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BANKING/MONEY

BANKING/MONEY

BANKING/MONEY

Introduction
In Senior One, you studied the topic At the Market. You were able to listen to recordings, hold conversations, write about a visit you made to the market and use the language of advertisements. Through this topic, you were introduced to money and how to use it to get the items you want. You will now use some of the knowledge you acquired from that topic because in this topic you are going to
acquire the language used in managing money and banking and handle different situations related to money and banking.


What do you think would happen if you had enough money but you did not know what to spend it on or how to keep it safely for future use? Think of a situation where you need money urgently because you are facing a problem that requires you to have money but you do not have it. Where would you go and what would you do to solve this problem?

A-Z vocabulary
(ATM, €1 f,

  1. Write what each of the abbreviations and symbols above stand for.
  2. Find out the meaning of the following words and abbreviations and use them to constuct sentences.
    transact, teller machine, network, SMS, bank account, customers, deposit, inflation, consumers, goods and services, decelerate, bulk, commodity, bargain, barter trade

8.1 Information and Vocabulary Related to Banking/Money
In your usual financial transactions, there is some special vocabulary you always use depending on the nature of the transaction. Some transactions are completed at a retail shop, a market stall, a supermarket, a fuel station, a cinema hall, a hospital, or a bank, to mention but a few.
Think of all those other situations where you will need to use or receive money and also think of some of the special vocabulary you will have to use. In the Activity below, you are going to be introduced to different important vocabulary used in money and banking and you are also going to learn how to use it on your own.

Activity 8.1 (a): Brainstorm

  1. What is banking?
  2. Have you been to a bank before?
  3. What activities take place in a bank?
    That the Ugandan currency has been changed seven times since KNOW?
    1966?

Activity 8.1 (b): Read and respond
In groups, read the following extract and do the exercise that follows.
My Journey to Financial Stability
My turning point came on Tuesday, 14th February, 2006 when I attended a workshop that had been organised by an non-governmental Organisation (NGO) called Slum Aid Project (SAP).The workshop was aimed at skilling the willing street children in liquid-soap and briquette making. I enrolled for the project and at the end of the week each of the participants was given Thirty Thousand Shillings 30,000 shillings) as start up capital. There were conditions, however, which had

to be abided y or one to continue their membership in the project. Most of my then fellow street-children failed to abide by any of these conditions and so they took the 30,000 shillings and left; to return to the misery and crime on the streets. The life-changing condition that I readily abided by was having to take up temporary night-residence in the classrooms at Nakivubo Blue Primary School
Figure

until the project could secure us more convenient she ter. We a to wa e up your o’clock in the morning and then clean the whole school to ready it for the learners. Our cleaning the school was meant to serve two important purposes: to pay back the school for its kindness in letting us use its premises as our home and also for the project officials to ascertain our resilience in the face of challenge so that they could
measure our determination in improving our own welfare.
I sold my first dozen of briquettes in Katwe at Six Thousand Shillings 6,000 shillings. Considering that I had not spent any money on materials, I felt I had made a satisfactory profit. I had collected the charcoal dust and banana peelings from the different rubbish heaps in St.Balikuddembe (Owino) Market. For the water, I got it from the Nakivubo water channel. An elderly lady who saw my sudden change in character bought me 10 kgs of cassava when I explained to her why I was collecting charcoal dust and banana peelings. I still had about 1,200 briquettes to sell and I sensed business would be good. I then invested the Thirty Thousand Shillings 30,000 shillings start up capital in buying the items required for making liquid soap.
By this time the SAP had allocated me and a group of other five boys a room at their headquarters for us to use as a store because we were the most hardworking and therefore needed a large space to keep our merchandise. By the seventh month I had worked my way up to being appointed Peer Coordinator and my mainfunction was to convince as many street children as I could to abandon the life of crime and begging and follow my example. This elevation did not mean that I had to stop working on my personal investments,

Actually, it meant that T had to work in overdrive because our leaders had seen potential in me and so I did not want to disappoint them. By December, I had saved One Hundred and seventy eight Dollars ($178) from the sales of liquid soap and briquettes and also the stipend I was given in my position as Peer Coordinator. We were encouraged to save our money with the SAP accountant and the practice
was that our money was always converted into dollars by the SAP so as to help us make a profit on our savings. Then 1 $ was equivalent to Two Thousand Eight Hundred Shillings
At the begining of 2007 we were taken to Nsambya Sharing Hall and there a group of bankers from different commercial banks addressed us about saving our money with banks. The most obvious of reasons was that our money would be very
safe from any form of theft and our own impulsive spending such as buying fancy items that we did not really need. Banks also paid interest on customers’ savings. What caught my attention most were the following two arguments. Banks could give their credit- worthy customers certain amounts of money in loans, which these customers would
pay back at affordable interest rates over an agreed period of time not exceeding five years. Customers could also take home mortgages with their banks at very competitive interest rates payable over an agreed period of time not exceeding 15 years.

