English ECLPE

Key unit Competence:

To use language in the context of personal finance and development

Introductory Activit

 While interpreting the above pictures, answer the following questions:

1. What is taking place on both figures above?

2. What do you think the seller is doing and why?

3. Do you think that the following activities have a relationship 

with personal finance? Justify your answer

4.1. Describing financial tools

4.1.1. Learning activity: Reading and Text analysis

Observe the pictures and discuss

In the discussion try to answer the following questions:

1. Identify different tools used in finance.

2. What is the difference between chequebook and credit card?

3. How do you measure the effectiveness of bank services using 

electronic tools?

4. Do you think there is any challenge of using financial tools? 

Justify your answer

 Text 1: Financial tools a key to quick service

Finance and investment jobs are perhaps some of the world’s most mindcrunching careers. These professions carry with them a lot of complicated 

processes and activities. A lot of terms and formulas are so hard that 

they can quickly be forgotten. One can easily get lost somewhere in the 

middle. That’s why, over time, financial tools are being made to make 

things easier. They either aid in creating dynamic worksheets or maybe as 

simple as helping professionals in monitoring market developments. As 

a child, I used to watch in amazement while my mom balanced the family 

check book. She used a handheld calculator, a checkbook register

and a stack of bills and receipts to keep our finances in order. She 

had to call her broker to invest money in her business. She consulted a 

paper mortgage amortization schedule when making extra payments 

towards the debt. 

Even when we first got a computer and my dad started using Quicken, 

he still entered everything from his check register and then reconciled 

it with his bank statements. I loved watching my parents with their 

money, but at the same time, I don’t want to spend hours keeping track 

of everything. 

Using financial tools answered different questions that people kept 

on asking themselves like how should they refinance their mortgage? 

How much do they need to save for their children’s college education? 

As accounting professionals, these are some of the questions that are 

posed to us on a daily basis. We are providing these interactive financial 

calculators and other tools to assist you with some of the day-to-day 

questions and concerns that may arise. While those financial tools 

discussed in the following paragraphs are not a substitute for financial 

advice from a qualified professional, they can be used as a starting point 

in your decision-making process. 

 First, A cheque is a document that orders a bank to pay a specific 

amount of money from a person’s account to the person in whose name 

the cheque has been issued. The person writing the cheque, known as 

the drawer, has a transaction banking account (often called a current 

account) where their money is held. The drawer writes the various details 

including the monetary amount, date, and a payee on the cheque, and 

signs it, ordering their bank to pay the payee. 

Second, Business Credit Card Anita Campbell recommends opening a 

business credit card in order to improve your business credit history

gain access to higher credit limits for business borrowing, and receive 

business-specific rewards and discounts.

Third, the smoother and nimbler your billing process, the quicker 

payments will be made and processed and the faster the cash will flow 

into your business. With a quick, cloud-based billing system (try Fresh 

Books or Bill.com) you can shorten the billing process and even increase 

customer satisfaction. By implementing agile billing tools and processes, 

you will both improve customers’ services and finance related activities.

Lastly, as far as ICT is concerned in terms of financial tools, we cannot 

forget Accounting Software because QuickBooks has long been the gold 

standard for small business accounting, but online accounting solutions 

such as Xero are recently gaining traction. Whatever program you 

choose for your accounting, make it work for you by choosing a tool that’s 

both as robust and as flexible as possible. Business News Daily’s 2015 

Buyer’s Guide recommends you look for these features: basic accounting 

tasks such as invoicing, expense tracking, and client/vendor contact 

management; automation of billing and recurring payments, quote 

and estimate creation, tax preparation, multiple-user access, payroll 

processing, mobile access, and integration with programs such as pointof-sale software, credit card processing, and Google Apps.

Adapted from: https://www.financewalk.com/financial-tools/https://

thecollegeinvestor.com/19733/5-free-financial-tools-everyone-needs/

Comprehension questions 

1. What is complicated in the profession of finance and accounting 

according to the writer? 

2. What questions people failed to answer in the absence of financial 

tools?

