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    iBT TOEFL Listening 단숨에 따라잡기: Part 1: 강의

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    (1) The lecture discusses the history and evolution of banks from their origins in ancient times to the present day. (2) It explains how banks have adapted their business models over time, such as by merging with investment and insurance firms allowed by the Gramm-Leach-Bliley Act. (3) The lecture also describes how banks have changed their interest rates, charging higher rates to riskier borrowers while lowering costs for those with better credit histories.

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    iBT TOEFL Listening 단숨에 따라잡기: Part 1: 강의

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    green1458
    64 views7 pages
    (1) The lecture discusses the history and evolution of banks from their origins in ancient times to the present day. (2) It explains how banks have adapted their business models over time, such as by merging with investment and insurance firms allowed by the Gramm-Leach-Bliley Act. (3) The lecture also describes how banks have changed their interest rates, charging higher rates to riskier borrowers while lowering costs for those with better credit histories.

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    (1) The lecture discusses the history and evolution of banks from their origins in ancient times to the present day. (2) It explains how banks have adapted their business models over time, such as by merging with investment and insurance firms allowed by the Gramm-Leach-Bliley Act. (3) The lecture also describes how banks have changed their interest rates, charging higher rates to riskier borrowers while lowering costs for those with better credit histories.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
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    64 views7 pages

    iBT TOEFL Listening 단숨에 따라잡기: Part 1: 강의

    Uploaded by

    green1458
    (1) The lecture discusses the history and evolution of banks from their origins in ancient times to the present day. (2) It explains how banks have adapted their business models over time, such as by merging with investment and insurance firms allowed by the Gramm-Leach-Bliley Act. (3) The lecture also describes how banks have changed their interest rates, charging higher rates to riskier borrowers while lowering costs for those with better credit histories.

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    You are on page 1of 7

    iBT TOEFL Listening

    Chapter 5: Comprehending the Details (5)


    18: Economics: Bank

    *** . (When), (Where), (What),

    (How), (Why) .

    *** .

    *** .

    Part 1: (1)
    (1) The basic role of a bank is concerned with saving and loaning money. The banking
    system can be traced back to the earliest time of writing and has evolved into banking as it
    is known today.
    Note-Taking
    * Bank saving and loaning / earliest time of writing
    Key Words & Expressions
    * loan: lend money
    * evolve: develop

    (2) The word bank comes from a German word meaning bench via the Italian word banca.
    The two related terms, bankrupt and broke are also from Italian, banca rotta, a broken
    bench, or a bank this is out of business. In the past in northern Italy, people lending money
    had a bench or table on which they ran their business and it is from this that we have these
    words today.
    Note-Taking
    * A German word meaning bench via the Italian word banca - bankrupt and broke from
    Italian - banca rotta, a broken bench
    Key Words & Expressions
    * term: expression
    * bankrupt: legally recognized, by a court adjudication order, as not being able to pay
    their debts
    !!! via .
    !!! ran /r/ .

    (3) Although each banking corporation has a small market share, they still remain to be
    some of the most profitable corporations. Take Citigroup as an example. It only has a 5%
    market share, but has been the most profitable company in the world for the last three

    1
    iBT TOEFL Listening

    years. If Citigroup were as strong in the financial sector, as Home Depot, Wal-Mart or
    Starbucks are in their fields with a 30% market share, then it would reap greater profits than
    the top 10 non-banking US industries combined.
    Note-Taking
    * Small market share - the most profitable / Citigroup - 5% market share - the most
    profitable company
    Key Words & Expressions
    * share: a part allotted, contributed, or owned by each of several people or groups

    Part 2: (2)
    (4) To remain profitable in a market that is always changing, banks have had to implement
    many different policies and procedures. To merge with investment and insurance firms, the
    Gramm-Leach-Bliley Act was brought into action. Bringing all three together is the answer
    to what people were looking foran institution where they could take care of all of their
    financial needsbanking, investments and insurance.
    Note-Taking
    * Many different policies and procedures - merge with investment and insurance firms-
    the Gramm-Leach-Bliley Act / financial needs banking, investments and insurance
    Key Words & Expressions
    * implement: carry out
    * merge with: combine with