However, as the officials from the different banks made their presentations, was intrigued by the fact that the banks had different interest rates. It was later explained that these banks did not set their own interest rates but were bound by decisions made by the Central Bank, which based its decisions on four main principles. First, it considered the total amount of deposits made by the customers at each bank. It also
considered the nature of majority borrowers; whether private individuals, informal or formal businesses. Formal businesses were those that had clear administrative structures, kept proper books of accounts and were more likely to survive very many years after the loan period. Informal businesses and individuals were given loans at far higher interest rates.

The operational costs that commercial banks paid were also considered when determining the interest rates. Such costs included staff remuneration, loan-monitoring fees. Where banks paid lower operational costs, the interest rates were equally lower. And finally, the limited options for collateral security was also a determining factor. Since most of the people presented land as the collateral, the case
was most did not have proper documentation proving that they owned the land.

In such a situation, higher interest rates were set to discourage them from easily opting
to seek bank loans. Banks always did this to reduce on the loan default rates.One presenter cautioned us against borrowing money from unlicensed money lenders, especially because a law regulating their operations was yet to be enacted by parliament.
The last presenter guided us on the kind of investments we could venture in to young entrepreneurs. She advised that the best investments were those that one had a great passion for. She called it ‘a labour of love’.

Questions: In groups,
Discuss the following questions and then share your responses with the rest of the class:

  1. Why should people save their money with banks instead of keeping it in their houses?
  2. How do commercial banks determine the interest rates that they follow when giving loans?
  3. Why is it important for commercial banks to follow more-or-less the same interest rates?
  4. What are the following in relation to this topic: i) invest?
    ii) mortgage?
  5. With the help of the internet or a dictionary, look up the meaning of the words in bold as used in the passage.
  6. Between a village money lender and a commercial bank, where would you rather borrow money from? Discuss your reasons with information from both the extract and your own knowledge and the experiences you have heard from other people.
  7. Why would it be wise for young entrepreneurs to venture in “labours of love”?

8.2 Understanding and Using Abbreviations/Acronyms Used in Banking
In banking/money, there are a number of abbreviations and acronyms used.
Look at these below

Activity 8.2 (a): Oral Activity
Construct sentences related to banking using the abbreviations given above.
Activity 8.2 (b): Research

  1. Carry out research and present to the whole class a write-up of the following: The abbreviations, acronyms and symbols commonly used in money and banking. Do not include the ones given above.
  2. With the help of the internet, find out what the currencies of the countries given are called. What are the symbols/abbreviations of the currencies of the given countries? Complete this Activity by filling in the table below with the correct answers.

8.3 Interpreting/Explaining Specific Vocabulary/ Terminology Related to Banking/Money
There is specific vocabulary/terminology related to banking/money. You have t
already come across and discussed some of it under the two previous Activities.

Activity 8.3: Research

  1. In groups, research and discuss the question “How friendly is E-banking?
  2. Identify the bank-related vocabulary used in E-banking.
  3. Share your findings with the rest of the class.

o
8.4 Appreciating Experiences Related to Banking/Money

Have you ever been to a bank? There are many people who work in a bank and many activities are carried out. Each of you may have a different experience at the bank. If you have never visited any bank, you will still learn from the experiences &
of your classmates who have been to one so that your first visit to a bank is en•o able.

Activity 8.4: Dialogue
Dramatise the dialogue below and answer the questions that follow.
A telephone conversation between Harry, a Stanbic Bank customer, and Daniel, a Stanbic Bank Call Centre Agent.

Call agent: Hello! Good afternoon. This is Stanbic Bank Customer Care Service. M name is Daniel Nziabake. Please identify yourself and then go ahead with your inquiry.
customer: Good afternoon, Daniel. My name is Harry Sanya and I am calling to complain about the poor service of your auto-teller machine here in Kamuli Town.

Questions:
In pairs,

  1. Summarise the accusations raised by the customer
  2. Identify any two key things that the call agent mentions.
  3. Outline the mistakes made by Harry Sanya.
  4. For what good behaviour would you commend the call centre agent?

8.5 Understanding Dialogues Related to Money and Banking
Information on banking and money is usually accessed in different types of texts. It can be in brochures, articles, newsletters, short stories, and many other text types. Here, we will look at dialogues related to money and banking.

Activity 8.5: Dialogue

Questions:

  1. Summarise the accusations raised by the customer.
  2. Identify any two key things that the call agent mentions.
  3. Outline the mistakes made by Harry Sanya.
  4. For what good behaviour would you commend the call centre agent?

