Unit 4 Money Talks
Section 1 Lead-in
Activity 1  How do banks work?
1. Do you know how banks make money? First have a discussion with your partners and describe briefly about the way banks make money. The following are some possibly involved words.
deposit            存款
savings account    储蓄帐户
  interest rate      利息率
  loan            贷款
  margin / difference    差额
2. Now listen carefully and do the compound dictation.
This is financial adviser Patrick Munro talking about, “How do banks work?” Banks are designed as community service organizations; however they are private businesses and they’re designed to make a profit. What banks do is they take in what’s called deposits. In other words when you have a paycheck and take it to the bank for safety purposes, you can deposit that money with the bank. The bank will pay you an interest rate, lower on a savings account, even lower on a checking account. But they have now got the deposit in their portfolio (投资组合).
    What they will then do is turn around and lend money out at a higher interest rate through things such as mortgages (抵押), credit cards, car loans and various other financial instruments that are debt related. Banks work on what's called a margin. So what they pay you, for instance two percent on your cash accounts, and lend out and auto loan at seven percent, the bank will make the difference, which is five percent. So banks can become very profitable in a short period of time. This is Patrick Munro talking about how do banks work.
       
Activity 2
Share your favorite money quotes and use examples or personal experience to support your choice.                    Example
1. Money is the root of all evil.
2. Look after the pennies and the pounds will look after themselves.
3. Whoever said money can’t buy happiness didn’t know where to go shopping.
Suggested answer:
1. Money is the root of all evil.
→Money is behind the crimes & wrong-doings in the world, for example, bank robberies and murders with a financial motive
2. Look after the pennies and the pounds will look after themselves.
→taking care of your spending & saving money
  If you are careful about small details, e.g. small amounts of money, the larger amounts of money will not need much attention (they will look after themselves)
3. Whoever said money can’t buy happiness didn’t know where to go shopping.
→If you know where to go shopping, you can, in fact, buy happiness.
You have to search for the right place. But it seems that many people do not know where this is.
Activity 3  Bank credit rating
sort of英文Do the quiz on P50 to find whether you are a good customer to banks.
Mostly (a)s: Medium  You’ve probably never been inside a bank in your life, but sooner or
later you’ll have to – and they’ll be looking to try and make you change your lifestyle. A word of advice, though, don’t believe everything they tell you!
Mostly (b)s: Low  You’re a cautious customer, but you’re a practical person too. The banks won’t make a lot of money out of you!
Mostly (c)s: High  You’re just the sort of customer the banks are looking for. They like people who spend money without thinking about the consequences! You are welcomed to use their credit card.
Activity 4 Introduction of credit cards
Listen to a recording & complete the summary.
A credit card allows you to 1) charge something immediately and then pay for the bill for at a 2) later date. Once a credit card has been issued, you can make purchases within the prescribed credit 3) limit
.
A credit card with a limit of $100.00 enables you to pay for up to 4) $100.00 worth of items. Every month, you will receive credit card 5) statements that lists the charges you have made. You have to pay your bill in full by the 6) due date. Otherwise, you have to pay 7) interest or a 8) finance charge.
Script
Credit cards are an important part of American life. Whether we have a positive or negative image of credit cards, they are an inescapable part of our finances, either now or in the future.
    A credit card can be used to "charge" things like clothes, tapes or CDs, dinner at a restaurant, or maybe a hotel room while you're on vacation. When you charge something, you are agreeing now and paying for it later.
Credit cards come with a "limit". Let's say your credit card has a limit of $100.00. That means you charge up to $100.00 worth of items on your card. You will get a statement in th
e mail each month that lists the charges you have made. You will also have to make a payment that you have a balance owing. 
    When you charge something on a credit card, you not only will have to pay for what you bought, but you will also have to pay interest, or a finance charge, if you don't pay your bill in full by the due date. The finance charge is your extra cost for having something now and paying for it later. The interest rate on a credit card can be 15% or even higher. If, however, you pay your bill in full every month by the due date, you do not have to pay interest.

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