Unit1 Money
Figures
American oil billionaire J. Paul Gettyhas a very famous saying, that is “ If you can actually count your money, then you are not really a rich man.”美国的银行业大亨J. Paul Getty曾经说过一句话：如果你的钱是可以数得清楚的，那么你就不是一个真正的富人。Well, the sentence is interesting, but actually we must know how to count the money before we get rich, especially in English. So, in today’s class, we would first learn to say English numbers.
Most people working in finance, whether it is in accountancy, banking, broking, investment, insurance, or whatever, spend a lot of time dealing with numbers.
I. Let’s talk about the different ways to say 0 in English. Usually, we have the following 5 ways to say 0 inEnglish. They are: OH, ZERO, LOVE, NOUGHT, NIL!
We say oh
after a decimal point 6.03 six point oh three
in telephone numbers 8408 3213 eight fouroheight three two one three
in bus numbers No. 708 get the seven oheight
in hotel room numbers Room 308I'm in room three oheight.
in years 1905 nineteen oh five
We say nought
before the decimal point 0.201 nought point two oh one
We say zero
for the number 0 the number zero
for temperature -5~C five degrees below zero
We say nil
in football scores 5-0 Spain won five nil.
We say love
in tennis 15- 0 The score is fifteen love.
Now say the following:
- The exact figure is 0.002.
a)before the decimal point, read nought;
b)after a decimal point, read oh.
Nought point oh oh two.
2. Can you get back to me on 010 – 5175 – 0123 ? I'll be here all morning.
in telephone numbers, say oh.
Oh one oh five one seven five oh one two three
3. Can you put that on my bill? I'm in room 804.
in hotel room numbers, say oh. Eight oh four
4. The temperature in north-east China is very low in winter. Usually, it's 20 degrees below 0!
for temperature, say zero.
5.Basically, tennis scoring proceeds from 0 to 15 to 30 to 40 to game.
love（0）, fifteen（15）, thirty（30）, forty（40）, game（胜局）。
6. The result of the game was 3 – 0
three-nil
II. THE DECIMAL POINT
In English, we use a point (.) and not a comma (,) for decimals. 在英语当中，小数点都是写为一个点，而不是逗号。We use commas in figures only whenwriting thousands. 我们在表达数字千的时候呢，用逗号来隔开。
10,002 is ten thousand andtwo.
10.003 is ten point oh oh three
In English all the numbers after a decimal pointare read separately. For example:
20.66 twenty point six six Not twenty point sixty six
0.243 nought point two four three
0.005 nought point oh oh five
You will also bear people say:
0.05 zero point oh five or oh point oh five
But if the number after the decimal point is a unit of money, it is read like a normal number:
￡12.50 twelve pounds fifty €5.95 five Euros ninety five
NB. This is very important. When you do business on the phone, say nought point three seven five(0.375) and not nought point three hundred and seventy five. If the listener missed the word point,youmight lose a lot of money. So, say the digits separately after the point.
Now say the following:
1. It's somewhere between 3.488 and 3.491.
2. Look, it's less than 0.0001! It's hardly worth worrying about.
3. I changed all those yen into sterling and I only got ￡13.60!
Yen is the standard unit of money in Japan,
Sterling is the standard unit of money in the United Kingdom,
(yen 是日本的货币单位，sterling是英国的标准货币单位)
4. That's about 14.50 in Swiss francs.（瑞士法郎）
5. Did you say 0.225 or 0.229?
6. The dollar is at 1.95.（one point nighty five）
7. No, I meant 15.005 not 15,005.
Say: No, I meant fifteen point oh oh 5, not fifteen thousand and five
III. PER CENT
The stress is on the cent of per cent ten perCENT
Notice the following when talking about interest rates: (利率)
0.5% a half of one per cent
0.25% a quarter of a percentage point
For example:
The Bank of England raised interest rates this morning by a quarter of a percentage point.
Now say the following:
1. What's 20% of 360?
2. They have put the interest rate up by another 0.5%. (a half of one per cent)
3. 0.75% won't make a lot of difference.
IV. HUNDREDS, THOUSANDS, AND MILLIONS
In British English you hear a hundred and twenty three.
In American English you usually hear a hundred twenty three.
