SESSION LEARNING NUMBER 1.

1.- INFORMATIVE DATES.

- Institution : Banking Studio’s Peruvian Center.

- Date : July 9th, 2018. Monday - Thursday
- Cycle : SECOND – DAY – NIGHT.
- Unit : 1.
- Activity : Preposition of place.
- Bibliography : Business English – Cycles 1. Cambridge University.

2.- MEANS AND MATERIALS.

- Down - English book.

- Eraser
- Proyector and PC.
- Human resources.

3.- CONCEPTUAL CAPACITIES.

- Writing and Reading.

- Write sentences in affirmative.
- Write a small paragraph about the position of the objects in the classroom.

4.- PROCEEDING CAPACITIES.

- To final the class students will be competent to make sentences and read a small paragraph about objects’ position.

5.- ATTITUDES.

- Students show interest and responsibility to learn about preposition of place.

- Show cooperation among classmates.
- Show respect to the opinions.

6.- PROBLEM.
- Give directions.
- Students have difficulties to give directions to foreign people.

7.- EXPLORATION. (25 MINUTES)

- Teacher starting the exploration make questions about objects’ position of the classroom or places in the city. Then teacher
ask to students about the theme that we are going to develop today. Students say: Give direction, preposition of place.
Teacher writes on the board.
-
8.- THEORETICALIZATION. (20 MINUTES)

- Teacher makes an explanation about the preposition of place making sentences in affirmative, write expressions to give
directions.

9.- APPLICATION. (30 MINUTES)

- Students make sentences using preposition of place.

- Homework. Write a small paragraph with preposition of place.

10.- EVALUATION. (15 MINUTES)

- In personal form Students write sentences with preposition of place.

……………………………………………………………….
ELOY PAREDES PAREDES.
 ENGLISH PROFESSOR.
PRACTICE SHEET.
GIVE DIRECTIONS.
VOCABULARY.

PREPOSITION OF PLACE.

Near : Cerca……………………………………………………………………………………….
Next to : … Cerca de
Behind : ………detras………………
Opposite : ……opuesto……………………
Far from : …lejos de …………………
Between : …entre…………
In front of : …en frente de ……………………
Above : ………encima………………………
On the corner of : ……en la esquina de ……
In : ………en ………
On : ……en …………
On the First floor : ……en el primer piso ………………
On the Second floor : …en el Segundo piso
On the Third floor : en el tercer piso

EXPRESIONS TO USE.

Go ahead : ………adelante
Go along : …marcharse
Go Up : …subir
Go down : ……bajar…
Go straight ahead : siga recto……………
Walk up : …subir ………
Walk down : …bajar……
Turn right : dobla a la derecha………
Turn left : girar a la izquierda
Then : ……entonces…………
After : …despues
It’s on : …esta encendido…
It’s on there : …esta ahi……
On the right : …a la derecha……
On the left : ……a la izquierda……
Side by side : ……lado a lado…
Block : ……bloquear……
NOW OBSERVE THIS CONVERSATION. I AM SITTING IN THE TARAPOTO’S WEAPON PLACE AND 0NE
TOURIST ASKS ME ABOUT WHERE IS THE HOSPITAL?

AHORA OBSERVE ESTA CONVERSACIÓN. ME SIENTO EN EL LUGAR DE ARMAS DE

TARAPOTO Y UN TURISTA ME PREGUNTA ¿DÓNDE ESTÁ EL HOSPITAL?

Tourist : Hi, good morning. Is there near here a hospital?

Hola buenos días. ¿Hay aquí cerca un hospital?

I : Yes, there is one far from here. It’s on Augusto B. Leguia Avenue, last block.
Sí, hay uno lejos de aquí. Está en la avenida Augusto B. Leguia, última cuadra.

Tourist : How can I get there?

¿Como puedo llegar allí?

I : Walk down one block Martinez de Compagñon Street, then turn right and go straight
ahead seventeen blocks leguia avenue; the hospital it’s on there, on the left.
Camine una cuadra hacia la avenida Martinez de Compagñon , luego gire a la derecha y
siga recto adelante diecisiete cuadra diecisiete de la avenida leguía ; el hospital está allí, a la izquierda.

Tourist : Thank you so much.

Muchas gracias

I : You’re welcome.
De nada

Now, you are going to complete the conversation. Imagine you are sitting in Tarapoto’s weapon place.
Work in couple.
Ahora, vas a completar la conversación. Imagina que estás sentado en el lugar del arma de Tarapoto. Trabaja
en pareja.

Tourist : Hello good morning. Where’s the Scotia Bank?

Hola buenos dias. ¿Dónde está el Banco Scotia?
You :si esta cerca de aqui
Tourist : como puedo llegar
You : esta justo en la esquina, entre la calle martinez de compañón y jr. Miguel grau, justo a
la derecha

Tourist : Hello good afternoon. Where’s the Continental Bank?

Hola, buenas tardes. ¿Dónde está el Banco Continental?

You : si, esta justo aca cerca

Tourist : … como puedo llegar
You : …siga directo, justo al frente de la plaza mayor
Tourist : Hello good evening. Where’s the International Bank?
Hola buenas tardes. ¿Dónde está el Banco Internacional?

You : ………………………………………………………………………………………………………………………….
Tourist : ………………………………………………………………………………………………………………………….
You : ………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………..
………………………………………………………………………………………………………………………….
…………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………..
…………………………………………………………………………………………………………………………..

Tourist : Hello good morning. Where’s the nation Bank?

Hola buenos dias. ¿Dónde está el banco de la nación?

You : …………………………si esta aca cerca

Tourist : …………………me indica como llegar?
You : ………………sigue directo y gire a la izquierda en jr. Maynas, avanza una cuadra y en la
esquina entre jr maynas y jr. Antonio raymonidi ahí se encuentra
 Homework.
Translating this reading about money its history.

Money.
A sample picture of a fictional ATM card. The largest part of the world's money exists only
as accounting numbers which are transferred between financial computers. Various plastic
cards and other devices give individual consumers the power to electronically transfer such
money to and from their bank accounts, without the use of currency.

Money is any item or verifiable record that is generally accepted as payment for goods and
services and repayment of debts in a particular country or socio-economic context. The main
functions of money are distinguished as: a medium of exchange; a unit of account; a store of
value; and, sometimes, a standard of deferred payment. Any item or verifiable record that
fulfills these functions can be considered as money.

Money is historically an emergent market phenomenon establishing a commodity money,

but nearly all contemporary money systems are based on fiat money.[4] Fiat money, like any
check or note of debt, is without use value as a physical commodity. It derives its value by
being declared by a government to be legal tender; that is, it must be accepted as a form of
payment within the boundaries of the country, for "all debts, public and private"

The money supply of a country consists of currency (banknotes and coins) and, depending
on the particular definition used, one or more types of bank money (the balances held in
checking accounts, savings accounts, and other types of bank accounts). Bank money, which
consists only of records (mostly computerized in modern banking), forms by far the largest
part of broad money in developed countries.
History HISTORIA
Main article: History of money Artículo principal: Historia del dinero

A 640 BC one-third stater electrum coin from Lydia

Una moneda electrum de estatura de un tercio del 640 aC de Lidia

The use of barter-like methods may date back to at least 100,000 years ago, though there is
no evidence of a society or economy that relied primarily on barter. Instead, non-monetary
societies operated largely along the principles of gift economy and debt. When barter did in
fact occur, it was usually between either complete strangers or potential enemies.

Many cultures around the world eventually developed the use of commodity money. The
Mesopotamian shekel was a unit of weight, and relied on the mass of something like 160
grains of barley. The first usage of the term came from Mesopotamia circa 3000 BC. Societies
in the Americas, Asia, Africa and Australia used shell money – often, the shells of the cowry
(Cypraea moneta . According to Herodotus, the Lydians were the first people to introduce
the use of gold and silver coins. It is thought by modern scholars that these first stamped
coins were minted around 650–600 BC.

Song Dynasty Jiaozi, the world's earliest paper money

The system of commodity money eventually evolved into a system of representative money.
This occurred because gold and silver merchants or banks would issue receipts to their
depositors – redeemable for the commodity money deposited. Eventually, these receipts
became generally accepted as a means of payment and were used as money. Paper money or
banknotes were first used in China during the Song dynasty. These banknotes, known as
"jiaozi", evolved from promissory notes that had been used since the 7th century. However,
they did not displace commodity money, and were used alongside coins. In the 13th century,
paper money became known in Europe through the accounts of travelers, such as Marco Polo
and William of Rubruck. Marco Polo's account of paper money during the Yuan dynasty is
the subject of a chapter of his book, The Travels of Marco Polo, titled "How the Great Kaan
Causeth the Bark of Trees, Made Into Something Like Paper, to Pass for Money All Over his
Country." Banknotes were first issued in Europe by Stockholms Banco in 1661, and were
again also used alongside coins. The gold standard, a monetary system where the medium of
exchange are paper notes that are convertible into pre-set, fixed quantities of gold, replaced
the use of gold coins as currency in the 17th-19th centuries in Europe. These gold standard
notes were made legal tender, and redemption into gold coins was discouraged. By the
beginning of the 20th century almost all countries had adopted the gold standard, backing
their legal tender notes with fixed amounts of gold.

After World War II and the Bretton Woods Conference, most countries adopted fiat
currencies that were fixed to the U.S. dollar. The U.S. dollar was in turn fixed to gold. In
1971 the U.S. government suspended the convertibility of the U.S. dollar to gold. After this
many countries de-pegged their currencies from the U.S. dollar, and most of the world's
currencies became unbaked by anything except the governments' fiat of legal tender and the
ability to convert the money into goods via payment. According to proponents of modern
money theory, fiat money is also backed by taxes. By imposing taxes, states create demand
for the currency they issue.

Functions

In Money and the Mechanism of Exchange (1875), William Stanley Jevons famously
analyzed money in terms of four functions: a medium of exchange, a common measure of
value (or unit of account), a standard of value (or standard of deferred payment), and a store
of value. By 1919, Jevons's four functions of money were summarized in the couplet:

Money's a matter of functions four,

A Medium, a Measure, a Standard, a Store.

This couplet would later become widely popular in macroeconomics textbooks. Most modern
textbooks now list only three functions, that of medium of exchange, unit of account, and
store of value, not considering a standard of deferred payment as it is a distinguished function,
but rather subsuming it in the others.

There have been many historical disputes regarding the combination of money's functions,
some arguing that they need more separation and that a single unit is insufficient to deal with
them all. One of these arguments is that the role of money as a medium of exchange is in
conflict with its role as a store of value: its role as a store of value requires holding it without
spending, whereas its role as a medium of exchange requires it to circulate. Others argue that
storing of value is just deferral of the exchange, but does not diminish the fact that money is
a medium of exchange that can be transported both across space and time. The term "financial
capital" is a more general and inclusive term for all liquid instruments, whether or not they
are a uniformly recognized tender.

Medium of exchange
Main article: Medium of exchange

When money is used to intermediate the exchange of goods and services, it is performing a
function as a medium of exchange. It thereby avoids the inefficiencies of a barter system,
such as the "coincidence of wants" problem. Money's most important usage is as a method
for comparing the values of dissimilar objects.

