金用以拓展生意，这一过程叫做“股权融资”。股权融资与债券销售（或其他形式的债务融资）的结合叫做公司的资本结构。 5 理财用于个人（个人理财）、政府（政府理财）、企业（公司理财）等，同时也被各类组织，如学校和非营利组织所使用。一般而言，上述的每个活动都是在考虑到机构设置的情况下，通过使用恰当的理财工具而实现目的。 6理财是公司管理的一个重要方面。没有恰当的财务，一家新的企业甚至无法开始，更不用说成功了。因为钱是惟一最强有力的流动资产，所以不论是对个人来说还是对组织来说，管理好钱对确保一个无忧的未来是非常必要的。 理财Text A ComprehensionText A ComprehensionDecide whether the following statements are True or False. http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical Writing1. An organization whose expenses exceed its income can invest the excess capital to generate more income. 2. The financial intermediary earns income by receiving the difference between the interest got from the lenders and the interest paid to the borrowers. 3. Banks make it possible for the borrowers and the lenders to coordinate their financial activities. 4. Who owns the stock of a company owns part of the ownership of thecompany. 5. When a company is in need of cash for expansion of business, it may raise capital by buying stock. 6. Financial instruments are applied by individuals, governments, or businesses to manage their financial affairs. 7. Financial management is crucial to a company’s future development. T（ ）T（ ）T（ ）T（ ）F（ ）F（ ）F（ ）Text A VocabularyText A VocabularyPart 1 Match the expressions on the left with the explanations on the right. http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical WritingText A VocabularyText A Vocabularyhttp://www.dutpgz.cnLead-inText AText BReal Life PracticePractical WritingPart 1 Match the expressions on the left with the explanations on the right. 1. C 2. E 3. G 4. B 5. F 6. A 7. I 8. J 9. D 10. H Text A VocabularyText A Vocabulary1. The first external source of finance is , which includes loans from banks and bonds purchased by bondholders. 2. The on your account is US$ 5. 3. The court ruled there was no to pay any refund. 4. I’d like to make a into my savings account.http://www.dutpgz.cnLead-inText AText BReal Life PracticePractical WritingPart 2 Complete the sentences with the following expressions. Change the form where necessary. bond balance deposit expenditure debt liability equity balance sheetdebt _________balance ____________liability ____________deposit ____________Text A VocabularyText A Vocabulary5. The government’s annual on arms has been reduced. 6. In finance, a is a debt security, in which the authorized issuer