.6 Using Non-Verbal Features while Communicating in Dialogue
Banks serve all people regardless of the language they speak or whether they are persons with disabilities (PWDs) such as being unable to speak. This means that as a bank member of staff or customer, you should be ready to interact and communicate meaningfully with all people. In situations where you do not share a language with another person at a bank, you can still use non-verbal communication
to interact. Revisit Topic 4 where non-verbal communication .is taught in detail. In this section of the topic, you are going to understand what non-verbal communication is and how important it is in dialogues.
Activity 8.6(a): Role-play
As a classr role-play the dialogue in Activity 8.4

  1. Use non-verbal communication as much as possible.
  2. Observe each other’s non-verbal communication features and respond accordingly
  3. Let the learners who form the audience comment on what specific non-verbal
    communication features have been used and how successful they are.

Activity 8.6(b): Role-play
In groups:
I. Imagine that you are inside a banking hall. Neither the other customers around nor the bank staff can speak your language. Your only option of communication is by using non-verbal features. Present a role-play in which you succeeded in doing what you had gone to do at the bank.

  1. The learners who are the audience should take notes and be able to comment on the strength and weaknesses in the role-play so that it can be perfected.

8.7 Understanding the Gist of Extracts, Artic es Related to Banking and Money
You are going to read different articles related to banking money and then summarize the main points that the articles communicate. You are also going to interpret the information in different graphs and charts related to money and banking. The gist of a text is the key message in a certain piece of writing. While summarizing a text, it is what we look out for.

8.7.1 Extracts Related to Banking
There are various texts about banking; for example this one below. With scammers taking advantage of consumers shopping online and working from home during the pandemic, digital crime incidents have increased by 33% in 2020 compared to 2019, according to 2020 crime statistics released by the SA Banking Risk Information Centre (ABRIC) this week. Gross losses due to fraud committed on u..
South African-issued debit cards, for example, amounted to R520.5 million in 2020 an increase of 26.5% compared to 2019.

There are several malicious methods used by thieves to scheme money from clients but social engineering remains the primary method used by criminals when targeting victims. This involves the use of deception to manipulate an individual to provide confidential or personal information. Personal information includes identity documents, driver’s licenses, passports, addresses and contact details amongst others. Phishing is the use of a fraudulent email, which looks legitimate, to try to obtain personal information including passwords and card numbers, Vishing is the E use of fraudulent phone calls or SMS phone messages for the same purpose.


In order to prevent banking fraud. SABRIC offers the following advice: When destroying documents that contain our personal information, it is advised to either shred or burn it, do not tear it up and put it in a garbage or recycling bag.

  • Never share your confidential information, including usernames, passwords, and PIN numbers with anyone.
    Do not carry unnecessary personal information in your wallet or purse.
  • Avoid sharing or having joint social media accounts and be cautious about what you share on social media. Make sure your PIN and passwords cannot be seen when you enter them.
  • Review your account statements regularly and query disputed transactions with your bank immediately When shopping online, only place orders with your card on a secure website.
  • Register for SMS notifications to alert you when products and accounts are accessed.
  • Create complicated passwords that are not easy to decipher and change them often.
    Do not use internet cafes or unsecure terminals (hotels, conference centers) to do your banking.

Do not send e-mails that quote your card number and expiry date.
Do not click on links or icons in unsolicited e-mails. Do not reply to these e-mails. Delete them immediately. Banks will never ask you to confirm your confidential information over the
phone.
If you receive an One-time Password (OT P) on your phone without having transacted yourself, it was likely prompted by a fraudster using your personal information. Do not provide the OTP telephonically to anybody. Contact your bank immediately to alert them to the possibility that your information may
have been compromised.

8.7.2 Graphs and Charts Related to Banking and Money
Money and its statistics can be represented in various ways. The most common are charts and graphs. Study the graph and chart given below. Steady rise
Uganda’s external debt has been on the rise, resulting mainly from Chinese loans. The graph below shows Uganda’s rising debt burden between 2011 and 2018. In monetary terms, it shows that Uganda is losing money.

Adapted from Encyclopedia Britannica, lnc “Uganda’s Major Export Destinations (2076) ” The chart above shows the countries that Uganda exports her produce to (in 2016); in the long run, signifying the countries that Uganda mainly receives money from.

Activity 8.7(a): Bank Graphics
In airs, study the chart and graph below and answer the questions that follow.