Measure of value
Main article: Unit of account

A unit of account (in economics) is a standard numerical monetary unit of measurement of

the market value of goods, services, and other transactions. Also known as a "measure" or
"standard" of relative worth and deferred payment, a unit of account is a necessary
prerequisite for the formulation of commercial agreements that involve debt.

Money acts as a standard measure and common denomination of trade. It is thus a basis for
quoting and bargaining of prices. It is necessary for developing efficient accounting systems.

Standard of deferred payment

Main article: Standard of deferred payment

While standard of deferred payment is distinguished by some texts, particularly older ones,
other texts subsume this under other functions. A "standard of deferred payment" is an
accepted way to settle a debt – a unit in which debts are denominated, and the status of money
as legal tender, in those jurisdictions which have this concept, states that it may function for
the discharge of debts. When debts are denominated in money, the real value of debts may
change due to inflation and deflation, and for sovereign and international debts via
debasement and devaluation.

Store of value
Main article: Store of value

To act as a store of value, money must be able to be reliably saved, stored, and retrieved –
and be predictably usable as a medium of exchange when it is retrieved. The value of the
money must also remain stable over time. Some have argued that inflation, by reducing the
value of money, diminishes the ability of the money to function as a store of value.
Properties

To fulfill its various functions, money must have certain properties:

 Fungibility: its individual units must be capable of mutual substitution (i.e.,

interchangeability).
 Durability: able to withstand repeated use.
 Portability: easily carried and transported.
 Cognizability: its value must be easily identified.
 Stability of value: its value should not fluctuate.

Money supply
Main article: Money supply

Money Base, M1 and M2 in the U.S. from 1981 to 2012

Printing paper money at a printing press in Perm

In economics, money is a broad term that refers to any financial instrument that can fulfill
the functions of money (detailed above). These financial instruments together are collectively
referred to as the money supply of an economy. In other words, the money supply is the
number of financial instruments within a specific economy available for purchasing goods
or services. Since the money supply consists of various financial instruments (usually
currency, demand deposits and various other types of deposits), the amount of money in an
economy is measured by adding together these financial instruments creating a monetary
aggregate.
Modern monetary theory distinguishes among different ways to measure the money supply,
reflected in different types of monetary aggregates, using a categorization system that focuses
on the liquidity of the financial instrument used as money. The most commonly used
monetary aggregates (or types of money) are conventionally designated M1, M2 and M3.
These are successively larger aggregate categories: M1 is currency (coins and bills) plus
demand deposits (such as checking accounts); M2 is M1 plus savings accounts and time
deposits under $100,000; and M3 is M2 plus larger time deposits and similar institutional
accounts. M1 includes only the most liquid financial instruments, and M3 relatively illiquid
instruments. The precise definition of M1, M2 etc. may be different in different countries.

Another measure of money, M0, is also used; unlike the other measures, it does not represent
actual purchasing power by firms and households in the economy. M0 is base money, or the
amount of money actually issued by the central bank of a country. It is measured as currency
plus deposits of banks and other institutions at the central bank. M0 is also the only money
that can satisfy the reserve requirements of commercial banks.

Creation of money

In current economic systems, money is created by two procedures:

Legal tender or narrow money (M0) is the cash money created by a Central Bank by
minting coins and printing banknotes.

Bank money or broad money (M1/M2) is the money created by private banks through
the recording of loans as deposits of borrowing clients, with partial support indicated by the
cash ratio. Currently, bank money is created as electronic money.

Market liquidity
Main article: Market liquidity

"Market liquidity" describes how easily an item can be traded for another item, or into the
common currency within an economy. Money is the most liquid asset because it is universally
recognised and accepted as the common currency. In this way, money gives consumers the
freedom to trade goods and services easily without having to barter.

Liquid financial instruments are easily tradable and have low transaction costs. There should
be no (or minimal) spread between the prices to buy and sell the instrument being used as
money.

Types

Currently, most modern monetary systems are based on fiat money. However, for most of
history, almost all money was commodity money, such as gold and silver coins. As
economies developed, commodity money was eventually replaced by representative money,
such as the gold standard, as traders found the physical transportation of gold and silver
burdensome. Fiat currencies gradually took over in the last hundred years, especially since
the breakup of the Bretton Woods system in the early 1970s.

Commodity
Main article: Commodity money

A 1914 British gold sovereign

Many items have been used as commodity money such as naturally scarce precious metals,
conch shells, barley, beads etc., as well as many other things that are thought of as having
value. Commodity money value comes from the commodity out of which it is made. The
commodity itself constitutes the money, and the money is the commodity. Examples of
commodities that have been used as mediums of exchange include gold, silver, copper, rice,
Wampum, salt, peppercorns, large stones, decorated belts, shells, alcohol, cigarettes,
cannabis, candy, etc. These items were sometimes used in a metric of perceived value in
conjunction to one another, in various commodity valuation or price system economies. Use
of commodity money is similar to barter, but a commodity money provides a simple and
automatic unit of account for the commodity which is being used as money. Although some
gold coins such as the Krugerrand are considered legal tender, there is no record of their face
value on either side of the coin. The rationale for this is that emphasis is laid on their direct
link to the prevailing value of their fine gold content. American Eagles are imprinted with
their gold content and legal tender face value.

HOMEWORK.
 TRANSLATING TO SPANISH THESE ARTICLES.

Representative
Main article: Representative money

In 1875, the British economist William Stanley Jevons described the money used at the time
as "representative money". Representative money is money that consists of token coins,
paper money or other physical tokens such as certificates that can be reliably exchanged for
a fixed quantity of a commodity such as gold or silver. The value of representative money
stands in direct and fixed relation to the commodity that backs it, while not itself being
composed of that commodity.

Fiat
Main article: Fiat money

Gold coins are an example of legal tender that is traded for their intrinsic value, rather than their
face value.

Fiat money or fiat currency is money whose value is not derived from any intrinsic value or
guarantee that it can be converted into a valuable commodity (such as gold). Instead, it has
value only by government order (fiat). Usually, the government declares the fiat currency
(typically notes and coins from a central bank, such as the Federal Reserve System in the
U.S.) to be legal tender, making it unlawful not to accept the fiat currency as a means of
repayment for all debts, public and private.

Some bullion coins such as the Australian Gold Nugget and American Eagle are legal tender,
however, they trade based on the market price of the metal content as a commodity, rather
than their legal tender face value (which is usually only a small fraction of their bullion
value).

Fiat money, if physically represented in the form of currency (paper or coins) can be
accidentally damaged or destroyed. However, fiat money has an advantage over
representative or commodity money, in that the same laws that created the money can also
define rules for its replacement in case of damage or destruction. For example, the U.S.
government will replace mutilated Federal Reserve Notes (U.S. fiat money) if at least half of
the physical note can be reconstructed, or if it can be otherwise proven to have been
destroyed. By contrast, commodity money which has been lost or destroyed cannot be
recovered.

Coinage
Main article: Coin

These factors led to the shift of the store of value being the metal itself: at first silver, then
both silver and gold, and at one point there was bronze as well. Now we have copper coins
and other non-precious metals as coins. Metals were mined, weighed, and stamped into coins.
This was to assure the individual taking the coin that he was getting a certain known weight
of precious metal. Coins could be counterfeited, but they also created a new unit of account,
which helped lead to banking. Archimedes' principle provided the next link: coins could now
be easily tested for their fine weight of metal, and thus the value of a coin could be
determined, even if it had been shaved, debased or otherwise tampered with (see
Numismatics).

In most major economies using coinage, copper, silver and gold formed three tiers of coins.
Gold coins were used for large purchases, payment of the military and backing of state
activities. Silver coins were used for midsized transactions, and as a unit of account for taxes,
dues, contracts and fealty, while copper coins represented the coinage of common
transaction. This system had been used in ancient India since the time of the Mahajanapadas.
In Europe, this system worked through the medieval period because there was virtually no
new gold, silver or copper introduced through mining or conquest.[citation needed] Thus the
overall ratios of the three coinages remained roughly equivalent.

Paper
Main article: Banknote

Huizi currency, issued in 1160

In premodern China, the need for credit and for circulating a medium that was less of a burden
than exchanging thousands of copper coins led to the introduction of paper money,
commonly known today as banknotes. This economic phenomenon was a slow and gradual
process that took place from the late Tang dynasty (618–907) into the Song dynasty (960–
1279). It began as a means for merchants to exchange heavy coinage for receipts of deposit
issued as promissory notes from shops of wholesalers, notes that were valid for temporary
use in a small regional territory. In the 10th century, the Song dynasty government began
circulating these notes amongst the traders in their monopolized salt industry. The Song
government granted several shops the sole right to issue banknotes, and in the early 12th
century the government finally took over these shops to produce state-issued currency. Yet
the banknotes issued were still regionally valid and temporary; it was not until the mid 13th
century that a standard and uniform government issue of paper money was made into an
acceptable nationwide currency. The already widespread methods of woodblock printing and
then Pi Sheng's movable type printing by the 11th century was the impetus for the massive
production of paper money in premodern China.

Paper money from different countries

At around the same time in the medieval Islamic world, a vigorous monetary economy was
created during the 7th–12th centuries on the basis of the expanding levels of circulation of a
stable high-value currency (the dinar). Innovations introduced by Muslim economists, traders
and merchants include the earliest uses of credit, cheques, promissory notes, savings
accounts, transactional accounts, loaning, trusts, exchange rates, the transfer of credit and
debt,[40] and banking institutions for loans and deposits.

In Europe, paper money was first introduced in Sweden in 1661. Sweden was rich in copper,
thus, because of copper's low value, extraordinarily big coins (often weighing several
kilograms) had to be made. The advantages of paper currency were numerous: it reduced
transport of gold and silver, and thus lowered the risks; it made loaning gold or silver at
interest easier, since the specie (gold or silver) never left the possession of the lender until
someone else redeemed the note; and it allowed for a division of currency into credit and
specie backed forms. It enabled the sale of stock in joint stock companies, and the redemption
of those shares in paper.

However, these advantages held within them disadvantages. First, since a note has no
intrinsic value, there was nothing to stop issuing authorities from printing more of it than
they had specie to back it with. Second, because it increased the money supply, it increased
inflationary pressures, a fact observed by David Hume in the 18th century. The result is that
paper money would often lead to an inflationary bubble, which could collapse if people began
demanding hard money, causing the demand for paper notes to fall to zero. The printing of
paper money was also associated with wars, and financing of wars, and therefore regarded
as part of maintaining a standing army. For these reasons, paper currency was held in
suspicion and hostility in Europe and America. It was also addictive, since the speculative
profits of trade and capital creation were quite large. Major nations established mints to print
money and mint coins, and branches of their treasury to collect taxes and hold gold and silver
stock.

At this time both silver and gold were considered legal tender, and accepted by governments
for taxes. However, the instability in the ratio between the two grew over the course of the
19th century, with the increase both in supply of these metals, particularly silver, and of trade.
This is called bimetallism and the attempt to create a bimetallic standard where both gold and
silver backed currency remained in circulation occupied the efforts of inflationists.
Governments at this point could use currency as an instrument of policy, printing paper
currency such as the United States Greenback, to pay for military expenditures. They could
also set the terms at which they would redeem notes for specie, by limiting the amount of
purchase, or the minimum amount that could be redeemed.