3. Explain how to use the following financial tools as described by 

the writer.

a) A cheque

b) A business credit card

c) Billing tool

4. Provide two examples of financial electronic tools.

4.1.2. Application activity: Word meaning

1. Find the meaning the following words using dictionaries and thesauruses

a. Mortgage amortization

b. Bank statements

c. Receipts

d. Invoicing

e. expense tracking

f. vendor 

g. automation of billing

h. payroll processing

2. Make different sentences using the words below:

a. A cheque 

b. A credit card

c. Receipt 

d. Finance

e. Billing machine 

f. Investment 

g. Saving 

h. Bank

4.2. Talking about Financial terms

4.2.1. Learning activity: Reading and Text analysis

Pre-reading activity

• Text: Notes about financial terms

Read the following notes and answer questions that follow:

Interest rate

Interest is the amount the bank (or other moneylender, which is any 

person or organization that gives you money) will charge you or your 

company for the money you borrow from them. 

Investment

The noun investment refers to money that you put into your business, 

property, stock, etc., in order to make a profit or earn interest.

A credit card is a card that allows you to borrow money against a line 

of credit, otherwise known as the card’s credit limit. You use the card to 

make basic transactions, which are then reflected on your bill.

A transaction is an agreement between a buyer and a seller to exchange 

goods, services or financial instruments

A deposit is the act of placing cash (or cash equivalents) with some 

entity, most commonly with a financial institution such as a bank.

The deposit is a credit for the party (individual or organization) who 

placed it, and it may be taken back (withdrawn) in accordance with the 

terms agreed at time of deposit, transferred to some other party, or used 

for a purchase at a later date.

Profit

Profit describes the amount of revenue your company gains after excluding 

expenses, costs, taxes, etc. The goal of every business is to make profit.

Since we started advertising on the internet, our company’s profits have 

increased by 20% over the last year

Loss

In finance, we often hear the phrase profit and loss. Loss is when you lose 

money. It’s the opposite of profit, and it’s a word that no one in finance 

ever wants to hear. Still, it’s something that can happen when a company 

makes less money than it spends

Overdraft

An overdraft is when you spend more money than you have in your 

bank account. The bank will often make you pay an overdraft fee if you 

do this.

Saving is income not spent, or deferred consumption. Methods 

of saving include putting money aside in, for example, a deposit 

account, a pension account, an investment fund, or as cash.

Comprehension questions 

1. What is the difference between debit and credit?

2. Which term do we use when we spend more money than we have 

in our bank account?

3. After reading the notes above, which conclusion can draw?

• Text 2. A dialogue: A bank clerk and a bank customer

Read this dialogue and answer the questions below:

Bank Clerk: Good morning, welcome to the Grammar Bank. How can 

I help you?

Customer: Good morning. I would like to open a bank account.

Bank Clerk: Sure thing. What kind of account would you like to 

open? A savings account or a checking account?

Customer: What is the difference?

Bank Clerk: A checking account is designed to use for everyday 

transactions. Yet; the money in a savings account is meant to stay in 

the account and earn interest over time.

Customer: I see, actually I want to apply for a credit card. That’s 

why I need an account.

Bank Clerk: Okay then, you probably want a checking account.

Customer: Well, thank you. I›d like that.

Bank Clerk: Sure, we will have you fill out an application form, please.

Customer: No problem.

Bank Clerk: How much of a credit limit were you looking for?

Customer: I would like a $10,000 spending limit.

Bank Clerk: Alright, we will see what we can do. We might be able to 

get you one of ourgold cards with a $10,000 spending limit.

Customer: Wonderful. Will I also collect points when I use the card?

Bank Clerk: Sure, with our gold card you will get 10 reward points 

for every dollar spent.

Customer: Perfect, I have filled out the form. Do you need anything 

else?

Bank Clerk: You just need to deposit a minimum of $250 into your 

new checking account.

Customer: Very well, here you are.

Bank Clerk: Thank you, your account is set up now and your credit

card will be mailed to your address within 5 to 10 business days.

Customer: Thank you for your help, have a good day.

Bank Clerk: Thank you, you too.

Comprehension questions 

a. What is the name of the bank?

b. Which name of the account did the customer want to open?

c. Give a reason why the customer wanted to open an account.

d. What is the value of gold card?

e. How much money was the customer supposed to deposit on his 

account?

