КОНТРОЛЬНАЯ РАБОТА №3 (III семестр)

для студентов специальностей «Финансы и кредит», «Бухгалтерский учет, анализ и аудит»

Упражнение 1

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Money and Banking

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Money and Banking

1. All values in the economic system are measured in terms of money. Our goods and services are sold for money, and that money is in turn exchanged for other goods and services. Coins are adequate for small transactions, while paper notes are used for general business. There is additionally a wider sense of the word money, covering anything which is used as a means of exchange, whatever form it may take. Originally, a valuable metal (gold, silver or copper) served as a constant store of value, and even today the American dollar is technically ‘backed’ by the store of gold which the US government maintains. Because gold has been universally regarded as a very valuable metal, national currencies were for many years judged in terms of the so-called gold standard. Nowadays however national currencies are considered to be as strong as the national economies which support them.

2. Valuable metal has generally been replaced by paper notes. These notes are issued by governments and authorized by banks, and are known as legal tender. Other arrangements such as cheques and money orders are not legal tender. They perform the function of substitute money and are known as instruments of credit. Credit is offered only when creditors believe that they have a good chance of obtaining legal tender when they present such instruments at a bank or other authorized institution. If a man’s assets are considerable, then his credit will be good. If his assets are in doubt, then it will be difficult for him to obtain large sums of credit or even to pay for goods with a cheque.