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Vocabulary. The businessman and his bank

Lesson 1

The businessman and his bank

Part I

The bank plays an important part in the activities of a businessman. The owner of a company will open a Current Account with a bank on commencement of a business. He will deposit the daily proceeds of the business into this account. The bank will supply the company with a cheque book of 25 to 50 cheques. The manager will pay the company’s bills by issuing cheques. The bookkeeper of the company will check the correctness of each bill and obtain the approval of the manager before making payments. He will fill up the cheque with the date and state the amount payable in words and figures. The cheque must be signed by an authorised person. It should be made payable to the company which supplied the goods or services.

If a company has surplus funds its manager may place them in a Fixed Deposit Account. The money cannot be withdrawn for an agreed period of time such as six months or a year. This will enable the bank to use the depositor’s money for which it will pay him interest. The rate of interest will depend on the period of deposit.

A bank often helps a businessman by allowing him to issue cheques for an amount in excess of the funds he has in the account. The latter will have to pay interest on the loan. This service is called an overdraft. It will be reviewed by the bank every year. The bank may increase, decrease or cancel the overdraft facility at its discretion.

Payment for goods imported from a foreign country can be made through a bank. One way to do this is for the buyer to purchase a bank draft for the amount payable. He may request that the bank draft be made payable in the currency of the supplier. The buyer would pay his bank the equivalent amount plus the bank commission in the local currency. Because of these services and many more banks are a great help to businessmen.


Part II

bank   businessman business activity current account   commencement to deposit proceeds cheque book   bill   manager authorised person bookkeeper funds surplus surplus funds fixed deposit account   to withdraw depositor interest   rate of interest to depend the former the latter to expand bank overdraft to review to cancel currency supplier buyer bank commission facility an organisation for the safe keeping of money and valuables. a man who is engaged in buying and selling. work relating to buying and selling. an account from which money may be drawn without previous notice. beginning. to put in, to place. income from commercial ventures. a book of blank cheques and counterfoils fastened together. a statement of claim for goods delivered or services rendered. one who controls a business. one who has the power to do something. one whose profession is to keep accounts. money. extra. money in excess of needs. money in a bank account which cannot be taken out over a period of time. to take out. one who puts money into an account. money charged or paid for the use of money belonging to others. percentage of interest paid annually. to rely on. the first of two things or people already mentioned. the second of two things or people already mentioned. to make larger. money borrowed from a bank. to examine again. to cross out. the money used in a country. a person or firm supplying goods. a person who buys. a payment collected by a bank for a service performed. aid or circumstances which make it easy to do something.



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