Investing in people
Uganda’s social spending must keep pace with its spending on infrastructure if it is to meet its development goals. But Uganda’s rising debt puts strains on the budget. (total social spending, percent of total expenditure)

Activity 8.7(b): Comprehension
Read the passage below and answer the questions that follow.
Commodity Prices Expected to Stabilise
Consumers should not expect major price increases for the various goods and services this month, following a decline in prices. According to the latest Consumer Price Index (CPI) report released by the Uganda Bureau of Statistics (UBOS) recently, inflation eased to 3% in October compared to the 3.7% recorded during the year ended September. CPI is the official measure of price movements in a basket of
goods and services over a given period of time. The declining inflation in positive figures means a slowdown in the rate at which prices increase but not their actual fall. Consumers can only witness a drop in prices when inflation falls to negative

It should be noted that both monthly and annual headline inflation recorded decreases on the account of a reduction in the prices of food crops, energy, fuel and utilities (EFU) and core inflation.
UBOS Director of Microeconomic Statistics, Chris Mukiza, attributed the inflation decline to a drop in food crop inflation following increased food supply and decline in EFU due to the prices of solid fuels (charcoal and kerosene) and core inflation.
“Food crops decelerated further to minus 3.4% compared to minus 2.2% recorded in September 2018.The deceleration is due to annual fruits that registered
minus 9.1% in October 2018 compared to minus said. He added that annual vegetable inflation rate reduced by 2.3% in October 2018 compared to minus 3.4% recorded for the period under review,
Commodity price reductions were recorded in vegetables charcoal/ maizeflour, beef, chicken, fish, offals, milk, timber and millet bread. He explained that the seasonal rains had enabled consumers purchase the above commodities at a less price. Mukiza said with low inflation, it would be a wise move to stock in bulk
because if the consumer can stock for two months, then he will not have to spend the following month.
In addition, EFU declined to 6.9% from 10.1% recorded in September. This was largely attributed to solid fuel, especially charcoal, which decreased to 2.7% from 12.0% recorded in September, 2018. “The price of charcoal decreased because last
year, there were restrictions in most parts of country, especially in the western region, hence leading to a substantial increase in the price. However, we have reached a time when the effect has been offset,” Vincent Nsubuga, UBOS principal statistician,
said.

[Extracted from The New Vision newspaper of Tuesday, 6th November, 2078. Page 241 “Kasekende speaks out on agricultural loans”.
Questions:

  1. Summarise the main points of the passage above.
  2. Share your summary with the rest of the class.
  3. According to the passage, what does UBOS stand for?
  4. Apart from the statistics regarding prices of commodities; what other statistics
    can UBOS provide for the country.
  5. Find the meaning of the words in bold in the passage
    8.8 Appreciating Traditional and Modern, Informal and Formal Methods, Used in Different Communities for Banking and Money
    There are traditional and modern methods of handling money and banking it. Any recognized method of handling money taking it to the bank qualifies to be referred to as traditional. This includes methods practiced in the African r Three En lish Lan ua e and Lit

traditional society long ago. Such methods are also referred to as informal methods Today, modernity has introduced modern banking methods that even enable electronic transfer of funds. This works hand in hand with advanced information and communication technology. Nothing seems impossible.

Activity 8.8(a): Study the Table
Study the information given in the two tables below.

) Activity 8.8(b): Role-play
Using the internet or any other mode of research, find out and provide answers to
the following:
1.Any other traditional methods of handling and keeping money
a) How exactly E-banking is done (what is E-banking?)
b) the different types of bank accounts available for individuals and business institutions
c) What piggy banks are and the types of business
How do banks make profits in their business?
Discussyour answers with the rest of the class

8.9 Constructing Oral and Written Sentences Using Structures for Comparing/Contrasting
What do you do when asked to compare one thing to another? Do you think ‘contrasting’ means the same thing? Advanced questions in examinations sometimes require you to ‘compare and contrast’ something. What does this mean? In order to find answers to these questions, you should study the words and phrases given in the table below. In one column you will find expressions used when constructing sentences that COMPARE given items; and in another, you will find words and phrases
used when constructing sentences that CONTRAST given items.

Activity 8.9(a): Groupwork
In groups, study the expressions given in the table below.
The following structures can be used in making comparisons:

Activity 8.9(b): Role-play
Using the examples given below to guide you, construct sentences using each of the words and phrases given in the table under the heading Comparing’.
Examples:
Bank attendants are smart as well as efficient at work.
The Bank Manager and his Assistant have exquisite looks in common.
Those attendants at the teller machine look alike.
Using the examples given below to guide you, construct sentences using each of
the words and phrases given in the table under the heading ‘Contrasting’.
Examples:
a) Hashimoto won all his events at the Tokyo Olympics 2020; on the other hand,
Yamamoto only managed to get one bronze medal for third place.
b) Adekisgot married tothat man even though she knew him to bevery promiscuous.
c) They do not like each other, however they have agreed to live together in one
room.