Banknotes with a face value of 5000 of different currencies

By 1900, most of the industrializing nations were on some form of gold standard, with paper
notes and silver coins constituting the circulating medium. Private banks and governments
across the world followed Gresham's Law: keeping gold and silver paid, but paying out in
notes. This did not happen all around the world at the same time, but occurred sporadically,
generally in times of war or financial crisis, beginning in the early part of the 20th century
and continuing across the world until the late 20th century, when the regime of floating fiat
currencies came into force. One of the last countries to break away from the gold standard
was the United States in 1971.
No country anywhere in the world today has an enforceable gold standard or silver standard
currency system.

VOCABULARY.

Sample. Probar, hacer una Muestra.

Currency. Moneda.
Goods and services: Bienes y servicios
Repayment: Pago, reembolso, devolución
Unit of account: Unidad de cuenta
Medium of Exchange: Medio de cambio.
Store of value: Valor de reserva.
Standard of deferred payment: Estandar de pago diferido
Commodity money: Dinero como artículo de comercio.
Commodity: producto, bien, materia prima.
Emergent market fenomenon: Fenomeno emergente de
Mercado.
Fiat money: Dinero de curso forzoso.
Use value: Valor de uso.
Legal tender: Moneda legal.
Boundaries: Limites, fronteras.
Money supply: Proveer dinero, cubrir dinero, suministrar
dinero.
Bank money: Moneda bancaria.
Checking accounts: Cuentas corrientes
Saving accounts: Cuentas de ahorros
Bank accounts: Cuentas bancarias.
Broad money: Moneda extranjera.
Though: Aunque, pero, de todas formas
Instead: En vez de eso, en vez de.
Barter: trueque
Circa : Hacia. ( solo con fechas)
Settle : Resolver, acordar, llegar a un acuerdo.
Either : Cualquiera de las dos, cualquiera, ambos,
ninguno, el uno u otro.
Minted: Acuñados.
Issue : Asunto, question, problem, numero.
Redemable: Amortizar , canjear, redimir, cumplir
Promissory notes. Promesas de pago.
Banknotes: Billetes bancarios.
Discourage: Desanimar, oponerse, desaliento
Redemption: Amortizacion.
Pegged: colgado, tendido, fijado con clavijas.
Unbaked: Crudo. No horneado.
Fiat: Aprobacion.
 REGULAR AND IRREGULAR VERBS.

REGULAR VERBS. One verb is regular when it has regularity to form the past and past participle.
It’s to say, we add “ED” to end the verb. If one verb ending in letter “Y”, this letter change for “I”
Latin and we add “ED”.

Regular verbs.

Present. Past. Past participle. Meaning.

Live Lived Lived Vivir

Work Worked Worked Trabajar
Enjoy Enjoyed Enjoyed Gozar, disfrutar
Produce Produced Produced Producir
Walk walked Walked Caminar
Study Studied Studied Estudiar
Carry Carried Carried Llevar.
Watch Watched Watched Mirar
Travel Traveled Traveled Viajar
Stay stayed Stayed Permanecer, quedarse, hospedarse
Ask for Asked for Asked for Solicitar, gestionar
Kill Killed Killed Matar
Die Died Died Morir

IRREGULAR VERBS. One verb is irregular when it hasn’t regularity to form the past and past
participle.

See Saw Seen Ver

Eat Ate Eaten Comer
Understand Understood Understood Comprender, entender
Say Said Said Decir
Pay Paid Paid Pagar
Spend Spent Spent Gastar, pasar
Take Took Taken Tomar, coger
Cut Cut Cut Cortar
Steal Stole Stolen Robar
Speak Spoke Spoken Hablar
Write Wrote Written Escribir
Sit Sit Sit Sentar
Drink Drank Drunk Tomar, beber
 FREQUENCY’S ADVERBS.

We use some adverbs to describe how frequently we do an activity.

These are called adverbs of frequency and include:

Frequency Adverb. Example Sentence

100% always I always go to bed before 11 p.m.

90% usually I usually have cereal for breakfast.

80% normally / generally I normally go to the gym.

70% often* / frequently I often surf the internet.

50% sometimes I sometimes forget my wife's birthday.

30% occasionally I occasionally eat junk food.

10% seldom I seldom read the newspaper.

5% hardly ever / rarely I hardly ever drink alcohol.

0% never I never swim in the sea.

My daily routine.

When I’m in my head office, my schedule is always the same. I often go to the office early, but I
hardly ever stay in the office after 6:00 pm. I usually go home and have dinner with my family. I
sometimes do something with my children after dinner. At about 9:00 pm. I almost always go
jogging. After that, I always listen to my voice mail and read e-mail.

Now, write your own daily routine. Imagine you are working in an office. Use the follow
expressions:

GO TO THE OFFICE Voy a la oficina.

HAVE MEETINGS Tengo reunions.
HAVE LUNCH Almuerzo
LISTEN TO VOICE MAIL Escucho mi correo de voz.
READ E-MAIL Leo mi correo electrónico.
LEAVE WORK Salgo a trabajar.
HAVE DINNER Ceno.
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………

HOMEWORK.
TRANSLATE IT TO SPANISH. PLEASE MAKE A LIST OF WORDS THAT YOU UNKNOWN.

FUNCTIONS OF COMMERCIAL BANKS.

Commercial banks are the most important components of the whole banking system.

A commercial bank is a profit-based financial institution that grants loans, accepts deposits,
and offers other financial services, such as overdraft facilities and electronic transfer of funds.

According to Culbertson,

“Commercial Banks are the institutions that make short-term bans to business and in the
process create money.”

In other words, commercial banks are financial institutions that accept demand deposits from
the general public, transfer funds from the bank to another, and earn profit.

Commercial banks play a significant role in fulfilling the short-term and medium- term
financial requirements of industries. They do not provide, long-term credit, so that liquidity
of assets should be maintained. The funds of commercial banks belong to the general public
and are withdrawn at a short notice; therefore, commercial banks prefers to provide credit
for a short period of time backed by tangible and easily marketable securities. Commercial
banks, while providing loans to businesses, consider various factors, such as nature and size
of business, financial status and profitability of the business, and its ability to repay loans.

Commercial banks are of three types, which are as follows:

(a) Public Sector Banks:

Refer to a type of commercial banks that are nationalized by the government of a country. In
public sector banks, the major stake is held by the government. In India, public sector banks
operate under the guidelines of Reserve Bank of India (RBI), which is the central bank. Some
of the Indian public sector banks are State Bank of India (SBI), Corporation Bank, Bank of
Baroda, Dena Bank, and Punjab National Bank.

(b) Private Sector Banks:

Refer to a kind of commercial banks in which major part of share capital is held by private
businesses and individuals. These banks are registered as companies with limited liability.
Some of the Indian private sector banks are Vysya Bank, Industrial Credit and Investment
Corporation of India (ICICI) Bank, and Housing Development Finance Corporation (HDFC)
Bank.

(c) Foreign Banks:

Refer to commercial banks that are headquartered in a foreign country, but operate branches
in different countries. Some of the foreign banks operating in India are Hong Kong and
Shanghai Banking Corporation (HSBC), Citibank, American Express Bank, Standard &
Chartered Bank, and Grindlay’s Bank. In India, since financial reforms of 1991, there is a
rapid increase in the number of foreign banks. Commercial banks mark significant
importance in the economic development of a country as well as serving the financial
requirements of the general public.

Functions of Commercial Banks:

Commercial banks are institutions that conduct business for profit motive by accepting public
deposits for various investment purposes.

The functions of commercial banks are broadly classified into primary functions and
secondary functions, which are shown in Figure-1:

The functions of commercial banks (as shown in Figure-1) are discussed as follows:

(a) Primary Functions:

Refer to the basic functions of commercial banks that include the following:

(i) Accepting Deposits:

Implies that commercial banks are mainly dependent on public deposits.

There are two types of deposits, which are discussed as follows:

(1) Demand Deposits:

Refer to kind of deposits that can be easily withdrawn by individuals without any prior notice
to the bank. In other words, the owners of these deposits are allowed to withdraw money
anytime by simply writing a check. These deposits are the part of money supply as they are
used as a means for the payment of goods and services as well as debts. Receiving these
deposits is the main function of commercial banks.

(2) Time Deposits:

Refer to deposits that are for certain period of time. Banks pay higher interest on time
deposits. These deposits can be withdrawn only after a specific time period is completed by
providing a written notice to the bank.

(3) Advancing Loans:

Refers to one of the important functions of commercial banks. The public deposits are used
by commercial banks for the purpose of granting loans to individuals and businesses.
Commercial banks grant loans in the form of overdraft, cash credit, and discounting bills of
exchange.

(b) Secondary Functions:

Refer to crucial functions of commercial banks. The secondary functions can be classified
under three heads, namely, agency functions, general utility functions, and other functions.

These functions are explained as follows:

(1) Agency Functions:

Implies that commercial banks act as agents of customers by performing various
functions, which are as follows:

(i) Collecting Checks:

Refer to one of the important functions of commercial banks. The banks collect checks and
bills of exchange on the behalf of their customers through clearing house facilities provided
by the central bank.

(ii) Collecting Income:

Constitute another major function of commercial banks. Commercial banks collect

dividends, pension, salaries, rents, and interests on investments on behalf of their customers.
A credit voucher is sent to customers for information when any income is collected by the
bank.

(iii) Paying Expenses:

Implies that commercial banks make the payments of various obligations of customers, such
as telephone bills, insurance premium, school fees, and rents. Similar to credit voucher, a
debit voucher is sent to customers for information when expenses are paid by the bank.

(2) General Utility Functions:

Include the following functions:

(i) Providing Locker Facilities:

Implies that commercial banks provide locker facilities to its customers for safe keeping of
jewelry, shares, debentures, and other valuable items. This minimizes the risk of loss due to
theft at homes.

(ii) Issuing Traveler’s Checks:

Implies that banks issue traveler’s checks to individuals for traveling outside the country.
Traveler’s checks are the safe and easy way to protect money while traveling.

(iii) Dealing in Foreign Exchange:

Implies that commercial banks help in providing foreign exchange to businessmen dealing
in exports and imports. However, commercial banks need to take the permission of the central
bank for dealing in foreign exchange.

(iv) Transferring Funds:

Refers to transferring of funds from one bank to another. Funds are transferred by means of
draft, telephonic transfer, and electronic transfer.

(3) Other Functions:

Include the following:

(i) Creating Money:

Refers to one of the important functions of commercial banks that help in increasing money
supply. For instance, a bank lends Rs. 5 lakh to an individual and opens a demand deposit in
the name of that individual.

Bank makes a credit entry of Rs. 5 lakh in that account. This leads to creation of demand
deposits in that account. The point to be noted here is that there is no payment in cash. Thus,
without printing additional money, the supply of money is increased.

(ii) Electronic Banking:

Include services, such as debit cards, credit cards, and Internet banking.

Types of Credit Offered by Commercial Banks:

A commercial bank offers short-term loans to individuals and organizations in the form of
bank credit, which is a secured loan carrying a certain rate of interest.