So, there are some small differences between British English and American English.
The number 1,999 is saidone thousand nine hundred and ninety nine.
The year 1999 is saidnineteen ninety nine.
The year 2000 is said the year two thousand.
The year 2001 is said two thousand and one.
The year 2015 is said two thousand and fifteen or twenty fifteen.
Note: It is likely that: different people will refer to the early years of the 21 century in different ways.
Remember that the year 1999 is always referred to as nineteen ninety nine - not one thousand and nine hundred and ninety nine.
Now, please read the following numbers:
1,000,000 is a million or ten to the power six: (106)
1,000,000,000 is a billion or ten. to the power nine: (109)
Now let’s look at the following numbers:
11，234 is said：
eleven thousand two hundred(and)，thirty—four
155,721 is said：
one hundred(and)fifty-fivethousand seven hundred(and)twenty-one
6，155，702 is said：
six million one hundred(and)fifty-five thousand seven hundred and two
26，000，008 is said：
twenty-six million and eight
326，414，718 is said：
three hundred(and)twenty-six million，four hundred(and)fourteen thousand, seven hundred(and)eighteen
4，302，000，000 is said：
four billion three hundred(and)two million
From the above figures, we can see that from right to left, there is a coma every three figures, the function of the coma is very important. It can help us read and remember the numbers.由以上一组数字可以看出，多位数由右向左每3位有一逗号，这个逗号的作用非同小可，在记忆数字时，它可以帮我们很大的忙!
From right to left, the first coma is saidthousand逆向第一个逗号读thousand；the second coma is said: million, 第二个逗号读million；the third coma is said: billion, 第三个逗号读billion；第四个逗号就是trillion。这几个逗号的作用在于，当我们听到若干thousand时，立即写下这个数，并在其后打一个逗号，并留出3位；当听到若干million，则写下数字，并在其后打一逗号，留出6位；听到若干billion，方法同上，在后面留出9位，后面的million、thousand依此法类推，让所有数字各就其位。
例如，当你听到“twenty thousand andfour\'’写出20，“and four”意为后一组仅有个位，即：004，那么，这个数字完整地写下来就是20，004；若听到“six million twenty thousand four hundred and twenty—three，”则第一步先写：6，020，再将最后一组423写在第一个逗号后面。完整的翠字为6，020，423。若听到“One billion，one hundred and four million，twenty thousand four hundred and twenty-three”：主第一步写出1，104，第二步接下去写第三组020，第三步写423，这样得到的完整数字便是1，104，020，423，由此：见这个三位一逗号的作用有多大。只要我们在平时的训练中加强对三位数读写的训练，能分辨“ty”与“teen\'’，并能借助这个不可缺少的“逗号”，so, in this way no matter how big the number is , we can understand and read it without any problems. 无论数字多么大，也不会对我们造成障碍。
Now, let’s have a brief review of what we learned just now, pleasesay the following sentences:
1. Why do you say 175 inBritain? In the States we usually say 175.
One hundredand seventy five, one hundred seventy five
2. It's got 1001 different uses.
One thousand and one
3. Profits will have doubled by the year 2000.
Two thousand 在2000年时，利润会翻一翻
4. Thanks. You're one in 1,000,000!
5. No, that's 2,000,000,000 not 2,000,000!
V. SQUARES, CUBES, AND ROOTS
102 is ten squared.
103 is ten cubed.
is the square root of 6.
VI. TELEPHONE AND FAX NUMBERS
We usually give telephone and fax numbers as individual digits: 读电话号码时，每个数字一一读出。When two numbers are same, English people usually read as “double – x” 英国人在读两个相同数字时，通常读成“double – x”
01273 736344 oh one two seven three, seven three six, three four four
344 can also be said as three double four
44 26 77 double four, two six, double seven
777 can be said as seven double seven, or seven seven seven
- FRACTIONS
分数中分子用基数词表示，分母用序数词表示。先读分子，后读分母。当分子大于1时，分母要加“s”。例如
1/2 is said ：a／one half(口语中更倾向于用“a”代替“one”)
1/3 is said：a／one third
1/8 is said：an／one eighth
1/4 is said：a／one quarter(fourth)
2/3 is said：two thirds
is said one and five ninths
Now read the following news item:
In an opinion poll published today, over 3/4 of the electorate say they intend to vote in nextmonth's referendum. 1/4 of voters say they will definitely vote Yes, while 1/3 will vote No. But thatleaves over 2/5 of the voters who haven't made up their minds. Both sides remain hopeful. A spokesman for the 'Yes' campaign said, "At the moment, 2/3 of the electorate won’t vote No." A spokeswoman for the other side replied, "That's true, but 3/4 won't vote Yes!"