4.2.2. Application activity:

1. Debate on the following topic, “Saving is better than investment.” 

Find the debate guidelines in unity five of this book.

2. Write sentences using the following financial terms: 

a. Overdraft 

b. A bank account

c. Interest rate 

d. Transaction 

e. Spending

4.3. Describing Financial Institutions

4.3.1. Learning activities: Reading and Text analysis

Pre-reading activity: Answer the question below:

Picture interpretation 

Look at the above pictures and then answer these questions:

1. Do you think services given in Fig. 1-4 are the same? If yes or 

no, justify your answer.

2. What are the types of financial institutions do you know?

3. Why is important to keep money at a bank?

4. Give examples of tools used by financial institutionsse.

• Text 1: Financial institutions in Rwanda

Read the following text and answer questions that follow:

Efficient and stable investment activities present various opportunities 

to developing countries. In fact, investment is associated with both 

economic and social rewards. That is, investment not only plays an 

important role in job creation but also has a role to play in provision of 

both infrastructure and social services. However, finance is required for 

a nation to reach a sustainable level of investment. To provide the needed 

finance, there are varieties of institutions rendering financial services; 

such institutions are called financial institutions. Banks are among such 

institutions that render financial services. 

They are mainly involved in financial intermediation, which involves 

channelling funds from the surplus unit to the deficit unit of the economy, 

thus transforming bank deposits into loans or credits, (Mugume, 

2008). Banks have historically been viewed as playing a special role in 

financial markets for two reasons. One is that they perform a critical 

role in facilitating payments, the other is that they have long played an 

important, although arguably less exclusive, role in channelling credit 

(loan) to households and businesses (Gurley, et al, 2006). Financial 

institutions are involved in the process of increasing the level of 

investments of various economies, particularly the capital goods needed 

for raising productivity. In developing countries like Rwanda, income is 

very low and as such high level of investment cannot be made possible 

without requiring a long period effort at saving. Credit facilities (loan) 

have a vital role to play here, in raising the investment to the level 

necessary to achieve a self-sustained growth. 

Financial institution as it is responsible for the supply of money to the 

market through the transfer of funds from investors to the companies in 

the form of loans, deposits, and investments through its most common 

types of financial institutions like commercial banks, investment 

banks, brokerage firms, insurance companies, and asset management 

funds. Other types include credit unions and finance firms. 

Financial institutions are regulated to control thesupply of money in 

the market and protect consumers. For example, in Rwanda, we have 

different types of financial institutions such as commercial bank that 

cannot only offers financial services to individuals and businesses but 

also people may save money in a savings account and ask for a loan. 

Commercial banks in Rwanda include: Access Bank Rwanda, Bank of 

Kigali, I & M Bank, BPR (Bank Populaire du Rwanda), Cogebanque, 

Ecobank and GT Bank, etc. 

Then, investment bank buys shares in a business and sells them to 

investors. The Development Bank of Rwanda (BRD) is an investment 

bank that buys shares from businesses mainly in agriculture and tourism 

whereas a microfinance company offers smaller loans to individuals or 

businesses. The interest rates are cheaper than in a commercial bank. 

Microfinance companies include: Urwego Opportunity Bank, Copedu, 

Zigama Credit and Savings Bank, and so on. 

The need to achieve sustained investment within any economy can 

be possible amidst strong financial institution and precisely within 

the existence of tailored credit facilities that are in accordance with 

government policies and program in a bid to attaining the desired 

investment objectives of a nation

Then, investment bank buys shares in a business and sells them to 

investors. The Development Bank of Rwanda (BRD) is an investment 

bank that buys shares from businesses mainly in agriculture and tourism 

whereas a microfinance company offers smaller loans to individuals or 

businesses. The interest rates are cheaper than in a commercial bank. 

Microfinance companies include: Urwego Opportunity Bank, Copedu, 

Zigama Credit and Savings Bank, and so on. 

