Supplementary Reading   

Ⅰ. Culture Notes

ⅰ. How to Teach Kids about Money

An ideal time to begin teaching kids about the basics of money is when they first begin to notice it. In a child's world, money comes from Mom and Dad's pockets. And when Mom and Dad are tapped, a machine magically spouts money after merely pushing a few buttons. It's natural for them to assume that money is readily available whenever it's needed.

Even very young children can begin to understand the concept of earning money. Explain to the kids that money is earned by working, and that one can only spend what one earns. Consider paying them for helping with certain chores. Use a piggy-bank (储蓄罐) to help teach about savings and interest. Set a savings goal to encourage the kids to save some of their allowances. Calculate how much is saved each month and chip in a certain percentage as interest.

ⅱ. How to Make a Piggy-bank

Don't toss that bleach bottle! With some paint and a little creativity, you can make an adorable piggy-bank that will dazzle the change right out of your pocket. Lea Elleseff is going to teach you how to make a DIY piggy-bank out of recycled materials and various craft supplies.

ⅲ. Compound Interest: You Could Become a Millionaire!

Compound interest is the interest paid on both the original sum of money and the interest added to it. A deposit, for example, may have its interest compounded every month. In this case, an investment with $100 original sum of money and 1% interest per month would have a balance of $101 at the end of the first month, $102.01 at the end of the second month, and so on.

This chart shows the growth, compounded at 8% monthly, of an investment of $100 per month beginning at age 4, assuming that the investment remains untouched until age 62. Your will earn $1,200,000 when you are 62 years old.

Ⅱ. Language Study

1. (Para. 1) account: n.

1) arrangement made with a bank to pay in or take out money

*She deposited the money in her account.

我想从我的账户里面取500美元。

(=I'd like to withdraw $500 from my account.)

2) description that says what happens in an event or process

*Several eyewitnesses' accounts differed considerably from the official version of events.

他对这个疑犯的行动做了详细的描述。

(= He kept a detailed account of the suspect's movements.)

2. (Para. 1) furthermore:  adv. in addition, moreover

*I suggest we use Barkers as our main suppliers — they're good and furthermore they're cheap.

这房子房租合理, 而且位置优越。

(= The rent is reasonable and, furthermore, the location is perfect.)

3. (Para. 1) intend: vt. have sth. in mind as a purpose or plan

*The course is intended for intermediate-level students.

不知何故我得罪了他，但我绝非故意。

(= Somehow I offended him, which wasn't what I'd intended.)

4. (Para. 1) swallow: vt. cause (food or drink) to go down one’s throat towards one’s stomach

*Thank you! Otherwise I’d have swallowed a fly!

他用一杯水吞下了这些药丸。

(=He swallowed the pills with a cup of water.)

5. (Para. 3) College is a thousand years away.  

Paraphrase the sentence.

(= In the child's eyes college is something very, very far away in the future.)

6. (Para. 3) devise: vt. think out; invent

*The cartoon characters Snoopy and Charlie Brown were devised by Charles M. Schultz.

他擅长设计那些你可以和学生在课堂上玩的语言游戏。

(= He's good at devising language games that you can play with students in class.)

7. (Para. 3) resource: n. (often pl.) a useful or valuable possession or quality of a country, organization or person

*The country's greatest resource is the dedication of its workers.

英国的矿产资源包括石油、煤和天然气。

(= Britain's mineral resources include oil, coal and natural gas.)

8. (Para. 4) keep track of:  follow the development of; keep in touch with

*My sister has had so many different jobs so I find it hard to keep track of what she's doing.

要随时了解遗传学的最新发现是很困难的。

(= It's difficult to keep track of all the new discoveries in genetics.)

9. (Para. 4) deposit:  

1. n. a sum of money paid into a bank account

*To open an account, you need to make a minimum deposit of $500.

2. vt. put money or something valuable in a bank

今天上午，我往我的账户里存了1000美元。

(= I deposited $1,000 in my account this morning.)

10. (Para. 4) pace: n. speed or rate of development, movement, etc.

*We had to climb up the mountain at a very slow pace because of the bad weather.

你能慢一点吗？我跟不上你了。

(= Could you slow down a bit? I can't keep pace with you.)

11. (Para. 4) annual: adj. happening or done every year or once a year

*an annual event

年收入

(= annual income)

12. (Para. 5) protest: v. express strong disagreement or disapproval about (sth.)