在今天发布的一个名义调查显示有超过3/4的选民，（electorate 意思是一个国家的全体选民），表示将在下个月参加全民投票。1/4 的选民表示他们将投赞成票，1/3 的选民表示他们要投反对票，但是还有超过2/5的选民没有表态。双方依然都有盛出的可能。“赞成”阵营的一个发言人说：“目前，有2/3的选民没有投反对”，而“反对”阵营的一个女发言人说：“对，但是有3/4的选民没有投赞成”
VIII. CALCULATING
Remember to pronounce the s in equals as/z/. It is singular; the part on the left equals the part on the right.
10 + 4 = 14 ten plus four is fourteen
ten and four equals fourteen
10 - 4 = 6 ten minus four is six
ten take away four equals six
10×4 = 40 ten times four is (or equals) forty
ten multiplied by four is forty
10÷4 = ten divided by four is two and a half
IX. FOREIGN CURRENCY
Notice these ways of speaking about exchange rates:
How many yen per dollar did you get?
How many RMB are there to the dollar?
The current rate is about 1.6 Euros to the pound.
X. NUMBERS AS ADJECTIVES
When a number is used before a noun - like an adjective - it is always singular. We say:
a fifty-minute English news not a fifty-minutes English news
Here are more examples:
a sixteen-week semester a thirty-five pound book
a fifteen-minute talk a six-week travel plan
a twenty-pound reduction a two and a half liter bottle
a six billion dollar loan
Say the following in a similar way:
1. They lent us ~250,000. They gave us a two hundred fifty thousand - pound loan.
2. Our house is 200 years old. We bought a 200- year-old house.
3. We lost $50,000. We made a fifty thousand – dollar lose
4. The salmon weighed 15 pounds! I caught a fifteen pound salmon
XI. REVIEW
How many of the following can you say aloud in under 1 minute?
1.234, 567
2. 1,234,567,890
3. 1.234
4. 0.00234%
5. 3.14159
6. $19.50
7. £7.95
8. 19, 999
9. 1, 999 years
10. In 1999
11. I think the phone number is 01227-764000.
12. Have you got a pen? Their fax number is: 00 33 567 32 49.
13. He was born in 1905 and died in 1987.
14. 30 x 25 = 750
15. 30÷25 = 1.20
16. x2+y3=z
What is Money ?
As the word money is used in everyday conversation, it canmean many things, but to economists it has a very specific meaning.To avoid confusion, we must clarify how economists' use of the
word money differs from conventional usage.
Economists define money as anything that is generally accepted in payment for goods orservices or in the repayment of debts.
Currency, consisting of dollarbills and coins, is one type of money.When most people talk about money, they' re talking about currency. However, to define money merely as currency is much too narrow foreconomists. 汉语
Because checks are also accepted as payment for purchases, checking account deposits are considered money as well. Aneven broader definition of money is often needed. As you can see, there is no single, precise definition of money or the money supply, even for economists.汉语
To complicate matters further, the word money is frequentlyused synonymously with wealth. When people say, "Joe is rich—hehas an awful lot of money," they probably mean that Joe not onlyhas a lot of currency and a high balancein his checking account butalso has stocks, bonds, four cars, three houses, and a yacht. 汉语
Balance: the amount of money in an account at a particular time； 帐户存款的余额
For example: Could you tell me what my balance is please? 你能告诉我的帐户余额吗？
Economists make a distinction between money and wealth.Wealthincludesnot only money but also other assets such as bonds, common stock,art, land, furniture, cars, and houses.
People also use the word money to describe what economists callincome, as in the sentence "Susan would be a wonderful catch; shehas a good job and earns a lot of money."
