B. Public finance

The government collects money from citizens through taxes. Income tax is the tax collected on wages and salaries. Inheritance tax is collected on what people inherit from others. Customs or excise duties have to be paid on goods imported from other countries. VAT or value added tax is a tax paid on most goods and services when they are bought or purchased. Companies pay corporation tax on their profits. If you pay too much tax, you should be given some money back, a tax rebate.

The government also sometimes pays out money to people in need, e.g. unemployment benefit (also known informally as the dole) disability allowances and student grants (to help pay for studying). Recipients draw a pension / unemployment benefit or are on the dole or on social security.

Every country has its own special currency. Every day the rates of exchange are published and you can discover, for example, how many dollars there are currently to the pound sterling or hryvnya.

A company may sell shares to members of the public who are then said to have invested in that company. They should be paid a regular dividend on their investment, depending on the profit or loss made by the company.

Exercise 1

Give the English equivalents to the words and phrases given. Be ready to use them in the sentences of your own.

Отримати відшкодування, банківська позика, депозитний рахунок, капіталовкладення, поточний рахунок, платити відразу, знімати гроші, вносити гроші на поточний рахунок, торгуватися, перевищення кредиту, мито, акцизний збір, здирництво, податок на спадщину, плата за проїзд, одержувати пенсію, курс обміну валюти, купувати оптом, купувати у кредит, сплачувати відсотки, мати гроші на банківському рахунку, прибутковий податок, податок на додану вартість, акції, допомога по безробіттю, плата за послуги, дивіденд, повернення податку, соціальне забезпеченння, збиток, грошова допомога по інвалідності, прибуток, корпоративний податок, вигідна покупка, сплачувати рахунки, знижка, касовий чек.