Finances And Money

Question 1

What is a bill?

Answer 1

A printed statement showing the money you owe for services, goods, or utilities.

Example sentence: Our electricity bill was higher than usual last month.

Question 2

What is a fee?

Answer 2

A fixed price you pay a person or organization for their services.

Example sentence: The lawyer’s fee was much higher than I’d expected it to be.

Question 3

What are expenses?

Answer 3

The money that a person or company has to pay for goods or services, such as food and bills.

Example sentence: I generally use cash to pay for my day-to-day expenses.

Question 4

What is revenue?

Answer 4

The total amount of money made by an organization’s operations over a given period.

Example sentence: The company’s revenue came to over $20,000,000 last year.

Question 5

What is income?

Answer 5

The money that remains from the revenue after all the taxes and expenses have been deducted.

Example sentence: Their income more than doubled in less than a year.

Question 6

What is funding?

Answer 6

Money given to finance a specific project or purpose, which can come from various sources like governments, organizations, or investors.

Example sentence: We received funding from the government to carry out our research.

Question 7

What is a grant?

Answer 7

A type of funding typically given by a government or organization for a specific purpose, such as education and does not need to be repaid.

Example sentence: I received a grant from the government to study for my postgraduate degree.

Question 8

What is a budget?

Answer 8

The amount of money that you have available to spend.

Example sentence: Our monthly household budget includes expenses for groceries, utilities, and rent.

Question 9

What is an installment?

Answer 9

One of a number of payments of a fixed amount paid for goods or services over a specific period of time.

Example sentence: I decided to pay for it in installments over a twelve-month period.

Question 10

What is a lump sum?

Answer 10

A single payment that is made at a given time instead of paying in installments.

Example sentence: You save a bit more money by paying the lump sum.

Question 11

What is a mortgage?

Answer 11

A particular kind of loan specifically for purchasing property, such as a house or apartment.

Example sentence: We recently took out a mortgage to buy a flat in the center of town.

Question 12

What is an interest rate?

Answer 12

The percentage charged by the lender for the loan, which influences the total amount that will be repaid over time.

Example sentence: The interest rate on our loan has risen by 2%.

Question 13

What is the cost of living?

Answer 13

The amount of money needed for basic necessities like housing, food, taxes, and healthcare.

Example sentence: The cost of living has risen in the past year.

Question 14

What is the standard of living?

Answer 14

The general level of wealth and comfort of people in a specific society.

Example sentence: We have a relatively high standard of living around here.

Question 15

What is a bargain?

Answer 15

An item offered for sale at a lower price than expected.

Example sentence: I bought these heels for $10. What a bargain!

Question 16

What is a rip-off?

Answer 16

Something that you buy that was too expensive for the quality you got.

Example sentence: $30 for a pizza is an absolute rip-off!

Question 17

What does ‘worthless’ mean?

Answer 17

Without value, so something that is worthless is worth nothing.

Example sentence: This is completely worthless; it’s rusty and doesn’t work.

Question 18

What does ‘good value’ mean?

Answer 18

Means something is of good quality or abundant and therefore well worth the money you spend on it.

Example sentence: This vacuum was good value; it didn’t cost much and it’s an excellent brand.

Question 19

What does ‘frugal’ mean?

Answer 19

Careful or economical with money and don’t overspend.

Example sentence: I’m trying to be more frugal and not buy anything I don’t need.

Question 20

What does ‘prodigal’ mean?

Answer 20

Spend money carelessly on unnecessary things.

Example sentence: Joe needs to be less prodigal and stop buying clothes he’s not going to wear.

Question 21

What does ‘cheap’ mean?

Answer 21

Mean with their money and tries to spend as little as possible.

Example sentence: Tony was too cheap to buy his girlfriend a birthday present.

Question 22

What does ‘affluent’ mean?

Answer 22

Financially comfortable or wealthy.

Example sentence: You’d have to be quite well-off to afford a house in this neighbourhood.

Question 23

What does ‘broke’ mean?

Answer 23

Having no money.

Example sentence: By the end of each month, I’m usually broke.

Question 24

What does ‘in the red’ mean?

Answer 24

Spent more money than was in their account and therefore owe money to the bank.

Example sentence: After purchasing the sofa, my account was in the red.

Question 25

What is investing?

Answer 25

Putting money into financial schemes, shares, property, or a commercial venture with the expectation of achieving a profit.

Example sentence: I am considering investing in a tech startup.

Question 26

What does it mean to invest money in something?

Answer 26

You put money into it in the hope of making more money from it.

Example: I invested several hundred euros in shares last month.

Question 27

What does it mean to save up money?

Answer 27

You accumulate it for a specific future purpose.

Example: James is saving up for a new bicycle.

Question 28

What is the meaning of ‘set aside’ in relation to money?

Answer 28

Putting money aside for a particular thing.

Example: I set aside money every month to pay for petrol.

Question 29

What does it mean to put down a deposit?

Answer 29

Making an initial basic payment for something with the intention of paying the rest later or in installments.

Example: We recently put down a deposit on a cottage in Wales.

Question 30

What happens when you make a profit?

Answer 30

You get more money than you invested in something.

Example: We made quite a good profit from our investment in those shares.

Question 31

What occurs when you make a loss?

Answer 31

You make less money from it than you invested.

Example: Richard was annoyed when he realised that he’d made a loss from his investment.

Question 32

What does it mean to go broke?

Answer 32

To spend all your money and end up without any.

Example: At the rate I’m spending money, I’ll go broke by the end of the week!

Question 33

What is the meaning of ‘live off’ another person?

Answer 33

To depend on them financially.

Example: He is 35 and still lives off his parents.

Question 34

What happens when something ‘breaks the bank’?

Answer 34

You use all or most of your money to get it, so you don’t have any left.

Example: Buying that engagement ring nearly broke the bank.

Question 35

What does it mean to ‘make a fast buck’?

Answer 35

To make money quickly, and often unscrupulously, from something.

Example: Sam tried to make a fast buck by investing in a financial scheme.

Question 36

What happens when you haggle with someone?

Answer 36

You negotiate a lower price for something with a seller.

Example: I haggled with the carpet vendor and managed to negotiate a lower price.

Question 37

What is the meaning of ‘make ends meet’?

Answer 37

To earn just enough money to live and pay for your basic needs.

Example: Now that I’ve gone part-time at work, I’m barely making ends meet.