GRADE 6MONEY
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FASHIONSHOPPING
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There may be more than one answer. Give your reasons .
Text Money plays an important role in our society as it allows transactions between people to be carried out with certain ease. In the past a barter system was used but it proved difficult to value the worth of particular objects or services in exchange for other things or services. The Romans used to pay their soldiers with salt, hence the term salary. In time coins were minted and they were made of silver and gold. Today, coins are minted using metals of less value and there is also paper money with intricate designs so that it is difficult to forge. When you are young you get pocket-money or an allowance. As you grow you become independent and you must work and earn money for a living. It is at that time when a bank becomes useful as it allows you to keep your money safely in accounts. Sometimes you do not have enough money to buy something and a bank can lend you the money but of course it charges you interest on the loan. Today the interest rate is about 5 per cent. If what you want to buy is very expensive, for instance, a house, then the bank can arrange a mortgage. If you want to invest then you can do so by putting your money into deposit accounts or savings accounts in banks, these accounts pay interest instead of charging it. You can also invest your money in stocks and shares in the stock exchange although it is a lot riskier because you can lose all your money if you do know what to buy. If you are a student and you have little money, you can ask for a grant or a scholarship which will help you pay for your university course. When you work, you earn money of course, but you must also pay some of it to the government, this is called income tax. The tax received is used to pay for social services, education, health services, roads and so on. Dialogue A the bank A. Good morning sir, how may I help you? B. I would like to open an account here but first I need to have some details. What do you need to open an account at this branch? A. All you need is ID and of course, some money. B.What are the bank charges for a current account? A. There is a maintenance charge of 5 euros a month, and if you are in the red then you will be charged 15% for the overdraft. B. Don't you charge for cheques and direct debit services? A. If the cheque is from another of our branches then there is no charge, but there is a 3€ charge for other bank cheques. As for the direct debit service there is no charge for our customers. B. Fine. Now, what interest rate is there for loans? A. That depends on the kind of loan you need, for example there is a personal loan with 8% interest the first year. You would need read our leaflet and then decide which loan is the best for you. B. What about savings? A. Our savings accounts depend on the amount of money you wish to save. Maybe you could be a little more specific? B. Nevermind. I'll just think about opening an account here and come back later. Thank you. Discussion questions
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