There are various types of bank credit provided by a commercial bank, as shown in
Figure-2:

Bank Loan:

Bank loan may be defined as the amount of money granted by the bank at a specified rate of
interest for a fixed period of time. The commercial bank needs to follow certain guidelines
to extend bank loans to a client. For example the bank requires the copy of identity and
income proofs of the client and a guarantor to sanction bank loan. The banks grant loan to
clients against the security of assets so that, in case of default, they can recover the loan
amount. The securities used against the bank loan may be tangible or intangible, such as
goodwill, assets, inventory, and documents of title of goods.
The advantages of the bank loan are as follows:

a. Grants loan at low rate of interest

b. Involves very simple process of loan granting

c. Requires minimum document and legal formalities to pass the loan

d. Involves good customer relationship management

e. Consumes less time because of modern techniques and computerization

f. Provides door-to-door facilities

In addition to advantages, the bank loan suffers from various imitations, which are as
follows:

a. Imposes heavy penalty and legal action in case of default of loan

b. Charges high rate of interest, if the party fails to pay the loan amount in the allotted time

c. Adds extra burden on the borrower, who needs to incur cost in preparing legal documents
for procuring loans.

d. Affects the goodwill of the organization, in case of delay in payment

Cash Credit:

Cash credit can be defined as an arrangement made by the bank for the clients to withdraw
cash exceeding their account limit. The cash credit facility is generally sanctioned for one
year but it may extend up to three years in some cases. In case of special request by the client,
the time limit can be further extended by the bank.

The extension of the allotted time depends on the consent of the bank and past performance
of the client. The rate of interest charged by the bank on cash credit depends on the time
duration for which the cash has been withdrawn and the amount of cash.

The advantages of the cash credit are as follows:

a. Involves very less time in the approval of credit

b. Involves flexibility as the cash credit can be extended for more time to fulfill the need of
the customers.

c. Helps in fulfilling the current liabilities of the organization

d. Charges interest only on the amount withdrawn by the customer. The interest on cash credit
is charged only on the amount of cash withdrawn from the bank, not on the total amount of
credit sanctioned.

The cash credit is one of the most important instruments of short-term financing but it has
some limitations.

These limitations are mentioned in the following points:

a. Requires more security for the approval of cash

b. Imposes very high rate of interest

c. Depends on the consent of the bank to extend the credit amount and the time limit

Bank Overdraft:

Bank overdraft is the quickest means of the short-term financing provided by the bank. It is
a facility in which the bank allows the current account holders to overdraw their current
accounts by a specified limit. The clients generally avail the bank overdraft facility to meet
urgent and emergency requirements. Bank overdraft is the most popular form of borrowing
and do not require any written formalities. The bank charges very low rate of interest on bank
overdraft up to a certain time.

The advantages of the bank overdraft are as follows:

a. Involves no documentation for the extension of overdraft amount

b. Imposes nominal interest on the overdraft amount

c. Charges fee only on the amount exceeding the account limit

The disadvantages of the bank overdraft are as follows:

a. Incurs high cost for the clients, if they fail to pay the amount of overdraft for a longer
period of time.

b. Hampers the reputation of the organization, if it fails to pay the amount of overdraft on
time

c. Allows the bank to deduct overdraft amount from the customers’ accounts without their
permission

Discounting of Bill:
Discounting of bill is a process of settling the bill of exchange by the bank at a value less
than the face value before maturity date. According to Sec. 126 of Negotiable Instruments,
“a bill of exchange is an unconditional order in writing addressed by one person to another,
signed by the person giving it, requiring the person to whom it is addressed to pay on demand
or at fixed or determinable future time a sum certain in money to order or to bearer.”

The facility of discounting of bill is used by the organizations to meet their immediate need
of cash for settling down current liabilities.

Conditions laid down by the bank for discounting of bill are as follows:

a. Must be intended to specific purpose

b. Must be enclosed with the signature of the two persons (company, bank or reputed person)

c. Must be less than the face value

d. Must be produced before the maturity period.

A central bank, reserve bank, or monetary authority is an institution that manages a state's
currency, money supply, and interest rates. Central banks also usually oversee the
commercial banking system of their respective countries. In contrast to a commercial bank,
a central bank possesses a monopoly on increasing the monetary base in the state, and usually
also prints the national currency,[1] which usually serves as the state's legal tender. Central
banks also act as a "lender of last resort" to the banking sector during times of financial crisis.
Most central banks usually also have supervisory and regulatory powers to ensure the
solvency of member institutions, prevent bank runs, and prevent reckless or fraudulent
behavior by member banks.

Central banks in most developed nations are institutionally designed to be independent from
political interference.[2][3] Still, limited control by the executive and legislative bodies usually
exists.[4][5]

Early history
Further information: History of banking

The use of money predates history. Government control of money is documented in the
ancient Egyptian economy (2750-2150 BC).[6] The Egyptians measured the value of goods
with a central unit called shat. As many other currencies, the shat was linked to gold. The
value of a shat in terms of goods was defined by government administrations. Other cultures
in Asia Minor later materialized their currencies in the form of gold and silver coins.[7]

In the medieval and the early modern period a network of professional banks was established
in Southern and Central Europe.[8] The institutes built a new tier in the financial economy.
The monetary system was still controlled by government institutions, mainly through the
coinage prerogative. Banks, however, could use book money to create deposits for their
customers. Thus, they had the possibility to issue, lend and transfer money autonomously
without direct governmental control.

In order to consolidate the monetary system, a network of public exchange banks was
established at the beginning of the 17th century in main European trade centres. The
Amsterdam Wisselbank was founded as a first institute in 1609. Further exchange banks were
located in Hamburg, Venice and Nuremberg. The institutes offered a public infrastructure for
cashless international payments.[9] They aimed to increase the efficiency of international
trade and to safeguard monetary stability. The exchange banks thus fulfilled comparable
functions to modern central banks.[10] The institutes even issued their own (book) currency,
called Mark Banco.

What is a central bank?

A central bank is a public institution that manages the currency of a country or group of
countries and controls the money supply – literally, the amount of money in circulation. The
main objective of many central banks is price stability. In some countries, central banks are
also required by law to act in support of full employment.

One of the main tools of any central bank is setting interest rates – the “cost of money” – as
part of its monetary policy. A central bank is not a commercial bank. An individual cannot
open an account at a central bank or ask it for a loan and, as a public body, it is not motivated
by profit.

It does act as a bank for the commercial banks and this is how it influences the flow of money
and credit in the economy to achieve stable prices. Commercial banks can turn to a central
bank to borrow money, usually to cover very short-term needs. To borrow from the central
bank they have to give collateral – an asset like a government bond or a corporate bond that
has a value and acts as a guarantee that they will repay the money.

Because commercial banks might lend long-term against short-term deposits, they can face
“liquidity” problems – a situation where they have the money to repay a debt but not the
ability to turn it into cash quickly. This is where a central bank can step in as a “lender of last
resort.” This helps keep the financial system stable. Central banks can have a wide range of
tasks besides monetary policy. They usually issue banknotes and coins, often ensure the
smooth functioning of payment systems for banks and traded financial instruments, manage
foreign reserves, and play a role in informing the public about the economy. Many central
banks also contribute to the stability of the financial system by supervising the commercial
banks to make sure the lenders are not taking too many risks.

COMPARISONS.
1.- Match the adjectives with their opposites in the box.

BIG, COLD, DRY, FAST, HIGH, HOT, LOW, OLD, SLOW, SMALL, WET, YOUNG, HEAVY, HEALTHY.

2.- make the comparative and say the meaning. Short adjectives.

BIG Bigger …. Than Grande.

COLD …………………………………………. ………………………………………………..
DRY …………………………………………. ………………………………………………..
FAST …………………………………………. ………………………………………………..
HIGH …………………………………………. ………………………………………………..
HOT …………………………………………. ………………………………………………..
LOW …………………………………………. ………………………………………………..
OLD …………………………………………. ………………………………………………..
SLOW …………………………………………. ………………………………………………..
SMALL …………………………………………. ………………………………………………..
WET …………………………………………. ………………………………………………..
YOUNG …………………………………………. ………………………………………………..
HEAVY …………………………………………. ………………………………………………..
HEALTHY …………………………………………. ………………………………………………..

3.- Make sentences with these adjectives.

Brazil is bigger than Peru.

…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………

4.- Make the comparative and say the meaning. Long adjectives.

INTERESTING More interesting than Interesante.

IMPORTANT ………………………………………… ………………………………………………..
EXPENSIVE ………………………………………… ………………………………………………..
BEAUTIFUL ………………………………………… ………………………………………………..
COLORFUL ………………………………………… ………………………………………………..

5.- Make sentences with these long adjectives.

English subject is more interesting than Aymara language.

…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………

6.- Which adjectives does not go with the noun.

1.- COUNTRY Hot, cold, dizzy.

2.- MOUNTAIN High, big, heavy.
3.- PERSON Healthy, young, high.
4.- CHILD Young, low, small.

COUNTRY FACTFILE.

Kingdom of Thailand United kingdom of great Britain and

northern Ireland.
Land Area 513,115 Km. 242,429 Km.
Average January 25°C January 4.5°C
Temperature July 28°C July 18°C
Rainfall 1400 mm. 600 mm.
Population (1993) 58’722,437 (1993) 57’970,200
Armed Forces 295,000 troops 274,800 troops.
Education Children start school Children start school aged 5 and leave
aged 6 and leave school aged 16.
school aged 14.

7.- Look at the country factfile and decide if these statements are true or false or whether
there’s no information.

1.- Thailand is smaller than Britain.

2.- It’s colder in Thailand than in Britain.
3.- It’s drier in Thailand than in Britain.
4.- The population in Thailand is smaller than in Britain.
5.- The Thai Armed forces are smaller than the British Armed forces.
6.- Thai children are younger than when they start school than British children.
7.- Thai children are older when they leave school than British children.
 PRACTICE SHEET.
SUPERLATIVES.

1.- Make the superlatives and say the meaning. Short adjectives.

BIG Biggest El mas grande.

COLD …………………………………………. ………………………………………………..

DRY …………………………………………. ………………………………………………..
FAST …………………………………………. ………………………………………………..
HIGH …………………………………………. ………………………………………………..
HOT …………………………………………. ………………………………………………..
LOW …………………………………………. ………………………………………………..
OLD …………………………………………. ………………………………………………..
SLOW …………………………………………. ………………………………………………..
SMALL …………………………………………. ………………………………………………..
WET …………………………………………. ………………………………………………..
YOUNG …………………………………………. ………………………………………………..
HEAVY …………………………………………. ………………………………………………..
HEALTHY …………………………………………. ………………………………………………..

2.- Make sentences with these adjectives.

Russia is the biggest country of the world.

…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………

3.- Make the superlatives and say the meaning. Long adjectives.

INTERESTING The most interesting el más interesante.

IMPORTANT ………………………………………… ………………………………………………..

EXPENSIVE ………………………………………… ………………………………………………..
BEAUTIFUL ………………………………………… ………………………………………………..
COLORFUL ………………………………………… ………………………………………………..
4.- Make sentences with these long adjectives.

Shakira is the most interesting of singers.

…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………

5.- Here you have one model of paragraph about superlatives. Read and then you are going to
make other seem.

I have lived 54 years old and I’ve had a lot of problems. One of the most problems in my life was it
has had judicial request. The biggest fear in my life was when a Lawyer told me that I had to go to
arrested. These things I have already forgotten. The dreamiest that I have now is travel around the
world. For that I am working very much and I’m playing lotteries like Tinka and Kabala. The life goes
on and I think that they’ll come to look for me.