The need to achieve sustained investment within any economy can 

be possible amidst strong financial institution and precisely within 

the existence of tailored credit facilities that are in accordance with 

government policies and program in a bid to attaining the desired 

investment objectives of a nation

Generally, as far as the banking sector is concerned, it helps to make 

loans available by mobilizing surplus funds from savers who have no 

immediate needs of such funds and thus channel such funds in form of 

credit to investors who have brilliant ideas on how to create additional 

wealth in the economy but lack the necessary capital to execute the ideas

References:

Jean Samuragwa (Author), 2014, The contribution of Financial 

Institutions in Promoting Private Investments in Rwanda, Munich, 

GRIN Verlag, https://www.grin.com/document/279095

Comprehension questions

1. Which opportunities do people gain from investment?

2. What are the types of financial institutions are described in the 

text?

3. Provide the importance of banks as described by the author in 

the passage. 

4. Discuss the advantages and disadvantages of financial 

institutions.

5. Why do you think that some people can prefer microfinance 

companies than investment banks?

6. Suggest some pieces of advice to people who do not use financial 

institutions. 

2. Write two paragraphs talking about the role of financial institutions 

in creating small businesses for youth

4.4. Language structure: Use of quantifiers: many, some, a 

little, little

I Fill in the gaps with either some or any:

1. There isn’t (_______) time to finish your lunch. We need to 

leave now!

2. We have _______ham sandwiches in the fridge if you’re hungry.

3. Shall we bake _______ cupcakes for the party?

4. Do you have _______ family in Italy?

5. I won’t need to do _______more revision after my exams.

6. There aren’t _______ shopping centres near my house.

II. Fill in the gaps with either Little or a little.

1. There is ___money on my bank account. So, I will at least buy 

some drinks for you.

2. David has ___sugar in my tea. I am not happy with the taste

Notes: Some, any, much, many, fewandlittleare all words that come before 

nouns to help explain them. Some and any are both “determiners” – they 

tell us whether the noun phrase is general or specific. Some and any are 

both “general determiners”, which means they refer to an indefinite or 

unknown quantity of something

Much, many, few and little are all “quantifiers”. Quantifiers are 

used to give information about quantity (the number of something). 

Both much and many suggest a large quantity of something, 

whilst little and few mean: not as much, or not as many. However, 

if you use a little or a few, this means: a small amount!

Some vs. Any

The words some and any are used when the exact number or amount of 

something is not known, or when it’s not important. Some and any are 

both used to refer to an indefinite quantity or number

For example:

There are some birds in our garden.

(The number exact of the birds in the garden is not known or it doesn’t 

matter how many birds are there) as opposed to:

There are three birds in our garden.

(The number of birds is important and exact

Some and any are known as general determiners. They are used to modify 

nouns, specifically to show that the noun phrase is general (rather than 

specific). They can be used with

a. Countable or uncountable nouns:

We don’t have any time to get popcorns before the film starts.

(Time is uncountable)

We still have some apples on the tree. (Apples are countable)

b. Singular or plural nouns:

We don’t have any chicken left for dinner. (Chicken is singular)

It’s such nice weather! Let’s invite some friends round for a 

BBQ. (Friends is plural

When is some used and when any is used?

Although some and any are both used to describe an indefinite number, 

they are used in different ways. So how do we use them correctly?

- In general, some is used in positive sentences (which don’t contain the 

word ‘not’):

Examples: 

a. I would love to try some of that food! It looks delicious and cheap.

b. I have bought some strawberries and cream to have for dessert.

c. Some people think it’s better to eat healthily than to exercise a 

lot.

- Any is used in negative sentences (which contain the word ‘not’):

Examples: 

a. I don’t have any money to finance my small business.

b. I don’t need any help with my homework because I can do it on 

my own.

c. I’m not hungry at the moment so I don’t want anything to eat.

- Any is also used in questions:

Examples:

a. Have you got any idea how long applying for a loan in Bank of 

Kigali may take?

b. Do you have any brothers or sisters?

c. It would be great to season these potatoes. Is there any salt and 

pepper?

d. Do you have any idea about Mary’s source of capital?

A common, informal way of asking a question in spoken English is to say: 

“any chance…”, rather than saying “Please could I…”. For example, 

“Any chance I could borrow a fiver?” means: “Could I borrow five pounds?” 

Remember you would only use this with your friends, family or anyone 

else you know well! It is an informal expression

Exceptions

- There are some exceptions to these rules. We can use some in questions 

when offering something or making requests:

Would you like some milk and sugar in your tea?

