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Vocabulary

Find the "odd one out".

There may be more than one answer. Give your reasons.

A B C

1. currency notes coins

2. a bank account a deposit account a savings bank

3. a bank a piggy bank a building society

4. interest mortgage loan

5. euro peseta currency

6. birthday card credit card debit card

7. in the red in the black debt

8. lend borrow owe

9. grant scholarship inheritance

10. pension grant allowance

11. fee bill invoice

12. tax donation grant

13. cashier till receipt

14. raise income salary

15. budget exchange rate currency

16. allowance pocket money tip

17. bonus salary wage

18. spend save deposit


Text

Money plays an important role in our society as it allows transactions between


people to be carried out with certain ease. In the past a barter system was
used but it proved difficult to value the worth of particular objects or services in
exchange for other things or services. The Romans used to pay their soldiers
with salt, hence the term salary.

In time coins were minted and they were made of silver and gold.

Today, coins are minted using metals of less value and there is also paper
money with intricate designs so that it is difficult to forge.

When you are young you get pocket-money or an allowance. As you grow you
become independent and you must work and earn money for a living. It is at
that time when a bank becomes useful as it allows you to keep your money
safely in accounts. Sometimes you do not have enough money to buy
something and a bank can lend you the money but of course it charges you
interest on the loan. Today the interest rate is about 5 per cent.

If what you want to buy is very expensive, for instance, a house, then the bank
can arrange a mortgage.

If you want to invest then you can do so by putting your money into deposit
accounts or savings accounts in banks, these accounts pay interest instead of
charging it. You can also invest your money in stocks and shares in the stock
exchange although it is a lot riskier because you can lose all your money if you
do know what to buy.

If you are a student and you have little money, you can ask for a grant or a
scholarship which will help you pay for your university course.

When you work, you earn money of course, but you must also pay some of it to
the government, this is called income tax. The tax received is used to pay for
social services, education, health services, roads and so on.
Dialogue

At the bank

A. Good morning sir, how may I help you?

B. I would like to open an account here but first I need to have some details.
What do you need to open an account at this branch?

A. All you need is ID and of course, some money.

B. What are the bank charges for a current account?

A. There is a maintenance charge of 5 euros a month, and if you are in the red
then you will be charged 15% for the overdraft.

B. Don't you charge for checks and direct debit services?

A. If the check is from another of our branches then there is no charge, but
there is a 3 charge for other bank checks. As for the direct debit service there
is no charge for our customers.

B. Fine. Now, what interest rate is there for loans?

A. That depends on the kind of loan you need, for example there is a personal
loan with 8% interest the first year. You would need read our leaflet and then
decide which loan is the best for you.

B. What about savings?

A. Our savings accounts depend on the amount of money you wish to save.
Maybe you could be a little more specific?

B. Never mind. I'll just think about opening an account here and come back
later. Thank you.
Discussion questions

1. What do you spend your money on?

2. How often do you get pocket-money? How much do you get? Do you think

it is enough? How much would you think would be enough?

3. What do you think of children who work?

4. In England the law allows children to work on Saturdays or have paper

rounds, is this allowed in Spain? Do you think it is a good way of saving

money?

5. What currency was there before de euro? How has euro affected you?

6. Did you get extra allowance at Christmas or on your birthday? What did

you do with it?

7. What do you take when you travel? Cash or Credit card?

8. What is the best way to pay for something? Cash, credit card or check?

9. Do you have a bank account? When did you open it and why?