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Юриспунденкция

FINANCIAL LAW

Finance is an economic category formed historically. The term “finance” is international and derives from Latin word “finantia” which means payment, income. Finance is a system of money relations which appeared with the appearance of a state and is indissolubly connected with its existence and functioning. Finance is one of the economic categories which covers such matters as money, income (profit), cost price (prime cost) and others.

Accomplishment of state’s financial activity requires regulation of legal rights and obligations and responsibility of legal entities taking part in its activity. This is the purpose of financial law: thanks to its norms financial system is brought to action and used by the state.

The subject of financial law are social relations which arise in the process of financial activity, relations concerning formation and consumption of centralized and decentralized fond costs necessary for the state in order to fulfil its functions. Financial law regulates relations which arise under the formation of budgetary system, distribution of profits and expenses, planning, approval and fulfilment of budgets.

Like other branches of law in Ukraine, financial law is divided into general part and special part. General parts includes norms fixing general principles and methods of financial activity. Special part includes legal norms which regulate similar financial relations.

Financial law and its development depend on financial legislation (system of all statutory organized normative acts which regulate financial relations in the state). Financial legislation is an external form of financial law which reflects its internal structure. For the violation of financial legislation the sanctions of criminal and legal norms are applied, that is criminal liability takes place.

Financial law is an autonomous branch of unified legal system of the state. It is closely connected with all branches of legal system of Ukraine, especially with constitutional law, civil law, labour law and pension law.

VOCABULARY NOTES

finance, n. 1. (science of) the management of (esp. public) money: an expert in finance; the Minister of Finance (in GB called the Chancellor of the Exchequer); finance house / company, one that provides finance for hire-purchase sales. 2. (pl.) money (esp. of a government or a business company): Are the country’s finances sound?

Syn. 1. economics, accounts; banking;

2. money; fund

finance, v. provide money for

Syn. guarantee, pay for

financial, adj. of finance: in financial difficulties (short of money); a financial centre (eg. London or New York); the financial year (the annual period for which accounts are made up).

Syn. economic, budgeting, fiscal, monetary, money

entity, n. (pl. –ties)1. smth. that has real existence; a thing’s existence (contrasted with its qualities, relations, etc.): legal entity. 2. being, existence.

Syn. thing, being, existence, individual, object

liability, n. the state of being liable: liability to pay taxes; liability for military service; liability to disease; criminal liability; united liability company.

Syn. responsibility, accountability; duty, obligation

EXERCISES

Exercise 1. Consult a dictionary and transcribe the following words.

finance cost price legislation

existence require external

money budget internal

income expenses liability

autonomous unified structure

Exercise 2. Find in the text international words and translate them into Ukrainian.

Exercise 3. Study the Vocabulary Notes and translate them into Ukrainian.

Exercise 4. Select the word or word combination best suited to the context. Use the Reference List.

Reference List

financial financial centres money

legislation violation payment

legal entities (2) liability financial law

1. … appeared on the verge of state and administrative law.

2. An authoritative method of state’s influence on … of legal and … relations is used in financial law.

3. Don’t admit … for the accident.

4. Civil law is a statutory regulation of legal relations between legally equal persons and … in such principal areas as property, obligation, family law and inheritance.

5. London, New York and Tokyo are the greatest world … centres.

Exercise 5. Find the sentences in the text containing the word combinations and phrases given below. Translate them into Ukrainian. Make up sentences with these word combinations.

economic category financial system

money relations budgetary system

income legal norms

financial activity financial legislation

social relations unified legal system

Exercise 6. Match the words and their definitions.

payment - coins stamped from metal, printed notes, given

accepted when buying and selling

income - estimate of probable future income and

expenditure, esp. that made by a government

money - sum of money to be paid

cost price - money received during a given period (as salary,

receipts from trade, interest from investments, etc.)

budget - estimate of the price to be charged for an article

based on the expense of producing it

Exercise 7. Find Ukrainian equivalents to the following words and word combinations.

1. legal entity 1. витрати

2. financial legislation 2. розподіл

3. criminal liability 3. правові норми

4. violation 4. самостійний

5. expenses 5. застосовувати санкції

6. money relations 6. юридична особа (суб’єкт)

7. social relations 7. вимагати

8. financial activity 8. суспільні відносини

9. to apply sanctions 9. кримінальна відповідальність

10. unified legal system 10. фінансове законодавство

11. грошові відносини

12. єдина правова система

13. здійснення

14. порушення

15. фінансова діяльність

Exercise 8. Translate the following words and word combinations into English or Ukrainian.