Shall we invite some friends round?

I left my wallet at home; can I borrow some money for lunch?

- Any is used in positive sentences to mean “it doesn’t matter which…”:

Examples

 There’s no seating plan, so you can sit anywhere you like.

Choose any pair of shoes you want. They’re all of the same price.

I don’t mind which pair of shoes you buy for me. I’ll take any of them!

Much vs. many

Much and many are part of the family of “quantifiers”. They are used to 

talk about quantities, amounts or degrees (along with ‘a lot of’ and ‘lots 

of’) and suggest a large quantity of something.

When are “much” and “many” they used?

Many is used with plural, countable nouns (e.g. dogs, dollars, tables, 

children).

Much is used with singular, uncountable nouns (e.g. happiness, music, water, time).

Examples:

There aren’t many doctors in the hospital today. (doctors are countable)

There isn’t much light in this room so let’s open the curtains. (light is 

uncountable)

Too much money was spent on the Royal Wedding. (money is 

uncountable)

N.B. Equipment, luggage and information are all uncountable nouns and 

therefore will 

always use much.

Examples: 

1. How much equipment does your studio have?

2. You have too much luggage to board the plane!’

3. There isn’t much information on your CV. 

4. Please make it more detailed…’.

Much and many are usually used in questions and negative statements:

Examples: 

How many bank accounts do you have?

They are used with so, as or too:

Examples:

Peter has got too many friends.

Sarah has so much money at the moment; she must be earning a lot!

John makes as much money as Sarah.

Too is often used before much and many to mean: ‘more than was needed’.

Example:

I bought too much fruit at the market. 

N.B. Equipment, luggage and information are all uncountable nouns and 

therefore will always use much.

For example, 

How much equipment does your studio have?, 

You have too much luggage to board the plane!, 

There isn’t much information on your CV. Please make it more detailed….

We usually use much and many with questions and negative statements:

How many bank accounts do you have?

How much time does it take to get to your house from here?

We sometimes use much and many in positive statements when:

They are used with so, as or too:

Peter has got too many friends.

Sarah has so much money at the moment; she must be earning a lot!

John makes as much money as Sarah.

Too is often used before much and many to mean: more than was needed. 

For example, I bought too much fruit at the market. We’ll never eat it all 

before it goes off! and There are too many people in the waiting room..

We use ‘so’ rather than ‘very’ before much and many in positive statements 

to emphasise a large quantity of something. So, you would say: We have 

so much work to do today! and not We have very much work to do today!

As much as or as many as are used to make a comparison and show that 

something is the same as or equal to something else. For example, There 

are as many participants at this meeting as there were at the previous 

one.

Generally, it is more common to use lots of/a lot of in positive statements. 

This is more informal:

The shop had a sale on so I spent lots of money!

We have a lot of time so there’s no need to rush.

Anna has lots of friends so she’s always busy.

I think a lot of music sounds the same these days.

If much or many are used before articles (a/an, the), demonstratives (this, 

that), possessives (my, your) or pronouns (him, them), they are followed 

by ‘of’:

How much of this book have you read?

Not many of the students come from privileged backgrounds?

I couldn’t ride a bike for much of my childhood.

How many of them are under the age of 18?

In spoken English, certain words are often omitted or left out. For 

example, we say this much or that much and use a hand gesture to 

indicate the amount or size as in: I’ll have this much cake. (use fingers to 

show the amount).

It is also common to miss out the noun when it is obvious what is 

being discussed. For example, – ‘Could I have some apples, please?’ – 

‘Sure! How many would you like?’ (no need to repeat the word ‘apples’).

We’ll never eat it all before it goes off!

There are too many people in the waiting room.

We use so rather than very before much and many in positive statements 

to emphasise a large quantity of something. So, you would say: We have 

so much work to do today! and not We have much work to do today!

As much as or as many as are used to make a comparison and show that 

something is the same as or equal to something else. 

Example:

There are as many participants at this meeting as there were at the 

previous one.