…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
 ADVERBS OF MANNER.

The adverbs of manner indicate how develop an action. It usually put after main verb or then the
object complement.
Examples.

He ate the chocolate cake greedily.

He greedily ate the chocolate cake.
She gave us the money generously.
She generously gave us the money.
The child ran happily towards his mother.
The child ran towards his mother happily.

RULES.

1. When the adjective ends in ‘ic’, the syllable ‘al’ is added before the ending ‘ly’. We
simply add -ly to their corresponding adjective as they are usually placed after the
main verb or after the object.

 Specific – Specifically Especifico - especificamente

 Basic – Basically Basico - basicamente.

2.- When the adjective ends in ‘le’ lead by a vowel / consonant the final ‘e’ is changed to ‘y’
to form ‘ly’.

 Sole – Solely Único, exclusivo - únicamente, exclusivamente

 Humble – Humbly Humilde, modesto- humildemente, modestamente
 Whole – Wholly Todo – totalmente.

3,.- When the adjective ends in ‘ll’ only ‘y’ is added.

 Dull – Dully Gris, apagado – grismente, apagadamente.

 Full – Fully Lleno, complete – Llenamente, completamente.

4.- When the adjective ends in ‘ue’, the final ‘e’ is omitted before the ending ‘ly’ is added.

 Due – Duly Debido - debidamnte

 True – Truly Verdad – Verdaderamente.

5.- When the adjective ends in ‘y’ preceded by a consonant, the ‘y’ is changed to ‘I’ before
the ending ‘ly’ is added.

 Easy – Easily Facil – facilmente.

 Happy – Happily Feliz – felizmente.

Now practice. Write the adjective. You have the adverbs. Put the meaning too.
adoringly adoring cariñodo

accidentally accidental accidentadamente

Angrily angree enfadado, molesto, embravecido

Anxiously anxious ancioso (a)

Awkwardly Awkward inoportuno, incomodo.

Badly

Boldly

Bravely

Busily

Calmly

Carefully

Cautiously

Clearly

Closely

Correctly

courageously

daringly

deliberately

Doubtfully

Eagerly

Elegantly

Enormously
Equally

Eventually

Exactly

Faithfully

Fast

Fatally

Fondly

Foolishly

Fortunately

Frantically

generously

Gently

Gladly

Greedily

Happily

Hard

Hastily

Honestly

Hurriedly

inadequately

Innocently

Inquisitively
Irritably

Joyously

Justly

Kindly

Conversation #1 – At the Check-In Desk

Dan is flying from New York to Los Angeles. When he arrives at the airport, he goes to the
check-in desk. Listen to the conversation he has with the agent:

Agent: Good afternoon! Where are you flying to today?

Dan: Los Angeles.

Agent: May I have your passport, please?

Dan: Here you go.

Agent: Are you checking any bags?

Dan: Just this one.

Agent: OK, please place your bag on the scale.

Dan: I have a stopover in Chicago – do I need to pick up my luggage there?

Agent: No, it’ll go straight through to Los Angeles. Here are your boarding passes – your
flight leaves from gate 15A and it’ll begin boarding at 3:20. Your seat number is 26E.

Dan: Thanks.

Conversation Vocabulary and Phrases

 Instead of “Where are you flying today?” the agent may ask “What’s your final
destination?” The answer will be the same!
 You can say “Here you go” anytime you give something to somebody
 To check your bags means to put them on the airplane inside the cargo compartment. The
small bag you take with you on the airplane is called a carry-on. You need to put your carry-
on bags through the X-ray machine at security.
 The scaleis the equipment that tells you the weight of your luggage (45 kilograms, for
example)
  A stopover or layover is when the airplane stops in a different city before continuing to
the final destination
 If the agent says that your luggage will go straight through, it means it will go directly to
the final destination (and you don’t need to pick it up during your stopover)
 Boarding passes are the tickets that permit you to enter the airplane
 When a plane begins boarding, it means that the passengers start to enter the plane.
Usually boarding time is 30-60 minutes before takeoff (when the plane leaves)

Other Questions & Phrases for the Airport.

 “Excuse me, where is the American Airlines check-in desk?”

 “How many bags can I check?”
 “Will my luggage go straight through, or do I need to pick it up in [Chicago]?”
 “How much is the fee?”
If your bag is heavier than the weight limits, or if your bag is larger than the size limits, you
may need to pay extra: an oversized baggage fee or overweight baggage fee (this can be
$75 to $300). Some airlines in the United States also charge a fee for ALL checked bags
(usually $15 to $30).
 “Please mark this bag as ‘fragile.’”
Say this if you have fragile or sensitive items in your bag that might break
 “Is the flight on time?”
The agent will respond either “Yes” if the flight is on time, or “There’s a 20-minute delay”
(for example) if the flight will leave later than expected.

Extra questions in the U.S.

On flights going to or inside the U.S., you might be asked some extra security questions
before or during check-in. Here are some sample questions:

 Did you pack your bags yourself?

 Has your luggage been in your possession at all times?
 Are you aware of the regulations regarding liquids in your carry-on?
(Liquids must be 100 mL or less, and stored in a single quart-sized clear plastic bag)
More information: TSA.gov

Answer NO to These questions.

 Are you carrying any firearms or flammable materials?

 Have you left your luggage unattended at any time?
 Has anyone given you anything to carry on the flight?
Conversation #2 – Going through Security

There are two pieces of equipment in security: you put your bags through the X-ray
machine, and you walk through the metal detector. Some airports also use a body scanner
for a more careful check.

The X-ray machine has a conveyor belt that moves your bags automatically through the
machine. You can put small items like keys or money into plastic bins.

In the picture below, the woman is walking through the metal detector.
Her suitcase is on the conveyor belt after going through the X-ray machine.

Lend or borrow?
de English Grammar Today

Lend means ‘give something to someone for a short time, expecting that you will get it back’.
The past simple and the -ed form are lent:

I never lend my CDs to anyone.

I lent Gary £30. (I expect that Gary will return this to me)

Borrow is a regular verb meaning ‘get something from someone, intending to give it back
after a short time’:

Could I borrow your pen for a minute, please?

Laura used to borrow money from me all the time.

Typical error

 When you give something, you lend it; when you get or receive something, you
borrow it:

Can I borrow your dictionary?

Not: Can I lend your dictionary?

(“Lend or borrow ?” de English

Difference Between Borrow and Lend
• Categorized under Grammar,Language,Words | Difference Between Borrow and Lend

The difference between the words lend and

borrow can be confusing to many individuals who are trying to learn the English language.
The reason behind this is that the meaning of the words is basically the same. They are both
verbs and they both indicate an action in which an item is given to another individual for an
amount of time with the expectation that it will be returned. The literal definition for lend is
to ‘give something to someone for a short time, expecting that you will get it back. The literal
definition for borrow is to ‘get something from someone, intending to give it back after a
short time’.[i]

This means that the primary difference is that they are used to indicate different directions.
Therefore, lend should be used when something is temporarily given to another person and
borrow would be used when something is taken from another person.[ii]

Examples for using borrow correctly would be:

Could I borrow your map?

James let Amos borrow his bicycle.

I don’t own an umbrella so I may have to borrow one if it rains.

Examples for using lend correctly would be:

I will lend you my car for the day.

I never lend people money.

Eli would be happy to lend you one of his pens.

Another difference between the words is how they are both conjugated. The simple past and
past participle of lend is lent (rather than lended); the simple past and past participle of borrow
is borrowed as it is a regular verb.

Examples for using the past conjugations of borrow would be:

I borrowed his map for the journey.

Anna borrowed a computer to write the report.

He borrowed a pair of shoes for the event.

Examples for using the past conjugations of lend would be:

John lent me his bicycle.

The bank lent me the money needed to purchase the car.

He lent out his computer so he doesn’t have one right now.

The present participle for both words follow a similar structure. For borrow, this would be
borrowing and for lend, it would be lending.

Examples for using the present participle of borrow would be:

I am borrowing an umbrella since I do not own one myself.

She is borrowing her mother’s car.

Phil is borrowing the down payment from the bank.

Examples for using the present participle of lend would be:

George is lending his neighbor a lawnmower.

Adam is lending his brother some money.

Erica is lending her jacket to a friend.

To further confuse the ability to grasp the correct usage of these words, they both have
alternate meanings and can be used to indicate other things. For instance, the word lend could
also mean ‘to be suitable or applicable, to fit.[iii]

Examples for using lend in this capacity include:

The book was complex and therefore, did not lend itself well to a simple interpretation.

The tool was the wrong size and did not lend itself well for the task at hand.

The passage was very rhythmic and lent itself well to a musical adaptation.

Another meaning for the word borrow can be found in mathematics. In subtraction, it can
mean ‘to deduct (one) from a digit of the minuend and add ten to the following digit, in order
that the subtraction of the larger digit in the subtrahend from the digit in the minuend to which
ten is added gives a positive result.

An example of this usage would be:

When subtracting 7 from twenty-three, you must use the concept of borrowing since you
cannot subtract 7 from 3.

As you can see, there are many similarities between the words lend and borrow. But they can
be summed up in an easy concept. Essentially, using the term lend means that you are giving
something up and using the term borrow means taking something, though both of them
describe a temporary arrangement.

READING.

How exactly does a cell divide? “That is a fundamental question that I’ve been interested in
ever since I saw my first movie in junior high of dividing cells,” said Angelika Amon,
Kathleen and Curtis Marble Professor in Cancer Research and Professor of Biology. “It took
my breath away then. It still does.”

Just as breathtaking might be the possibilities opened up by Amon’s work at the Koch
Institute for Integrative Cancer Research at MIT. Much of her research has focused on
chromosome mis-segregation during mitosis and meiosis, resulting in a condition known as
aneuploidy—a hallmark of cancer, as well as a cause of defects or death in fetuses. Aneuploid
cells are imbalanced in their genetic information, which causes stress on the cell, slowing
down its normal processes. Amon seeks to exploit those weaknesses, enhancing the stresses
with drug compounds until the cell dies off, hopefully making way for healthy, normal cells.
Another area of research involves the relationship of gamete formation to the resetting of the
cell’s lifespan from one generation to the next. In 2011, Amon and a team of researchers
discovered a gene in yeast that appears to control the resetting process, with possible
implications in human cell rejuvenation, the creation of pluripotent stem cells, or even the
reversal the aging process.

Yet another study last year found that during sexual reproduction, yeast cells build up and
then break down amyloid-like structures. Further research could potentially reveal ways to
replicate this process in order to break down disease-causing amyloids, which can persist in
the brain for decades. Amyloids are most often associated with Alzheimer’s disease,
Parkinson’s disease, Huntington’s disease, and rheumatoid arthritis.

“We need more curiosity-driven basic research aimed at understanding the principles
governing life,” Amon wrote last year in Molecular Biology of the Cell, in her essay
acceptance of the Sandra K. Masur Senior Leadership Award. Fortunately, her own curiosity,
sparked way back in junior high, continues unabated.
 IMPERATIVES.
Definition: Imperatives are verbs used to give orders, commands, warning or instructions, and (if
you use "please") to make a request.

For example:

 Give me that accounting bank, please.

To make the imperative, use the infinitive of the verb without "to"

For example:

 Come here!
 Sit down!