    (5) Banks have also changed the way interest is charged on loans. People who are believed
    to be a bigger risk pay a higher interest rate. This reduces the losses as a result of bad
    loans and reduces the cost of borrowing money for people who have better credit histories.
    It also gives people who are more of a gamble, the chance to borrow money.
    Note-Taking
    * A bigger risk pay, a higher interest rate - reduces the losses - reduces the cost of
    borrowing money - reduces the cost of borrowing money for better credit
    Key Words & Expressions
    * interest: money paid as a charge for borrowing money or using credit

    (6) The ways that people can pay for goods and services has also increased from cash to
    debit cards, prepaid cards, smart cards and credit cards. It is now much easier to complete
    transactions and to purchase big ticket items over time. The downside of this is that people
    run the risk of overspending and building up an insurmountable amount of debt.

    2
    iBT TOEFL Listening

    Note-Taking
    * From cash to debit cards, prepaid cards, smart cards and credit cards / the risk of
    overspending and building up an insurmountable amount of debt
    Key Words & Expressions
    * debit card: a card used by a purchaser by means of which money is directly transferred
    from his or her account to the retailers ( )
    !!! debt /b/ .

    (7) Banks earn money from interest and other service charges from customers who use
    these cards and from companies that accept credit cards as a form of payment. The main
    difficulties that banks face today when trying to increase their profits include limiting
    regulations and competition from other financial institutions.
    Note-Taking
    * Earn money from interest & service charges from customers & companies / difficulties-
    profits- limiting regulations and competition
    Key Words & Expressions
    * face: to confront, brave or cope with
    !!! face .
    !!! .

    Part 3:
    Now get ready to answer the questions. You may use your notes to help you answer.
    1. According to the lecture, where is the word bank originally from?
    (A) Italian
    (B) German
    (C) English
    (D) Dutch
    : The word bank comes from a German word meaning bench via the Italian word
    banca.

    2. What is the Gramm-Leach-Bliley Act?


    (A) A law regulating the illegal actions of the bank
    (B) A law allowing banks to be more flexible in loaning money to customers
    (C) A law allowing banks to do the business of investments and insurances
    (D) A law restricting banks from doing other businesses such as investments and
    insurance

    3
    iBT TOEFL Listening

    : To merge with investment and insurance firms, the Gramm-Leach-Bliley Act was
    brought into action.

    3. Which of the following is mentioned as the downside of the increase in the ways to pay
    for goods and services?
    (A) Not saving enough money
    (B) Spending to excess
    (C) Bad loans
    (D) Increase in competition
    : It is now much easier to complete transactions and to purchase big ticket items
    over time. The downside of this is that people run the risk of overspending and building up
    an insurmountable amount of debt.

    4. Who pays a higher insurance rate?


    (A) people who are bigger insurance risks
    (B) people over the age of 40
    (C) newlyweds
    (D) families with two or more children
    : People who are believed to be a bigger risk pay a higher interest rate.

    4
    iBT TOEFL Listening

    1. bank ?
    (A)
    (B)
    (C)
    (D)

    [] The word bank comes from a German word meaning bench via the Italian word
    banca .
    .
    [] (B)

    2. -- ?
    (A)
    (B)
    (C)
    (D)

    [] To merge with investment and insurance firms


    . .
    [] (C)

    3. ?
    (A) .
    (B) .
    (C) .
    (D) .

    []
    .
    .
    [] (B)

    4. ?
    (A)
    (B) 40
    (C)

    5
    iBT TOEFL Listening

    (D) 2

    [] People who are believed to be a bigger risk pay a higher interest rate.
    .
    [] (A)

    (( ))
    :

    : .

    . ,
    .
    .
    .
    banca . bankrupt()
    broke() banca rotta( ) ,
    .
    .


    . . 5
    3 .

    30 10
    .


    . --
    . . ,
    , .

    .

    6
    iBT TOEFL Listening

    .

    . .

    , ,
    , .
    .
    .

    .
    .

    (())
    a supervisory board / non-bank / deem , / bad loan
    / transaction , / insurmountable

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