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Vocabulary Exercises I

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Find proper definitions:
Terms Definitions
1. Mortgage a) anything owned that has financial value
2. Collateral b) an asset, such as real estate, which can-
security not be readily changed into money
3. Asset c) assets other than real estate which can
  be readily changed into money
4. Open note d) to promise as security
5. Current e) some security in addition to the main se-
asset curity for money lent
  f) an agreement to give up collateral which
6. To pledge has been pledged if a debt is nol paid
  g) a note, the payment of which is nol guar-
7. Fixed asset anteed by collateral security
  h) anything owned, especially real estate
8. Real estate or land
9. Chattel i) land including anything constructed on
mortgage it
  j) a mortgage on any personal or movable
  possesions such as furniture or equipment

 


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10. Deed 11. Equity 12. Property 13. Principal 14. Instalment 15. Loan 16. Repayments 17. Balance sheet 18. Profit and loss account 19. Real properly

k) a document which proves legal own­ership of real estate 1) the value of the piece of property bc-yond any indebtedness held against it in) a statement of the assets and liabili­ties of a business which shows its posi­tion at a particular date n) a payment towards a larger sum usu­ally made at regular intervals o) the amount of the loan itself before any interest is added p) a statement which shows the calcu­lation of the results of doing business for a particular period of lime r) a fixed sum of money borrowed for a fixed period of time s) land or buildings t) amounts of money which are given to a creditor in settlement of a debl or a loan

II

Using the words in brackets, explain the meaning of Ihe following terms and phrases:

1. the morlgage is being amortized (regular payments on, the

principal, the interest, make)

2. obligation (must, indebtedness, repay)

3. to retire present debts (current, pay off)

4. to liquidate the liability (any official obligation, pay off)

5. the land has been appraised (estimate, its value)

6. an estate (a dead person, left by, the holdings and obliga­
tions)


 

7. trust (the legal responsibility, in financial mailers, given
to one party, to act for another)

8. a trust deed (a deed lo, real estate, security for a loan,

held as)

9. lo make a loan on an open note (grant, the repayment, not

guaranteed collateral security)

10. to stipulate (insist upon, state, particular date)

11. lo repay (give back, pay off)

12. expected return (profits, earnings, income)

13. security (ensure repayment, deeds, insurance, policy,
reduce risk)

III

Choose the right answer:

1. "application for loan" means:

a) granting loan,

b) asking lo be granted loan,

c) refusal to grant loan.

2. "balance sheet" denotes:

a) total profit,

b) total revenues,

c) a document which shows the state of a business al

a particular moment

3. "indebtedness" here means:

a) repay men I,

b) owing lhanks,

c) debl, borrowing.

4. "security" in Ihis sense is:

a) tends, share certificates and other titles lo properly,

b) safety,

c) a guarantee of payment.

5. "principal" here means:

a) the most imporlanl information,

b) Ihe amount of the original loan,


 


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с) the chief ilem or person. H. "my loan is due for repayment" means: a) my loan has reached maturity, h) my loan has been paid off, e) my loan has been extended.

7. "holdings free of encumbrance" means:

a) holdings heavily in debt,

b) the encumbrance isn't very large,

c) properly or security clear of indebtedness.

8. "my net worth "means:

a) the value of one's holdings after all obligations have
been paid,

b) any [>ersonal or movable possession,

c) net earnings.

9. "a co-signer" denotes:

a) a person who holds a deed to the properly,

b) a person who signs a document with another person
and shares the obligation,

c) a lawyer who prepares a trust deed.

10. "title to properly" is:

a) the record or proof of ownership of property,

b) the name of the person who owns the properly,

c) a word indicating a high financial rank.
I I. "my expected return" means:

a) when 1 expecl to come back, h) the amount of money 1 expecl to have to repay, c) the income 1 expecl to receive from doing business. 12. "deeds" are: a) actions,

h) documents showing how well my business is doing, c) documents which prove that I own a parlicular piece of J real properly.


IV

Say whal is true and what is false. Correct the false, sen­tences:

1. When a bank's manager considers an application for a
loan, he usually requires some information aboul the items
shown on the applicant's balance sheet.

2. The manager is not concerned whethel- any of the
applicant's assets have already been pledged as security.

3. The bank often asks the applicant to pledge part of his
assets as collateral security to the bank's loan.

4. One cannot apply to a bank for an extension of a loan.

5. To grant a loan the bank must be sure that the applicant
can repay it.

6. The bank will never wish to offer a larger loan than the
applicant asks for.

optimistic security character sufficient

Find synonyms for: liability collateral repay debts

VI

1. Find the nouns which are qualified by these adjectives
and ivrile one noun to each adjective:

additional open

collateral personal

current present

expected private

financial real

most recent semi-annual

2. Combine the words listed below into meaningful two or
lliree word expressions:

asset equipment

current fixЈd


 


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I


committee instalment

deed loan

discount net

documents worth

VII

Explain the following:

1. to promise as security

2. to pay off debts

3. to grant a permission to borrow money

4. to make regular payments on the borrowed money

5. to judge the value of something

6. to guarantee the payment of the loan

7. to give a mortgage on one's furniture and other movablfj

possessions

8. to give a deed to the properly as security for the loan

9. to sign with someone a document and share the obligalioi]

 

10. valuable items handed over to reduce the risk of a loan

11. to fix a dale by which something must he done

12. lo lake more money out of your account than you have in
it

VIII

Fill in the blanks:

Last week Mr Auger went lo his bank lo apply for a. as

he wishes to purchase a piece of land righl lo his own. He

applied for a......... and 'Ihe bank asked him for a stalemcnl

of his business affairs including a....... account and a......

The bank manager was happy lo granl Ihe loan but wanted

some form of... from Mr Auger and asked him if he would

offer one or more of his fixed. as........ The bank was pre­
pared to make the loan for ten years and expected Mr Auger

to pay off the annual... and some of..... each year in two

equal.... every six months.


IX

Demonstrate the meaning of the following expressions in

sentences of your own:

1. lo amortize the mortgage on

2. to pledge assets as

3. to extend credit lo

4. to settle a liability _>

5. the instalment is due on

6. to appraise the property

7. lo hold the deed to property

 

8. to estimate net worth of the property

9. lo give somebody collateral

10. to draw up a profit and loss account


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