To make a negative imperative, put "do not" or "don't" before the verb:

For example:

 Don't go!
 Do not walk on the grass.

You can also use "let's" before the verb if you are including yourself in the
imperative. The negative of "let's" is "let's not".

For example:

 Let's stop now.

 Let's have some lunch.
 Let's not argue
 Let's not tell her about it.

Orders.
Adults do not usually give each other orders, unless they are in a position of authority.
However, adults can give orders to children and to animals. The intonation of an order
is important: each word is stressed, and the tone falls at the end of the sentence:

For example:

 Sit down now!

* "Sit", "down" and "now" are all stressed, and the tone falls on "now".
Warnings.
You can use the imperative to warn someone of danger. All the words in the warning
are stressed, but the last word has a higher tone than the first word:

For example:

 Sit down now!

* "Sit", "down" and "now" are all stressed, and the tone falls on "now".
 Watch out! Tenga cuidado.
 Look out! De algo.
 Don't cross! No cruces.

Advice.
When you give advice using the imperative, the words are stressed normally.

For example:

 Don't tell him you're resigning now! Wait until Monday when he's in a better mood.
 Don't drink alcohol
 Don't eat heavy meals

Requests.
You can also use the imperative to make a request, but you should use a polite word
before the verb:

For example:

 Please take a seat.

 Please wait here.
 Please hold the line.
 Please don't smoke here.

Notes:
Note that an imperative sentence does not require a subject.
 MODALS COULD AND WOULD.

El verbo 'Could' Expresa poca probabilidad o condicionalidad. Significa: podría, pude, podía,
pudiera de acuerdo con el contexto: I could dance if I could practice.

I could - podría / pude / podía / pudiera

Affirmative.

 You could be wrong.

Podrías estar equivocado.
 They could manage without us.
Ellos pudieron/podrían arreglárselas sin nosotros.
 I could help Ann if she only let me.
Yo podría ayudar a Ann si tan solo me dejara.
 This new plan could be very risky.
Este nuevo plan podría ser muy riesgoso.
 The news could kill Mr. Taylor.
La noticia podría matarlo al señor Taylor.
 Anybody could be chosen for the job.
Cualquiera podría ser elegido para el trabajo.
 I could go back and bring Kate with me.
Yo podría/pude volver y traer a Kate conmigo.

Negative.

 I couldn't see very clearly.

Yo no pude/podría ver muy claramente.
 Mrs. Jones couldn't stand the smell.
La señora Jones no pudo/podría soportar el olor.
 We couldn't leave you alone.
No podríamos dejarte solo.

Interrogative

 Could you open the window?

¿Pudiste/podrías abrir la ventana?
 Could they escape?
¿Pudieron/podrían escapar?

Could + have.

 You could have told me you weren't at home!

¡Podrías haberme dicho que no estabas en casa!
 It could have been worse.
Pudo/podría haber sido peor.
 John couldn't have done that.
  John no pudo/podría haber hecho eso.

HOW DO WE USE, WOULD IN ENGLISH?

Al igual que el resto de modal verbs, would es un auxiliar, es decir, que por sí solo no tiene
un significado completo: necesita de otro verbo para tener sentido en una oración. Por
ejemplo, I would like se puede traducir por "me gustaría": like aporta el sentido principal y
would matiza el significado.

Para usar correctamente los verbos modales como would, debes recordar estas reglas de
conjugación:

 Van seguidos de un verbo en infinitivo, normalmente sin to (las excepciones son be able
to, need to, have to y ought to).
 Son invariables, esto es, no añaden -s en la tercera persona de singular.
 Tampoco se pueden usar en pasado o futuro (por ejemplo, "you woulded" es incorrecto).
 No tienen infinitivo, tiempos compuestos ni progresivos.
 No necesitan añadir el auxiliar (do or does) para las formas interrogativa y negativa.
Ejemplo: Would you like some sugar with your tea?
 Recuerda que puedes usarlo en su forma contraída, preferible para contextos más
informales: Yes, I'd like one sugar, please.

Would: ¿Para qué se usa este verbo?

Al principio, es posible que pienses que would está absolutamente en todas partes y no te
faltaría razón, ya que es muy común. Pero, ¿estás seguro de cuándo debes introducirlo en tus
frases? Estos son sus usos más comunes:

 Para construir condicionales, en concreto el second y el third conditional. El second es el que

habla de sucesos improbables o hipotéticos (If I were a millionaire, I would travel around
the world on a motorbike) y el tercero el que habla de cosas que podrían haber sucedido en
el pasado, pero no lo hicieron (If I had studied Medicine, I would be a doctor now).
 Para peticiones y ofrecimientos corteses en oraciones interrogativas. Aquí podría traducirse
por "querría", "le gustaría" o "quisiera". Recuerda: los ingleses son muy polite, así que en
caso de duda, mejor usarlo. Ejemplos: Would you close the door behind you, please?, Would
you have another piece of chicken?
 Para expresar nuestros deseos: I would love some help with this o I would like to be fit
someday.
 Para hablar de costumbres o hábitos que solíamos tener en el pasado, con un sentido
similar a used to: When I lived in Madrid, I would go to yoga every Tuesday at seven
o'clock.
 Para formar el futuro de una acción que se desarrolla en el pasado: Anna told me she would
come to the party.
 Para hablar de la voluntad de hacer algo en el pasado: I tried to convince him to give up
smoking, but he just wouldn't quit.
Would

El auxiliar would, usado como condicional, expresa una idea de voluntad, de aceptación,
de preferencia.

I would buy a car if I could. Yo compraría un coche si pudiera.

I would make an omelette if I had some eggs. Haría una tortilla si tuviera huevos.

What would you do in my position? ¿Qué harías tú en mi lugar?

I'm sure they wouldn't mind if we started dinner without them. Estoy seguro de que no
les molestará si empezamos a comer sin ellos.

Would es usado en las formas de cortesía:

I would like some change please. ¿Me gustaria algo de cambio por favor?.
Would you like something to drink? ¿Le gustaría tomar algo?

También permite expresar el futuro dentro de una oración en pasado (would es el pretérito
de will):
Bruno says he will come to the meeting. Bruno dice que vendrá a la reunión.
Bruno said he would come to the meeting. Bruno dijo que vendría a la reunión.

Banking Operations: Different Types of

Payments & Payment Systems
As the commerce and economy expand, volume and variety of transactions expand where
there is a need to exchange the money. Using cash for each of these transactions is neither
feasible nor practically possible. There are concerns regarding security and transportation of
cash in cases where large amounts of money are involved. Banks support ease and velocity
in such cases by offering various payment systems as solutions.
What are Payment Systems?

A Payment System is a mechanism that

facilitates transfer of value between a payer and a beneficiary by which the payer discharges
the payment obligations to the beneficiary. Payment Systems are the medium to transfer
funds from one person to another that facilitate businesses and economies. Payment system
enables two-way flow of payments in exchange of goods and services in the economy.
Payment systems help consumers to transfer funds to each other. Cash is the traditional and
most widely used payment instrument that consumers use in their daily lives to purchase
goods and services. Banking channels also provide other payment instruments through
different platforms and these are also widely used in commerce. Payment systems comprises
of instruments through which payments can be made, rules, regulations and procedures that
guide these payments, institutions which facilitate payment mechanisms and legal systems
etc. that are established to facilitate transfer of funds between different participant
institutions. Payment systems are used by individuals, banks, companies, governments, etc.
to make payments to one another.

Classification of Payment Methods.

Payment Systems can be broadly

classified into Large Value Systems and Retail Payment Systems. For the purpose of making
things easy to understand we have classified the various payment methods in the following
format:

1. Large Value Payment System:

2. Retail Payment System:
 1. Cash Payment
2. Paper Based Payments
1. Cheques
2. Demand Drafts
3. Payment Orders or Banker’s Cheques:
3. Card Based Payments
1. Credit Card
2. Debit Card
4. Electronic Payments and Remittances
1. Electronic Clearing Services:
2. Electronic Funds Transfer:
3. Real Time Gross Settlement:
4. Internet Banking:
5. Mobile Banking:

1. Large Value Payment System:

Large value systems typically process

high value critical payments. It is an essential payment system which ensures the smooth
functioning of the economy and the financial system. If this system fails, it could trigger
disruptions or transmit shocks within the economy. These systems mostly relate to interbank
/ inter-financial institutional transactions. Generally these large value systems are strictly
regulated by the Central Banks of respective countries and are electronic based. . These
systems enable payments to be made electronically and instantly in real time. They offer
speed, reliability, safety, convenience, cost and accuracy. Some examples of Large Value
Payment Systems are:

1. Inter-Bank Cheques Clearing Systems (the Inter-bank Clearing)

2. High Value Cheques Clearing System (the High Value Clearing)
3. Government Securities Clearing System (the G-Sec Clearing)
4. Foreign Exchange Clearing System (the Forex Clearing)
5. Real Time Gross Settlement (RTGS) System
6. Systemically Important Payment Systems (SIPS)
7. FIJICLEAR to make large value payments in Fiji
8. SWIFT (Society for the Worldwide Interbank Financial Telecommunication)
9. Large Value Transfer System (LVTS) in Canada
2. Retail Payment System:

Retail payment systems generally cater to

the payment of transactions related mainly to settlement of obligations arising from purchase
of goods and services. This payment system is as important as the large value payment system
and has a larger user group. They typically handle transactions which are low in value, but
very large in number, relating to individuals firms and corporates. The retail payment systems
in any country comprise both paper based as well as electronic based systems. A person with
a payment card of any kind is part of the retail payment system. At the retail level most
transactions involve cash, cheques, cards or electronic transfers. Retail payments can be
classified as:

Types of Bank Payments:

1. Cash Payment
2. Paper Based Payments
3. Card Based Payments
4. Electronic Payments and Remittances
5. 2(a) Cash Payment:

2(a) Cash Payment:

Cash payment is the oldest, most common

payment system which is well known and is the most preferred method for small payments
because it involves no credit. With cash, you can usually purchase goods and services easily
as it widely accepted. Carrying too much cash is risky as it can lead to theft and other
problems. However, people still carry cash for its convenience and flexibility. From the
payee’s point of view, transactions are completed immediately and this cash can be re-used
for other transactions. This system is suited for small amounts of payments.

2(b) Paper Based Payments:

Paper based payments are in the form of

cheques, demand drafts, payment orders, banker’s cheques, refund orders, warrants etc.
These are also referred to as negotiable instruments. For simplicity, they are generally
referred to as cheques. Advantages of paper based payments are that they are safer than cash
for example a crossed cheque can only be deposited into the payee’s account. They are
preferred for large amounts and a large number of payments to avoid carrying large sums of
cash. Payments can be made at payer’s convenience and posted to the payee. The biggest
disadvantage of paper based payments is that it can take up to 3 – 4 working days before
funds are available to use. Moreover there is no guarantee that the payer has sufficient funds
and hence the cheque may become dishonored (bounce) by the bank and it is advisable to
use demand draft or banker’s cheque in such circumstances where trust is a factor. There are
extra costs if the payee wants an immediate clearance of funds. Paper based instruments have
other administrative costs associated to it.

