Grammar: Progress Test IV (Modal Verbs)

Terms to remember:

Money and its Functions

In songs and popular language “money” stands for many things. It’s a symbol of success, it’s a source of crime, and it makes the world go round.

Along with the Market, Manpower and Material, Money is the last of the big M's that make business function. It is in the centre of any business activity.

Money is anything used by a society to purchase goods, services or resources. Different groups of people have used all sorts of objects as money – whale’s teeth, stones, beads, gold and silver, for example. Today, the most commonly used objects are metal coins, paper bills, checks and plastic money.

For money to have value, it must perform certain functions, it must be easy to use, and it must be trusted.

Money has three main functions in any society:

Serves as a Medium of Exchange. Money, the medium of exchange, is used in one half of almost all exchange. Workers exchange labour services for money. People buy and sell goods in exchange for money.

Serves as a Measure of Value. Money serves as a measure of value because the prices of all products and resources are stated in terms of money. Money is used as a yardstick for all bookkeeping, budgeting and management.

Represents a Store of Value. Money is a store of value because it may be held and spent later. It is a means for retaining and accumulating wealth.

Exercises in Word Study

Ex.1. Form adjectives from the following nouns:

symbol, success, crime, money, difference, value, product, wealth.

Ex.2. The following words can be used in more than one way. Underline the correct part of speech for each word as it used in the text.

Ex.3. Give the English for:

символ успіху; купувати товари та послуги; золото та срібло; монети та банкноти; виконувати функції; засіб обміну; в обмін на гроші; мірило вартості; складання бюджету; засіб заощадження.

Ex.4. Match words from list A with words from list B that have a similar meaning.

Ex.5. Find suitable opposites to the following words:

to represent, popular, success, value, to trust, to accumulate, similar, easy.

Ex.6. Match the nouns in the left-hand column with the verbs in the right-hand column:

Ex.7. What part of speech are these words? You can find out by looking in your dictionary.

Translate the following sentences into Ukrainian:

1. He doesn’t have much monetary sense; he’s always wasting his money.

2. The government monetized its bonds and spent the money on new projects.

3. That new saleswoman is already a moneymaker for our company.

4. She married a man from a moneyed family.

5. He is such a money-grubber that he won’t answer a question unless you tell him how much you will pay him.

Ex.8. The words in the box frequently occur before “money”.

Find combinations that mean:

1. money that is being used by the public as opposed to money left in bank accounts;

2. money easily available on loan at a low rate of interest;

3. extra money or high wages paid to people working in dangerous conditions;

4. money that is difficult to borrow because of high interest rates;

5. money that is not circulated or invested and does not earn interest;

6. an item that can be easily exchanged in the way that money can, although it is not money itself. It includes cheques and postal orders but not banknotes or coins;

7. money lent on condition that it must be repaid immediately if necessary;

8. money offered by someone to show that he/she is honest and truthful and will keep to all agreed terms and conditions;

9. the reward paid by the owners of a rescued ship or goods to the person or organization that saved it/them;

10. change for small purchases;

11. money which is moved from country to country to get the best return;

12. money paid to someone in return for keeping silent about a crime.

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