Activity 8.9(c): Comprehension
Read the passage below and answer the questions that follow.
From Barter to Plastic Money
Since time immemorial, human beings have been faced with the challenge of how to trade. At any given time in history, there is no single human being, community or nation that has ever been self-sufficient in all goods and services. This has given rise to the need for a system of exchanging goods and services.
Originally people swopped goods with each other. If you had maize and your neighbour had milk, for instance, you would exchange some maize for your neighbor’s milk. You would bargain with each other to decide the amount of maize that was worth a given amount of milk. The barter trade was widely used among the various communities in Africa. Even when the Arabs and later the Europeans came
to Africa, this is the form of trade that was adopted between them and the Africans. Among some communities, barter trade was extended to the offering of services. One could till someone’s land, for example, look after their animals or

Among some communities, barter trade was extended to the offering of services. One could till someone’s land, for example, look after their animals or offer any other services in exchange for goods or other items that one required The services of traditional doctors, seers and other professionals were paid for through goods and services.
Barter trade was, however, faced with various limitations. First, bartered goods would not always have a standard value. The value of the commodity kept changing from time to time. Second, a lot of time was taken up in coming to an agreement on the amounts of goods to be exchanged. This was a major problem when the people trading did not speak the same language. There was always potential for disputes about what different commodities were worth. The system, therefore worked best within close-knit commodities.

All these problems notwithstanding, barter trade played an important role for many years. Indeed even today some forms of barter trade still exist, particularly in the rural areas. To overcome the challenges of barter trade , people decided to use things that they considered valuable to buy and sell goods. and services. Seashells, beads, whale teeth and even salt crystals have been used as money at one time or another. In India and other parts of the world, for instance, shells called cowries were once
exchanged as
money. Early Americans and colonists exchanged tobacco. Almost anything can actually be used as
a medium of exchange as long as enough people agree to accept it in exchange of oods and services.

Coins were the first form of money to be used as we know it today. In 68 BC, the rulers of Lydia-an area now known as Northern Turkey-manufactured the world’s first coins called starters. These were a mixture of gold and silver and stamped with an official mark which was a kind of animal design.
The idea caught on and other countries started minting their own coins. Paper money had its start in China over a thousand years ago. Today notes and coins are used in most countries of the world.
With advancement in technology, plastic money was introduced. Plastic money is in the form of plastic cards and plastic currency. There is alot of plastic cards such as credit cards, debit cards and phone cards.
Debit cards make it easy for people to access their bank account 24 hours a day from strategically placed Automated Teller Machines (ATMs), There one can enquire about their account details, withdraw or even deposit money or cheques. Some debit and credit cards are also accepted for the payment of goods and


services in selected retail outlets such as supermarkets, petrol stations and hotels. Credit and debit cards have been in use since the 1960s. They offer people a way of paying for things without having to carry cash around. When one buys goods using a credit or debit card, the retail outlet contacts ones bank through acomputer network system computer and the correct amount of money is transferred
to the retailer’s account.
Alternatively , the retail outlet assistant can make an imprint of the card and the details, passing them on to the customer’s bank. The right amount of money is then transferred to the appropriate account. In spite of the many advantages of plastic cards, one of their major disadvantages is that they make spending appear so easy that some people end up becoming spendthrifts. Some are unable to pay
and end up in expensive legal battles with their creditors. The other type of plastic money is plastic notes also called polymer bank notes. These are actual bank notes that are made of plastic. Australia has indeed
replaced its paper notes with plastic ones. By 2013 over 20 other countries such as Thailand, Malaysia, Siri Lanka, New Zealand, Romania, Indonesia, Taiwan, Brazil and Mexico had issued polymer notes.
The switch from paper notes to plastic notes has been prompted by several reasons, It is much harder to counterfeit plastic money than paper notes and plastic money is also cleaner and lasts longer than paper money .
With the growth of communication technology, it is anticipated that one day, we may end up using ‘electronic cash’. However, the future is sometimes very unpredictable. Who knows we may even go back to barter trade! [Source: Bukenya, A et al (2003) Head start English.BK.2]

Questions: Individually,

  1. What is the passage about?
  2. Summarise the major point in each paragraph.
  3. What was the first form of money.
  4. What are polymer bank notes?
    Activity 8.9(d): Compare and Contrast
    Use the structures studied in Activity 8.8(a) above to construct sentences comparing
    and contrasting the ideas in Activity 8.8(c) above.
    8.10 Use the Active and Passive Voice
    Have you ever been in a situation where you want to report something that has happened, but you do not know who has done it? Imagine that your grandmother has left you to tend her market stall but then you go away to play with your friends. When you come back, you do not find any of the merchandise or the money you left, but you do not know who took the items. How do you report to your grandmother?

8.10.1 Active Voice
When do you use the Active Voice? You use the Active Voice to tell what the subject in the sentence does.
Examples:
a) Centenary Bank gives loans to rural farmers at low interest rates.
b) Stanbic Bank finances mortgages for civil servants.
c) My parents paid my school fees by mobile money services.