Income is a flow of earnings per unit of time. Money, by contrast, is a stock: It is a certainamount at a given point in time. 收入是某一单位时间内收益的流量， 而货币是一个存量， 即某一时间点上一个特定的金额。
If someone tells you that he has anincome of $1 000, you can not tell whether he earned a lot or a littlewithout knowing whether this $1 000 is earned per year, permonth, or even per day. But if someone tells you that she has$1 000 in her pocket, you know exactly how much this is.
Keep in mind that the money discussed refers to anything thatis generally accepted in payment for goods and services or in the repayment of debts and is distinct from income and wealth.
必须牢牢记住：我们所说的货币是在支付商品和劳务货款或在偿还债务时被普遍接受的任何东西，他与收入和财富是有区别的。
What does money do?
In this section, we will talk about the Functions of Money.
Whether money is shells or rocks or gold or paper, it has threeprimary functions in any economy: as a medium of exchange(交易媒介), a unitof account（计算单位）, and a store of value（价值的储藏）. Of the three functions, its functionas a medium of exchange is what distinguishes money from other assets such as stocks, bonds, and houses.
Medium of Exchange
In almost all market transactions in our economy, money in theform of currency or checks is a medium of exchange; it is used topay for goods and services. The use of money as a medium of exchange promotes economic efficiency by eliminating（节约）much of thetime spent in exchanging goods and services. 在我们经济社会所有的市场交易中，以通货和支票形式出现的货币都是交易媒介， 也就是说我们用它来对商品和劳务进行支付。利用货币作为交易媒介省去了商品和劳务交易所需的大量时间，从而提高了经济效率。
The time spent trying to exchange goods or services iscalledatransaction cost, In a barter economy, transaction costs are high because people have to satisfy a "double coincidence of wants"（需求的双重巧合）---theyhave to find someone who has goods or service they want and whoalso wants the goods or service they have to offer.在从事商品和劳务交易时所花的时间叫做交易成本。在物物交换的经济中，交易成本很高，因为人们必须满足需求的双重巧合。即他们必须找到某个人拥有自己想要的商品和劳务，而且恰恰需要自己提供的商品和劳务。
Money is therefore essential in an economy it is a lubricant (润滑剂) that allows the economy to run more smoothly by loweringtransaction costs, thereby encouraging specialization and the divisionof labor.因此，货币在经济社会中，是十分重要的东西；它降低了交易成本，像润滑剂一样，能使经济更为迅捷的运行，并由此鼓励了专业化和劳动分工。
Now let’s come to see the second function of the money.
Unit of Account
The second role of money is to provide a unit of account; thatis, it is used to measure value in the economy. We measure the valueof goods and services in terms of money, just as we measure weightin terms of pounds or distance in terms of miles. 货币的第二个职能是：计算单位，就是说在经济社会中人们用钱来计算商品和劳务的价值。就像用磅来称重，用英里来测量距离一样。
Money we use nowadays, no matter in the form of banknotes or coin or electronic money, do not have the same value with the goods and services that it exchanged, but it represent a particular value. That is to say, money we use in the market is fiat money.不管是纸钞、硬币、还是电子货币，它们本身都与要交换的商品价值并不相等. 这是因为它们本身虽然没有什么价值，但却代表了一定的价值。这也就是说，现代货币是一种名义货币。
名义货币，也叫法定货币。英文是 Fiat money。Fiat 是拉丁文，它的意思是法令、许可、批准。
Fiat money has not only no particular value in use; it doesn't even really have a value in exchange except that which is decreed that it would have.
名义货币不仅仅没有什么特别的价值，而且在商品的交换中它本身根本没有价值。它拥有的只是法律所赋予它的价值。
So fiat money is money which is intrinsically worthless. And its value exists by virtue of the fact that it is generally acceptable. And fiat money, needless to say, is one of the most mysterious inventions of the human mind, and no economist has managed to explain exactly why it is that people will generally accept something as valuable when it clearly has no value other than that which it is decreed to have.