Income; existence; фінанси; платіж; cost price; грошові відносини; фінансова діяльність; фінансове право; legal entity; social relations; витрачання коштів; бюджетна система; distribution of profits and expenses; затвердження бюджету; загальна частина; special part; legal norms (standards); фінансове законодавство; регулювати фінансові відносини; external form; internal structure; порушення; застосовувати санкції; criminal liability; unified legal system.

Exercise 9. Pick up pairs of synonyms.

Finance; finances; entity; liability; to cover; purpose; payment; income; cost price; accomplishment; norm; labour; obligation; consumption; cost; distribution; expense; budget; to regulate; legislation; violation; autonomous; criminal; to apply; financial.

To use; independent; lawmaking; plan; delivery; duty; standard; prime cost; wage; to concern; individual (object); money; fiscal; economics; responsibility; aim; profit; fulfilment; work; using up; price; charge; to control; infringement; unlawful.

Exercise 10. Pick up pairs of antonyms.

Internal; legal; right; criminal; to connect; activity; to appear; income; to divide; to include; similar; autonomous; closely.

Dependent; to exclude; expense; inactivity; lawful; illegal; far; different; to combine; to disappear; to disconnect; obligation; external.

Exercise 11. State if the following sentences are True or False. Correct them if necessary.

1. The term “finance” derives from Latin word “finantia” which means expense. (T; F)

2. The subject of financial law are social relations which arise in the process of financial activity. (T; F)

3. The subject of financial law is accomplishment of state’s financial activity. (T; F)

4. Finance is a system of industrial relations. (T; F)

5. For the violation of financial legislation the sanctions of criminal and legal norms are applied. (T; F)

Exercise 12. Read the text. Choose the best answers.

1. Financial law covers such matters as …

a) money, payment and public safety.

b) money, income and cost price.

c) money, currency and social welfare.

2. Financial law regulates …

a) relations which arise under the formation and operation of business

corporations.

b) such activities as banking, communication, trade and transportation.

c) relations which arise under the formation of budgetary system.

3. Financial law is divided into …

a) general part and special part.

b) general part and final part.

c) general part, special part and introductory part.

4. General part includes …

a) legal norms which regulate similar financial relations.

b) legal rights and obligations people have in their relations with one

another.

c) norms which fix general principles and methods of financial activity.

5. Financial law and its development depends on …

a) criminal legislation.

b) financial legislation.

c) civil legislation.

Exercise 13. Answer the following questions on the text.

1. What does the term “finance” derive from?

2. When did a system of money relations appear?

3. What matters does financial law cover?

4. What does accomplishment of financial activity require?

5. What is the purpose of financial law?

6. What is the subject of financial law?

7. What kind of relations does financial law regulate?

8. How many parts is financial law divided into?

9. What does general part include?

10. What does special part include?

11. What do financial law and its development depend on?

12. Is financial legislation an external form of financial law?

13. What sanctions are applied for the violation of financial legislation?

14. Financial law is an autonomous branch of unified legal system of the state, isn’t it?

15. What branches of law is financial law closely connected with?

Exercise 14. Match the beginning and the end of the proverbs and sayings. Find the appropriate translation given below. Comment on their meaning.

1. A good judge conceives quickly … 1. breaks many a man’s neck.

2. Two blacks do not … 2. judges slowly.

3. An evil conscience … 3. make a white.

1. Нечиста совість занапастила багато людей.

2. Добрий суддя мислить швидко, судить поволі.

3. Чужий гріх свого не спокутує.

Exercise 15. Topics for discussion.

1. Speak about finance as an economic category.

2. Speak about the purpose of financial law.

3. Speak about the subject of financial law.

4. Speak about the relations regulated by financial law.

5. Speak about general part of financial law.

6. Speak about special part of financial law.

7. Speak about financial legislation.

8. Speak about the connection of financial law with other branches of law.

Legal Terms to Be Memorized

finance фінанси; фінансувати; (мн.) гроші

financial law фінансове право

financial activity фінансова діяльність

financial legislation фінансове законодавство

violation of financial legislation порушення фінансового

законодавства

financial relations фінансові відносини

money relations грошові відносини

social relations суспільні відносини

legal entity юридичний суб’єкт; юр. особа

responsibility of legal entities відповідальність суб’єктів

criminal liability кримінальна відповідальність

payment платіж

income / profit прибуток, дохід

cost price / prime cost собівартість

legal norms / standards правові норми

normative act нормативний акт

budget; budgetary system бюджет; бюджетна система

consumption of costs витрачання коштів

distribution of profits and expenses розподіл доходів і видатків

approval and fulfilment of budget затвердження і виконання

бюджету

to apply sanctions of criminal and legal norms застосовувати санкції

кримінально-правових норм

unified legal system єдина правова система

to fix general principles закріплювати загальні принципи

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