8.10.2 Passive Voice
When do you use the Passive Voice?
a) You use the Passive Voice to tell what happens to the subject in the sentence.
Examples: Although the auto-teller machine was vandalised last night, no
bank customer lost moneyt
b) You use the passive voice when the performer of the action in the sentence is
unknown or unimportant.
Examples: Father’s shop has been freshly painted. (Someone has painted the
shop but we are not concerned about who they are. What is important is that
we now have a fresh coating of paint.)
c) If you think it is important to tell who or what has performed the action in the
sentence, you add by… to the passive construction.
Examples: The boxes of drinking water will be delivered by Asiimwe at the E
shop in the evening.
Other Uses of the Passive Voice Have/Get something done
When you arrange for someone else to do something for you either by
requesting, instructing or paying them, you will talk about that person’s actions
using the passive voice.
Example:
a) I had my school fees deposited in the bank by the school bursar. (You requested
the school bursar to go to the bank and deposit the money)
b) All the Senior Three learners had their hair cut last evening. (All the Senior
Three learners paid someone to cut their hair)
c) The Bank Manager got the ATM repaired after it had been vandalised. (The
Bank Manager paid a technician to repair the ATM).

(e/ ) Activity 8.10: Active and Passive Voice
In pairs, study the following groups of sentences.

  1. Identify the differences in construction between the sentences in Group A and those in the Group B below
  1. pay extra attention to the performer and the receiver of the action in each of the sentences.
    Group A i. The manager advised all clients to repay their loans in time.
    ii. The African Development Bank always lent our country money.
    iii. All banks could give loans to credit-worthy customers.
    Group B i. He has been given a three-year loan.
    ii. The loan is to be used to start a ladies’ salon business.
    iii. The salon is opened throughout the week
  2. Share your findings with the rest of the class.

8.11 Filling in the Correct Information in Forms Related to Banking/Money
The bank has different forms that they request their customers to fill in, depending on their. needs. Some of these forms include: deposit slip, withdrawal slip, cheque and the demand draft.

The bank has different forms that they request their customers to in, opening on their, needs. Some of these forms include: deposit slip, withdrawal slip, cheque
and the demand draft.

) Activity 8.11: Composition
Following the example of a cheque given above:

  1. In your notebook, design your own sample cheque.
  2. Fill in the cheque as required.
  3. Where are the signatures placed?
  4. Whose signatures are required in case of a school bank account?
  5. What are you required to do at the back of the cheque?
    Problem Solving
    Dollar Equivalent
    If $1 is equivalent to UGX 3,555. Roughly, how many dollars will I
    need in order to get 500,000 Shillings?

8.12 Appreciating the Different Types of Sentences Used in Documents Related to Banking/Money
Since banking/money is a very sensitive issue in life, it is important that the types of sentences used in documents related to banking/money are very clear. These sentences should have only one meaning so that neither the customer nor the bank loses money when mistakes are made due to misleading instructions.

Different Types of Sentences
Reminder
Types of sentences include:
Declarative sentences (a statement): Your account balance is Two Hundred Thousand
Shillings.
Interrogative sentences (question): What is your account number?
Imperative sentences (command): Submit your Cheque.
Exclamatory sentences (an exclamation): Josiah finally agreed to open an account, wow!

Activity 8.12(a): Practice Exercise
Write three examples of sentences for each type of sentence given above. Ensure that the sentence is related to money and banking. Share your sentences for the benefit of the whole class.
‘ Activity 8.12(b): Class Discussion
Study the comprehension passage in Activity 8.9(c) “From Barter to Plastic Money” and
z get at least one example of each type of sentence mentioned in Section 8.72 above
o
8.13 Writing a Formal Letter
In Senior One under Topic 8 entitled Travel and in Senior Three under the
Topic 2 entitled School Clubs, you discussed and learnt how to write formal letters.
The knowledge and skills you acquired under those topics are what you are going to apply in this section.
Activity 8.13: Composition
Write a formal letter to a Bank Manager requesting for a loan for a new business you want to start.

  1. Address your letter to the manager of one of the banks in your community.
    Read your letter aloud to the rest of the class.
  2. Let your ne_igbour read your letter as
    Investigation
    Who is the current president of the World Bank?
    Find out under which bank “Bank of Uganda” (BOU) operates.

8.14 Writing an Article for a School Magazine Informing/ dvising Friends
Articles are one ofthe many ways ofwriting vital information. Banking procedures oo can be written using informal humorous articles like the one given below. Study the following article. Notice how humorous it is.