因此，名义货币从它的本质来说实际上一钱不值。它的价值只在于它能够获得普遍的接受。毫无疑问，名义货币是人类最神奇的发明之一。任何经济学家都还无法确切解释，为什么人们能够把一种除了法定的价值外显然没有任何价值的东西作为宝贵的东西来普遍接受。
Store of Value
Money also functions as a store of value: it is a repository ofpurchasing power over time. It is an asset. It's something that we can use to store value away to be retrieved at a later point in time. So we can not consume today, we can hold money instead - and transfer that consumption power to some point in the future. 他是一种超越时间的购买力的储藏。是一种资产。我们可以用它把价值储存起来，在以后的某个时刻再取回。这样我们不必现在就把它用掉，而是可以存着钱，把这种消费能力转移到将来的某个时刻。
Money is not unique as a store of value;any asset, be it money，stocks, bonds, land, houses, art, or jewelry, can be used to storewealth. Many such assets have advantages over money as a store of
value: They often pay the owner a higher interest rate than money,experience price appreciation, and deliver services such as providinga roof over one's head. If these assets are a more desirable store ofvalue than money, why do people hold money at all?
The answer to this question relates to the important economicconcept of liquidity, the relative ease and speed with which an assetcan be converted into a medium of exchange. Liquidity is highly desirable. Money is the most liquid asset of all because it is the medium of exchange; it does not have to be converted intoanything elsein order to make purchases. Other assets involve transaction costswhen they are converted into money.
Different Types of Money
Now, let’s clarify the meaning of some words that are related to “money”. Please look at the following words.
These are all different forms of money,
Money, Cash, Currency, Reserves, Salary, Wages, Income, Loan, Pension, Fund, Capital, Instalments, Debt, Subsidy, rebate, Deposit, Aid. Stake.
What are the exact meaning of these words in English? Now, let’s do some exercises, after that you will have a very clear idea of what they are.
Choose the correct alternative to complete each sentence:
1. Money in notes(banknotes) and coins is called
a. cash b. capital c. reserves
2. The dollar, the mark and the yen are all
a. currencies b. funds c. monies
3. Money borrowed from a bank is a
a. deposit b. income c. loan
4. Borrowed money that has to be paid back constitutes a
a. debt b. fund c. subsidy
5. All the money received by a person or a company is known as
a. aid b. income c. wages
Number 1 the answer should be:acash. 纸币或者银币形式的钱，我们称之为：现金。
Number 2 the answer should be:a currency 美元，马克，和日元都是：通货 或 货币
Number 3 the answer should be:c loan 从银行借来的钱称之为：贷款
Number 4 the answer should be:adebt 借来的但必须要还回的钱称之为：债务
Number 5 the answer should be: bincome 个人或公司所得到的所有的钱称之为：收入
6. The money earned for a week's manual work is called
a. income b. salary c. wages
7. The money paid for a month's (professional) work is a
a. loan b. salary c. wages
8. Money placed in banks and other savings institutions constitutes
a. capital b. deposits c finance
9. Money paid by the government or a company to a retired person is a
a. pension b. rebate c. subsidy
10. The money that will ultimately be used to pay pensions is kept in a
a. budget b. deposit c. fund
Number 6 the answer should be:cwages一个星期的劳动所得称之为：wages
Number 7 the answer should be:bsalary一个月的工作所得称之为：salary，
由此我们可以看出，汉语里“公资”这个词在英文中根据工作时间的长短是有区分的。salary 和wage. 英文中按月支付的是salary, 按小时、每天、或每周支付的是 wage. 请大家注意区分。
Now, let’s look at the follow sentence which will tell you the history of salary.
Money's got a very colourful history, because a number of things have been used in the place of what we use as money. Feathers, shells, cloth ...salt. In Roman times when the Roman soldiers were paid in salt and that's how we get the word salary, from the Latin sal for salt.
历史上的货币五花八门。古时候，羽毛、贝壳、布料甚至盐都曾是交换工具。古罗马士兵得到的军饷就是盐。盐这个词也是英文“工资”这个词的起源。拉丁文Sal的意思是盐，英文中工资Salary就是从它演变而来的。
Number 8 the answer should be:bdeposit存在银行或其他储蓄机构钱称之为：存款
Number 9 the answer should be:apension有政府或公司支付给退休人员的钱称之为：养老金
Number 10 the answer should be:cfund最终用来支付养老金的钱是已基金的形式储存的
11. The money needed to start a company is called
a. aid b. capital c. debt_
12. The money paid to lawyers, architects, private schools, etc. is called
a. fees b. instalments c. wages