Generally, it is more common to use lots of/a lot of in positive statements

This is more informal:

a. The shop had a sale on so I spent lots of money!

b. We have a lot of time so there’s no need to rush.

c. Anna has lots of friends so she’s always busy.

d. I think a lot of music sounds the same these days.

If much or many are used before articles (a/an, the), demonstratives (this, 

that), possessives (my, your) or pronouns (him, them), they are followed 

by ‘of’:

a. How much of this book have you read?

b. Not many of the students come from privileged backgrounds?

c. I couldn’t ride a bike for much of my childhood.

d. How many of them are under the age of 18?

In spoken English, certain words are often omitted or left out.

For example, this much or that much can be said and use a hand gesture 

to indicate the amount or size as in: I’ll have this much cake.(use fingers 

to show the amount).

It is also common to miss out the noun when it is obvious what is being 

discussed. 

For example:

• Can I have some apples, please? 

• Sure! How many would you like? (no need to repeat the word apples).

Few vs. little

Little and few are “quantifiers”. When they are used on their own, they 

have a negative meaning to suggest ‘not as much or not as many as might 

be expected’.

But be careful! When little and few are used with an article – a little or a 

few– both words mean ‘some’ and have a positive meaning.

When is few used and when is little used?

Little is used with singular, uncountable nouns and few is used with 

plural, countable nouns to mean ‘not as much’ or ‘not as many’

For example:

The play made little sense to me, but I’m glad you enjoyed it. (sense is 

uncountable) = the play didn’t make much sense.

She didn’t want to go, but she had little choice. (choice is uncountable) 

= she didn’t have much choice.

There are few people that I think would be qualified for the job. (people 

is countable) = there aren’t many people qualified for the job.

There are few tourists at this time of year so the beaches are nice and 

quiet. (“tourists” is countable) = there aren’t many tourists.

A little is used with singular, uncountable nouns and a few is used with 

plural, countable nouns to mean ‘some’:

We have a little time before the play starts so why don’t we get a drink?

We have a little space in our car if you want a lift.

There are a few good candidates that have applied so I’m sure we’ll find 

someone for the job.

We stayed in Spain a few days before going on to France.

As well as having negative meanings, few and little on their own are also 

quite formal and are generally not used very much in everyday spoken 

English. It is more common to instead use a negative sentence with 

‘many’ or ‘much’. For example:

The play made little sense to me, but I’m glad you enjoyed it. = The play 

didn’t make much sense to me.

She didn’t want to go, but she had little choice. = She didn’t have much 

choice.

There are few people that I think would be qualified for the job. = There 

aren’t many people

There are few tourists at this time of year so the beaches are nice and 

quiet. = There aren’t many tourists.

Compare these different meanings:

It’s snowing outside and I have few warm clothes on so I’m really cold!

It’s snowing outside but I have a few warm clothes on so I’m ok.

I have few friends in the city, so it can be quite lonely.

I have a few friends in the city, so I’m settling in well

End unit assessment

A. Choose and underline the correct word to complete the sentences 

below:

1. How much/many/many of the guests ordered lunch?

2. She has too much/many/much of ideas and can’t focus on one 

thing at a time!

3. We don’t have much of/much/many sunshine at this time of year.

4. How many/much/much of people live in your block of flats?

5. How many/much/much of the assignment have you completed so 

far?

6. How many/many of/much money will I need for 2 days in London?

7. There has been many/much/much of debate about the new 

regulations.

8. Too many/much/much of people are driving in London and the 

traffic is a nightmare.

9. There isn’t much of/many/much time before our flight so let’s go 

straight to the gate.

10. My son doesn’t have many/much/much of friends at school.

B. Fill in the gaps with either few, little, a few or a little:

1. There’s _______ money in my pocket. Do not expect anything 

from me.

2. We have _______ options for our next holiday and they all look 

good.

3. You have _______ time before the next class if you want to get a 

drink.

4. Let’s spend _______ days reviewing the proposal as I don’t want 

to rush it.

5. There’s _______ point in repeating yourself because she never 

listens!

6. I have very _______ colleagues that I would trust in a crisis.

7. _______ is known about the singer’s early life.

8. Your dessert was delicious! Can I have _______ more, please?

9. The staff training course takes _______ days to complete.

C. Write about the importance of personal finance in economic and social 

activities.