Activity 8.14(a): Comprehension
Read the following passage and answer the questions that follow.
Opening an Account
When I go into a bank I get rattled. The clerk rattles me; the counter rat me: the sight of money rattles me; everything rattles me. The moment cross threshold of a bank and attempt to transact business there, I become an irresponsible idiot I knew this beforehand, but my salary had just been raised to fifty doll
a month and I felt that the bank was the only place for it. So I shambled in a looked timidly round at the clerks. I had an idea that a person about to open account must consult the manager. I went up to a position marked “Accountant The accountant was tall and cool. The very sight of him rattled me. My voice s”Can I see the manager?’ I said solemnly, “alone”. I don’t know why I said *alone
•Certainly,’ said the accountant, and he fetched him. The manager was a grip calm man. I held my fifty-six dollars clutched in a crumpled ball in my pocket,
“Are you the manager?’l said.
“Yes,” he satd.
“Can I see you” I asked, “alone?’
The manager Icoked at me in some alarm. He felt that I had an awful secret to reveal “Come in here.” he said and led the way to a private room. He turned the key i the lock.
“We are safe from interruption here.” he said. “Sit down.” We both sat down and looked at each other,

  • I have come to open an account. I intend to keep all my money in this bank.’ The manager looked relieved but Still serious. He concluded now that I was millionaire.
    “A large account. I suppose: he said,
    “Fairly large,” whisp+red. propose to deposit fifty dollars now and fifty dollars a month regularly:
    The manager got up and opened the door. He called to the accountant. Montgomery: he said unkindly aloud. “This gentleman is opening an account he will deposit fifty-six dollars. Good morning.”
    I rose A big iron door stood open at the side of the room.
    “Good morning,” I said and stepped into the safe.
    ‘Come out* said the manager coldly, and showed me the other way. I went up to the accountant’s position. He took up the money and gave it to another clerk. He made me Mite the sum on a slip and sign my name in a book, I no longer knew what I was doing. The bank swam before my eyes.


“Is it deposited?”‘ asked in a hollow, vibrating voice,
“It is,” said the accountant.
“Then I want to draw a cheque.”
My idea was to draw out six dollars of it for present use. Someone gave me a cheque
book and someone began telling me how to write it out. The people in the bank had
the impression that I was an invalid millionaire. I wrote something on the cheque
and thrust it in at the clerk. He looked at it.
“What! Are you drawing it all out again?”he asked in surprise, Then I realised
that I had written fiftvix instead of six. I was too far gone to reason now. I had a
feeling it was impossible to explain the thing. All the clerks had stopped writing to
look at me. Reckless with misery, I made a plunge.
“Yes, the whole thing.”
“You want to withdraw your money from the bank?”
“Every cent of it.”
“Are you not going to deposit anymore?” said the clerk, astonished.
An idiot hope struck me that they might think someone had insulted me while I was
writing the cheque and that I had changed my mind. I made a wretched attempt to
look like a man with a fearfully quick temper.
The clerk prepared to pay the money.
“How will you have it? “he said. “What?”
“How will you have it?’
“Oh”- I caught his meaning and answered without even trying to think-“in fifties.”
He gave me a fifty dollar bill.
“And the six?” he asked drily.
“In sixes,” I said.
He gave me the money and I rushed out. As the big door swung behind me I
caught the echo of a roar of laughter that went up to the ceiling of the bank, Since
then I have never been to a bank. I keep my money in cash in my trouser pocket and
my savings in silver dollars in a sock.
(Source: Grant, N.J.H and Wang ‘ombe, C.R (1980) English in use: Students ‘Book.3.Essex,
Longman Group.

“Is it deposited?”‘ asked in a hollow, vibrating voice,
“It is,” said the accountant.
“Then I want to draw a cheque.”
My idea was to draw out six dollars of it for present use. Someone gave me a cheque book and someone began telling me how to write it out. The people in the bank had the impression that I was an invalid millionaire. I wrote something on the cheque and thrust it in at the clerk. He looked at it.
“What! Are you drawing it all out again?”he asked in surprise, Then I realised that I had written fiftvix instead of six. I was too far gone to reason now. I had a feeling it was impossible to explain the thing. All the clerks had stopped writing to look at me. Reckless with misery, I made a plunge.
“Yes, the whole thing.”
“You want to withdraw your money from the bank?”
“Every cent of it.”
“Are you not going to deposit anymore?” said the clerk, astonished.
An idiot hope struck me that they might think someone had insulted me while I was
writing the cheque and that I had changed my mind. I made a wretched attempt to
look like a man with a fearfully quick temper.
The clerk prepared to pay the money.
“How will you have it? “he said. “What?”
“How will you have it?’
“Oh”- I caught his meaning and answered without even trying to think-“in fifties.”
He gave me a fifty dollar bill.
“And the six?” he asked drily.
“In sixes,” I said.
He gave me the money and I rushed out. As the big door swung behind me I caught the echo of a roar of laughter that went up to the ceiling of the bank, Since then I have never been to a bank. I keep my money in cash in my trouser pocket and my savings in silver dollars in a sock.
(Source: Grant, N.J.H and Wang ‘ombe, C.R (1980) English in use: Students ‘Book.3.Essex,
Longman Group.