2(b)(i) Cheques:

A cheque is an order to transfer funds from the payer’s bank to the account of the payee.
Cheques are simply a payment instruction from the account holder to his/her banker directing
that a certain sum of money should be paid to a specific individual or to the bearer of the
instrument. On receipt of cheques, the beneficiary will deposit it with his banker who will
collect the money through clearing house system, where banks in a city exchange cheques
with one another and settle the payments by arriving at a net amount of payables and
receivables. After exchange of cheque, the account of the issuer of the cheque is debited and
the credit is passed on to the banker of the beneficiary.
2(b)(ii)Demand Drafts:

Demand drafts are used when one person wants to send or transfer money (remit) to another
person who is in another city. The person wanting to send money, deposits cash in a bank or
issue a cheque in favor of the issuing bank, which issues him a demand draft. The demand
draft is sent to the person who is to receive the money. The receiver gives it to the
branch/bank where he holds an account and receives the payment. Banks normally charge a
commission for issuing demand drafts.

2(b)(iii) Payment Orders or Banker’s Cheques:

Payment orders or Banker’s Cheques are similar to demand drafts but are usually issued for
payments within a city. These are usually valid for a shorter period of time compared to other
instruments. Banks may charge a commission for issuing Payment Orders and Banker’s
Cheques.

2(c) Card Based Payments:

Card based payments are made by using a credit card or a debit card or an ATM Card. Major
advantages of card payments is that it will only be accepted if the card holder has sufficient
funds in his/her account and safer than cash and faster than the paper based payments. Can
also be used for mail order or online purchases and carries lesser risk than holding cash. The
risk of theft is mitigated by having pin codes. Some major disadvantages are that for the
merchant it might take up to three days for money to be received and acknowledged and
cards are operated at a fee payable to the bank generally both by the card holder and the
merchant.

2(c)(i) Credit Card:

Credit card system is a credit facility

extended to a user who is issued a plastic card which can be used in place of cash for making
any type of payment/purchase. Credit Card enables its holder to buy goods and services with
a credit line given by credit card issuer. The institution which issues the card has a tie up with
the concerned merchant establishment and the card issuing organization, if different, to
facilitate this arrangement. The amounts charged to the customer are paid by card issuer to
the merchant and subsequently billed to the customer. Funds are settled at a later date. Card
holders are billed on a monthly basis and bear financial charges (interest) on outstanding
amounts if payments are not made by the due date. Credit cards are issued through
commercial banks and/or other issuers. A credit card holder may not be an account holder in
the bank which issues the credit card.

2(c)(ii) Debit Card:

Debit Card is a payment card where the transaction amount is deducted directly from the card
holder’s bank account upon authorization. Debit cards can be of two types, one which are
linked to an account and is issued by banks to account holders only. Second could be pre-
loaded cards where a certain amount is stored in the card. Generally, debit cards are also
ATM cards. The mode of using debit cards and credit cards is generally the same.

2(d) Electronic Payments and Remittances:

With the advent of computers and electronic communications a large number of alternative
electronic payment systems have emerged. These include electronic funds transfers, direct
credits, direct debits, internet banking and e-commerce payment systems. Payment systems
are used in lieu of tendering cash in domestic and international transactions and consist of a
major service provided by banks and other financial institutions. Standardization has allowed
some of these systems and networks to grow to a global scale, but there are still many country
and product specific systems.

2(d)(i) Electronic Clearing Services:

These are electronic payments offered by banking channels for receiving or making
payments. Electronic Clearing Service is a mode of payment by an institution and receipt by
individuals for interest, dividend, salary, pension, etc. This is an electronic money transfer
facility in which money is transferred automatically from a payer’s to payee’s bank accounts.
A large number of investors, shareholders, employees, ex-employees can receive their dues
electronically directly into their accounts on due dates without using paper
cheques/instruments. Similarly bank customers can make small value repetitive payments
such as electricity bills, telephone bills, loan installments, insurance premium, club fees, etc.
The payer instructs their bank to make direct debit payments and the payee provides amounts
and dates of the payments. The process operates on the basis of large number of small debits
and one consolidated credit from users to the service provider. The system provides the
convenience of paperless payment on due dates by direct debit to the customer’s account.
This facility can be used for paying different amounts and is useful for paying regular bills.
Advantages of this system are guaranteed payments and no need to remember payment dates.

2(d)(ii) Electronic Funds Transfer:

This electronic mode of remittance of

funds is enabled by the participating banks under supervision of the central bank of the
country. The amount sent from the sender’s bank branch is credited to the receiver’s bank
branch on the same day or at the most the next day. This facility saves the effort of sending
a demand draft through post and the inherent delay in reaching the money to the receiver.
Banks may charge commission for using this service.

2(d)(iii) Real Time Gross Settlement:

The real time gross settlement system facilitates instant transfer of money from one account
to other across cities. This is basically a large value remittance system where funds are
required to be transferred quickly. While all the above payment and remittance systems are
settled between banks on a net basis, this system is settled on a gross basis which means that
each transaction is settled independently. This facility is useful to banks for their funds
management, for companies to transfer large amounts for individuals who require urgent
payments.
2(d)(iv) Internet Banking:

Online banking (or Internet banking or E-

banking) allows customers of a financial institution to conduct financial transactions on a
secure website operated by the institution. This is a very fast and convenient way of
performing banking transactions such as transferring funds from your savings to current
account or to a third party account. The major advantages are that the payments are made at
the convenience of the account holder and are secured by user name and password. This
facility can be used at any time and from anywhere in the world with internet access. The
only disadvantage is that for making this payment access to computers and internet services
is required and internet comes at an additional cost.

2(d)(v) Mobile Banking:

Mobile banking is a service provided through the combined effort of a bank and a mobile
service provider, to perform common banking transactions. An active bank account is needed
and a mobile phone equipped with features required by the bank. The advantages of this
system is that it is secured and available to user at all the times, very fast and convenient way
of making payments as the payments can be made from anywhere that has mobile network
coverage. Some disadvantages are security as mobiles need to be kept safely, otherwise
misuse may occur.

In a monetized economy there are many different types of transactions that are conducted
daily that facilitate the transfer of goods and services from one person to another and need to
be settled by way of a payment. Payment systems play an important role in any country and
are very important for the effective functioning of the economy. The central banks of the
country are an integral part of the payment systems as it monitors, supervisors and regulates
the whole payment system processes.
 PRESENT PERFECT TENSE.

In the PRESENT PERFECT TENSE, we use have like auxiliary and the past participle of the verbs.

FINANCE AND ACCOUNT VOCABULARY.

Insert your card Inserte su tarjeta

Enter your PIN Introduzca su clave
Incorrect PIN Clave incorrecta
Enter Aceptar
Correct Corregir
Cancel Cancelar
Other amount Otras cantidades
Insucient funds Fondos insuficientes
Remove card Retire su tarjeta

Examples.

AFFIRMATIVE.

I have inserted my card in the ATM.

She has entered her PIN in wrong way.
Anthony has entered incorrect PIN of his card.
They have entered other amount in the ATM.
Maria has corrected the mistakes in her accounts
We have canceled our banking accounts.
You have had insouciant funds to pay the banking accounts
Peter has removed card of ATM, before withdraw cash.

NEGATIVE.

I haven’t inserted my card in the ATM

She hasn’t entered her PIN in wrong way.

……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………

INTERROGATIVE.

Have you inserted your card in the ATM? Yes, I have or; No, I haven’t
Has she entered her PIN in wrong way? Yes, she has or; No, She Hasn’t.

……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………
………………………………………………………………………………
 Who are they? What have they done?
What has happened?

Linda has just walked outside with Grandmother. She wears an apron. So far, she has finished
cleaning and washing. She has also gathered seeds and crumbs.

Now Linda and Grandmother are outside. Linda has just dropped some seeds on the ground to
feed the birds. The birds have not come yet.

Recently, Grandmother has moved in with Linda's family. She now enjoys living with them.

Grandmother has already sat down on the bench. She also wears an apron. She has just finished
cooking.

Click here to download the full worksheet: Present Perfect Story 1.

Present Perfect Story 2

Who is she? What has she done? What has happened?

Recently, it has snowed in Maria's town. In the last week, it has snowed three times. Maria has
always loved the snow. She has played in the snow many times before.

Maria's dog, Sparky, has never played in the snow. This is Sparky's first snow. He has not felt the
cold yet.

Maria has just received a new sled for Christmas. She puts on her warm clothes and snow boots.
She pulls the sled up the hill. Sparky has run outside with Maria. Sparky has followed Maria up the
hill. He feels good!

Maria has finally reached the top. She sits on her sled. She rides down the hill. Sparky runs beside
the sled. They have finally reached the bottom. Sparky has followed Maria all the way down the hill.
Sparky has decided that he likes the snow too!

Present Perfect Story 3

Who are they? What have they done?

What has happened?

Roger and Melinda have owned their sailboat for 10 years. During that time, they have sailed
together many times. They have sailed to lots of places.

They have sailed on the Pacific Ocean. They have also sailed on the Atlantic Ocean. They have even
sailed around the Gulf of Mexico twice. However, they have never sailed on the Arctic Ocean or
Indian Ocean.

In the last year, Roger and Melinda have sailed around the Hawaiian Islands and across the Hudson
Bay. Roger and Melinda love to travel in their sailboat!
Present Perfect Story 4

Who is he? What will he have done?

What will have happened?

Mable Jones lives in Florida in the United States. Her grandchildren live in London, England. They
have lived in London for 3 years. Mable has not seen her grandchildren in over a year.

She has talked to her grandchildren on the phone and through e-mails many times. She has also
seen pictures of her grandchildren. They have grown so much since the last time they visited
America.

Mable knits scarves and blankets to send to her grandchildren in London. So far, she has knitted two
large blankets for her granddaughters. She has also knitted a scarf for each grandchild.

The Relationship between Saving and Investment!

An important controversy in macroeconomics relates to the relationship between saving and

investment. Many economists before J.M. Keynes were generally of the view that saving and
investment are generally not equal; they are equal only under condition of equilibrium.
Besides, they thought that equality between saving and investment is brought about by
changes in the rate of interest. Keynes in his famous work “General Theory of Employment,
Interest and Money” put forward the view that saving and investment are always equal.

This gave rise to a severe controversy in economics as to whether saving and investment are
always equal or they are generally unequal. This controversy has now been resolved, and
there is general agreement among the economists about the correct relationship between
saving and investment.

Modern economists use the concepts of saving and investment in two different senses. In one
sense, saving and investment are always equal, equilibrium or no equilibrium. In the second
sense, saving and investment are equal only in equilibrium; they are unequal under conditions
of disequilibrium. We shall explain below in detail the relationship between saving and
investment in these two different senses.

When in a certain year there is net addition to the stock of capital, investment is said to have
taken place. It is worth mentioning here that by investment we do not mean the stock of
capital but the net addition to the stock of capital i.e., investment is a flow concept. Of course,
addition to the stock of capital is made through the flow of investment. In every year stock
of capital expands through net investment.

On the other hand, by saving we mean the part of the income which has not been spent on
consumer goods and services. In other words, saving is the difference between income and
consumption expenditure. It is worth noting that in consumption expenditure all types of
expenditure are not included. If an individual spends a part of his income on providing
irrigation facilities, on buying tools and machinery, then that expenditure is not the
consumption expenditure, it is in fact an investment expenditure.