*A big crowd of demonstrators were protesting against cuts in health spending.

在整个审判过程中，他坚称自己无罪。

(= All through the trial he protested his innocence.)

13. (Para. 5) fund: n. (usu. pl.) sum of money collected and kept for a particular purpose

*Contributions are being sought for the disaster fund.

这家医院缺乏购买新设备所需的资金。

(= The hospital is short of funds for the purchase of new equipment.)

14. (Para. 5) on demand:  when demanded; whenever sb. asks

*This note entitles the bearer to $200 on demand.

如果你要求的话，可以做一个HIV检测。

(= You can have an HIV test on demand.)

15. (Para. 6) from sb.’s point of view:  according to sb.’s judgment or opinion

*Try to see it from my point of view.

从医学角度看，没有必要做手术。

(= From a medical point of view, there was no need for the operation.)

16. (Para. 6) They harvest the benefit.

Paraphrase the sentence.

(= They gather the benefit of saving.)

17. (Para. 6) permission: n. the right to do sth. that is given by sb. in authority

*Foreign reporters must seek permission to set foot on the soil of this country.

你同意我在伦敦希思罗机场着陆吗？

(= Can I get your permission to land at London Heathrow Airport?)

18. (Para. 7) fall apart:  break, break into pieces

*Their marriage was already falling apart even before his wife had an affair.

这双鞋我才买了三个月，现在已经散架了。

(= I've only had these shoes three months and they are already falling apart.)

19. (Para. 7) end up (doing sth.):  find oneself in a situation that is not intended or expected

*I ended up paying for everyone on the table.

这车启动不了，我最后不得不走路。

(= The car wouldn't start, so I ended up having to walk.)

20. (Para. 7) undoubtedly: adv. certainly, definitely true

*Stress has undoubtedly contributed to her illness.

毫无疑问，她是最佳候选人。

(= She was undoubtedly the best candidate.)

21. (Para. 8) adopt: vt. take and use as one's own

*The committee voted to adopt her suggestion for money raising.

我们已经采用一个新的程序来测试阅读能力。

(= We've adopted a new procedure for testing reading skills.)

22. (Para. 8) perspective: n. a particular way of thinking about sth.

*Fatherhood gave him an entirely new perspective on life.

失业使我从不同的视角看待事物。

(= Being unemployed has made me see things from a different perspective.)

Ⅲ. Comprehension Task

ⅰ. A Video Clip about Financial Literacy Education

 (1) Useful Words and Expressions.

turbulence动荡            initiative 措施           

at the forefront of … 在…的第一线

Federal Reserve System美国联邦储备系统

Federal Reserve Bank of Chicago芝加哥联邦储备银行

print publication 印刷出版物 fraud欺诈

mortgage industry 住房抵押贷款业 foreclosure没收抵押品

catch on 盛行 sponsor 主办

public-private partnership公共部门与私人企业合作模式

(2) Watch the video clip and answer the following questions.

1. Who is the speaker?

(= Ben Bernanke, Chairman of Board of Governors of the Federal Reserve System.)

2. Why is promoting financial education especially important now?

(= Because the global economy continues to experience extraordinary turbulence.)

3. What has the Federal Reserve System done to promote financial education?

(= They offer a wide variety of informative print publications, an educational website, and various other programs.)

4. What is Money Smart Week?

(= It is a program offered by Federal Reserve Bank of Chicago, which includes thousands of classes and educational activities in more than 20 cities throughout the Middle West.)

5. Who sponsored the summit meeting?

(= It was sponsored by Visa Inc. and Chicago Fed.)

ⅱ. Discussion

Do you want to learn more about managing money and personal finance? If you are a college student then your answer should be an emphatic “Yes”. Here are some tips for you. After reading these tips, discuss with your partner about how you manage your money.

Know your Income. Once the student identifies how much money is coming in every month, budgeting and creating a spending plan will be much easier and faster.

Learn to Budget. Students need to track their finances and understand their fixed and variable costs.

Compare the Expenses. This allows students to see exactly how much money they have left over and if changes need to be made to their budget.

Cut the Costs. Compare the costs of things such as groceries from one store to another and look for sales and coupons.

Save, Save and Save. If students have a savings account and should any emergency occur, there is no need for a loan or credit card to pay for the expenses.

Educate yourself on Credit. The more students understand about credit, the better deals they can receive.

Know your Options. Understanding how loans, credit cards and debit cards work will save students from a heap of trouble, debt and headaches.