Questions: In groups,
1.Is the title relevant? Explain your answer.
2.Mention the humorous parts in the passage and explain your answer.
3.Why did the speaker never go back to a bank?
4.What advise would you give to the speaker at the end of the narrative?
Activity 8.14(b): Composition
1.Using the article above as an example, write a humorous article for your school
magazine advising learners how to properly save their money.
2.Share your work with your neighbour in class.
3. Present your work to the whole class for discussion.

8.15 Applying Punctuation: Quotation Marks, Apostrophes, Hyphens and Dashes
Chapter 4 of Book 3 deals with various punctuation marks. You may want to
do some revision work.
In banking money, proper punctuation is very important because it means a lot. You may end up losing all your money if you put a comma in the wrong position while writing a cheque to pay one of your creditors; for example, you may; be intend, to write a cheque worth 30,000 Shillings but then you by mistake write 300,000 Shillings. The bank will still cash this cheque and that will be our los

  • Activity 8.15(a): Practice Exercise
    Use each of the punctuation marks above in a sentence about money and banking.
    Activity 8.15(b): Research
    Refer to Chapter/ Topic 4 “Identify Crisis” to read about all the punctuation marks.
    I. Identify other punctuation marks not included in the table above.
  1. Find any bank document and name it.
  2. Identify all the punctuation marks used in that document.
  3. Discuss your findings with the rest of the class.
    Writing Skill
    Use any available source of information to identify the format of writing a bank statement. Write a brief well punctuated bank statement
  4. 8.16 Using the Future Tense: Will, Shall, Going to
    The future tense is a tense form used to talk about things that are bound to happen in a near time to come. The future tense has different forms as shown in the table below:

8.16 Using the Future Tense: Will, Shall, Going to
The future tense is a tense form used to talk about things that are bound to happen in a near time to come. The future tense has different forms as shown in the table below:

The future tense can be used as follows:
You can use the future simple tense to talk about things you cannot control and
must therefore happen sometime to come.
Examples:
(i) We shall be traveling to Dubai for holiday this December.
(ii) Marion will buy a smart phone for her mother with part of her savings.
You may use the future tense to make predictions (talk about what we think or believe will happen in the future).
When making predictions, it is possible to use words like think, believe, expect, probably and any other words you as a speaker may come up with in the sentence.

Examples:
(i) Lukwago expects to buy a plot of land by the end of the year.
(ii) I believe I will repay the loan if I get a new job.

  1. It is also possible to use the expression ‘going to’ to talk about something you have already decided to do in the future. This should be something you decided to do before you began talking about it.
    Examples:
    (i) I am going to open an account to save for the car I want to buy.
    (ii) My parents are going to save money for Ali’s graduation party.
  2. You could also use the future continuous tense to talk about activities that will
    be taking place at a stated time in the future and activities already planned or expected to happen.
    Examples:
    (i) This time next year we shall be enjoying our trip to Zanzibar.
    (ii) Henry will be starting his farming business in the next rainy season.
  3. You should use the future perfect tense to talk about actions that will be
    completed by a certain time in the future.
    Examples:
    (i) I shall have bought a new computer by tomorrow morning,
    (ii) Mugisha will have returned from the bank by the time his parents return home.
  1. You can use the future continuous tense to talk about activities that will be in progress over a period of time that will end in the future.
    Examples:
    (i) I will have been living with my family for 15 years by next month.
    (ii) We shall have been saving with Cairo Bank for two decades next year.
  2. It is correct to use the present simple tense to talk about activities that are programmed or timetabled to take place sometime in the future.
    Example:
    Our next English lesson takes place tomorrow.
  3. You should use the future continuous tense to talk about activities you have planned to do sometime in the future.
    Examples:
    (i) I am visiting my grandparents during the next school holidays.
    (ii) We are having our drama rehearsal over the weekend.

Activity 8.16(a): Practice Exercise
In groups, construct sentences showing how ‘will’ and ‘shall’ are used.
For each of the examples given above (Numbers 1-8): construct one sentence
following the same pattern.
e • Activity 8.16(b): Composition writing
On your own, write a composition of 300 to 500 words explaining how you will
save and spend money in future. Use the future tense.
Share your responses with the rest of the class.

Career
Bank Professionals
Some bank professionals include:
Bank Cashier
Financial Analyst
Loan Officer

ICT Activity
Using the internet, find Uganda’s most recent annual budget and identify how much it is in figures.

Assignment

Sample Activity of Integration on BANKING/MONEY

ASSIGNMENT : Sample Activity of Integration on BANKING/MONEY MARKS : 10  DURATION : 1 week, 3 days

 

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