In order to obtain the saving, we have only to deduct the consumption expenditure from
income and not the investment expenditure. When an individual makes investment
expenditure he is deemed to spend his saved income on investment. For instance, if a farmer’s
annual income is Rs. 10,000 and he spends Rs. 6,000 on consumer goods and services and
spends Rs. 1,000 on the construction of a well for his fields, and another Rs. 1,000 on building
a drainage system for his fields and providing fencing, then his saving would be 10 – 6 = Rs.
4 thousands.

The expenditure of Rs. 2,000 on well, drainage and fencing will be included in the saving
and will not constitute the consumption expenditure. If Y represents the national income of
a country and C the total consumption, then the saving of the country will be equal to Y – C.
Thus,

S=Y–C

Ex-post Savings and Ex-post Investment are always equal:

Pre-Keynesian economists were of the view that savings and investment are generally not
equal. This is firstly because saving and investment are made by two different classes of
people. While investment is undertaken by entrepreneurial class of the society, saving is done
by the general public. Secondly, saving and investment depend upon different factors and are
made for different purposes and motives.
Therefore, it is not inevitable that savings and investment of a society must always be equal.
Besides, some pre-Keynesian economists pointed out that investment expenditure is also
undertaken by borrowing money from the banks which create new credit for this purpose.

It was thus pointed out that more amount of investment than savings is possible because
excess of investment over savings is financed by new bank credit. But Keynes expressed a
totally opposite view that saving and investment are always equal. The sense in which savings
and investment are always equal refers to the actual savings and actual investment made in
the economy during a year.

They are also called ex-post saving and ex-post investment. If we have to calculate that
during the year 2002-03, how much actual savings and investment have been made in India,
we will have to deduct the total consumption expenditure made by the citizens of India during
that year from the national income.

Likewise, the real investment during the year 2002-03 of the Indian economy will be obtained
by summing up the investments actually made by the Indian people during that year. In fact,
national income estimates of savings and investment are made in this actual or ex-post sense.

The second sense in which saving and investment words are used is that in a certain year how
much saving or how much investment people of the country desire or intend to do. Therefore,
saving and investment in this sense are known as desired, intended or planned savings and
investment. They are also called ex-ante saving and ex-ante investment.

ADVERTISEMENTS:

Keynes in his book, “General Theory of Employment, Interest and Money” showed that in
spite of the fact that saving and investment are done by two different classes of people and
also for different purposes and motives, actual saving and actual investment are always
equal.

Thus, he used the word saving and investment in the ex-post or actual sense and
proved the equality between saving and investment in the following way:

Income of a country is earned in two ways:

(1) By producing and selling consumer goods and services, and

(2) By producing and selling capital goods.

That is, national income of a country is composed of the value of consumer goods and
services and the value of capital goods.

This can be expressed in the form of the following equation:

National Income = Consumption + Investment

or

Y=C+I

where Y stands for national income, C for consumption and I for investment.

The above equation represents the production or earning side of the national income. The
second aspect of national income is the expenditure side. The total national income can be
fully consumed but generally it does not happen so. In actual practice, a part of the total
income is spent on consumption and the remaining part is saved.

From this we get the following equation:

National Income = Consumption + Saving

Or

Y=C+S

where Y stands for national income, C for consumption and S for saving.

In the above two equations (i) and (ii) it is clear that national income is equal to the sum of
consumption and investment and also equal to the sum of consumption and saving.

From this it follows that:

Consumption + Saving = Consumption + Investment

C+S=C+I

In equation (iii) above, since C occurs on both sides of the equation, we get:

Saving = Investment

or

S=I

From the foregoing analysis, it follows that saving and investment are defined in such a ay
that they are necessarily equal to each other. In equation (i) investment is that part of national
income which is obtained from the production of goods other than those consumed and
equation (ii) saving is that part of national income which is not spent on consumption.

Hence the actual or ex-post sense, saving and investment by definition are equal. It is worth
mentioning that in macroeconomics, saving and investment do not refer to the saving and
investment by an individual; they refer to the saving and investment of the whole community
or economy. Saving and investment by an individual can differ but in the ex-post sense, the
saving of the whole country must always be equal to the investment.

Now the question arises, why ex-post saving and ex-post investment are always equal. For
instance, when more investment is undertaken by the entrepreneurs how actual saving
becomes equal to this larger investment and if the saving falls how investment will become
equal to smaller savings. In this connection it is worth mentioning that modern economists,
as did Keynes, include the addition to the inventories of consumer goods in investment.

Now, when saving increases, it implies that consumption will be less. The decline in
consumption would result in the addition to the inventories of consumer goods with the
shopkeepers and manufacturers, which were not planned or intended by them. This addition
to inventories, though unintended, will raise the level of actual investment.

Thus unintended increase in inventories will raise the level of investment and in this way
investment will increase to become equal to the greater saving. On the other hand, if in any
year saving declines, it will result in the unplanned decline in the inventories of consumer
goods with the traders and manufacturers. This unintended decline in inventories will mean
the fall in actual investment. In this way, investment will decline to become equal to the
lower savings.

Ex-ante saving and Ex-ante Investment are Equal only in Equilibrium:

As said above, in the desired, planned or ex-ante sense, saving and investment can differ. In
fact planned or ex-ante saving and investment are generally not equal to each other. This is
due to the fact that the persons or classes who save are different from those who invest.

Savings are done by general public for various objectives and purposes. On the other hand,
investment is made by the entrepreneurial class in the community and is generally governed
by marginal efficiency of capital on the one hand and rate of interest on the other hand.

Therefore, savings and investment in planned or ex-ante sense generally differ from each
other. But through the mechanism of change in the income level, there is tendency for ex-
ante saving and ex-ante investment to become equal.

When in a year planned investment is larger than planned saving, the level of income rises.
At a higher level of income, more is saved and therefore intended saving becomes equal to
intended investment. On the other hand, when planned saving is greater than planned
investment in a period, the level of income will fall.

At a lower level of income, less will be saved and therefore planned saving will become equal
to planned investment. We thus see that planned or ex-ante saving and planned or ex-ante
investment are brought to equality through changes in the level of income. When ex-ante
saving and ex-ante investment are equal, level of income is in equilibrium i.e., it has no
tendency to rise or fall.
It is thus clear that whereas realised or ex-post saving is equal to realised or ex-post
investment, intended, planned or ex-ante saving and investment may differ; intended or ex-
ante saving and investment have only a tendency to be equal and are equal only at the equi-
librium level of income.

That the planned or intended saving is equal to intended investment only at the equilibrium
level of income can be easily understood from Fig. 8.3. In this figure, national income is
measured along the X-axis while saving and investment are measured along the Y-axis.

SS is the saving curve which slopes upward indicating thereby that with the rise in income,
saving also increases. II is the investment curve. Investment curve II is drawn as horizontal
straight line because, following Keynes, it has been assumed that investment is independent
of the level of income i.e., it depends upon factors other than the current level of income.

It will be seen from the Fig. 8.5 that saving and investment curves intersect at point E.
Therefore, OY is the equilibrium level of income. If the level of income is OY1, the intended
investment is Y1H whereas the intended saving is Y1L. It is thus clear that at OY1 level of
income, intended investment is greater than intended saving.
As a result of this, level of income will rise and at higher levels of income more will be saved.
It will be seen that with the rise in income to OY2, saving rises and becomes equal to
investment. On the other hand, if in any period, level of income is OY3 intended investment
is Y3K and intended saving is Y3J. As a result of this, level of national income will fall to
OY2 at which ex-ante saving and ex-ante investment are once again equal and thus level of
national income is in equilibrium.
 BE ABLE TO.
ABILITY.
(Poder, ser capaz de…)

I am able to sleep in this street. I have difficult problems in home.

She might be able to eat all apples of the refrigerator. She is too much hungry.
They are able to establish their own rules.
We might be able to understand them about the work, but we aren’t able to do it.
You must be able to work low pressing.
It’s raining. She is able to stay here all night.

Most of these people have other jobs and obligations, so without something like Etsy, they
might not be able to enter into these trades.

………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………

…………………………………………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………………………………………

That is what we expect to be able to do, because it is theoretically possible in a hundred different
ways.
…………………………………………………………………………………………………………………………………………………………
…………………………………………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………………………………………

He explained to me that with a lawnmower, one person would be able to do the job and eleven
men would be unemployed.

…………………………………………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………………………………………

Once someone has something, no one should be able to take it from him or her.
…………………………………………………………………………………………………………………………………………………………
……………………………………………………………………………………………………………………………………………………

Researchers also discovered the vaccine was able to restore normal blood sugar levels
without using insulin.
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………

And if so, would they be able to fit three people comfortably in the front seat?
………………………………………………………………………………………………
………………………………………………………………………………………………

Plus, they will be able to convert heat to electricity as well, so anything that heats up will
become an energy source.
………………………………………………………………………………………………
………………………………………………………………………………………………
So when people have excess goods, they are able to trade those goods away for things they
want and suffer less of a decrease in utility than the amount they are increasing in their trading
partners.

………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………

The EU has to be able to receive as well as transmit.

………………………………………………………………………………………………
………………………………………………………………………………………………
What our fellow citizens are asking is to be able to feel that they are European citizens.
………………………………………………………………………………………………
………………………………………………………………………………………………
Secondly, we have to be able to establish a smooth and transparent relationship with
NATO.
………………………………………………………………………………………………
………………………………………………………………………………………………
It is therefore important to be able to experiment with new forms of aid.
………………………………………………………………………………………………
………………………………………………………………………………………………
Your Eminence, it was a pleasure to be able to speak to you this morning.
………………………………………………………………………………………………
………………………………………………………………………………………………
I hope also to be able to present a report at the halfway stage in the autumn of 2007.
………………………………………………………………………………………………
………………………………………………………………………………………………
His successor celebrates and is pleased to be able to introduce democracy for his subjects.
………………………………………………………………………………………………
………………………………………………………………………………………………
I tried to carry things too large for people to be able to carry.
………………………………………………………………………………………………
………………………………………………………………………………………………
This wood is still too green to be able to use it in the bonfire.
………………………………………………………………………………………………
………………………………………………………………………………………………
We urgently need to be able to safeguard the employment and pension rights of workers.
………………………………………………………………………………………………
………………………………………………………………………………………………
We need to be able to hold on to our best researchers and innovators.
………………………………………………………………………………………………
………………………………………………………………………………………………

I would like to be able to provide the first funds in November.

………………………………………………………………………………………………
………………………………………………………………………………………………
These states clearly want to be able to operate in a liberal market and earn money.
………………………………………………………………………………………………
………………………………………………………………………………………………
I 'm not going to be able to go with you guys tomorrow. -Oh, what a shame.
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
………………………………………………………………………………………………
I rejoice to be able to be present at this historic moment.
………………………………………………………………………………………………
………………………………………………………………………………………………
At the same time, Europe needs to be able to respond to unfair foreign subsidies.
………………………………………………………………………………………………
………………………………………………………………………………………………
I really would like to be able to discuss climate policy with OPEC.
………………………………………………………………………………………………
………………………………………………………………………………………………
As Mrs. Stihler has said: next year we hope to be able to record some progress.
………………………………………………………………………………………………
………………………………………………………………………………………………
We must lift protectionist barriers to be able to revitalize the Single Market.
………………………………………………………………………………………………
………………………………………………………………………………………………
Greater efforts are also needed in research and development in order to be able to introduce
new technologies